比特幣（BTC）價格飆升，因為美國 - 中國的貿易突破和冷卻通貨膨脹創造了“完美風暴”

在宏觀經濟狀況的顯著改善中，這種出色的表現促進了風險資產的市場需求

Macroeconomic conditions have improved significantly in recent times, boosting market appetite for risk assets and creating what analysts describe as a “perfect storm” of positive catalysts for digital assets.

近來，宏觀經濟狀況已經顯著改善，增強了對風險資產的市場需求，並創造了分析師所說的數字資產積極催化劑的“完美風暴”。

This remarkable performance comes amid a significant improvement in macroeconomic conditions that have boosted market appetite for risk assets, creating what analysts describe as a “perfect storm” of positive catalysts for digital assets.

這一出色的表現在宏觀經濟狀況的重大改善之中，這增強了對風險資產的市場需求，從而創造了分析師所說的數字資產積極催化劑的“完美風暴”。

US-China Trade Breakthrough

美國 - 中國貿易突破

On Sunday, a major geopolitical development provided substantial relief to global markets when US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced a breakthrough trade agreement with China following intensive negotiations in Geneva.

週日，當美國財政部長斯科特·貝斯特（Scott Bessent）和貿易代表傑米森·格里爾（Jamieson Greer）宣佈在日內瓦進行密集的談判後，美國財政部長斯科特·貝斯特（Scott Bessent）和貿易代表傑米森·格里爾（Jamieson Greer）宣布與中國達成突破性貿易協定，這為全球市場提供了重大的緩解。

The agreement implements a 90-day reduction in bilateral tariffs, with the United States cutting its rate on Chinese imports from a punishing 145% down to 30%, while China reciprocates by lowering duties on American goods from 125% to just 10%.

該協議的雙邊關稅減少了90天，美國對中國進口的稅率從懲罰145％降至30％，而中國通過將美國商品的關稅從125％降低到僅10％而往復。

While this reprieve is temporary, it marks a significant de-escalation in the trade hostilities between the world’s two largest economies that had threatened to accelerate global inflation and dampened enthusiasm for risk assets in recent months.

儘管這種緩刑是暫時的，但它標誌著世界兩個最大經濟體之間貿易敵對行動的顯著降低，這些經濟體威脅要加速全球通貨膨脹，並削弱了近幾個月來風險資產的熱情。

Inflation Hits Four-Year Low

通貨膨脹率達四年低點

Further fueling the crypto rally was Tuesday’s unexpectedly positive inflation report. The US Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) rose just 0.2% in April, bringing the annual inflation rate down to 2.3%—below March’s 2.4% reading and marking the lowest level since February 2021.

週二出乎意料的積極通貨膨脹報告，進一步加劇了加密集會。美國勞工統計局表明，4月份消費者價格指數（CPI）僅上漲0.2％，使年度通貨膨脹率降至2.3％ - 貝洛（Below）3月份的2.4％的閱讀率和標誌著自2021年2月以來的最低水平。

This cooling inflation comes as a surprise to economists who had anticipated upward price pressures from the Trump administration’s aggressive tariff policies. According to Brian Coulton, chief economist at Fitch Ratings, “Core goods prices have yet to reflect the impact of the tariff hikes that have taken place since February, while services inflation continues to gradually ease.”

這種冷卻通貨膨脹令經濟學家感到驚訝的是，那些預計特朗普政府積極關稅政策的價格壓力向上的壓力。惠譽評級首席經濟學家布萊恩·庫爾頓（Brian Coulton）表示：“核心商品價格尚未反映自2月份以來關稅遠足的影響，而服務通貨膨脹越來越逐漸緩解。”

Market Sentiment Shift

市場情緒轉移

The combination of easing trade tensions and cooling inflation has dramatically shifted market dynamics that previously worked against digital assets. During the peak of US-China trade hostilities, investors had demanded higher risk premiums, leading to a flight to safety that benefited traditional safe havens like gold and cash at the expense of cryptocurrencies and other risk assets.

緩解貿易緊張局勢和冷卻通貨膨脹的結合已急劇改變了以前針對數字資產的市場動態。在美國 - 中國貿易敵對行動的高峰期間，投資者要求更高的風險溢價，從而使安全性的航班受益於傳統的安全避風港，例如黃金和現金，以犧牲加密貨幣和其他風險資產為代價。

On the heels of its much-anticipated Pectra upgrade, Ethereum has had a phenomenal week – up around 35% as markets return to risk on assets. Source: Brave New Coin Ethereum Liquid Index

在其備受期待的果肉升級之後，以太坊的一周卻增加了35％，因為市場恢復了資產的風險。資料來源：勇敢的新硬幣以太坊液體指數

The current macroeconomic backdrop has reversed this trend, creating substantial tailwinds for Bitcoin and the broader cryptocurrency sector. Lower inflation also reinforces expectations for potential interest rate cuts, which typically benefit non-yielding assets like Bitcoin.

當前的宏觀經濟背景扭轉了這一趨勢，為比特幣和更廣泛的加密貨幣行業創造了大量的尾風。較低的通貨膨脹也加強了對潛在利率降低的期望，這通常使無收益資產等比特幣等受益。

The macroeconomic backdrop has become more favorable for risk assets in recent times, boosting demand for cryptocurrencies and other assets perceived as riskier.

宏觀經濟背景最近對風險資產變得更加有利，從而提高了對加密貨幣的需求和其他被認為更風險的資產。

This shift in market sentiment is evident in the performance of major stock indices. The US stock market, as measured by the S&P 500 index, has reached record highs, while the European STOXX 600 index also hit a 15-month peak on Tuesday.

市場情緒的這種轉變在主要庫存指數的表現中顯而易見。標準普爾500指數衡量的美國股市已經達到創紀錄的高點，而歐洲Stoxx 600指數也在周二達到15個月的高峰。

The broad macroeconomic conditions are now favorable for risk assets, and there is potential for further gains in the coming months, especially if the trade war de-escalation continues and inflation remains low.

現在，宏觀的宏觀經濟狀況有利於風險資產，並且在接下來的幾個月中有進一步的收益，尤其是如果貿易戰降低持續發展並且通貨膨脹率仍然很低。

However, some analysts urge caution regarding the sustainability of these positive conditions.

但是，一些分析人士敦促對這些積極條件的可持續性謹慎。

Core goods inflation is likely to pick up in the next few months as inventories of goods imported pre-tariff hikes get depleted, said Brian Coulton, chief economist at Fitch Ratings.

Fitch Ratings的首席經濟學家Brian Coulton說，隨著進口貨物前加息的貨物庫存耗盡，核心商品通貨膨脹可能會在接下來的幾個月內獲得。

This suggests that the current "Goldilocks" environment for Bitcoin, characterized by controlled inflation and reduced geopolitical tensions, may face challenges in the coming months as the full impact of earlier tariff increases works its way through the economy.

這表明，當前的比特幣“金色”環境以控制通貨膨脹和減輕地緣政治緊張局勢為特徵，在接下來的幾個月中可能會面臨挑戰，因為較早的關稅的全部影響在經濟中逐漸增加。

For now, however, Bitcoin continues to capitalize on this rare alignment of positive macroeconomic factors, pushing further into uncharted territory above the $100,000 threshold that once seemed unimaginable to all but the most ardent cryptocurrency advocates.

然而，就目前而言，比特幣繼續利用這種罕見的積極宏觀經濟因素的一致性，將進一步的領土推向了超過100,000美元的閾值，而這些閾值曾經對除了最熱心的加密貨幣倡導者以外似乎無法想像。