隨著市場集會，比特幣（BTC）的價格超過$ 10萬美元

2025年5月9日，加密貨幣市場舉行了強烈的集會，比特幣（BTC）自一月以來首次損失了103,000美元。

May 9, 2025 saw the crypto market experience a strong rally. Bitcoin (BTC) price surged past $103,000 to hit the highest level since January, while Ethereum (ETH) and many altcoins also posted impressive gains.

2025年5月9日，加密貨幣市場經歷了強烈的集會。比特幣（BTC）的價格飆升了103,000美元以來達到了1月以來的最高水平，而以太坊（ETH）和許多AltCoins也張貼了令人印象深刻的收益。

The total global crypto market capitalization rose above $3.22 trillion, while the Fear & Greed Index climbed from 48 (neutral) to 63 (greed) in just three days. According to Santiment, the number of retail wallets buying BTC and ETH has increased sharply since the beginning of the week.

全球加密貨幣市值總計上漲了32.22萬億美元，而恐懼和貪婪指數在短短三天內從48（中性）上升到63（貪婪）。根據Santiment的說法，自本周初以來，購買BTC和ETH的零售錢包數量急劇增加。

What’s driving this impressive recovery?

是什麼推動了令人印象深刻的康復？

Source: Alternative.me

資料來源：替代

Rise In Rate Cuts Sentiment

降低費用情緒

U.S. jobless claims data on May 8 showed a slight decline to 228,000 filings, down from 241,000 the previous week. The earlier spike was largely attributed to seasonal factors in New York State and is not necessarily indicative of a broader trend in layoffs.

5月8日，美國失業者索賠數據顯示出略有下降到228,000檔案，低於上週的241,000。較早的尖峰主要歸因於紐約州的季節性因素，不一定表明裁員的趨勢更廣泛。

However, investors are still concerned about the health of the U.S. economy, and they are interpreting the Fed’s decision to keep rates steady at 4.25%–4.50% as a sign that the central bank is considering the risks of recession.

但是，投資者仍然關注美國經濟的健康狀況，他們正在解釋美聯儲將利率保持在4.25％–4.4.50％的決定，以表明央行正在考慮衰退的風險。

As a result, expectations of rate cuts in Q3 2025 are continuing to support risk assets, including cryptocurrencies.

結果，第三季度2025年降低率的期望繼續支持風險資產，包括加密貨幣。

Source: CME Groups

資料來源：CME組

The 10-year U.S. Treasury yield fell to 4.38%, and the DXY index (which measures the strength of the U.S. dollar) dropped to a three-week low, signaling a shift in capital toward speculative assets.

美國10年的美國財政收益率降至4.38％，DXY指數（衡量美元的強度）下降到三週低點，表明資本轉移向投機資產。

Another key factor is the growing concern over stagflation—a scenario in which economic growth slows while inflation remains high, prompting investors to seek store-of-value assets like Bitcoin.

另一個關鍵因素是對滯水的關注日益加劇 - 這種情況在這種情況下，經濟增長速度放緩而通貨膨脹率仍然很高，促使投資者尋求像比特幣這樣的價值存儲資產。

With the Fed holding rates and offering no clear guidance on cuts in June, markets are increasingly pricing in a more dovish monetary stance in the quarters ahead. In this environment, Bitcoin, often referred to as “digital gold,” is emerging as a compelling hedge, especially as the dollar weakens and macro uncertainty rises.

由於美聯儲的持有稅率和6月份的削減局面沒有明確的指導，因此市場越來越多地以更糟糕的貨幣立場定價。在這種環境下，通常被稱為“數字黃金”的比特幣正在成為一種引人注目的樹籬，尤其是當美元削弱和宏觀不確定性上升時。

Strong Inflows Into Bitcoin ETFs: A Key Catalyst

強大的流入比特幣ETF：關鍵催化劑

The first week of May 2025 saw strong inflows into U.S.-listed Bitcoin ETFs, highlighting the increasing interest from institutional investors in digital assets.

