<p>加密行業上週集體下跌。這並不是一次完全和諧的下跌，因為穩定幣保持穩定（如預期）且一些個別幣種如 <strong>Zcash</strong>(ZEC 29.22%) 卻大幅上漲。但整體的加密趨勢無疑是看跌的：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png"/></p>
<p>比特幣價格數據來源於 YCharts</p>
<p>在 9 月 21 日至 9 月 28 日的七天時間裏，從週日到週日，<strong>比特幣</strong>(BTC 0.70%) 和 <strong>XRP</strong>(XRP -0.76%) 各自下跌了超過 5%。<strong>以太坊</strong>(ETH -0.86%) 的跌幅更深，約為 10%，而更具波動性的幣種如 <strong>狗狗幣</strong>(DOGE 0.60%) 和 <strong>索拉納</strong>(SOL 0.56%) 則下跌得更厲害。</p>
<p>讓我們來看看上週導致這些加密價格波動的因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MzQvYml0Y29pbi1oaXQtYnktbGlnaHRuaW5nLWNyeXB0by5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MzQvYml0Y29pbi1oaXQtYnktbGlnaHRuaW5nLWNyeXB0by5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 對近期上漲的獲利回吐反應</h2>
<p>上週的加密市場動態需要一些額外的背景。此期間之前的兩週由於美國經濟穩定的跡象而相當看漲。</p>
<p>受到近期通脹報告和其他宏觀經濟數據的積極趨勢的鼓舞，美聯儲自 2024 年 12 月以來首次降低利率。因此，像大型金融機構這樣的風險厭惡型投資者紛紛將新資金投入加密貨幣和基於加密貨幣的交易所交易基金（ETF）。成熟的加密貨幣（例如比特幣、以太坊和 XRP）上漲了約 5%，接近歷史最高點；狗狗幣和索拉納則享受了兩位數的百分比漲幅。</p>
<p>這一加密友好的時期導致了上週的獲利回吐潮。一些銷售也是被迫的，因為槓桿加密投資者不得不平倉以償還借款交易的保證金。這是一項風險極大的業務，朋友們。</p>
<h2>2. ETF 投資者加入獲利回吐的行列</h2>
<p>那些更喜歡現貨價格加密貨幣 ETF 而不是直接持有加密貨幣的投資者通常不太喜歡高風險、高回報的策略。</p>
<p>這種進入加密世界的方式對許多無法直接接觸比特幣或以太坊的賬户開放——大型機構投資者、個人退休計劃以及那些希望規避風險的人，他們更喜歡額外的監管保護。因此，看到這些羣體也獲利了結並不奇怪，尤其是當價格高峰主要受到政治和監管舉措的推動時。</p>
<p>不過，ETF 持有者在週末無法進行交易。因此，9 月 21 日（星期日）直接的加密貨幣下跌轉化為 9 月 22 日（星期一）ETF 資金的適度流出。<strong>iShares 比特幣信託</strong>(IBIT 0.05%) 當天流出 3800 萬美元，而 <strong>iShares 以太坊信託</strong>(ETHA -0.66%) 則損失了 1500 萬美元的客户資金。</p>
<p>這些數字並不算大，但與近期穩定的資金流入相比，仍然是一個明顯的趨勢逆轉。</p>
<h2>3. 政治壓力</h2>
<p>然後就是房間裏的那個難以忽視的政治因素。</p>
<p>在 9 月 25 日（星期四），加密貨幣（以及其他投資市場）面臨更多的政治壓力。國會威脅在 10 月 1 日關閉政府運作，特朗普政府承諾在加沙採取軍事行動，而美聯儲主席傑羅姆·鮑威爾發出嚴厲警告稱 “沒有無風險的路徑” 通往健康的經濟。</p>
<p>這就是你在之前的圖表中看到的大幅下跌。加密投資者認真對待了鮑威爾的警告，<strong>iShares 以太坊信託</strong> 流出 2 億美元，使得之前的回撤顯得微不足道。</p>
<p>這是獲利回吐和政治因素的苦澀結合。我應該指出，圖表中的所有五種加密貨幣在過去一年中均上漲了至少 34%，超過了 <strong>標準普爾 500</strong> 指數 (^GSPC 0.41%) 在同一時期 15.5% 的漲幅。</p>
<p>因此，加密空頭仍然可以爭辯説市場仍然過熱，而多頭則可以將這次價格下跌視為買入機會。無論如何，上週的事件可能並沒有使許多投資者在這場永恆的對抗中改變立場。</p>

ETHE

<p>上週，加密貨幣行業經歷了顯著下跌，比特幣和 XRP 下跌超過 5%，以太坊下跌約 10%。主要因素包括近期上漲後的獲利了結、加密貨幣 ETF 的資金流出，以及來自政治方面的壓力，包括美聯儲的警告。儘管出現了下滑，但過去一年加密貨幣仍實現了可觀的收益，這導致投資者對市場狀況的看法存在分歧</p>

