比特幣（BTC）落後於投資者在美國和中國達成交易之後轉向股票

比特幣（BTC）在5月12日的105720美元中達到了三個月的最高價格，但無法保持其看漲勢頭。

Key takeaways:

關鍵要點：

* Bitcoin (BTC) failed to sustain its bullish momentum as it slid from its highest price in over three months at $105,720 on May 12.

*比特幣（BTC）未能維持其看漲的勢頭，因為它從三個月來的最高價格下滑至5月12日的105,720美元。

* Macroeconomic events have swung away from gold investing and back toward stocks.

*宏觀經濟事件已經從黃金投資中轉移到股票上。

* BTC slid despite a temporary easing in the US-China tariff conflict, leaving traders puzzled as to why Bitcoin reacted negatively to what seemed like positive developments.

* BTC在美國 - 中國關稅衝突中暫時放鬆了，但交易員感到困惑，因為為什麼比特幣對看起來像積極進展的反應負面反應。

Bitcoin price dropped by 2.3% in the past 24 hours as of Saturday, May 12, trading at $102,000 at press time. The largest cryptocurrency slid despite a 90-day truce in the US-China tariff conflict, which began in 2018 and has deeply affected global markets.

截至5月12日（星期六），在過去24小時內，比特幣的價格下跌了2.3％，發稿時以102,000美元的價格交易。儘管在美國 - 中國關稅衝突中發生了90天的停戰，該加密貨幣還是最大的加密貨幣滑行，該衝突始於2018年，對全球市場產生了深遠的影響。

The 90-day reprieve reduced import tariffs, and US Treasury Secretary Scott Bessent noted that the agreement could be extended, provided there is a genuine effort and constructive dialogue. According to Yahoo Finance, the topics under discussion include “currency manipulation,” “steel price dumping,” and restrictions on semiconductor exports.

90天的緩刑減少了進口關稅，美國財政部長斯科特·貝斯特（Scott Bessent）指出，只要有真正的努力和建設性的對話，就可以延長該協議。根據Yahoo Finance的說法，所討論的主題包括“貨幣操縱”，“鋼價傾倒”以及對半導體出口的限制。

Part of Bitcoin’s lack of momentum can be attributed to its 24% gains over the previous 30 days, during which S&P 500 futures rose 7% and gold remained flat. Investors see little reason for further divergence between Bitcoin and traditional markets, especially since the 30-day correlation with the stock market remains high at 83%.

比特幣缺乏勢頭的一部分可以歸因於前30天內的24％增長，在此期間，標準普爾500年期貨上升了7％，黃金保持平坦。投資者幾乎沒有理由在比特幣和傳統市場之間進一步分歧，尤其是因為與股票市場的30天相關性仍然很高，為83％。

Additionally, Bitcoin has now surpassed the market capitalization of both silver and Google, making it the world’s sixth-largest tradable asset.

此外，比特幣現在超過了銀和Google的市值，使其成為世界第六大交易資產。

News that Strategy acquired another 13,390 BTC between May 5 and May 11 has also raised concerns among investors. With BlackRock and Strategy together holding 1.19 million BTC, about 6% of the circulating supply, some traders worry that Michael Saylor’s company is largely responsible for supporting the price.

在5月5日至5月11日之間，戰略在5月5日至5月11日之間獲得了13,390 BTC的消息也引起了投資者的關注。由於貝萊德（Blackrock）和戰略共同擁有1190萬BTC，約佔循環供應的6％，一些交易員擔心邁克爾·塞勒（Michael Saylor）的公司在很大程度上負責支持價格。

Critics, such as Peter Schiff, predict that Strategy’s ever-increasing average purchase price could eventually lead to losses and force the company to sell some of its holdings to cover borrowing costs. However, this scenario seems unlikely, as the company has doubled its capital increase limit by $21 billion in stocks and another $21 billion in debt.

諸如彼得·席夫（Peter Schiff）等批評家預測，策略的平均購買價格不斷增加，最終可能導致損失，並迫使公司出售其一些持股以支付借貸成本。但是，這種情況似乎不太可能，因為該公司的資本增加限額增加了210億美元的股票和另外210億美元的債務。

Bitcoin stalls as macroeconomic events favor stocks over gold

比特幣攤位隨著宏觀經濟事件的偏愛股票而不是黃金

While traders often focus on Bitcoin-specific events, the most likely reason for the weakness near $105,000 is broader macroeconomic conditions. Although the pause in tariffs directly benefits the stock market, the effect on scarce assets like Bitcoin is somewhat negative. For example, gold fell 3.4% on May 12 as the demand for safe-haven assets declined.

儘管交易者通常專注於比特幣特定的事件，但弱點接近105,000美元的最可能的原因是更廣泛的宏觀經濟狀況。儘管關稅的停頓直接使股票市場受益，但對比特幣等稀缺資產的影響有些負面。例如，由於對安全資產的需求下降，黃金在5月12日下降了3.4％。

Gold has typically shown an inverse correlation with the US Dollar Index (DXY), which climbed to its highest level in 30 days on May 12. The strengthening US dollar signals investor confidence, despite a 0.3% decline in US first-quarter Gross Domestic Product and a 6.1% jump in pending home sales in March compared to the previous month.

黃金通常顯示出與美元指數（DXY）的逆相關性，該指數在5月12日的30天內升至最高水平。儘管美國第一季度國內生產總值下降了0.3％，但與上個月相比，三月份的首次銷售總額為6.1％，但增強了美元信號投資者的信心。

Related: Bitcoin short-term ‘technical sell-off’ under $100K possible ahead of May 13 CPI print

相關：比特幣短期“技術拋售”在5月13日CPI印刷前可能不到10萬美元

The lack of conviction among Bitcoin investors when prices traded near $105,000 is at least partly due to reduced demand for scarce assets, as investors view the stock market as a more immediate and direct beneficiary of the US-China trade deal. Lower import duties suggest higher revenues and potentially improved profit margins for companies.

當價格交易接近105,000美元時，比特幣投資者缺乏信念至少部分是由於對資產稀缺資產的需求減少，因為投資者將股票市場視為美國 - 中國貿易協議的更直接和直接的受益人。較低的進口關稅表明公司的收入更高，並有可能提高公司的利潤率。

Given the impressive $2 billion in inflows into US spot Bitcoin exchange-traded funds (ETFs) between May 1 and May 9, the likelihood of a price drop below $100,000 remains low. The steady demand for Bitcoin following a 24% monthly gain points to institutional adoption rather than retail-driven FOMO, which is a very positive sign for the price.

鑑於5月1日至5月9日之間，令人印象深刻的20億美元流入美國現貨比特幣交易所交易基金（ETF），價格下降到100,000美元以下的可能性仍然很低。每月24％的機構採用積分而不是零售驅動的FOMO，對比特幣的需求穩定，這是價格的非常積極的跡象。