比特幣（BTC）價格違反了100,000美元，因為風險和風險環境推動了需求

比特幣（BTC）的價格違反了1月以來首次違反了100,000美元的成績，這加劇了人們對新歷史最高高於110,000美元的猜測

Bitcoin (BTC) price touched the $100,000 mark on May 7 for the first time since January, setting the stage for a potential new all-time high above $110,000 in May. According to crypto custody service provider Bitcoin Suisse, BTC’s bullish momentum is linked to its ability to perform well in both risk-on and risk-off environments since the US presidential elections.

比特幣（BTC）的價格在1月以來首次觸及了5月7日的100,000美元，這為5月的潛在歷史高度高於110,000美元的新階段奠定了基礎。根據瑞士加密監護服務提供商比特幣的說法，BTC的看漲勢頭與自美國總統選舉以來的風險和冒險環境中表現良好的能力有關。

Data from its “Industry Rollup” report shows that Bitcoin had a Sharpe ratio of 1.72, a key financial metric that measures risk-adjusted returns by dividing an asset’s average return (minus the risk-free rate). A higher Sharpe ratio reflects superior risk-adjusted returns, and in 2025, Bitcoin’s robust score, surpassed only by gold, highlights its growing maturity as an asset.

其“行業匯總”報告中的數據表明，比特幣的夏普比率為1.72，這是一個關鍵的財務指標，可以通過分配資產的平均收益來衡量風險調整後的收益（減去無風險利率）。較高的夏普比率反映了較高的風險調整後的回報，而在2025年，比特幣的強勁分數僅超過了黃金，突出了其作為資產的成熟度的日益增長。

Over the past two quarters, BTC excelled as a dual-purpose investment. It acts as a macro hedge in risk-off climates, benefiting from geopolitical tensions and de-dollarization concerns. In risk-on scenarios, it behaved as a high-conviction growth asset, with over 86% of its supply in profit.

在過去的兩個季度中，BTC作為雙重用途投資出色。它充當了冒險氣候的宏觀對沖，受益於地緣政治緊張局勢和付出了損失的關注。在風險上的情況下，它的表現是高定罪的增長資產，其利潤供應量的86％以上。

As illustrated in the chart, Bitcoin maintained a positive net return through various key phases since November 2024.

如圖所示，自2024年11月以來，比特幣通過各個關鍵階段保持了積極的淨回報。

“It's noteworthy that Bitcoin has managed to generate a positive net return despite the market's risk-off and risk-on phases, which is a testament to its resilience and ability to adapt to different economic climates,” said Bitcoin Suisse head of research Dominic Weiben.

瑞士比特幣研究多米尼克·威本（Dominic Weiben）說：“值得注意的是，儘管市場的冒險和風險階段，比特幣還是設法產生了積極的淨回報，這證明了其韌性和適應不同經濟氣候的能力。”

Earlier in May, Fidelity Digital Assets' Q2 2025 Signals Report stated that Bitcoin is gearing up for the next leg of an “acceleration phase.”

5月初，Fidelity Digital Assets的第二季度2025信號報告指出，比特幣正在為“加速階段”的下一個領域做好準備。

According to Fidelity analyst Zack Wainwright, Bitcoin's historical movements indicate that it usually enters into explosive price surges from "high volatility and high profit."

根據富達分析師Zack Wainwright的說法，比特幣的歷史運動表明，它通常會從“高波動性和高利潤”中爆發出爆炸性的價格。

On May 7, Bitcoin spot taker cumulative volume delta (CVD) over 90 days turned buyer dominant for the first time since March 2024. The 90-day spot taker CVD, which measures the net difference between market buy and sell volumes, reflects buyer or seller activity over a prolonged period.

5月7日，自2024年3月以來，比特幣接管者累積數量達美（CVD）在90天內轉為購買者。 90天的現貨接收者CVD衡量了市場買賣和銷售量之間的淨差異，反映了買家或賣家活動之間的淨差異。

This shift to “taker buy dominant” signals aggressive buying pressure, driven by factors such as institutional interest and spot Bitcoin ETF inflows, i.e., over $4.5 billion spot inflows since April 1.

自4月1日以來，向“ Taker Buy Buy Buy Pruent”的轉變表示積極的購買壓力，這些因素驅動於機構興趣和現貨比特幣ETF流入，即超過45億美元的份額流入。

The structural change in demand and Bitcoin’s strong Sharpe ratio could enable it to capitalize on the current market conditions. As corporations and institutions are pouring money into Bitcoin, a supply squeeze may drive prices past $110,000 in May.

需求的結構變化和比特幣的較高比率可以使其能夠利用當前的市場狀況。隨著公司和機構正在將資金投入比特幣，供應緊縮可能會使價格在5月的$ 110,000以上。