由於市場等待美聯儲的決定，比特幣（BTC）持有超過$ 94,000

在增加宏觀經濟不確定性和對美聯儲決策的預期的背景下，加密貨幣市場顯示出混合的信號。

In the prevailing context of macroeconomic uncertainty and anticipation for the Federal Reserve's decisions, the cryptocurrency market has shown mixed signals. While Bitcoin remains stable above 94,000 dollars, some of the main tokens like Cardano (ADA) and XRP have recorded significant losses.

在宏觀經濟不確定性和對美聯儲決定的預期的主要背景下，加密貨幣市場顯示出混合的信號。儘管比特幣仍然穩定在94,000美元以上，但一些主要令牌（例如Cardano（ADA）和XRP）卻記錄了巨大的損失。

On the contrary, the tokens linked to decentralized finance (DeFi), such as HYPE, AAVE, and CRV, have gained ground, signaling a shift in investor interest towards projects with concrete utility and yield mechanisms.

相反，與分散的金融（FEFI）相關的代幣（例如炒作，AAVE和CRV）已獲得了基礎，這表明投資者的利益轉移到具有具體效用和產量機制的項目上。

ADA and XRP declining: the wait for the Fed weighs on the markets

ADA和XRP下降：等待美聯儲在市場上稱重

On Tuesday, Cardano (ADA) and XRP led the losses among the major cryptocurrencies. The drop, approximately 4% respectively, occurred at a time of high anticipation for the outcome of the upcoming Federal Open Market Committee (FOMC) meeting. Although forecasts indicate that interest rates will remain unchanged, market participants are on alert for any signals that might emerge from the comments of Fed Chairman, Jerome Powell.

週二，Cardano（ADA）和XRP率領主要的加密貨幣損失。大約4％的下降發生在對即將舉行的聯邦公開市場委員會（FOMC）會議結果的高期望之時。儘管預測表明利率將保持不變，但市場參與者仍在警惕可能從美聯儲主席杰羅姆·鮑威爾（Jerome Powell）評論中出現的任何信號。

Even Ethereum (ETH) experienced a slight decline, with a drop close to 1%, while Dogecoin (DOGE) lost 2%. In contrast, BNB recorded an increase of 1.3%. The CoinDesk 20 (CD20) index, which tracks the main tokens by market capitalization, lost a total of 1.8%, reflecting a cautious sentiment among investors.

甚至以太坊（ETH）也經歷了略有下降，下降接近1％，而Dogecoin（Doge）損失了2％。相比之下，BNB的記錄增加了1.3％。 Coindesk 20（CD20）指數通過市值跟踪主要令牌，總共損失了1.8％，反映了投資者的謹慎情緒。

Despite the volatility that has affected other digital assets, Bitcoin (BTC) has maintained a certain stability, remaining above the threshold of 94,000 dollars. After a brief drop below this level on Sunday, the most capitalized cryptocurrency continued to move within a narrow range, indicating a phase of consolidation.

儘管波動性影響了其他數字資產，但比特幣（BTC）仍保持了一定的穩定性，其範圍仍然高於94,000美元的閾值。在周日低於此水平的短暫下降之後，資本最多的加密貨幣繼續在狹窄的範圍內移動，這表明合併階段。

This stability of Bitcoin seems to reflect greater caution among investors, awaiting macroeconomic developments and clearer signals from the U.S. central bank.

比特幣的這種穩定似乎反映了投資者的更加謹慎，等待宏觀經濟發展和美國中央銀行的清晰信號。

DeFi on the rise: HYPE, AAVE, and CRV attract attention surpassing ADA and XRP

提高：炒作，AAVE和CRV吸引了超過ADA和XRP的注意力

While memecoin lose appeal, investor interest is shifting towards projects with solid foundations and well-structured tokenomics. In particular, tokens linked to DeFi are benefiting from this change in direction.

儘管Memecoin失去了吸引力，但投資者的利益正在轉向具有穩固基礎和結構良好的令牌組學的項目。特別是，與Defi相關的代幣正在從方向上的變化中受益。

Among these, HYPE stands out, the token of the Hyperliquid platform, which has recorded an impressive increase of 72% in the last week, positioning itself as the best performer among the top 100 tokens by capitalization. AAVE and CRV have also shown strong growth signals, with bull runs up to 40%.

在其中，Hype脫穎而出，超流動平台的代幣在上週記錄了72％的增長72％，將自己定位為在大寫字母中表現最好的100個代幣中的表現最好。 AAVE和CRV也顯示出強烈的增長信號，公牛運轉高達40％。

According to Kay Lu, CEO of HashKey Eco Labs, "as memecoins fall off investors' radar, the focus shifts to projects with more robust fundamentals and more sustainable economic mechanisms." In a message on Telegram, Lu added that "DeFi ecosystems are benefiting from this shift, especially in a context where Bitcoin shows less volatility and macroeconomic uncertainty persists."

