<p>與加密貨幣相關公司的股票在週五下跌，因為投資者在美國數字資產立法進展引發的初步反彈後撤回了資金，市場對加密貨幣價格和更廣泛的宏觀經濟風險的擔憂重新浮現。</p>
<p>Coinbase Global (COIN) 的股票在前一交易日上漲超過 5% 後下跌了 7.6%，而 Robinhood Markets (HOOD) 在週四上漲超過 5% 後大約下跌了 3.8%。</p>
<p>Strategy（之前稱為 Microstrategy）MSTR 的股票也在週五下跌了大約 6%，此前一天大幅上漲。</p>
<p>分析師表示，週五的下跌可能反映了在週四反彈後的獲利了結，加上投資者對中東地緣政治緊張局勢和加密貨幣價格持續波動的謹慎態度。</p>
<p>比特幣在過去 24 小時內回落近 3%，至約 79,000 美元，而以太坊則下跌約 3%，接近 2,200 美元。</p>
<p>與加密貨幣相關的股票在週四大幅上漲，此前《數字資產市場清晰法案》的關鍵部分在參議院銀行委員會獲得通過，使該立法更接近全體參議院投票。</p>
<p><strong>監管樂觀情緒在初步反彈後消退</strong></p>
<p>週四與加密貨幣相關的股票上漲主要是由於對華盛頓即將批准更清晰的數字資產監管的樂觀情緒。</p>
<p>《清晰法案》在立法者就與穩定幣相關的收益支付達成妥協後獲得推進。</p>
<p>該協議禁止對閒置穩定幣存款支付收益，同時允許與客户使用美元掛鈎的數字貨幣相關的 “獎勵”。</p>
<p>分析師指出，民主黨參議員 Ruben Gallego 和 Angela Alsobrooks 的支持被視為特別重要，因為該立法需要兩黨支持才能克服阻撓議事。</p>
<p>儘管如此，圍繞立法最終形式的不確定性仍在週五對市場情緒造成壓力。</p>
<p>“仍有幾個懸而未決的問題，” Benchmark Equity Research 的分析師 Mark Palmer 在一份報告中寫道。</p>
<p>Palmer 特別提到，關於限制特朗普總統及其家族從與加密貨幣相關的企業中獲利的提案仍存在持續分歧。</p>
<p>儘管存在這些擔憂，Palmer 對該行業的長期前景仍持樂觀態度。</p>
<p>“華盛頓現在在通過可能重塑美國數字資產生態系統軌跡的立法方面實質上更近了，” 他説。</p>
<p><strong>Coinbase 受到盈利擔憂和比特幣疲軟的壓力</strong></p>
<p>Coinbase 的股票也受到公司近期財務表現重新受到審查的影響。</p>
<p>這家加密貨幣交易所運營商在第一季度報告了約 3.94 億美元的淨虧損，而利潤率從 22.1% 下降至 12.7%。</p>
<p>該季度的收入總計約為 14.1 億美元，低於分析師預期的約 14.8 億美元。</p>
<p>管理層還指出，總體加密市場市值和交易量環比下降超過 20%，使公司對比特幣價格和交易活動的波動高度敏感。</p>
<p>一些分析師還警告稱，比特幣的技術交易模式可能預示着加密資產和相關股票的更廣泛整合階段。</p>
<p><strong>Robinhood 數據顯示更廣泛的平台增長</strong></p>
<p>儘管 Robinhood 報告了更強勁的四月運營指標，但其股票仍與更廣泛的加密貨幣行業一起下跌。</p>
<p>這家經紀公司表示，股票日均交易量同比增長 23%，而期權交易活動增長了 7%。</p>
<p>總平台資產同比增長 49%，達到約 3454 億美元，得益於四月約 60 億美元的淨存款。</p>
<p>Robinhood 的資金客户基礎同比增長 7%，達到 2760 萬用户。</p>
<p>儘管與前一個月和去年同期相比，加密貨幣日均交易量有所下降，但包括 Bitstamp 活動在內的總加密名義交易量同比增長了 38%。</p>

GLXY

GBTC

RIOT

<p>與加密貨幣相關的公司股票，包括 Coinbase、Robinhood 和 Strategy，週五下跌，因為投資者在初步反彈後選擇撤退。Coinbase 下跌 7.6%，Robinhood 下跌 3.8%，Strategy 下跌 6%。下跌的原因歸因於獲利了結以及對地緣政治緊張局勢和加密貨幣價格波動的擔憂。比特幣和以太坊也出現了下跌。儘管近期立法進展帶來了監管樂觀情緒，但不確定性依然存在，影響了市場情緒</p>

