<p>上周，<strong>比特币</strong> (CRYPTO: BTC) 经历了显著下跌，跌至 60,000 美元的低点，标志着 19% 的下降。这一下跌归因于多个因素，包括大规模去杠杆和矿工被迫出售，而不是单一的 灾难性事件。</p>
<p>根据报道，期货未平仓合约在一周内从 610 亿美元降至 490 亿美元，表明对比特币的借贷押注下降超过 20%。这种杠杆的下降与比特币价格的下跌相呼应，表明两者是同时下跌，而不是混乱的被迫出售情形。</p>
<h2>最新比特币下跌揭示了什么</h2>
<p>根据 <strong>Matthew Sigel</strong>，<strong>VanEck</strong> 数字资产研究负责人，抛售并不是由单一触发因素驱动，而是由包括杠杆崩溃、人工智能炒作解体和量子计算风险在内的多种因素组合而成。</p>
<p>“这个列表揭示了市场正受到多方压力的围攻，” Sigel 在 X 上的一篇帖子中表示。</p>
<blockquote>
<p>比特币市场更新：去杠杆、叙事冲击和超卖设置</p>
<p>比特币在过去一周经历了急剧的回调，价格下跌约 19%，目前交易在 60,000 美元中间。此次波动是由于杠杆的快速解除所驱动……</p>
<p>— matthew sigel, recovering CFA (@matthew_sigel) 2026 年 2 月 5 日</p>
</blockquote>
<p>Sigel 强调了围绕人工智能投资的怀疑，这对那些转向人工智能和高性能计算的比特币矿工产生了特别影响。随着融资枯竭和比特币价格下跌，矿工被迫出售比特币以维持运营。</p>
<h2>量子计算的担忧是否合理？</h2>
<p>量子计算的担忧也加剧了市场的不安。Sigel 指出，“投资者对这一话题的兴趣增加”，尽管一些开发者淡化了这些风险的紧迫性。量子计算机可能会破坏比特币的加密，导致 20% 到 50% 的流通币面临风险。</p>
<p>尽管面临这些挑战，Sigel 在动荡中看到潜在的机会。他认为当前的价格洗盘对于建立头寸具有吸引力。“回调的深度和杠杆的重置程度使得当前的价格洗盘在一到两年的视角下变得越来越有吸引力，” Sigel 写道。</p>
<h2>矿工的行动如何塑造比特币的未来</h2>
<p>比特币矿工的行动在塑造这一加密货币的未来中至关重要。随着矿工为了资助其运营而出售比特币，市场面临额外压力。</p>
<p>“随着融资条件在比特币疲软的情况下收紧，矿工面临着增加出售比特币以增强资产负债表的压力，” Sigel 在帖子中解释道。</p>
<p>尽管当前面临挑战，四年周期的叙事仍然是投资者的重要参考点。Sigel 强调，周期的心理仍然发挥着重要作用，他一直在积极增加自己的比特币持有量。</p>

<p>比特币（CRYPTO: BTC）上周大幅下跌，跌至 60,000 美元，下降幅度达到 19%。这一下跌归因于多个因素，包括大规模去杠杆和矿工被迫出售。期货未平仓合约从 610 亿美元降至 490 亿美元，表明对比特币的借贷押注减少。VanEck 的 Matthew Sigel 指出，这一抛售是由于杠杆崩溃、人工智能炒作的退潮以及量子计算风险所驱动。尽管面临这些挑战，他仍然看到在动荡中建立比特币头寸的潜在机会</p>

