<p>上週，<strong>比特幣</strong> (CRYPTO: BTC) 經歷了顯著下跌，跌至 60,000 美元的低點，標誌着 19% 的下降。這一下跌歸因於多個因素，包括大規模去槓桿和礦工被迫出售，而不是單一的 災難性事件。</p>
<p>根據報道，期貨未平倉合約在一週內從 610 億美元降至 490 億美元，表明對比特幣的借貸押注下降超過 20%。這種槓桿的下降與比特幣價格的下跌相呼應，表明兩者是同時下跌，而不是混亂的被迫出售情形。</p>
<h2>最新比特幣下跌揭示了什麼</h2>
<p>根據 <strong>Matthew Sigel</strong>，<strong>VanEck</strong> 數字資產研究負責人，拋售並不是由單一觸發因素驅動，而是由包括槓桿崩潰、人工智能炒作解體和量子計算風險在內的多種因素組合而成。</p>
<p>“這個列表揭示了市場正受到多方壓力的圍攻，” Sigel 在 X 上的一篇帖子中表示。</p>
<blockquote>
<p>比特幣市場更新：去槓桿、敍事衝擊和超賣設置</p>
<p>比特幣在過去一週經歷了急劇的回調，價格下跌約 19%，目前交易在 60,000 美元中間。此次波動是由於槓桿的快速解除所驅動……</p>
<p>— matthew sigel, recovering CFA (@matthew_sigel) 2026 年 2 月 5 日</p>
</blockquote>
<p>Sigel 強調了圍繞人工智能投資的懷疑，這對那些轉向人工智能和高性能計算的比特幣礦工產生了特別影響。隨着融資枯竭和比特幣價格下跌，礦工被迫出售比特幣以維持運營。</p>
<h2>量子計算的擔憂是否合理？</h2>
<p>量子計算的擔憂也加劇了市場的不安。Sigel 指出，“投資者對這一話題的興趣增加”，儘管一些開發者淡化了這些風險的緊迫性。量子計算機可能會破壞比特幣的加密，導致 20% 到 50% 的流通幣面臨風險。</p>
<p>儘管面臨這些挑戰，Sigel 在動盪中看到潛在的機會。他認為當前的價格洗盤對於建立頭寸具有吸引力。“回調的深度和槓桿的重置程度使得當前的價格洗盤在一到兩年的視角下變得越來越有吸引力，” Sigel 寫道。</p>
<h2>礦工的行動如何塑造比特幣的未來</h2>
<p>比特幣礦工的行動在塑造這一加密貨幣的未來中至關重要。隨着礦工為了資助其運營而出售比特幣，市場面臨額外壓力。</p>
<p>“隨着融資條件在比特幣疲軟的情況下收緊，礦工面臨着增加出售比特幣以增強資產負債表的壓力，” Sigel 在帖子中解釋道。</p>
<p>儘管當前面臨挑戰，四年週期的敍事仍然是投資者的重要參考點。Sigel 強調，週期的心理仍然發揮着重要作用，他一直在積極增加自己的比特幣持有量。</p>

<p>比特幣（CRYPTO: BTC）上週大幅下跌，跌至 60,000 美元，下降幅度達到 19%。這一下跌歸因於多個因素，包括大規模去槓桿和礦工被迫出售。期貨未平倉合約從 610 億美元降至 490 億美元，表明對比特幣的借貸押注減少。VanEck 的 Matthew Sigel 指出，這一拋售是由於槓桿崩潰、人工智能炒作的退潮以及量子計算風險所驅動。儘管面臨這些挑戰，他仍然看到在動盪中建立比特幣頭寸的潛在機會</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>上週，<strong>比特幣</strong> (CRYPTO: BTC) 經歷了顯著下跌，跌至 60,000 美元的低點，標誌着 19% 的下降。這一下跌歸因於多個因素，包括大規模去槓桿和礦工被迫出售，而不是單一的 災難性事件。</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>根據報道，期貨未平倉合約在一週內從 610 億美元降至 490 億美元，表明對比特幣的借貸押注下降超過 20%。這種槓桿的下降與比特幣價格的下跌相呼應，表明兩者是同時下跌，而不是混亂的被迫出售情形。</p>
</div><h2>What The Latest Bitcoin Drop Reveals</h2>
<div class="lb-trans"><h2>最新比特幣下跌揭示了什麼</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>根據 <strong>Matthew Sigel</strong>，<strong>VanEck</strong> 數字資產研究負責人，拋售並不是由單一觸發因素驅動，而是由包括槓桿崩潰、人工智能炒作解體和量子計算風險在內的多種因素組合而成。</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>“這個列表揭示了市場正受到多方壓力的圍攻，” 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>比特幣市場更新：去槓桿、敍事衝擊和超賣設置</p>
<p>比特幣在過去一週經歷了急劇的回調，價格下跌約 19%，目前交易在 60,000 美元中間。此次波動是由於槓桿的快速解除所驅動……</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 強調了圍繞人工智能投資的懷疑，這對那些轉向人工智能和高性能計算的比特幣礦工產生了特別影響。隨着融資枯竭和比特幣價格下跌，礦工被迫出售比特幣以維持運營。</p>
</div><h2>Are Quantum Computing Fears Justified?</h2>
<div class="lb-trans"><h2>量子計算的擔憂是否合理？</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>量子計算的擔憂也加劇了市場的不安。Sigel 指出，“投資者對這一話題的興趣增加”，儘管一些開發者淡化了這些風險的緊迫性。量子計算機可能會破壞比特幣的加密，導致 20% 到 50% 的流通幣面臨風險。</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>儘管面臨這些挑戰，Sigel 在動盪中看到潛在的機會。他認為當前的價格洗盤對於建立頭寸具有吸引力。“回調的深度和槓桿的重置程度使得當前的價格洗盤在一到兩年的視角下變得越來越有吸引力，” Sigel 寫道。</p>
</div><h2>How Miners’ Actions Shape Bitcoin’s Future</h2>
<div class="lb-trans"><h2>礦工的行動如何塑造比特幣的未來</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>比特幣礦工的行動在塑造這一加密貨幣的未來中至關重要。隨着礦工為了資助其運營而出售比特幣，市場面臨額外壓力。</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>“隨着融資條件在比特幣疲軟的情況下收緊，礦工面臨着增加出售比特幣以增強資產負債表的壓力，” Sigel 在帖子中解釋道。</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>儘管當前面臨挑戰，四年週期的敍事仍然是投資者的重要參考點。Sigel 強調，週期的心理仍然發揮着重要作用，他一直在積極增加自己的比特幣持有量。</p>
</div>

Bitcoin Price Crash: VanEck Analyst Explains What Triggered the Drop

- 比特幣價格下跌至 $60,000，跌幅達到 19%。
- 期貨未平倉合約從 $61 億降至 $49 億，表明借貸押注大幅減少。
- 礦工因資金不足被迫出售比特幣，市場面臨多重壓力。

比特幣價格暴跌：VanEck 分析師解釋了導致下跌的原因