<p>Shares of cryptocurrency-linked companies fell Friday as investors pulled back from the sector after an initial rally sparked by progress on US digital asset legislation faded amid renewed concerns about crypto prices and broader macroeconomic risks.</p>
<div class="lb-trans"><p>與加密貨幣相關公司的股票在週五下跌，因為投資者在美國數字資產立法進展引發的初步反彈後撤回了資金，市場對加密貨幣價格和更廣泛的宏觀經濟風險的擔憂重新浮現。</p>
</div><p>Shares of Coinbase Global (COIN) dropped 7.6% after climbing more than 5% in the previous session, while Robinhood Markets (HOOD) fell roughly 3.8% following a gain of more than 5% on Thursday.</p>
<div class="lb-trans"><p>Coinbase Global (COIN) 的股票在前一交易日上漲超過 5% 後下跌了 7.6%，而 Robinhood Markets (HOOD) 在週四上漲超過 5% 後大約下跌了 3.8%。</p>
</div><p>Shares of Strategy (previously known as Microstrategy) MSTR, which often trade as a leveraged proxy for Bitcoin, also fell roughly 6% Friday after rallying sharply a day earlier.</p>
<div class="lb-trans"><p>Strategy（之前稱為 Microstrategy）MSTR 的股票也在週五下跌了大約 6%，此前一天大幅上漲。</p>
</div><p>Analysts said Friday’s declines likely reflected profit-taking after Thursday’s rally, combined with investor caution surrounding geopolitical tensions in the Middle East and continued volatility in cryptocurrency prices.</p>
<div class="lb-trans"><p>分析師表示，週五的下跌可能反映了在週四反彈後的獲利了結，加上投資者對中東地緣政治緊張局勢和加密貨幣價格持續波動的謹慎態度。</p>
</div><p>Bitcoin retreated nearly 3% over the past 24 hours to around $79,000, while Ethereum fell approximately 3% to near $2,200.</p>
<div class="lb-trans"><p>比特幣在過去 24 小時內回落近 3%，至約 79,000 美元，而以太坊則下跌約 3%，接近 2,200 美元。</p>
</div><p>Crypto-related equities had surged Thursday after a key portion of the Digital Asset Market Clarity Act advanced through the Senate Banking Committee, moving the legislation closer to a full Senate vote.</p>
<div class="lb-trans"><p>與加密貨幣相關的股票在週四大幅上漲，此前《數字資產市場清晰法案》的關鍵部分在參議院銀行委員會獲得通過，使該立法更接近全體參議院投票。</p>
</div><p><strong>Regulatory optimism fades after initial rally</strong></p>
<div class="lb-trans"><p><strong>監管樂觀情緒在初步反彈後消退</strong></p>
</div><p>Thursday’s gains across crypto-related stocks were largely driven by optimism that Washington was moving closer to approving clearer digital asset regulations.</p>
<div class="lb-trans"><p>週四與加密貨幣相關的股票上漲主要是由於對華盛頓即將批准更清晰的數字資產監管的樂觀情緒。</p>
</div><p>The Clarity Act advanced after lawmakers reached a compromise surrounding stablecoin-related yield payments.</p>
<div class="lb-trans"><p>《清晰法案》在立法者就與穩定幣相關的收益支付達成妥協後獲得推進。</p>
</div><p>The agreement prohibits yield on idle stablecoin deposits while allowing “rewards” tied to customer usage of dollar-pegged digital coins.</p>
<div class="lb-trans"><p>該協議禁止對閒置穩定幣存款支付收益，同時允許與客户使用美元掛鈎的數字貨幣相關的 “獎勵”。</p>
</div><p>Analysts noted that support from Democratic senators Ruben Gallego and Angela Alsobrooks was viewed as especially important because the legislation will require bipartisan backing to overcome a filibuster.</p>
<div class="lb-trans"><p>分析師指出，民主黨參議員 Ruben Gallego 和 Angela Alsobrooks 的支持被視為特別重要，因為該立法需要兩黨支持才能克服阻撓議事。</p>
</div><p>Still, uncertainty surrounding the final form of the legislation continued weighing on sentiment Friday.</p>
<div class="lb-trans"><p>儘管如此，圍繞立法最終形式的不確定性仍在週五對市場情緒造成壓力。</p>
</div><p>“Several outstanding issues remain unresolved,” Benchmark Equity Research analyst Mark Palmer wrote in a note.</p>
<div class="lb-trans"><p>“仍有幾個懸而未決的問題，” Benchmark Equity Research 的分析師 Mark Palmer 在一份報告中寫道。</p>
