<p>加密貨幣市場在 2024 年美國總統選舉後開始飆升，至 2025 年 8 月達到新的歷史高點，因為支持加密貨幣的特朗普政府開始實施相關政策。但這個夏天對加密市場來説卻並不樂觀。比特幣在過去幾周內抹去了所有選舉後的漲幅，首次跌破關鍵的 60,000 美元水平，這是自 2024 年 9 月以來的首次。加密市場本質上就是一個波動的旋風，但這次市場的波動似乎是由主要機構投資者引發的，而非散户投資者。</p>
<h2>為什麼加密市場在 2026 年崩潰</h2>
<p>總的加密資產市值已降至 2.5 萬億美元以下，較八個月前的近 4.4 萬億美元大幅下滑。在 AI 熱潮的推動下，比特幣及其同類資產曾與納斯達克 100 指數同步上漲，但由於一系列行業和宏觀經濟因素，它們與科技行業的關係已變得疏離。</p>
<ul>
<li>機構去風險化：這是加密投資者最應關注的問題。2026 年，比特幣 ETF 的資金流出創下紀錄，包括被視為風險較低的新型現貨 ETF。機構資金一直是一個穩定可靠的流動性來源，如果這些資金退出市場，波動性只會加劇。</li>
<li>財政拖累：數字資產財政公司在過去幾年中成為一種熱門交易。這些公司會發行股票以購買數字資產，投資者願意為股票支付溢價以獲得加密貨幣的敞口。然而，隨着加密價格的暴跌，這些財政公司可能被迫以低於成本價的價格出售資產以滿足其他義務。我們稍後將深入探討一個例子。</li>
<li>地緣政治衝擊、鷹派政策和風險輪換：雖然這並非特指加密貨幣，但持續的通脹和高利率的陰影仍然對波動性和高風險資產施加壓力。市場參與者現在認為，今年加息的可能性與降息一樣，這抑制了對加密貨幣的熱情。此外，AI 股票吸引了零售風險投資者的目光，許多曾經的加密交易者現在轉向了內存或 AI 基礎設施股票的波動性。</li>
</ul>
<h2>3 只在加密貨幣暴跌時應避免的股票</h2>
<p>目前加密貨幣面臨困境，任何想要抄底的衝動最好還是忽略。比特幣在 60,000 美元時仍然 “僅僅” 比歷史高點低 50%（比特幣持有者會告訴你這只是小幅回調），而行業新聞持續偏向負面。以下是三隻在這個夏天不太可能走強的股票：</p>
<h3>策略：比特幣銷售引發更大擔憂</h3>
<p>首席執行官邁克爾·塞勒一直是全球最大的比特幣牛市支持者之一，但顯然他也看到了前方的麻煩。上週，Strategy Inc. NASDAQ: MSTR 宣佈自 2022 年以來首次出售比特幣，拋售了 32 個比特幣，約合 250 萬美元。是的，32 個比特幣對於持有超過 800,000 個比特幣的公司來説是微不足道的，但出售的原因讓投資者感到恐慌，超過了數量本身。Strategy 出售比特幣是為了支付其優先股 STRC 的股息義務，而 STRC 在 6 月 3 日跌破面值至 95 美元。STRC 的發行是為了資助 Strategy 的比特幣購買並防止普通股東的稀釋，但股息的增加信號表明對優先股的需求正在減弱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.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://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG"/></p>
<p>Strategy 在最近的下跌中購買了更多比特幣，但 “絕不出售” 的敍述已經破滅，優先股的需求疲軟使公司的整個財政策略面臨風險。MSTR 的股票與比特幣現貨價格緊密相關，和比特幣一樣，該股票回到了 2024 年 9 月的水平。目前沒有技術信號暗示反轉；事實上，相對強弱指數（RSI）和移動平均收斂發散（MACD）指標都繼續失去動能。</p>
<h3>Bullish：高 Beta 交易所，交易量下降</h3>
<p>Bullish Inc. NYSE: BLSH 去年夏天上市，其在公開市場的第一年並沒有如其名稱所示那樣表現出色。Bullish 是一家類似於 Coinbase Global Inc. NASDAQ: COIN 的加密貨幣交易所。</p>
<p>由於交易量下降，其股票現在的交易價格低於首次公開募股價格。該公司在 2026 年第一季度的財報中未能達到每股收益預期，主要是由於交易收入增長放緩。42 億美元收購 Equiniti 也是一個巨大的風險，因為 Bullish 目前的市值為 41 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.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://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG"/></p>
<p>目前似乎沒有結束下跌的跡象。該股票正在回訪 2 月份的歷史低點，RSI 和 MACD 顯示賣方目前完全掌控市場。除非交易量恢復，否則最好對 Bullish 採取看空態度。</p>
<h3>ProShares 比特幣 ETF：相比現貨 ETF 成本和風險更高</h3>
<p>ProShares 比特幣 ETF NYSEARCA: BITO 是美國交易所上最早的比特幣 ETF 之一，但其策略迅速變得過時。BITO 持有 CME 比特幣期貨合約和美國國債的組合，旨在模擬比特幣的價格而不實際持有比特幣。但現在現貨 ETF 已經上市，持有者需要支付 0.95% 的費用比率，而該基金面臨着貶值風險。當比特幣價格下跌時，BITO 被迫將到期的期貨合約滾動到更昂貴的後期合約，這會侵蝕基金的淨資產值（NAV），並導致相對於比特幣現貨價格的表現不佳。持續的下跌是像 BITO 這樣的基於期貨的基金最糟糕的熊市。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.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://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG"/></p>
