比特幣（BTC）的價格下跌，但市場上的優勢正在上升

5月2日達到97,900美元後，在過去三天的最後三天中，比特幣（BTC）的價格下跌了4.3％。

Bitcoin (BTC) price dropped by 4.3% over the last three days after nearly touching $97,900 on May 2. Despite showing resilience at the $94,000 level on May 5, some traders are disappointed that strong institutional inflows have not been enough to sustain bullish momentum. However, several positive signs suggest that a new all-time high for Bitcoin in 2025 might still be in sight.

5月2日幾乎接觸97,900美元後，在過去三天中，比特幣（BTC）的價格下跌了4.3％。儘管5月5日在94,000美元的水平上顯示出彈性，但一些交易者對強勁的機構流入不足以維持看漲的勢頭感到失望。但是，一些積極的跡象表明，2025年比特幣的新歷史最高點可能仍在看到。

Bitcoin’s dominance over the broader cryptocurrency market surged to 70%, its highest since January 2021. This occurred despite a wave of new token launches, including several top-50 projects like SUI, Toncoin (TON), PI, Official Trump (TRUMP), Bittensor (TAO), Ethena (ENA), and Celestia (TIA). Such a high level of dominance makes riskier altcoins less appealing to new market entrants.

比特幣在更廣泛的加密貨幣市場上的主導地位飆升至70％，最高的是2021年1月。這是儘管有新的代幣發射，其中包括一些前50個項目，例如Sui，Toncoin（Toncoin（Toncoin），Pi（Ton），PI（Trump），Trump（Trump），Trump（Trump），Bittensor（Tao），Ethena（Ethena），Ethena（Ena）和celestia（tia）（tia）。如此高的統治地位使風險較高的山寨幣對新市場進入者的吸引力較小。

The spot Bitcoin ETFs recorded $4.5 billion in net inflows between April 22 and May 2. At the same time, the increasing appetite for Bitcoin futures signals greater institutional adoption, whether for leverage to hedge against downside risks or for bullish bets.

現貨比特幣ETF在4月22日至5月2日之間記錄了45億美元的淨流入。與此同時，對比特幣期貨期貨的需求日益增加，無論是用於抵抗下行風險還是對貝利甚的賭注的槓桿作用。

According to CoinGlass, the total open interest in Bitcoin futures markets reached 669,090 BTC, a 21% increase since March 5. Even after Bitcoin's price crashed below $75,000 in early April, demand for leveraged positions remained strong. The open interest in BTC futures on the Chicago Mercantile Exchange (CME) alone exceeded $13.5 billion, highlighting substantial institutional demand.

根據Coinglass的數據，比特幣期貨市場的總開放息息率達到669,090 BTC，自3月5日以來增長了21％。即使在4月初比特幣的價格跌至75,000美元以下，對槓桿頭寸的需求仍然很大。僅芝加哥商業交易所（CME）對BTC期貨的開放興趣超過135億美元，強調了實質性的需求。

Several factors explain why Bitcoin struggled to regain the $100,000 level. Traders who bought in anticipation of the US Strategic Bitcoin Reserve bill on March 6 grew increasingly frustrated as the government never disclosed its BTC holdings or announced plans for further purchases. Similarly, state-level Bitcoin bills repeatedly failed, with the latest setback occurring in the US state of Arizona.

幾個因素解釋了為什麼比特幣努力重新獲得100,000美元的水平。由於政府從未透露其BTC控股公司或宣布進一步購買的計劃，因此3月6日在美國戰略比特幣儲備法案中購買的交易者越來越沮喪。同樣，州一級比特幣賬單反复失敗，最新的挫折發生在美國亞利桑那州。

Strategy doubles its plans for BTC acquisitions despite the global trade war

儘管全球貿易戰

Over the last three months, gold has outperformed most assets, increasing by 16%, while Bitcoin dropped by 5% and the S&P 500 corrected by 6.5%. This finding challenges the narrative of Bitcoin as an uncorrelated asset, as the cryptocurrency repeatedly failed to decouple from the S&P 500 amid increasing economic risks. The global trade war led investors to prefer fixed-income assets and cash positions.

在過去的三個月中，黃金的表現優於大多數資產，增長了16％，而比特幣下降了5％，而標準普爾500指數則糾正了6.5％。這一發現挑戰了比特幣作為一種不相關的資產的敘述，因為加密貨幣一再未能使標準普爾500指數中的經濟風險增加。全球貿易戰使投資者更喜歡固定收益資產和現金頭寸。

Bitcoin's recent fall to $94,000 is especially noteworthy given that Strategy, a US-listed company headed by Michael Saylor, announced the acquisition of 1,895 BTC on May 5, after doubling its capital increase plan to fund further Bitcoin purchases. However, since investors were initially unsure about Strategy's ability to generate additional capital, the announcement of an $84 billion plan on May 1 has mitigated some of this risk.

鑑於該策略是由邁克爾·塞勒（Michael Saylor）領導的一家美國上市公司，比特幣最近的跌至94,000美元尤其值得注意，他於5月5日宣布收購1,895 BTC，此前其資本增加計劃增加了一倍，以資助進一步的比特幣購買。但是，由於最初不確定策略能夠產生額外資本的能力，因此5月1日發布了840億美元的計劃，已經減輕了一些風險。

For Bitcoin to attain a new all-time high, investors might need to see signs of improving US-China trade relations, as tariffs have impacted overall risk appetite. Nonetheless, the crucial elements for a BTC bull run above $100,000 appear to be in place.

為了使比特幣達到歷史最高的高度，投資者可能需要看到改善美中貿易關係的跡象，因為關稅已經影響了整體風險胃口。儘管如此，BTC公牛運行的關鍵要素似乎已到位。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出於一般信息目的，不打算被視為法律或投資建議。這裡表達的觀點，思想和觀點是作者獨自一人，不一定反映或代表Cointelegraph的觀點和觀點。