比特幣（BTC）被低估了，該公司具有樂觀的中期前景。

《震動報告》顯示，美國開放工作的急劇下降，這使投資者對美聯儲削減利率的希望。

Key Takeaways:

關鍵要點：

* According to Fidelity Digital Assets, the mid-term outlook dropped to an “optimism” zone, and Bitcoin (BTC) is now trending toward “undervaluation.”

*根據Fidelity Digital Assets的說法，中期前景下降到了“樂觀”區域，比特幣（BTC）現在正趨向“低估”。

* The investment firm explained that the 'Bitcoin Yardstick' metric, which calculates BTC's market cap divided by its hashrate, is getting lower. This suggests that Bitcoin is becoming "cheaper" relative to the energy security of its network.

*投資公司解釋說，計算BTC的市值除外的“比特幣碼”度量標準正在降低。這表明比特幣相對於其網絡的能源安全而變得“便宜”。

* In Q1 2025, the metric stayed between -1 and 3 standard deviations, cooling from its Q4 2024 overheated levels. The number of days above 2-standard deviations dropped from 22 to 15, with none above 3, indicating that Bitcoin is less expensive compared to its network strength.

*在第1季度2025年，該度量在-1和3標準偏差之間保持在其Q4 2024過熱級別的冷卻。高於2標準偏差的天數從22下降到15，沒有3個以上的天數，表明比特幣比其網絡強度更便宜。

* The investment firm mentioned that Bitcoin is in an “acceleration phase,” where rallies to new highs aren't uncommon, although they caution a blow-off top could take place.

*這家投資公司提到比特幣處於“加速階段”，儘管他們警告可能會發生吹吹頂的頂部，但在這裡集會並不少見。

* Illiquid supply rose from 61.50% to 63.49%, while liquid supply fell by 4%, indicating that holders are increasingly committed to long-term positions. The Illiquid Supply Shock Ratio, currently 16% below its 2017 peak.

*流動性供應量從61.50％上升至63.49％，而液體供應量下降了4％，表明持有人越來越多地致力於長期職位。流動性供應衝擊比目前低16％，低16％。

* According to the March 2025 US Job Openings and Labor Turnover Summary (JOLTS) report by JOLTS, there was a sharp drop in total private jobs to 7.19 million.

*根據2025年3月的美國職位空缺和勞動力失誤摘要（JOLTS）的報告，震驚的報告急劇下降到719萬。

* A lower-than-expected JOLTS number signals a cooling labor market, raising expectations for Federal Reserve (Fed) interest rate cuts, which weakens the dollar and lifts risk assets like Bitcoin.

*低於預期的震動數字標誌著冷卻勞動力市場的信號，提高了對美聯儲（美聯儲）降低利率的期望，這削弱了美元並提高了像比特幣這樣的風險資產。

* Conversely, a higher-than-expected figure suggests economic strength, potentially delaying cuts and pressuring crypto prices. With federal layoffs at a 2020 peak, market expectations are leaning slightly dovish.

*相反，一個超過預期的數字表明經濟實力，可能延遲削減和加密價格。隨著聯邦裁員在2020年的高峰期，市場期望略有偏差。

* Economist and Bitcoin commentator Alex Kruger identified the JOLTS data as a short-term win for Bitcoin, as a "risk/gold hybrid" poised to gain from tariff de-escalation after Trump’s 90-day pause (ending July 8).

*經濟學家和比特幣評論員亞歷克斯·克魯格（Alex Kruger）將震撼數據確定為比特幣的短期勝利，是一種“風險/金混合動力車”，有望從特朗普90天的暫停（7月8日結束）之後從關稅降級中獲得。