<p>BITO 在過去 52 周內損失超過 60%，未能利用特朗普當選後的加密貨幣反彈。該股票最近創下歷史新低，因再次未能突破 50 日移動平均線，MACD 顯示出買入完全崩潰。管理資產（AUM）現已低於 15 億美元，這看起來越來越像是一項即將解散的過時資產。</p>
<h2>你現在應該投資$1,000 到 Strategy 嗎？</h2>
<p>在考慮 Strategy 之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻頂級分析師悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前購買……而 Strategy 並不在名單上。</p>
<p>雖然 Strategy 目前在分析師中有中等買入評級，但頂級分析師認為這五隻股票更值得投資。</p>
<p>在這裏查看這五隻股票</p>

STRD

GBTC

MSTR

<p>比特幣在創紀錄的 ETF 資金流出和機構拋售中跌破了 60,000 美元，預示着加密貨幣的下行趨勢。文章指出了三隻應避免的股票：Strategy (MSTR)，因出售比特幣以滿足股息義務；Bullish (BLSH)，面臨交易量下降和盈利預期未達標；以及 ProShares Bitcoin ETF (BITO)，其成本高於現貨 ETF</p>

<p>Cryptocurrency markets began soaring following the 2024 U.S. presidential election, reaching new all-time highs in August 2025 as the crypto-friendly Trump administration began implementing policies. But this summer has been anything but sunny for crypto markets. Bitcoin has erased all its post-election gains over the last few weeks, dipping below the critical $60,000 level for the first time since September 2024. Crypto is naturally a tornado of volatility, but this time the market action appears to be generating from major institutional players, not retail investors.</p>
<div class="lb-trans"><p>加密貨幣市場在 2024 年美國總統選舉後開始飆升，至 2025 年 8 月達到新的歷史高點，因為支持加密貨幣的特朗普政府開始實施相關政策。但這個夏天對加密市場來説卻並不樂觀。比特幣在過去幾周內抹去了所有選舉後的漲幅，首次跌破關鍵的 60,000 美元水平，這是自 2024 年 9 月以來的首次。加密市場本質上就是一個波動的旋風，但這次市場的波動似乎是由主要機構投資者引發的，而非散户投資者。</p>
</div><h2>Why Crypto Markets Are Crashing in 2026</h2>
<div class="lb-trans"><h2>為什麼加密市場在 2026 年崩潰</h2>
</div><p>The total crypto assets market cap has fallen to under $2.5 trillion, down from nearly $4.4 trillion just eight months ago. After moving in tandem with the Nasdaq 100 for much of the AI rally, Bitcoin and its cohorts have become dislocated from the tech sector due to a host of industry and macroeconomic factors.</p>
<div class="lb-trans"><p>總的加密資產市值已降至 2.5 萬億美元以下，較八個月前的近 4.4 萬億美元大幅下滑。在 AI 熱潮的推動下，比特幣及其同類資產曾與納斯達克 100 指數同步上漲，但由於一系列行業和宏觀經濟因素，它們與科技行業的關係已變得疏離。</p>
</div><ul>
<li>Institutional Derisking: This should be the biggest concern amongst crypto investors. Bitcoin ETFs are seeing record outflows so far in 2026, including the newer spot ETFs that were viewed as less risky than the futures-based funds. Institutional funds have been a constant and reliable liquidity source, and if this capital exits the market, volatility will only get worse.</li>