<p>The crypto sector took a collective tumble last week. It wasn't a completely harmonious drop, as stablecoins held firm (as intended) and outliers such as <strong>Zcash</strong>(ZEC 29.22%) posted big gains. But the overarching crypto trend was unmistakably bearish:</p>
<div class="lb-trans"><p>加密行業上週集體下跌。這並不是一次完全和諧的下跌，因為穩定幣保持穩定（如預期）且一些個別幣種如 <strong>Zcash</strong>(ZEC 29.22%) 卻大幅上漲。但整體的加密趨勢無疑是看跌的：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png" alt="" original-src="https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png"/></p>
<p>Bitcoin Price data by YCharts</p>
<div class="lb-trans"><p>比特幣價格數據來源於 YCharts</p>
</div><p>In the seven-day Sunday-to-Sunday span from Sept. 21 to Sept. 28, <strong>Bitcoin</strong>(BTC 0.70%) and <strong>XRP</strong>(XRP -0.76%) dipped a little more than 5% each. <strong>Ethereum</strong>(ETH -0.86%) saw a deeper drop of roughly 10%, while more volatile names such as <strong>Dogecoin</strong>(DOGE 0.60%) and <strong>Solana</strong>(SOL 0.56%) fell even further.</p>
<div class="lb-trans"><p>在 9 月 21 日至 9 月 28 日的七天時間裏，從週日到週日，<strong>比特幣</strong>(BTC 0.70%) 和 <strong>XRP</strong>(XRP -0.76%) 各自下跌了超過 5%。<strong>以太坊</strong>(ETH -0.86%) 的跌幅更深，約為 10%，而更具波動性的幣種如 <strong>狗狗幣</strong>(DOGE 0.60%) 和 <strong>索拉納</strong>(SOL 0.56%) 則下跌得更厲害。</p>
</div><p>Let's take a look at the factors that inspired these crypto price swings last week.</p>
<div class="lb-trans"><p>讓我們來看看上週導致這些加密價格波動的因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MzQvYml0Y29pbi1oaXQtYnktbGlnaHRuaW5nLWNyeXB0by5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835534%2Fbitcoin-hit-by-lightning-crypto.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Profit-taking reactions to a recent surge</h2>
<div class="lb-trans"><h2>1. 對近期上漲的獲利回吐反應</h2>
</div><p>Last week's crypto action needs a bit of additional context. The two weeks before this period were pretty bullish thanks to signs of stabilization in the American economy.</p>
<div class="lb-trans"><p>上週的加密市場動態需要一些額外的背景。此期間之前的兩週由於美國經濟穩定的跡象而相當看漲。</p>
</div><p>Encouraged by helpful trends in recent inflation reports and other macroeconomic data points, the Federal Reserve lowered interest rates for the first time since December 2024. As a result, risk-averse investors such as large financial institutions poured fresh cash into cryptocurrencies and crypto-based exchange-traded funds (ETFs). Mature cryptocurrencies (Bitcoin, Ethereum, and XRP, for example) posted roughly 5% gains and moved close to their all-time highs; Dogecoin and Solana enjoyed double-digit percentage gains.</p>
<div class="lb-trans"><p>受到近期通脹報告和其他宏觀經濟數據的積極趨勢的鼓舞，美聯儲自 2024 年 12 月以來首次降低利率。因此，像大型金融機構這樣的風險厭惡型投資者紛紛將新資金投入加密貨幣和基於加密貨幣的交易所交易基金（ETF）。成熟的加密貨幣（例如比特幣、以太坊和 XRP）上漲了約 5%，接近歷史最高點；狗狗幣和索拉納則享受了兩位數的百分比漲幅。</p>
</div><p>That crypto-friendly period led up to a wave of profit taking last week. Some of the sales were also forced, as leveraged crypto investors had to settle margin calls on trades financed by borrowed funds. That's a risky business, folks.</p>
<div class="lb-trans"><p>這一加密友好的時期導致了上週的獲利回吐潮。一些銷售也是被迫的，因為槓桿加密投資者不得不平倉以償還借款交易的保證金。這是一項風險極大的業務，朋友們。</p>
</div><h2>2. ETF investors joined the profit-taking crowd</h2>
<div class="lb-trans"><h2>2. ETF 投資者加入獲利回吐的行列</h2>
</div><p>Investors who prefer spot-priced cryptocurrency ETFs over holding the cryptos directly are usually not big fans of high-risk, high-reward strategies.</p>