Hashkey Eco Labs首席執行官Kay Lu表示：“隨著Memecoins脫離投資者的雷達，重點轉移到具有更強大的基本面和更可持續的經濟機制的項目上。” Lu在電報上的一條消息中補充說：“ Defi生態系統從這一轉變中受益，尤其是在比特幣顯示出較小的波動性和宏觀經濟不確定性的情況下。”

All eyes on the Federal Reserve

所有人的目光都注視著美聯儲

The main catalyst for the markets, both traditional and crypto, remains the Federal Reserve's decision on interest rates. General expectations indicate a pause in increases, but Jerome Powell's words could provide crucial indications for the future positioning of bull and bear investors.

傳統和加密貨幣的主要催化劑仍然是美聯儲對利率的決定。一般期望表明增加了，但杰羅姆·鮑威爾（Jerome Powell）的話可以為公牛和熊投資者的未來定位提供至關重要的跡象。

According to Augustine Fan, head of insights at SignalPlus:

根據SignalPlus的見解負責人Augustine Fan的說法：

"we do not expect the FOMC to trigger a significant movement in the markets. It is a 'heads or tails' situation regarding the direction. Cryptocurrencies will likely take a cue from earnings growth and how the economy will absorb the impact of recent trade policies."

“我們不希望FOMC會引發市場上的重大運動。這是有關該方向的'頭或尾巴'的情況。加密貨幣可能會從收益增長中得到提示，以及經濟將如何吸收最近貿易政策的影響。”

Fan also emphasized that, while the stock market is pricing in a moderate recession risk, around 8%, the signals coming from the bond markets and macroeconomic forecasts are decidedly more cautious.

範還強調，雖然股市以適度的衰退風險定價，但大約8％的債券市場和宏觀經濟預測的信號肯定更加謹慎。

Trump and China: no imminent dialogue, but the risk is contained

特朗普和中國：沒有迫在眉睫的對話，但風險被包含

To further complicate the macroeconomic picture, last week President Trump confirmed that there are no immediate plans to reopen trade negotiations with China, cooling hopes for a possible agreement. However, the possibility of separate trade agreements has helped maintain some optimism among investors, avoiding a collapse in risk sentiment.

為了進一步使宏觀經濟的情況復雜化，上週特朗普總統確認，沒有立即計劃重新開放與中國進行貿易談判的計劃，因此對可能達成的協議有冷卻。但是，單獨的貿易協定的可能性有助於維持投資者的樂觀情緒，避免了風險情緒的崩潰。

This stalemate in the relations between the two world economic powers adds an additional layer of uncertainty, which is also reflected in the cryptocurrency markets, increasingly sensitive to geopolitical developments and monetary policies.

這兩個世界經濟大國之間關係中的這種僵局增加了一層不確定性，這也反映在加密貨幣市場中，對地緣政治發展和貨幣政策越來越敏感。

A look to the future: DeFi as a refuge in uncertain times?

展望未來：在不確定時期的避難所？

With Bitcoin showing signs of stabilization and interest in memecoins declining, decentralized finance could emerge as one of the most resilient sectors of the crypto market. The recent gains of HYPE, AAVE, and CRV suggest that investors are rewarding projects with real utility, sustainable yield, and economic transparency.

隨著比特幣顯示出穩定和對模因減少的興趣的跡象，分散的金融可能會成為加密市場中最有彈性的部門之一。最近的炒作，AAVE和CRV的收益表明，投資者正在以真正的實用性，可持續收益和經濟透明度來獎勵項目。

In a context of contained volatility and macroeconomic uncertainty, DeFi could represent a new frontier of growth for the cryptocurrency sector, offering investors a more solid alternative compared to the speculative trends of the past.

在包含波動性和宏觀經濟不確定性的背景下，DEFI可以代表加密貨幣行業增長的新邊界，與過去的投機趨勢相比，投資者為投資者提供了更堅實的選擇。

As the markets eagerly await the next moves of the Federal Reserve and the evolution of trade tensions between Stati Uniti e Cina, the crypto sector continues to reorganize itself, rewarding concrete innovation and solidity of projects.

隨著市場急切地等待美聯儲的下一個動作，以及Stati Uniti e cina之間的貿易緊張局勢的演變，加密貨幣部門繼續重組自己，獎勵了具體的創新和項目的穩固性。