2025年5月的第一周，大量的流入了美國上市的比特幣ETF，強調了機構投資者對數字資產的興趣日益增長的興趣。

On May 8, 2025, alone, total inflows into Bitcoin ETFs reached $117.4 million, with:

僅2025年5月8日，僅全部流入比特幣ETF的總額達到1.174億美元，其中：

Over the past three weeks, Bitcoin ETFs have attracted more than $5.3 billion in cumulative inflows, showcasing a surge in demand from traditional investors.

在過去的三周中，比特幣ETF吸引了超過53億美元的累積流入，展示了傳統投資者的需求激增。

It is noteworthy that since the start of 2025, IBIT has surpassed the SPDR Gold Shares (GLD) in net inflows, with over $6.96 billion, signaling a shift from gold to Bitcoin as a preferred store-of-value asset.

值得注意的是，自2025年初以來，IBIT已超過SPDR Gold股票（GLD）的淨流入，超過69.6億美元，這表明從黃金轉移到比特幣是價值儲備資產的首選。

Source: CoinGlass

資料來源：小店

Ethereum ETF Hopes and Pectra Upgrade

以太坊ETF希望併升級Pectra

Ethereum has experienced a remarkable rally of nearly 20% over the past seven days. This surge can be primarily attributed to two key catalysts: the successful rollout of the Pectra upgrade on May 7, which improves network performance and streamlines staking, and speculation that the SEC may approve one or more spot Ethereum ETFs ahead of the May 23 deadline.

在過去的七天中，以太坊經歷了近20％的突出集會。這次激增主要歸因於兩個關鍵催化劑：5月7日Pectra升級的成功推出，這改善了網絡性能和精簡的呈現，並猜測SEC可能會在5月23日截止日期之前批准一個或多個現場以太坊ETF。

The Pectra upgrade not only enhances the transaction experience and scalability of the Ethereum network but also modifies the staking parameters, making it potentially easier for retail investors to engage in ETH staking—a factor that could drive demand for long-term holding.

Pectra升級不僅可以增強以太坊網絡的交易經驗和可擴展性，而且還可以修改訂婚參數，從而使零售投資者更容易從事ETH Stage Katiking，這是一種可以推動長期持有需求的因素。

According to BeaconChain, over 400,000 ETH have been added to staking in the three days since the upgrade, signaling the largest spike since January 2024.

根據Beaconchain的說法，自升級以來的三天內，已經增加了40萬ETH，這表明自2024年1月以來最大的尖峰。

Number of Ethereum validator after Pectra – Source: Beaconcha

Pectra之後的以太坊驗證器數量 - 來源：Beaconcha

Additionally, Bloomberg reports that the SEC held several closed-door meetings with ETF issuers last week, sparking speculation of a potentially favorable surprise decision—much like the swift approval of spot Bitcoin ETFs earlier this year.

此外，彭博社報告說，SEC上週與ETF發行人舉行了幾次閉門會議，引發了人們對潛在有利的驚喜決定的猜測，就像今年早些時候迅速認可了現貨比特幣ETF。

U.S.–U.K. Trade Deal Hopes Boost Risk Sentiment

美國貿易協議希望提高風險情緒

Amid ongoing global geopolitical uncertainty, a new statement by President Donald Trump has helped lift market sentiment. Trump announced that the U.S. is preparing to unveil a major trade deal with a “very respected” country, which analysts widely interpret to be the United Kingdom.

在持續的全球地緣政治不確定性中，唐納德·特朗普總統的新聲明有助於提高市場情緒。特朗普宣布，美國正準備與“非常受人尊敬的”國家建立一項重大貿易協定，該協議被廣泛解釋為英國。

Markets quickly took this as a signal that the U.S. may be softening its trade stance, potentially easing tensions with key partners after a prolonged period of tariffs and protectionist policies.

市場很快將其視為一種信號，表明美國可能正在軟化其貿易立場，這可能會在延長關稅和貿易保護主義政策之後與主要合作夥伴的緊張局勢緩解緊張局勢。

“PRESIDENT TRUMP: "I will be having a major TRADE DEAL announced tomorrow morning in the Oval Office at 10:00 o'clock. A big, and highly respected country will be joining us. Great news for the U.S. and for the

“特朗普總統：”明天早上10:00，我將在明天早上在橢圓形辦公室宣布一項重大貿易協議。一個大而受人尊敬的國家將加入我們。美國和美國的好消息