比特币跌破8.6万美元，市场下行加剧

Bitcoin Slides Below US$86,000 as Market Downtrend Deepens
比特币跌破8.6万美元，市场下行加剧

The cryptocurrency market extended its month-long decline on Friday during Asia trading, with bitcoin falling 2.1% to below US$86,000 for the first time since April. The drop reflects fading momentum and a lack of new buyers after October’s record rally, leaving the market vulnerable to volatility. Fast-moving traders have been unwinding positions, while large “whale” holders have sold over US$20 billion since September, according to CoinShares’ James Butterfill. He noted that although the four-year cycle narrative lacks solid fundamentals, it has become self-fulfilling as major holders continue to sell. Bitcoin traded at US$85,474 in Singapore by late morning. Meanwhile, stock market gains sparked by Nvidia’s strong results also faded, adding to broader risk-off sentiment.
加密货币市场周五在亚洲时段继续下跌，比特币下滑2.1%，自4月以来首次跌破8.6万美元。随着10月创纪录涨势后的动能消退、买盘不足，市场更易受波动影响。短线交易者持续平仓，而巨鲸自9月以来已抛售逾200亿美元。CoinShares研究主管詹姆斯·巴特菲尔表示，尽管“四年周期论”缺乏基本面支持，但因大量持有人跟随，已形成自我实现。比特币在新加坡一度报85,474美元。同时，受英伟达业绩提振的股市涨幅也随之回落，整体风险情绪趋弱。

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