<div class="lb-trans"><p>那些更喜歡現貨價格加密貨幣 ETF 而不是直接持有加密貨幣的投資者通常不太喜歡高風險、高回報的策略。</p>
</div><p>This on-ramp to the crypto world is available to many accounts that simply can't touch Bitcoin or Ethereum directly -- large-scale institutional investors, personal retirement plans, and risk-dodging people who prefer an extra layer of regulatory protection. It's not surprising to see these groups take profits too, especially when the price peak was largely motivated by political and regulatory moves.</p>
<div class="lb-trans"><p>這種進入加密世界的方式對許多無法直接接觸比特幣或以太坊的賬户開放——大型機構投資者、個人退休計劃以及那些希望規避風險的人，他們更喜歡額外的監管保護。因此，看到這些羣體也獲利了結並不奇怪，尤其是當價格高峰主要受到政治和監管舉措的推動時。</p>
</div><p>ETF owners can't make trades over the weekend, though. Therefore, the direct cryptocurrency drawdown on Sunday, Sept. 21, translated into a modest outflow of ETF funds on Monday, Sept. 22. The <strong>iShares Bitcoin Trust</strong>(IBIT 0.05%) saw a $38 million outflow that day, while the <strong>iShares Ethereum Trust</strong>(ETHA -0.66%) lost $15 million of customer funds.</p>
<div class="lb-trans"><p>不過，ETF 持有者在週末無法進行交易。因此，9 月 21 日（星期日）直接的加密貨幣下跌轉化為 9 月 22 日（星期一）ETF 資金的適度流出。<strong>iShares 比特幣信託</strong>(IBIT 0.05%) 當天流出 3800 萬美元，而 <strong>iShares 以太坊信託</strong>(ETHA -0.66%) 則損失了 1500 萬美元的客户資金。</p>
</div><p>These figures aren't huge, but that's still a sharp trend reversal from steady inflows in recent weeks.</p>
<div class="lb-trans"><p>這些數字並不算大，但與近期穩定的資金流入相比，仍然是一個明顯的趨勢逆轉。</p>
</div><h2>3. Political pressure</h2>
<div class="lb-trans"><h2>3. 政治壓力</h2>
</div><p>And then there's the wonkish elephant in the room.</p>
<div class="lb-trans"><p>然後就是房間裏的那個難以忽視的政治因素。</p>
</div><p>On Thursday, Sept. 25, more political pressure was piled on cryptocurrencies (and other investment markets). Congress threatened to close down government operations on Oct. 1, the Trump administration pledged to take military action in Gaza, and Federal Reserve chair Jerome Powell issued a stern warning that &#34;there is no risk-free path&#34; to a healthy economy.</p>
<div class="lb-trans"><p>在 9 月 25 日（星期四），加密貨幣（以及其他投資市場）面臨更多的政治壓力。國會威脅在 10 月 1 日關閉政府運作，特朗普政府承諾在加沙採取軍事行動，而美聯儲主席傑羅姆·鮑威爾發出嚴厲警告稱 “沒有無風險的路徑” 通往健康的經濟。</p>
</div><p>That's the big dip you saw in the chart earlier. Crypto investors took Powell's warning seriously, and a $200 million outflow from the iShares Ethereum Trust made the earlier retreat look forgettable.</p>
<div class="lb-trans"><p>這就是你在之前的圖表中看到的大幅下跌。加密投資者認真對待了鮑威爾的警告，<strong>iShares 以太坊信託</strong> 流出 2 億美元，使得之前的回撤顯得微不足道。</p>
</div><p>That's a bitter brew of profit taking and politics. I should point out that all five cryptocurrencies in the chart are up by at least 34% over the last year, more than doubling the <strong>S&amp;P 500</strong>(^GSPC 0.41%) stock market index's 15.5% gain over the same period.</p>
<div class="lb-trans"><p>這是獲利回吐和政治因素的苦澀結合。我應該指出，圖表中的所有五種加密貨幣在過去一年中均上漲了至少 34%，超過了 <strong>標準普爾 500</strong> 指數 (^GSPC 0.41%) 在同一時期 15.5% 的漲幅。</p>
</div><p>Hence, crypto bears can still argue that the market remains overheated, while the bulls can treat this price dip as a buying opportunity. Either way, the events of last week probably didn't move many investors from one side to the other in that eternal clash.</p>
<div class="lb-trans"><p>因此，加密空頭仍然可以爭辯説市場仍然過熱，而多頭則可以將這次價格下跌視為買入機會。無論如何，上週的事件可能並沒有使許多投資者在這場永恆的對抗中改變立場。</p>
</div>

3 Reasons the Crypto Sector Tumbled Last Week

- 加密貨幣市場上週整體下跌，Bitcoin 和 XRP 各跌超 5%。  
- 主要因素包括獲利回吐、ETF 投資者的拋售及政治壓力。  
- 儘管如此，過去一年內加密貨幣仍上漲超過 34%。

加密貨幣行業上週下跌的三個原因