比特幣（BTC）中斷了$ 110,000，重新點擊了看漲情緒

比特幣（BTC）是世界上最大，最具影響力的加密貨幣，再次成為焦點

Bitcoin (BTC) price is showing no signs of slowing down as the world’s largest cryptocurrency continues to rally, this time pushing above the $110,000 mark amid a sharp rally on Monday morning. According to CoinMarketCap data, BTC is up 3.98% over the past 24 hours and 7.12% over the past week.

比特幣（BTC）的價格沒有顯示出放慢速度的跡象，因為世界上最大的加密貨幣繼續集會，這次在周一早上急劇集會上推動了超過110,000美元。根據CoinMarketCap數據，過去24小時內BTC上漲了3.98％，在過去一周中增長了7.12％。

As the cryptocurrency market recovers from the recent downturn, Bitcoin has once again come into the spotlight with its persistent upward trajectory. But what exactly drove Bitcoin’s surge today?

隨著加密貨幣市場從最近的低迷中恢復，比特幣再次以其持續的向上軌跡引起人們的關注。但是，今天是什麼驅動了比特幣的激增呢？

Institutional capital continues to flow into spot Bitcoin ETFs in the United States. Since the approval of multiple spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) earlier this year, institutional adoption has grown rapidly.

機構資本繼續流入美國的現貨比特幣ETF。由於今年早些時候美國證券交易委員會（SEC）批准了多個現場比特幣ETF，因此機構採用迅速增長。

Data from Farside Investors shows that ETFs recorded a net inflow of $667.4 million on Friday, May 19, with BlackRock’s IBIT leading the surge with $305.9 million, followed by Fidelity’s FBTC at $188.1 million.

Farside Investors的數據顯示，ETFS在5月19日星期五的淨流入為6.674億美元，BlackRock的IBIT以3.059億美元的價格領先這一激增，其次是Fidelity的FBTC，為1.881億美元。

Source: Farside Investors

資料來源：Farside Investors

These products have lowered the barriers for institutional players such as pension funds, asset managers, and family offices to gain direct exposure to Bitcoin without dealing with self-custody or regulatory complexity. The demand surge from these entities is helping create consistent buying pressure that is lifting Bitcoin’s spot price.

這些產品降低了機構參與者（例如養老基金，資產經理和家庭辦事處）的障礙，以在不處理自我客戶或法規複雜性的情況下直接接觸比特幣。這些實體的需求激增正在幫助產生一致的購買壓力，即提高比特幣的現貨價格。

Moreover, analysts estimate that the cumulative ETF inflows since January 2025 have exceeded $38 billion – more than double Bloomberg Intelligence’s early-year forecast of $15 billion. As these funds accumulate more BTC, the circulating supply available on exchanges is shrinking, a bullish dynamic that amplifies price action.

此外，分析師估計，自2025年1月以來的累積ETF流入超過了380億美元 - 彭博情報局的早年預測超過150億美元。隨著這些資金積累了更多的BTC，交流中可用的循環供應正在縮小，這是一種樂觀的動態，可以放大價格行動。

The U.S. Dollar Index (DXY) has weakened over the past few trading sessions, falling from above 100 to around 99.40 as of Monday, May 22, according to Investing.com's data. This shift in the dollar index comes as the market anticipates the Federal Reserve to begin cutting interest rates before the end of the year.

根據Investing.com的數據，在過去的幾次交易中，美元指數（DXY）削弱了，截至5月22日星期一，從100次以上降至99.40左右。美元指數的這一轉變是由於市場預計美聯儲將在年底之前開始降低利率。

Source: TradingView

資料來源：TradingView

In his most recent remarks at the Economic Club of Chicago, Fed Chair Jerome Powell acknowledged that while inflation remains above the central bank’s 2% target, it is gradually easing.

美聯儲主席杰羅姆·鮑威爾（Jerome Powell）在芝加哥經濟俱樂部的最新講話中承認，儘管通貨膨脹率仍然超過中央銀行的2％目標，但它逐漸放鬆。

“Inflation has moved down from its peak last year, but it remains elevated. We will need to see significantly more progress on inflation to be confident that it is on a path to return to 2 percent,” Powell said on Thursday.

