比特幣（BTC）與財政部收益率一起下降，這表明投資者飛往更安全的資產

比特幣（BTC）在4月28日經歷了2,000美元的急劇調整，至93,500美元。這種價格變動仔細跟踪了美國財政收益率的下降，這表明交易員正在尋求更安全的資產的相對安全性。

Bitcoin (BTC) price slid on April 28 as US Treasury yields fell, signaling that investors were flocking to safer assets.

隨著美國財政部收益率下降，比特幣（BTC）的價格在4月28日下跌，這表明投資者正在湧向更安全的資產。

The move saw BTC/USD drop sharply from around $95,000 to lows of $93,500 on Binance. This brought the apex coin close to key support at $90,000, levels which had held since mid-March.

此舉使BTC/USD從$ 95,000急劇下降到Binance $ 93,500的低點。這使Apex硬幣接近關鍵支持，$ 90,000，這是自3月中旬以來一直保持的水平。

Bitcoin struggles as Treasury yields fall

比特幣掙扎，財政部產量下降

Coming after a week of moderate gains and a failure to sustain attempts at breaking out toward $95,500 and new yearly highs, the downturn signaled ongoing malaise among traders.

經過一周的中等收益和未能維持闖入95,500美元和新高高的嘗試，衰退表明，交易者的不適表明。

Despite the narrative of a "risk-on" market, with the US Federal Reserve widely expected to pivot from its tightening cycle, several indicators pointed to deteriorating economic sentiment.

儘管敘述了“風險啟用”市場，美國聯邦儲備將從其緊縮週期中透露樞紐，但一些指標指出，經濟情緒惡化。

China’s tariff cuts had fueled optimism, but US trade concerns reversed sentiment

中國的關稅削減激發了樂觀，但美國的貿易擔憂逆轉了情感

Investors had enjoyed optimism after the weekend brought news that China had quietly slashed tariffs to zero on selected US semiconductor and circuit board imports, as reported by Newsweek on April 25. Notably, the US Russell 2000 small-cap index maintained positive momentum on April 28, remaining near its highest level in over three weeks.

週末後，投資者對美國半導體和巡迴委員會進口的消息悄悄地將關稅降至零，這使投資者感到樂觀，正如新聞周刊在4月25日報導的那樣。值得注意的是，美國羅素2000小型指數在4月28日保持積極的勢頭，在三週內保持了最高水平。

However, this optimism waned following an interview with US Treasury Secretary Scott Bessent on CNBC, where he placed the onus on China to strike a trade deal.

但是，這種樂觀情緒在接受美國財政部長斯科特·貝斯特（Scott Bessent）採訪後，這種樂觀情緒逐漸減弱，他在中國將amus放在了貿易協議上。

Although recession risks had increased amid escalating trade tensions, many US companies were currently reporting strong first-quarter results. According to a FactSet report, 73% of these companies had posted earnings that exceeded analysts’ expectations.

儘管由於貿易緊張局勢升級，經濟衰退風險增加了，但許多美國公司目前報告的第一季度業績良好。根據FACTSET報告，這些公司中有73％發布了超出分析師期望的收益。

Bitcoin’s repeated failure to sustain levels above $95,000 appeared to be linked to broader macroeconomic concerns.

比特幣一再無法維持95,000美元以上的水平，似乎與更廣泛的宏觀經濟問題有關。

Additionally, the cryptocurrency’s inability to decouple from stock market trends indicated that investors were not yet convinced of Bitcoin’s effectiveness as a hedge during potential economic downturns.

此外，加密貨幣無法與股票市場的趨勢解脫出來，這表明投資者尚未確信比特幣在潛在的經濟衰退期間作為對沖的有效性。

There were also concerns that much of the recent bullish momentum, which had kept Bitcoin’s price above $90,000, was being driven by $4.28 billion in BTC acquisitions by Strategy since mid-March. Moreover, 97% of the previously approved common share issuance had already been utilized, raising questions about the long-term sustainability of Michael Saylor’s accumulation strategy.

也有人擔心，最近的看漲勢頭將比特幣的價格保持在90,000美元以上，這是自3月中旬以來策略以42.8億美元的BTC收購驅動的。此外，已經使用了先前批准的普通股發行中97％的人，這引發了有關邁克爾·塞勒（Michael Saylor）積累策略的長期可持續性的問題。

Bitcoin faces strong stock earnings vs macro woes

比特幣面對強大的股票收入與宏觀困擾

While the stock market was benefiting from a robust earnings season, Bitcoin’s price was being weighed down by perceptions of deteriorating macroeconomic conditions.

雖然股票市場受益於穩健的收入季節，但比特幣的價格受到對宏觀經濟狀況惡化的看法的壓力。

US existing home sales in March recorded their largest monthly decline in over two years, decreasing 5.9% compared to the previous month. Meanwhile, China had outlined plans to support employment and assist exporters after factories reduced production due to weak consumer demand, according to CNBC.

3月份的美國現有房屋銷售記錄了兩年來的每月下降，比上個月下降了5.9％。同時，中國概述了支持就業的計劃，並在工廠減少了由於消費者需求疲軟而降低產量後的出口商。

Related: Crypto ETPs hit 3rd-largest inflows on record at $3.4B — CoinShares

相關：加密貨幣ETP在$ 3.4B的記錄中達到了第三大流入-Coinshares

Given the current global economic uncertainty, a sustained rally in BTC above $100,000 would require more than a single week of strong inflows into spot Bitcoin exchange-traded funds (ETFs), especially as this coincided with significant buying activity from Strategy.

鑑於當前的全球經濟不確定性，BTC超過100,000美元的持續集會將需要超過一周的大量投入到現貨比特幣交易所交易基金（ETF）中，尤其是因為這與戰略的重大購買活動相吻合。

For investors to have confidence in a new Bitcoin all-time high in 2025, the cryptocurrency must demonstrate a clearer divergence from US stock market trends and provide further evidence that central banks will inject liquidity to prevent a crisis.

為了使投資者對2025年的新比特幣有信心，加密貨幣必須證明與美國股票市場趨勢有更明顯的差異，並提供了進一步的證據，表明中央銀行將注入流動性以防止危機。

At present, traders were keeping a close eye on the trajectory of US interest rates and the possibility of a reversal in the Federal Reserve’s balance sheet, which could herald an end to a period of monetary tightening that had spanned more than two years.

目前，交易者密切關注美國利率的軌跡以及美聯儲資產負債表中逆轉的可能性，這可能預示著終止了兩年多的貨幣收緊時期。