<p>Last week, <strong>Bitcoin</strong> (CRYPTO: BTC) experienced a significant drop, plummeting to a low of $60,000, marking a 19% decline. The downturn is attributed to multiple factors, including massive deleveraging and miners being forced to sell, rather than a single catastrophic event.</p>
<div class="lb-trans"><p>上周，<strong>比特币</strong> (CRYPTO: BTC) 经历了显著下跌，跌至 60,000 美元的低点，标志着 19% 的下降。这一下跌归因于多个因素，包括大规模去杠杆和矿工被迫出售，而不是单一的 灾难性事件。</p>
</div><p>According to reports, futures open interest has dropped from $61 billion to $49 billion within a week, indicating a more than 20% decline in borrowed bets against Bitcoin. This drop in leverage parallels the decline in Bitcoin’s price, suggesting a simultaneous fall rather than a chaotic forced selling scenario.</p>
<div class="lb-trans"><p>根据报道，期货未平仓合约在一周内从 610 亿美元降至 490 亿美元，表明对比特币的借贷押注下降超过 20%。这种杠杆的下降与比特币价格的下跌相呼应，表明两者是同时下跌，而不是混乱的被迫出售情形。</p>
</div><h2>What The Latest Bitcoin Drop Reveals</h2>
<div class="lb-trans"><h2>最新比特币下跌揭示了什么</h2>
</div><p>According to <strong>Matthew Sigel</strong>, head of digital asset research at <strong>VanEck</strong>, the selloff isn’t driven by a single trigger but by a combination of factors including collapsing leverage, AI hype unraveling, and quantum computing risks.</p>
<div class="lb-trans"><p>根据 <strong>Matthew Sigel</strong>，<strong>VanEck</strong> 数字资产研究负责人，抛售并不是由单一触发因素驱动，而是由包括杠杆崩溃、人工智能炒作解体和量子计算风险在内的多种因素组合而成。</p>
</div><p>“The list reveals a market under siege from multiple directions,” Sigel stated in a post on X.</p>
<div class="lb-trans"><p>“这个列表揭示了市场正受到多方压力的围攻，” Sigel 在 X 上的一篇帖子中表示。</p>
</div><blockquote>
<p>Bitcoin Market Update: Deleveraging, Narrative Shock, and an Oversold Setup</p>
<p>Bitcoin has experienced a sharp drawdown over the past week, with prices falling roughly 19 percent and currently trading in the mid-$60,000s. The move has been driven by a rapid unwind of leverage from…</p>
<p>— matthew sigel, recovering CFA (@matthew_sigel) February 5, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>比特币市场更新：去杠杆、叙事冲击和超卖设置</p>
<p>比特币在过去一周经历了急剧的回调，价格下跌约 19%，目前交易在 60,000 美元中间。此次波动是由于杠杆的快速解除所驱动……</p>
<p>— matthew sigel, recovering CFA (@matthew_sigel) 2026 年 2 月 5 日</p>
</blockquote>
</div><p>Sigel highlighted the skepticism surrounding AI investments, which has particularly impacted Bitcoin miners who had pivoted to AI and high-performance computing. With financing drying up and Bitcoin prices falling, miners have been forced to sell Bitcoin to maintain their operations.</p>
<div class="lb-trans"><p>Sigel 强调了围绕人工智能投资的怀疑，这对那些转向人工智能和高性能计算的比特币矿工产生了特别影响。随着融资枯竭和比特币价格下跌，矿工被迫出售比特币以维持运营。</p>
</div><h2>Are Quantum Computing Fears Justified?</h2>
<div class="lb-trans"><h2>量子计算的担忧是否合理？</h2>
</div><p>Quantum computing concerns have also contributed to the market’s unease. Sigel pointed out that “investor interest in the topic has increased,” even as some developers downplay the immediacy of these risks. Quantum computers could potentially break Bitcoin’s encryption, putting 20% to 50% of circulating coins at risk.</p>
<div class="lb-trans"><p>量子计算的担忧也加剧了市场的不安。Sigel 指出，“投资者对这一话题的兴趣增加”，尽管一些开发者淡化了这些风险的紧迫性。量子计算机可能会破坏比特币的加密，导致 20% 到 50% 的流通币面临风险。</p>
</div><p>Despite these challenges, Sigel sees potential opportunities amid the turmoil. He believes the current price washout is attractive for building positions. “The depth of the drawdown and the degree of leverage reset have made the current price washout increasingly attractive for building positions on a one- to two-year view,” Sigel wrote.</p>
<div class="lb-trans"><p>尽管面临这些挑战，Sigel 在动荡中看到潜在的机会。他认为当前的价格洗盘对于建立头寸具有吸引力。“回调的深度和杠杆的重置程度使得当前的价格洗盘在一到两年的视角下变得越来越有吸引力，” Sigel 写道。</p>
</div><h2>How Miners’ Actions Shape Bitcoin’s Future</h2>
<div class="lb-trans"><h2>矿工的行动如何塑造比特币的未来</h2>
</div><p>The actions of Bitcoin miners are crucial in shaping the cryptocurrency’s future. As miners sell off Bitcoin to fund their operations amid AI pivots, the market faces additional pressure.</p>
<div class="lb-trans"><p>比特币矿工的行动在塑造这一加密货币的未来中至关重要。随着矿工为了资助其运营而出售比特币，市场面临额外压力。</p>
</div><p>“As financing conditions tightened alongside Bitcoin weakness, miners faced increased pressure to sell Bitcoin to bolster balance sheets,” Sigel explained in the post.</p>
<div class="lb-trans"><p>“随着融资条件在比特币疲软的情况下收紧，矿工面临着增加出售比特币以增强资产负债表的压力，” Sigel 在帖子中解释道。</p>
</div><p>Despite the current challenges, the four-year cycle narrative remains an important reference point for investors. Sigel emphasized that the cycle’s psychology still plays a significant role, and he has been actively adding to his Bitcoin holdings.</p>
<div class="lb-trans"><p>尽管当前面临挑战，四年周期的叙事仍然是投资者的重要参考点。Sigel 强调，周期的心理仍然发挥着重要作用，他一直在积极增加自己的比特币持有量。</p>
</div>

Bitcoin Price Crash: VanEck Analyst Explains What Triggered the Drop

- 比特币价格下跌至 $60,000，跌幅达到 19%。
- 期货未平仓合约从 $61 亿降至 $49 亿，表明借贷押注大幅减少。
- 矿工因资金不足被迫出售比特币，市场面临多重压力。

比特币价格暴跌：VanEck 分析师解释了导致下跌的原因