比特幣（BTC）和更廣泛的市場經歷了一個小的回調

在唐納德·特朗普總統宣布與中國進行新的關稅安排之後，比特幣（BTC）和更廣泛的市場經歷了一個小的回調

Bitcoin (BTC) and the broader crypto market experienced a minor pullback on Monday after President Donald Trump announced the finalization of a new tariff arrangement with China, pending a formal sign-off by him and President Xi Jinping.

比特幣（BTC）和更廣泛的加密貨幣市場在周一宣布與中國進行新的關稅安排，等待他和習近平總統的正式簽約，這是在周一的小次數。

Trump announced on Truth Social that the accord grants the U.S. “55% tariffs” on Chinese goods, versus 10% levied on U.S. exports, and secures Chinese supplies of rare-earth magnets. He also said Washington would preserve access for Chinese students at American universities and that the “relationship is excellent.”

特朗普在《真理社會》上宣布，《協議》對中國商品徵收“ 55％的關稅”，而美國出口徵收10％的商品，並獲得了中國稀有磁鐵的供應。他還說，華盛頓將為美國大學的中國學生提供訪問權限，並且“關係非常好”。

The total market value of crypto assets fell 2%, while the S&P 500 declined 0.7%.

加密資產的總市場價值下降了2％，而標準普爾500指數下跌了0.7％。

Bitcoin fell to a daily low of $108,331 following the news and was trading at $108,654.87 by press time. It is holding above the realized price of $106,900 registered by investors who bought the flagship crypto in the past 24 hours.

新聞後，比特幣下跌至每日低點108,331美元，發稿時的交易價格為108,654.87美元。它的持有超過了過去24小時內購買旗艦加密貨幣的投資者註冊的106,900美元的實現價格。

According to a recent report by Glassnode, the next realized price levels are $105,200 for investors holding BTC for more than one month and $104,900 for investors holding between one week and one month.

根據GlassNode最近的一份報告，持有BTC的投資者為一個月以上的投資者為105,200美元，持有一周至一個月的投資者的投資者為104,900美元。

Market Read-Through

市場讀取

Bitcoin and equities reversed early gains within minutes of the post, reflecting concern that the higher U.S. levy could weigh on global demand even if a formal truce reduces headline tension.

比特幣和股票在職位後幾分鐘內逆轉了早期的收益，這反映出，即使正式的停戰降低了頭條新聞的緊張局勢，美國征稅也可能會影響全球需求。

The framework "reduces global uncertainty marginally" if enacted, according to a note shared by Bitfinex head of derivatives Jag Kooner.

根據Bitfinex衍生物Jag Kooner共享的註釋，該框架“逐漸減少了全局不確定性”。

Yet, he noted that "much of the market uncertainty has already been priced in." Kooner expects a short burst of volatility, followed by mean reversion unless the deal delivers a clear liquidity impulse.

然而，他指出“市場上的許多不確定性已經被定價”。 Kooner預計波動率很短，隨後是平均歸還，除非該交易帶來明顯的流動性衝動。

Furthermore, he tied June 11 price action to the morning release of May consumer price (CPI) data, arguing that tariff-related inflation has appeared in headline figures since last month and will likely peak by August.

此外，他將6月11日的價格行動與5月份消費者價格（CPI）數據的上午發布有關，認為與關稅相關的通貨膨脹自上個月以來已經出現在標題數字中，並且很可能在八月之前達到頂峰。

Kooner believes that the CPI is the real volatility trigger, adding that the 0.1% rise in core prices consolidates expectations for Federal Reserve easing and "creates a vacuum above $111,000 for Bitcoin."

庫納（Kooner）認為，CPI是真正的波動性觸發因素，並補充說，核心價格上漲0.1％可以鞏固對美聯儲緩解的期望，並“創造了超過111,000美元的比特幣的真空”。

Correlation With S&P 500

與標準普爾500指數相關

The analyst also noted a 30-day correlation of 0.63 between Bitcoin and the S&P 500, describing BTC as "a liquidity barometer rather than a volatility hedge."

分析師還指出，比特幣和標準普爾500指數之間的30天相關性為0.63，將BTC描述為“流動性晴雨表，而不是波動性對沖”。

This relationship leaves Bitcoin's upside capped while equities hold a narrow range but could allow BTC to lead if stocks break higher on softer inflation data.

這種關係留下了比特幣的上行封頂，而股票的範圍較窄，但如果股票在較軟的通貨膨脹數據上較高，則可以使BTC領先。

Kooner wrote:

庫納寫道：

"Without a direct stimulus mechanism, crypto markets are unlikely to see sustained moves upward."

“沒有直接的刺激機制，加密貨幣市場就不太可能看到持續的移動向上。”

However, he views pullbacks as buying opportunities because many coins remain in profit, and exchange balances are light. He projected that any breakout above $111,000 would be "spot driven, with ETF demand accelerating as the macro regime shifts toward easing."

但是，他認為撤回機會是購買機會，因為許多硬幣仍然是利潤，而交換餘額很輕。他預計，任何超過111,000美元的突破都將是“現場驅動的，而隨著宏觀政權向緩解的轉變，ETF的需求加速了。”

With no White House or Chinese government statement corroborating Trump's post, investors now look to any official transcript of the tariff agreement and the June 12 producer price report for additional macroeconomic direction.

由於沒有白宮或中國政府聲明證實了特朗普的職位，投資者現在尋求有關關稅協議的任何正式筆錄和6月12日的生產商價格報告，以尋求其他宏觀經濟方向。

Kooner cautioned that until a detailed document emerges, markets must balance the constructive tone against the risk that higher levies could tighten financial conditions during the third quarter.

庫納（Kooner）警告說，在詳細的文件出現之前，市場必須平衡建設性的基調與更高徵稅可以在第三季度收緊財務狀況的風險。

Lastly, he highlighted that traders should monitor Chinese policy responses, supply chain commentary from U.S. retailers, and Capitol Hill's reaction to the proposed duty split.

最後，他強調說，交易者應監控中國的政策回應，美國零售商的供應鏈評論以及國會山對擬議稅收分配的反應。