<li>Treasury Drag: Digital asset treasury companies have become a popular trade over the last few years. These companies would issue equity to buy digital assets, and investors would happily pay a premium for the stock to gain crypto exposure. However, as crypto prices plummet, these treasury companies could be forced sellers at prices below cost basis to cover other obligations. We’ll delve into an example in a minute.</li>
<li>Geopolitical Shocks, Hawkish Policy, and Risk Rotation: While not crypto-specific, the specter of lingering inflation and high rates continues to weigh on volatile, risky assets. Market participants now consider rate hikes as likely as rate cuts this year, which is dampening crypto enthusiasm. Additionally, AI stocks have stolen the spotlight for retail risk seekers, and many former crypto traders now seek the volatility of memory or AI infrastructure stocks.</li>
</ul>
<div class="lb-trans"><ul>
<li>機構去風險化：這是加密投資者最應關注的問題。2026 年，比特幣 ETF 的資金流出創下紀錄，包括被視為風險較低的新型現貨 ETF。機構資金一直是一個穩定可靠的流動性來源，如果這些資金退出市場，波動性只會加劇。</li>
<li>財政拖累：數字資產財政公司在過去幾年中成為一種熱門交易。這些公司會發行股票以購買數字資產，投資者願意為股票支付溢價以獲得加密貨幣的敞口。然而，隨着加密價格的暴跌，這些財政公司可能被迫以低於成本價的價格出售資產以滿足其他義務。我們稍後將深入探討一個例子。</li>
<li>地緣政治衝擊、鷹派政策和風險輪換：雖然這並非特指加密貨幣，但持續的通脹和高利率的陰影仍然對波動性和高風險資產施加壓力。市場參與者現在認為，今年加息的可能性與降息一樣，這抑制了對加密貨幣的熱情。此外，AI 股票吸引了零售風險投資者的目光，許多曾經的加密交易者現在轉向了內存或 AI 基礎設施股票的波動性。</li>
</ul>
</div><h2>3 Stocks to Avoid as Cryptocurrencies Plummet</h2>
<div class="lb-trans"><h2>3 只在加密貨幣暴跌時應避免的股票</h2>
</div><p>Crypto’s in trouble at the moment, and any urge to buy the dip is probably best left ignored. Bitcoin at $60,000 is still “only” 50% off its all-time high (a drawdown for ants, Bitcoin HODLers will tell you), and industry news continues to lean negative. Here are three stocks unlikely to get hot this summer:</p>
<div class="lb-trans"><p>目前加密貨幣面臨困境，任何想要抄底的衝動最好還是忽略。比特幣在 60,000 美元時仍然 “僅僅” 比歷史高點低 50%（比特幣持有者會告訴你這只是小幅回調），而行業新聞持續偏向負面。以下是三隻在這個夏天不太可能走強的股票：</p>
</div><h3>Strategy: Bitcoin Sales Trigger Larger Worries</h3>
<div class="lb-trans"><h3>策略：比特幣銷售引發更大擔憂</h3>
</div><p>CEO Michael Saylor has been one of the world's biggest Bitcoin bulls, but apparently even he sees trouble ahead. Last week, Strategy Inc. NASDAQ: MSTR announced it had sold Bitcoin for the first time since 2022, dumping 32 tokens for approximately $2.5 million. Yes, 32 Bitcoins is a trivial amount for a company that holds more than 800,000 in total, but the reason for the sale spooked investors more than the amount. Strategy sold Bitcoin to cover dividend obligations from its preferred stock, STRC, which dipped below par to $95 on June 3. STRC is issued to fund Strategy’s Bitcoin purchases and prevent dilution of common shareholders, but the dividend bump signals softening demand for the preferred.</p>