鮑威爾週四表示：“通貨膨脹已從去年的高峰上升，但它仍然升高。我們需要看到通貨膨脹的進展更大，以確信它正在返回2％。”鮑威爾週四表示。

He added that the Fed remains data-dependent and is prepared to adjust policy if incoming economic indicators warrant a shift. He also highlighted that new trade-related tariffs could pose additional inflationary pressure, which the Fed will monitor closely.

他補充說，美聯儲仍然依賴於數據，並準備調整政策，如果傳入的經濟指標需要轉變。他還強調，與貿易相關的新關稅可能構成額外的通貨膨脹壓力，美聯儲將密切監視。

This shift toward a more cautious and potentially dovish tone has reignited investor appetite for risk assets, including equities, tech stocks, and cryptocurrencies.

向更謹慎和潛在的語調轉變，重新點燃了投資者對風險資產的需求，包括股票，技術股票和加密貨幣。

Bitcoin, often viewed as a macro hedge against fiat debasement and monetary easing, has historically benefited from such environments. As U.S. Treasury yields fall in anticipation of rate cuts, capital is rotating toward higher-beta assets with asymmetric upside potential, and Bitcoin remains a leading candidate.

比特幣經常被視為反對菲亞特貶低和寬鬆貨幣的宏觀樹籬，歷史上已經從這種環境中受益。隨著美國財政部收益的預期降低，資本正向具有不對稱上升潛力的高級β資產旋轉，比特幣仍然是領先的候選人。

On-chain signals are sending a more nuanced picture of the current market environment. From CoinGlass, the supply held by long-term holders (LTH) has slightly decreased for the second consecutive month, dropping from its peak of 14.29 million BTC in March.

鏈上信號正在向當前市場環境發送更細微的圖片。從Coinglass中，長期持有人（LTH）持有的供應連續第二個月略有下降，從3月份的1429萬BTC峰值下降。

Source: CoinGlass

資料來源：小店

This suggests that while many LTHs maintain a long-term view, some have begun realizing profits amid recent price surges – a pattern often seen near local tops.

這表明，儘管許多LTHS保持了長期的看法，但有些人已經開始在最近的價格飆升中意識到利潤 - 這種模式經常在當地上衣附近看到。

Meanwhile, exchange balances continue to trend downward. Data from CryptoQuant shows that BTC held on centralized exchanges has fallen to around 2.6 million, down from over 3.4 million in 2022.

同時，交換餘額繼續向下趨勢。來自CryptoQuant的數據表明，在集中式交流上舉行的BTC已降至約260萬，低於2022年的340萬人。

Source: CryptoQuant

資料來源：加密

However, analysts caution that a portion of these outflows may reflect internal reshuffling between ETF custody wallets and cold storage rather than direct investor accumulation.

但是，分析師警告說，這些流出的一部分可能反映了ETF託管錢包和冷存儲之間的內部改組，而不是直接投資者的積累。

Whale wallets, on the other hand, are showing clear signs of accumulation. According to Santiment, wallets holding between 10 and 10,000 BTC have collectively added over 83,000 BTC in the past 30 days. This surge in large-scale accumulation underscores a broader institutional confidence in Bitcoin’s medium- to long-term trajectory.

另一方面，鯨魚錢包顯示出明顯的積累跡象。根據Santiment的說法，在過去的30天中，持有10至10,000 BTC的錢包統稱為83,000 BTC。大規模積累的這種激增強調了對比特幣中型至長期軌蹟的更廣泛的機構信心。

Bitcoin’s rapid upward move is also being amplified by derivatives market dynamics. Data from Coinglass shows that more than $262 million worth of BTC short positions were liquidated in the past 24 hours, as of Monday, May 21. Binance alone recorded $66.3 million in short liquidations on the BTC/USDT pair, marking the largest single-day liquidation for the exchange this year.

比特幣的快速向上移動也被衍生品市場動態擴大。來自Coinglass的數據顯示，截至5月21日星期一，在過去的24小時內清算了價值超過2.62億美元的BTC短職位。僅Binance僅在BTC/USDT對中就記錄了6630萬美元的短期清算，這標誌著今年交易所最大的單日清算。

Source: Glassnode

來源：玻璃節

Such short squeeze events

如此短暫的擠壓事件