比特幣（BTC）市場週期繼續引起新的高點，同時捕獲越來越大的市場份額

比特幣（BTC）是世界上最大的加密貨幣，在捕獲越來越大的市場份額的同時，它繼續引起新的市場高點。

Bitcoin (BTC) price continues to set new highs for the year, and the world’s largest cryptocurrency is also grabbing an increasingly large share of the crypto market cap. Changes over the last 18 months may be setting the stage for a new market cycle and further bitcoin gains.

比特幣（BTC）的價格繼續為當年樹立新的高價，全球最大的加密貨幣也在加密市值中佔有越來越大的份額。在過去的18個月中的變化可能為新的市場週期和進一步的比特幣增長奠定了基礎。

The bitcoin market cycle largely comprises periods of substantial gains followed by broader catch-up of the crypto economy. During this time, altcoins rise and BTC lags. Risk-off sentiment then pulls the cryptomarket down before bitcoin begins the cycle anew.

比特幣市場週期在很大程度上構成了巨大的收益時期，然後更廣泛地追趕加密經濟。在此期間，AltCoins上升和BTC滯後。然後，在比特幣重新開始週期之前，風險情緒將加密市場拉下來。

“Historically, bitcoin’s market share climbs during market downturn and recovery periods, then declines as speculative capital chases higher-beta bets deeper into the cycle,” explained Matthew Kimmell, digital asset analyst at CoinShares, in a recent insights piece.

“從歷史上看，比特幣在市場下滑和恢復期間的市場份額攀升，然後隨著投機性資本追逐更高的β賭注而下降，” Coinshares的數字資產分析師Matthew Kimmell在最近的見解中解釋說。

Strong bitcoin adoption in the last 18 months led to growing concentration among digital assets. Kimmell notes that BTC currently accounts for approximately 60% of crypto’s market cap. Where historically this would have signaled potential weakening looking ahead, recent developments pave the way for the possibility of further growth.

在過去的18個月中，強大的比特幣採用導致數字資產的集中度越來越高。金梅爾指出，BTC目前約佔加密貨幣市值的60％。從歷史上看，這將表明潛在的潛在削弱，而最近的事態發展為進一步增長的可能性鋪平了道路。

Perhaps one of the largest drivers of ongoing future performance is the increase in institutional adoption. Spot bitcoin ETFs, interest from the executive branch, and a supportive regulatory environment all paved the way for greater uptake from institutions.

可能未來績效的最大驅動力之一也許是機構採用的增加。從行政部門的興趣和支持性的監管環境中，景點比特幣ETF為機構的更大吸收鋪平了道路。

“Changes to the US accounting treatment of digital assets (FASB fair value rules) and the rescission of SAB 121 have opened new pathways for both corporations and banks to benefit from the economic opportunities offered by the bitcoin ecosystem,” wrote Kimmell.

Kimmell寫道：“美國對數字資產的會計處理（FASB公允價值規則）和SAB 121的撤銷已為公司和銀行開闢了新的途徑，以從比特幣生態系統提供的經濟機會中受益。”

Broader institutional adoption changes the potential fundamentals for bitcoin. Greater investment leads to greater liquidity and more price discovery. It could also lead to more sustained price outperformance than in previous market cycles.

更廣泛的機構採用改變了比特幣的潛在基本面。更大的投資導致更大的流動性和更多的價格發現。與以前的市場週期相比，這也可能導致持續的價格超過持續的價格。

As for volatility and the current market environment rife with political and economic uncertainty? That’s likely to be a boon for bitcoin as well.

至於波動和當前的市場環境，政治和經濟不確定性氾濫？這也可能是比特幣的福音。

“We find this turbulence, both in asset markets and government action, supporting bitcoin from a narrative perspective, bringing emphasis on its fundamental characteristics: neutral, borderless, self-custodial, and scarce,” Kimmell explained.

Kimmell解釋說：“在資產市場和政府行動中，我們發現這種動盪，從敘事的角度支持比特幣，重點是其基本特徵：中立，無邊界，自我抑制和稀缺。”

Investors with the risk appetite for crypto investing may want to consider the CoinShares Valkyrie Bitcoin Fund (NYSE:BRRR). The fund provides exposure to bitcoin’s price movements with the ease of access through traditional brokerages. Through BRRR, investors can capture bitcoin price movements while avoiding many of the extra steps required with direct bitcoin investment, such as storage.

對加密投資的風險胃口的投資者可能需要考慮Coinshares Valkyrie Bitcoin基金（NYSE：BRRR）。該基金通過傳統經紀人的易於訪問，提供了對比特幣的價格變動的風險。通過BRRR，投資者可以捕獲比特幣的價格變動，同時避免直接比特幣投資所需的許多額外步驟，例如存儲。

BRRR seeks to reflect the price performance of the CME CF Bitcoin Reference Rate – New York Variant, minus fees and expenses. This index uses the same six bitcoin exchanges as the CME CF Bitcoin Reference Rate, but calculates bitcoin’s price at New York Market close (4 p.m. ET).

BRRR試圖反映CME CF比特幣參考率的價格績效 - 紐約變種，減去費用和支出。該指數使用與CME CF比特幣參考率相同的六個比特幣交換，但計算了紐約市場上比特幣的價格（美國東部時間下午4點）。

The fund is a trust that passively holds bitcoin (meaning it’s physically backed). Shares held are tied to the value of the bitcoin held. It also is not an investment company, and therefore does not fall under the 1940 Act. The bitcoin held is custodied by Coinbase (NASDAQ:COIN), BitGo and Komainu, with private keys kept in cold storage. In other words, the means to access the bitcoin held by the custodians remains offline, disconnected from the internet. This provides an extra layer of protection from hacking.

該基金是一種被動地持有比特幣的信任（這意味著它具有物理支持）。持有的股票與持有的比特幣的價值相關。它也不是一家投資公司，因此不屬於1940年法案。持有的比特幣由Coinbase（NASDAQ：COIN），BITGO和KOMAINU監護，並保存在冷藏中。換句話說，訪問保管人持有的比特幣的手段仍然離線與互聯網脫節。這為黑客攻擊提供了額外的保護層。

BRRR carries management fees of 0.25%.

BRRR的管理費為0.25％。