<div class="lb-trans"><p>首席執行官邁克爾·塞勒一直是全球最大的比特幣牛市支持者之一，但顯然他也看到了前方的麻煩。上週，Strategy Inc. NASDAQ: MSTR 宣佈自 2022 年以來首次出售比特幣，拋售了 32 個比特幣，約合 250 萬美元。是的，32 個比特幣對於持有超過 800,000 個比特幣的公司來説是微不足道的，但出售的原因讓投資者感到恐慌，超過了數量本身。Strategy 出售比特幣是為了支付其優先股 STRC 的股息義務，而 STRC 在 6 月 3 日跌破面值至 95 美元。STRC 的發行是為了資助 Strategy 的比特幣購買並防止普通股東的稀釋，但股息的增加信號表明對優先股的需求正在減弱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608153035_mstr2026-06-0816-06-06.PNG"/></p>
<p>Strategy purchased more Bitcoin during the recent dip, but the “Never Sell” narrative has blown up, and weak demand for preferred shares puts the company’s whole treasury strategy at risk. MSTR shares have closely tracked Bitcoin spot prices, and like BTC, the stock is back at September 2024 levels. No technical signals hinting at a reversal yet either; in fact, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators both continue to shed momentum.</p>
<div class="lb-trans"><p>Strategy 在最近的下跌中購買了更多比特幣，但 “絕不出售” 的敍述已經破滅，優先股的需求疲軟使公司的整個財政策略面臨風險。MSTR 的股票與比特幣現貨價格緊密相關，和比特幣一樣，該股票回到了 2024 年 9 月的水平。目前沒有技術信號暗示反轉；事實上，相對強弱指數（RSI）和移動平均收斂發散（MACD）指標都繼續失去動能。</p>
</div><h3>Bullish: High Beta Exchange With Dwindling Volume</h3>
<div class="lb-trans"><h3>Bullish：高 Beta 交易所，交易量下降</h3>
</div><p>Bullish Inc. NYSE: BLSH went public last summer, and its first year in public markets hasn’t exactly lived up to its namesake. Bullish is a cryptocurrency exchange similar to Coinbase Global Inc. NASDAQ: COIN.</p>
<div class="lb-trans"><p>Bullish Inc. NYSE: BLSH 去年夏天上市，其在公開市場的第一年並沒有如其名稱所示那樣表現出色。Bullish 是一家類似於 Coinbase Global Inc. NASDAQ: COIN 的加密貨幣交易所。</p>
</div><p>Its shares now trade below their IPO price, thanks to declining trading volumes. The company missed earnings-per-share estimates in its Q1 2026 report on May 14, largely due to slowing growth in trading revenue. The $4.2 billion acquisition of Equiniti is also a huge risk, considering Bullish’s current market cap sits at $4.1 billion.</p>
<div class="lb-trans"><p>由於交易量下降，其股票現在的交易價格低於首次公開募股價格。該公司在 2026 年第一季度的財報中未能達到每股收益預期，主要是由於交易收入增長放緩。42 億美元收購 Equiniti 也是一個巨大的風險，因為 Bullish 目前的市值為 41 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608153139_blsh2026-06-0816-08-02.PNG"/></p>
<p>There appears to be no end in sight to the drawdown. The stock is revisiting the February all-time lows, and the RSI and MACD show sellers are in full control at the moment. Unless trading volumes return, it's probably best to bet bearish on Bullish.</p>