</div><p>Palmer pointed specifically to ongoing disagreements over proposals that would restrict President Donald Trump and his family from profiting from cryptocurrency-related businesses.</p>
<div class="lb-trans"><p>Palmer 特別提到，關於限制特朗普總統及其家族從與加密貨幣相關的企業中獲利的提案仍存在持續分歧。</p>
</div><p>Despite those concerns, Palmer maintained an optimistic longer-term outlook for the sector.</p>
<div class="lb-trans"><p>儘管存在這些擔憂，Palmer 對該行業的長期前景仍持樂觀態度。</p>
</div><p>“Washington is now materially closer to passing legislation that could reshape the trajectory of the American digital asset ecosystem for years to come,” he said.</p>
<div class="lb-trans"><p>“華盛頓現在在通過可能重塑美國數字資產生態系統軌跡的立法方面實質上更近了，” 他説。</p>
</div><p><strong>Coinbase pressured by earnings concerns and Bitcoin weakness</strong></p>
<div class="lb-trans"><p><strong>Coinbase 受到盈利擔憂和比特幣疲軟的壓力</strong></p>
</div><p>Coinbase shares were also weighed down by renewed scrutiny surrounding the company’s recent financial performance.</p>
<div class="lb-trans"><p>Coinbase 的股票也受到公司近期財務表現重新受到審查的影響。</p>
</div><p>The crypto exchange operator reported a net loss of approximately $394 million during the first quarter, while profit margins declined from 22.1% to 12.7%.</p>
<div class="lb-trans"><p>這家加密貨幣交易所運營商在第一季度報告了約 3.94 億美元的淨虧損，而利潤率從 22.1% 下降至 12.7%。</p>
</div><p>Revenue for the quarter totaled about $1.41 billion, below analyst expectations of roughly $1.48 billion.</p>
<div class="lb-trans"><p>該季度的收入總計約為 14.1 億美元，低於分析師預期的約 14.8 億美元。</p>
</div><p>Management also noted that total crypto market capitalization and trading volumes had declined more than 20% quarter over quarter, leaving the company highly sensitive to movements in Bitcoin prices and trading activity.</p>
<div class="lb-trans"><p>管理層還指出，總體加密市場市值和交易量環比下降超過 20%，使公司對比特幣價格和交易活動的波動高度敏感。</p>
</div><p>Some analysts additionally warned that technical trading patterns in Bitcoin could signal a broader consolidation phase for crypto assets and related stocks.</p>
<div class="lb-trans"><p>一些分析師還警告稱，比特幣的技術交易模式可能預示着加密資產和相關股票的更廣泛整合階段。</p>
</div><p><strong>Robinhood data shows broader platform growth</strong></p>
<div class="lb-trans"><p><strong>Robinhood 數據顯示更廣泛的平台增長</strong></p>
</div><p>Robinhood shares declined alongside the broader crypto sector despite reporting stronger April operating metrics.</p>
<div class="lb-trans"><p>儘管 Robinhood 報告了更強勁的四月運營指標，但其股票仍與更廣泛的加密貨幣行業一起下跌。</p>
</div><p>The brokerage company said equity daily average trades rose 23% year over year, while options trading activity increased 7%.</p>
<div class="lb-trans"><p>這家經紀公司表示，股票日均交易量同比增長 23%，而期權交易活動增長了 7%。</p>
</div><p>Total platform assets climbed 49% from a year earlier to approximately $345.4 billion, supported by roughly $6 billion in net deposits during April.</p>
<div class="lb-trans"><p>總平台資產同比增長 49%，達到約 3454 億美元，得益於四月約 60 億美元的淨存款。</p>
</div><p>Robinhood’s funded customer base also grew 7% year over year to 27.6 million users.</p>
<div class="lb-trans"><p>Robinhood 的資金客户基礎同比增長 7%，達到 2760 萬用户。</p>
</div><p>While crypto daily average trades declined compared with both the prior month and year-earlier period, total crypto notional trading volumes increased 38% year over year when including activity from Bitstamp.</p>
<div class="lb-trans"><p>儘管與前一個月和去年同期相比，加密貨幣日均交易量有所下降，但包括 Bitstamp 活動在內的總加密名義交易量同比增長了 38%。</p>
</div>

Why crypto stocks Coinbase, Robinhood, Strategy are sliding today

- 加密貨幣相關公司的股票在週五下跌。  
- 投資者因對宏觀經濟風險的擔憂而撤離市場。  
- 比特幣價格回落至約 $79,000，整體市場情緒謹慎。

為什麼加密股票 Coinbase、Robinhood 和 Strategy 今天出現下滑