隨著資金率和交易情緒仍然不尋常，比特幣（BTC）達到了新的歷史高潮

隨著資金率和交易情緒的異常柔和，比特幣的集會升至新的價格高價。

Bitcoin (BTC) hit a new all-time high on May 21, with prices reaching $111,860 on Binance on May 22, but the market lacked the frenzy typically associated with such milestones.

5月21日，比特幣（BTC）在5月21日達到了新的歷史新高，5月22日的二手幣價格達到111,860美元，但市場缺乏通常與此類里程碑相關的瘋狂。

Economist and crypto commentator Alex Krüger observed that “this is the least euphoric new all-time highs” for Bitcoin, highlighting the unusually low funding rates for Bitcoin across crypto exchanges.

經濟學家和加密評論員亞歷山大·克魯格（Alexkrüger）觀察到，比特幣的“這是最不欣賞的新歷史新高”，強調了整個加密貨幣交易所比特幣的異常低資金率。

As seen in the chart above, the current BTC funding rate is significantly lower than the peaks observed during the March and November 2024 market highs. The funding rate was six times higher in Q1 and three times higher in Q4 last year.

如上圖所示，當前的BTC融資率明顯低於2024年3月和2024年11月在市場高點上觀察到的峰值。第1季度的資金率高六倍，去年第四季度高三倍。

Lower funding rates indicate minimal speculative activity in the futures market. The rally is being driven mainly by spot buyers rather than leveraged traders, reducing the risk of over-leveraged corrections, a scenario that often leads to sharp price declines.

較低的資金率表示期貨市場中的投機活動最少。集會主要是由現場購買者而不是槓桿交易者驅動的，從而降低了過度槓桿修正的風險，這種情況通常會導致價格下降。

Such a scenario also suggests that Bitcoin might not have reached a state of euphoria yet. Typically, when an asset class hits new highs amid high levels of trading activity, and funding rates and derivatives markets show extreme levels of over-leverage and speculation, it indicates euphoria and a potential market peak.

這種情況還表明，比特幣可能還沒有達到欣快感的狀態。通常，當資產類別在高水平的交易活動中達到新的高潮時，資金率和衍生品市場顯示出極高的槓桿和投機水平，它表明欣快和潛在的市場峰值。

However, the availability of untapped liquidity in the crypto ecosystem underscores the potential for further growth. Stablecoin market capitalization, often a leading indicator of incoming capital, has risen by 14% in 2025. Tether’s (USDT) market cap has climbed to $152 billion from $139 billion in January, while Circle’s USDC supply has increased by 35% to $58 billion.

但是，加密生態系統中未開發的流動性的可用性強調了進一步增長的潛力。 Stablecoin市值通常是即將到來的資本的主要指標，在2025年增長了14％。 Tether's（USDT）市值已從一月份的1390億美元上升至1.52億美元，而Circle的USDC供應量增加了35％，達到580億美元。

Stablecoins act as a bridge for new capital entering the crypto market, and their growth suggests a substantial pool of liquidity that has yet to be fully deployed into Bitcoin and other crypto assets.

Stablecoins是進入加密貨幣市場的新資本的橋樑，他們的增長表明，大量的流動性尚未完全部署到比特幣和其他加密資產中。

Additionally, global liquidity trends provide further tailwinds. The global M2 money supply, which measures the total money in circulation across major economies, grew by 5% in Q1 2025, driven by monetary policy adjustments in the U.S., EU, and Japan.

此外，全球流動性趨勢還提供了進一步的逆風。全球M2貨幣供應量衡量了主要經濟體的流通總額，在2025年第1季度增長了5％，這是由美國，歐盟和日本的貨幣政策調整所驅動的。

Cointelegraph has previously reported a strong correlation, exceeding 80%, between Bitcoin’s price and global liquidity, typically with a 60-day lag, hinting at sustained buying pressure in the coming months.

Cointelegraph以前報導說，比特幣的價格和全球流動性之間的相關性超過80％，通常為60天的滯後，暗示未來幾個月內購買壓力持續了壓力。

'Muted' profit-taking suggests confidence in Bitcoin

“靜音”獲利表明對比特幣有信心

Glassnode data provides another layer of insight into Bitcoin’s current market dynamics. Despite the new highs, profit-taking among Bitcoin holders remains restrained. As highlighted by the crypto analytics platform:

玻璃節數據提供了對比特幣當前市場動態的另一層見解。儘管有新的高點，但比特幣持有人的利潤仍然受到限制。正如加密分析平台強調的那樣：

This muted activity suggests that long-term holders are not rushing to cash out, which typically reflects confidence in further price appreciation.

這種靜音活動表明，長期持有人並沒有急於兌現，這通常反映出對進一步價格升值的信心。

The lack of widespread participation indicates that Bitcoin’s rally is not a crowded trade, leaving room for new capital to enter the market. The restrained profit-taking, combined with low speculative activity in the futures market, paints a picture of a market far from overheated or “euphoria.”

缺乏廣泛的參與表明，比特幣的集會不是擁擠的貿易，留出了新資本進入市場的空間。限制的利潤賺錢，加上未來市場的投機活動較低，描繪了一個遠非過熱或“欣快感”的市場。