<div class="lb-trans"><p>目前似乎沒有結束下跌的跡象。該股票正在回訪 2 月份的歷史低點，RSI 和 MACD 顯示賣方目前完全掌控市場。除非交易量恢復，否則最好對 Bullish 採取看空態度。</p>
</div><h3>ProShares Bitcoin ETF: Higher Costs and Risks Compared to Spot ETFs</h3>
<div class="lb-trans"><h3>ProShares 比特幣 ETF：相比現貨 ETF 成本和風險更高</h3>
</div><p>The ProShares Bitcoin ETF NYSEARCA: BITO was one of the first Bitcoin ETFs available on U.S. exchanges, but its strategy has quickly become outdated. BITO holds a combination of CME Bitcoin futures contracts and U.S. Treasuries, aiming to mimic Bitcoin's price without actually holding it. But now that spot ETFs are on the market, holders are paying a 0.95% expense ratio for a fund facing decay risk. When Bitcoin prices decline, BITO is forced to roll its expiring futures into more expensive, later-dated contracts, which erodes the fund's net asset value (NAV) and causes underperformance relative to Bitcoin's spot price. A sustained drawdown is the worst type of bear market for futures-based funds like BITO.</p>
<div class="lb-trans"><p>ProShares 比特幣 ETF NYSEARCA: BITO 是美國交易所上最早的比特幣 ETF 之一，但其策略迅速變得過時。BITO 持有 CME 比特幣期貨合約和美國國債的組合，旨在模擬比特幣的價格而不實際持有比特幣。但現在現貨 ETF 已經上市，持有者需要支付 0.95% 的費用比率，而該基金面臨着貶值風險。當比特幣價格下跌時，BITO 被迫將到期的期貨合約滾動到更昂貴的後期合約，這會侵蝕基金的淨資產值（NAV），並導致相對於比特幣現貨價格的表現不佳。持續的下跌是像 BITO 這樣的基於期貨的基金最糟糕的熊市。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608153911_bito2026-06-0816-10-54.PNG"/></p>
<p>BITO has lost more than 60% over the last 52 weeks, failing to capitalize on the crypto rally following Trump’s election win. The stock recently hit a new all-time low after another failed 50-day moving average breakout, and the MACD shows a complete collapse in buying. With assets under management (AUM) now below $1.50 billion, this is looking increasingly like an obsolete asset headed for dissolution.</p>
<div class="lb-trans"><p>BITO 在過去 52 周內損失超過 60%，未能利用特朗普當選後的加密貨幣反彈。該股票最近創下歷史新低，因再次未能突破 50 日移動平均線，MACD 顯示出買入完全崩潰。管理資產（AUM）現已低於 15 億美元，這看起來越來越像是一項即將解散的過時資產。</p>
</div><h2>Should You Invest $1,000 in Strategy Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資$1,000 到 Strategy 嗎？</h2>
</div><p>Before you consider Strategy, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮 Strategy 之前，你需要聽聽這個。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Strategy wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻頂級分析師悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前購買……而 Strategy 並不在名單上。</p>
</div><p>While Strategy currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>雖然 Strategy 目前在分析師中有中等買入評級，但頂級分析師認為這五隻股票更值得投資。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

加密貨幣寒冬已至：今夏需要擱置的三隻股票