比特幣（BTC）繼續其春季集會

在美國下午的時間裡，最大，最古老的加密貨幣持有約95,000美元，在過去的24小時內增長了1.8％。

The spring rally in bitcoin (BTC) continues and is on track for its strongest weekly showing since Trump's election victory.

比特幣（BTC）的春季集會繼續進行，並且自特朗普大選勝利以來的每週最強的表現一直處於正軌狀態。

The largest cryptocurrency was trading up 1.8% over the past 24 hours at around $95,000 during U.S. afternoon hours on Friday. Among the broad-market crypto benchmark CoinDesk 20 Index, Sui's native (SUI), Bitcoin Cash (BCH), and Hedera's HBAR led price gains.

在過去的24小時內，最大的加密貨幣在周五的美國下午小時內，售價上漲了1.8％，約為95,000美元。在廣泛的市場加密基準Coindesk 20指數中，SUI的本地（SUI），比特幣現金（BCH）和Hedera的HBAR HBAR LED價格上漲。

The world's oldest cryptocurrency is up over 11% since Monday, rendering it the largest weekly gain since November 2024, when Donald Trump clinched the U.S. presidency, kickstarting a broad-market crypto rally.

自周一以來，世界上最古老的加密貨幣增長了11％以上，這是自2024年11月以來的最大每週增長，當時唐納德·特朗普（Donald Trump）擔任美國總統職位，開始了一場廣闊的市場加密貨幣集會。

Investor appetite from ETF investors also bounced back strongly: U.S.-listed spot bitcoin ETFs recorded $2.68 billion in net inflows this week so far, the largest since December, according to SoSoValue data. (Friday inflow data will be published later.)

ETF投資者的投資者食慾也強烈反彈：根據Sosovalue Data的數據，迄今為止，本週上市的現場比特幣ETF在本週的淨流入量為26.8億美元，這是自12月以來最大的淨流入。 （星期五流入數據將在稍後發布。）

BTC decoupling

BTC脫鉤

Bitcoin's recent strength relative to U.S. stocks and gold underscores BTC's decoupling from traditional macro assets, said David Duong, Coinbase Institutional's global head of research.

Coinbase Institutional Institutional Institutional的全球研究負責人David Duong說，比特幣最近相對於美國股票和黃金的實力強調了BTC與傳統宏觀資產的脫鉤。

"It’s rare to witness market inflection points in real time, as we only tend to recognize major regime shifts with the benefit of time and reflection," Duong said in a Friday report. "This week’s decoupling of bitcoin’s performance from that of traditional macro assets may be as close as we come to such a moment."

Duong在周五的報告中說：“很少有實時見證市場拐點，因為我們只會以時間和反思的利益認識到重大政權的轉變。” “本週比特幣與傳統宏觀資產的表現的脫鉤可能與我們接近這一時刻一樣接近。”

"In our view, this divergence highlights bitcoin’s maturing role as a store-of-value asset—one that is increasingly being viewed by institutional and retail investors alike as resilient against the macroeconomic forces affecting risk assets more broadly," he wrote.

他寫道：“在我們看來，這種差異強調了比特幣作為價值存儲資產的成熟作用，這是一種越來越多地被機構和散戶投資者視為反對影響風險資產的宏觀經濟力量的韌性。”

Doun noted that the thesis is gaining traction with more companies adopting BTC corporate treasuries. Following the success of Michael Saylor's Strategy, Twenty One Capital, a new firm backed by Tether, Bitfinex, SoftBank, and a Cantor Fitzgerald affiliate, also plans to hold 42,000 BTC at launch.

Doun指出，該論文正在與越來越多的公司採用BTC企業庫中獲得關注。在邁克爾·賽勒（Michael Saylor）的戰略取得了成功之後，二十一首首都，一家由繫繩，比特·菲尼克斯（Bitfinex），軟銀和康托爾·菲茨杰拉德（Cantor Fitzgerald）分支機構支持的新公司也計劃在發佈時持有42,000 BTC。

Due in part to recent accumulation, liquidity in the spot BTC market has been "significantly drained," Dr. Kirill Kretov, lead strategist at trading automation platform CoinPanel, said in a Telegram note. According to the firm's proprietary blockchain analysis, a large portion of bitcoin liquidity has been withdrawn from actively transacting addresses, including exchanges, since November 2024, exposing markets to volatile price swings.

交易自動化平台Coinpanel的首席策略師Kirill Kretov博士在一份電報中說，部分原因是BTC市場的流動性“大大耗盡”。根據該公司專有區塊鏈分析，自2024年11月以來，包括交易的積極交易地址（包括交易）已從包括交易所在內的大量比特幣流動性撤回，使市場暴露於波動的價格波動。

“The market is thin, vulnerable, and easily moved by large players," Kretov said. "Sharp swings of 10% up or down are likely to remain the norm for now.”

克雷托夫說：“市場很薄，脆弱，很容易被大型參與者移動。” “急劇上升或下降10％的急劇可能是目前的規範。”

Bitcoin's route to fresh records

比特幣的新唱片路線

While the route could be choppy, this week’s rally is likely the early innings of bitcoin's next leg higher to new records, said John Glover, chief investment officer of crypto lender Ledn.

Crypto Lender Ledn的首席投資官John Glover說，雖然這條路線可能是斷斷續續的集會，但本週的集會可能是比特幣下一個腿高的早期局面。

Based on his technical analysis using Elliott Waves, he said BTC began the fifth and final wave of its multi-year bull market.

根據他使用Elliott Waves的技術分析，他說BTC開始了其多年牛市的第五次也是最後一波。

Elliott Wave theory suggests asset prices move in predictable patterns called waves, driven by collective investor psychology. These patterns typically unfold in five-wave trends, in which the first, third, and fifth waves are impulsive rallies, while the second and fourth waves are corrective phases.

埃利奧特（Elliott Wave）理論表明，在集體投資者心理學驅動的可預測模式中，資產價格在可預測的模式中移動。這些模式通常以五波趨勢展開，其中第一，第三和第五波是衝動的集會，而第二波和第四波是糾正階段。

While retesting this month's low at $75,000 cannot be ruled out, Glover sees BTC climbing to a cycle top around late 2025, early 2026.

雖然不能排除本月低價（75,000美元）的低價，但格洛弗（Glover）看到BTC在2025年下半年（2026年初）登上了周期頂部。

"My expectations continue to be for a rally to $133-$136k into the end of this year, beginning of next,” he said.

他說：“直到今年年底，我的期望繼續漲到133-136k美元。”