比特幣（BTC）的價格下跌，但BTC的優勢正在上升。

通過戰略和BTC ETF進行的大量購買重點介紹了機構投資者對比特幣的需求。

Bitcoin (BTC) price slipped further on Friday, extending losses for a third straight day as it struggled to break above $97,900. Some traders were disappointed that even strong institutional inflows were not enough to keep bullish momentum going. However, several encouraging signs suggest a new all-time high for the token in 2025 could still be in the making.

比特幣（BTC）的價格在周五進一步下跌，連續第三天延長了損失，因為它努力賺到97,900美元以上。一些交易者感到失望的是，即使強大的機構流入也不足以保持看漲的勢頭。但是，幾個令人鼓舞的跡象表明，2025年令牌的新歷史最高點仍可能是製造。

Here are some of the key takeaways for the past week:

這是過去一周的一些關鍵要點：

Bitcoin dominance rises above 70% amid slew of new tokens

在新令牌中，比特幣優勢上升到70％以上

在新令牌中，比特幣優勢上升到70％以上

Bitcoin’s dominance over the broader cryptocurrency market surged to 70%, its highest level since January 2021. This happened 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).

比特幣在更廣泛的加密貨幣市場上的主導地位飆升至70％，是自2021年1月以來的最高水平。儘管有新的代幣發射，包括SUI，Toncoin（Toncoin（Ton），PI（Ton），Trump Trump（Trump），Bittensor（Tao），Ethena（Ena），Ethena（Ena）和celestia（Tia）），這發生了。

Such high dominance lessens the appeal of riskier altcoins for new market entrants, especially as they are juggling several macroeconomic concerns like the US-China trade war, global inflation, and the ongoing war in Ukraine.

如此高的統治地位減少了風險較高的山寨幣對新市場進入者的吸引力，尤其是當他們兼顧幾個宏觀經濟問題時，例如美國 - 中國貿易戰，全球通貨膨脹和烏克蘭正在進行的戰爭。

Meanwhile, the spot Bitcoin ETFs saw net inflows of $4.5 billion between April 22 and May 2. At the same time, the increasing appetite for Bitcoin futures signaled growing institutional adoption, regardless of whether the leverage was used for downside protection or bullish bets.

同時，比特幣ETF在4月22日至5月2日之間看到淨流入45億美元。與此同時，對比特幣期貨的胃口日益增加，表明了機構採用的增長，而不管槓桿是否用於下行保護或看漲賭注。

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 to 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, showcasing substantial institutional demand.

根據Coinglass的數據，比特幣期貨市場的全部開放息息率達到669,090 BTC，自3月5日以來增長了21％。即使比特幣的價格在4月初的價格下降到低於75,000美元，對槓桿頭寸的需求仍然強勁。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，顯示了大量的機構需求。

What’s hindering BTC price recovery?

什麼是阻礙BTC價格恢復？

什麼是阻礙BTC價格恢復？

Several factors explain why Bitcoin struggled to break above $100,000 again. Traders who bought the token 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.

幾個因素解釋了為什麼比特幣努力再次超過100,000美元。由於政府從未透露其BTC持股或宣布進一步購買的計劃，因此在3月6日購買代幣的交易者越來越沮喪。

Moreover, similar state-level Bitcoin bills kept failing, with the latest setback occurring in the US state of Arizona. A bill that would have allowed state agencies to invest a portion of their funds in Bitcoin was ultimately voted down by members of the House Appropriations Committee on May 4.

此外，類似的州級比特幣法案一直失敗，最新的挫折發生在美國亞利桑那州。該法案將於5月4日被眾議院撥款委員會成員投票決定，該法案將允許州機構投資於比特幣中的一部分資金。

The lack of government action amid a nearly 40% correction in Bitcoin price from its record highs in late 2024 pushed several institutional investors to reduce their exposure to crypto. At the same time, the lack of new capital for Saylor’s Strategy was another factor that traders kept highlighting.

在2024年底以來比特幣價格的更正近40％的比特幣價格糾正的情況下，政府的行動不足，促使幾名機構投資者減少了對加密貨幣的影響。同時，塞勒（Saylor）的戰略缺乏新資本是交易者一直在強調的另一個因素。

After rumors swirled for months about a capital increase, Strategy announced plans to sell up to $1 billion in convertible preferred stock to raise capital. However, Strategy later doubled its plans, announcing an $84 billion capital increase to fund further Bitcoin purchases.

在謠言盤旋數月以來，有關資本增加的幾個月後，戰略宣布了計劃出售高達10億美元可轉換優先股以籌集資金的計劃。但是，策略後來將其計劃翻了一番，宣布增加了840億美元的資本以資助進一步的比特幣購買。

Since investors were previously uncertain about Strategy’s ability to mobilize additional capital, the announcement of a large-scale plan reduced some of this risk.

由於投資者以前不確定戰略動員額外資本的能力，因此宣布大規模計劃會降低了一些風險。

Is a new all-time high in 2025 still possible?

2025年的新歷史最高水平仍然可行嗎？

2025年的新歷史最高水平仍然可行嗎？

Over the past three months, gold outperformed most assets, rising 16%, while Bitcoin slipped 5% and the S&P 500 corrected by 6.5%. This challenged the narrative of Bitcoin being an uncorrelated asset as the cryptocurrency failed to decouple from the S&P 500 amid rising economic risks. The global trade war pushed investors to favor 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％，而比特幣則降低了5％，而標準普爾500標準幣則糾正了6.5％。這挑戰了比特幣是一種不相關的資產的敘述，因為加密貨幣未能使經濟風險上升的情況下的500指數脫離。全球貿易戰促使投資者贊成固定收益資產和現金頭寸。

Bitcoin’s recent drop to $94,000 was particularly noteworthy given that Strategy, a US-listed company, announced the acquisition of 1,895 BTC on May 5.

鑑於該策略是一家美國上市的公司，比特幣最近跌至94,000美元尤其值得注意，他於5月5日宣布收購1,895 BTC。

Nevertheless, the key elements for a BTC bull run above $100,000 appear to be in place.

儘管如此，BTC公牛運行的關鍵要素似乎已經到位。