Odaily星球日报讯 自 2024 年 4 月比特币完成第四次减半以来，BTC 价格仅上涨 43.4%，远低于前三轮减半后分别录得的 7,000%、291%和 541%的涨幅，创下比特币减半后最差表现。分析指出，宏观经济不确定性、特朗普政府的贸易政策、ETF 资金流出、以及市场结构变化等因素，共同削弱了减半带来的上涨效应。此外，随着比特币市场逐渐成熟，价格波动性下降，其 60 日波动率已从 2012 年的 200%降至当前的约 50%，表明未来可能呈现更稳定但涨幅有限的走势。（Decrypt）
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