比特幣（BTC）上週關閉，大約為104,128美元，比上一周的收盤價增長了10.5％，約為94,280美元。

整個星期，對BTC和更廣泛的數字資產市場的需求很大，週四是最看漲的日子。

Bitcoin (BTC) closed last week at approximately $104,128, marking a 10.5% increase from the prior week’s close of around $94,280. Throughout the week, there was strong demand for BTC and the broader digital assets market, with Thursday emerging as the most bullish day.

比特幣（BTC）上週關閉，大約為104,128美元，比上一周的收盤價增長了10.5％，約為94,280美元。在整個一周中，對BTC和更廣泛的數字資產市場的需求很大，週四成為最看漲的日子。

On that day, BTC surged by around 6.4%, breaking above the $100,000 mark for the first time since early February. To a certain extent, this positive momentum was also reflected in BTC spot ETFs, which saw about $600 million in net inflow over the past week.

那天，BTC猛增了約6.4％，自2月初以來首次超過100,000美元。在一定程度上，這種積極的動力也反映在BTC Spot ETF中，在過去一周中，淨流入約為6億美元。

This marks the fourth consecutive week of net inflows in BTC spot ETFs, bringing the total net inflows since their inception to over $41 billion for the first time.

這標誌著BTC現場ETF連續第四周的淨流入，這使自成立以來的淨流入量首次超過410億美元。

However, it’s worth noting that these inflows are relatively modest compared to the massive price swings observed in the crypto market. For instance, BTC price rose by about 40% over the past month, while ether (ETH) saw an even steeper increase of about 100% from its March lows.

但是，值得注意的是，與加密市場中觀察到的大量價格波動相比，這些流入相對較小。例如，過去一個月，BTC價格上漲了約40％，而Ether（ETH）的價格比3月份的低點增長了約100％。

“The scale and strength of the price recovery, combined with the light outflows from ETH ETFs and relatively moderate BTC ETF inflows, suggest that the recent surge in digital asset prices has been primarily driven by crypto-native activity, rather than institutional inflows via ETFs,” said Matteo Greco, a senior associate with Fineqia International in Canada, in an email to Chain Reactions.

“價格恢復的規模和強度，再加上ETH ETF的光外流和相對中等的BTC ETF流入，這表明，最近數字資產價格的最新漲幅主要是由加密本地活動而不是通過ETF進行的機構流入而驅動的，而不是通過ETF進行的機構流入。”

What’s driving the rally in cryptocurrencies?

是什麼在加密貨幣中推動集會？

One of the key drivers behind this risk-on rally appears to be easing geopolitical and economic tensions globally. In particular, the US and UK recently announced a trade agreement that would reduce tariffs on a selection of British-made cars and allow limited quantities of steel and aluminium into the US tariff-free, while maintaining overall trade tariffs at 10%.

這次風險集會背後的主要驅動力之一似乎是在全球範圍內緩解地緣政治和經濟緊張局勢。特別是，美國和英國最近宣布了一項貿易協定，該協議將減少對英國製造的汽車選擇的關稅，並允許有限的鋼鐵和鋁納入美國免稅，同時將總體貿易關稅保持在10％。

Additionally, Donald Trump announced that constructive discussions had taken place between the US and China in Switzerland, suggesting that the two nations may be moving closer to an agreement aimed at de-escalating tensions and potentially ending the ongoing trade war. A resolution here could significantly reduce the global economic strain that has stemmed from these commercial frictions.

此外，唐納德·特朗普（Donald Trump）宣布，在瑞士的中國和中國之間進行了建設性討論，這表明兩國可能正在接近旨在消除緊張局勢的協議，並有可能結束持續的貿易戰。這裡的決議可以大大減少源於這些商業摩擦的全球經濟壓力。

Meanwhile, the US labour market remains resilient, prompting the Federal Reserve to hold interest rates steady in its latest meeting. The Fed also confirmed that a reduction in Quantitative Tightening is not currently being considered, citing strong economic data as the reason for maintaining its policy stance.

同時，美國勞動力市場仍然有彈性，促使美聯儲在其最新會議上保持利率穩定。美聯儲還確認，目前尚未考慮減少定量收緊，理由是強大的經濟數據是維持其政策立場的原因。

As a result, market expectations for Fed rate cuts in 2025 have been revised downward. The market now sees an equal probability of 50 or 75 basis points of rate cuts, compared to previous forecasts of 75 or even 100 basis points just a few days earlier.

結果，對2025年美聯儲削減稅率的市場期望已被修訂。現在，與幾天前以前的75甚至100個基點的預測相比，市場的同等概率為50或75個基點。

“While no single factor stands out, there have been key developments,” said Nick Forster of Derive.xyz. “The China/US trade deal announced by the White House has signaled a potential cooling in the trade war, providing a boost to the market. ETH’s Pectra upgrade successfully launched, aiming to improve user experience and attract institutional interest, which is likely contributing to ETH’s price surge.”

Xyz的尼克·福斯特（Nick Forster）說：“雖然沒有一個因素脫穎而出，” “白宮宣布的中國/美國貿易協議表明，貿易戰爭的潛在冷卻，從而推動了市場。

In addition Coinbase (NASDAQ:COIN) was added to the S&P 500. This milestone highlights the growing mainstream adoption of digital assets, signaling increased confidence in the sector.

另外，將Coinbase（NASDAQ：COIN）添加到標準普爾500指數中。這一里程碑強調了數字資產的主流採用的日益增長，這表明對該行業的信心提高了。