比特幣收於96,572美元，比上週增長2.8％，而以太坊的收入為1,841美元，增長了4.0％。

本週，市場表現出經濟放緩的跡象，因為第一季度的美國GDP記錄了0.3％的收縮，以及諸如ADP私人工資單和震撼工作空缺等就業指標，沒有期望。

In the first week of May 2025, the virtual asset market continued its upward trend despite poor economic indicators from the United States, rendering interest rate cut expectations. Bitcoin closed at $96,572, up 2.8% from the previous week, while Ethereum finished at $1,841, up 4.0%.

在2025年5月的第一周，儘管美國的經濟指標較差，但虛擬資產市場仍在繼續其上升趨勢，這使人們降低了預期的利率。比特幣收於96,572美元，比上週增長2.8％，而以太坊的收入為1,841美元，增長了4.0％。

This week, the market showed signs of economic slowdown as the U.S. GDP for the first quarter recorded a 0.3% contraction, along with employment indicators such as ADP private payrolls and JOLTs job openings falling short of expectations. However, the interpretation that these poor economic indicators actually increased the likelihood of interest rate cuts spread, leading to a reversal in the risk asset market.

本週，市場表現出經濟放緩的跡象，因為第一季度的美國GDP記錄了0.3％的收縮，以及諸如ADP私人工資單和震撼工作空缺等就業指標，沒有期望。但是，這些不良經濟指標實際上增加了降低利率降低的可能性的解釋，導致風險資產市場的逆轉。

The stock market, including the S&P 500 and Nasdaq, also rebounded on expectations of interest rate cuts, and the virtual asset market showed synchronized movements. In particular, on the 28th, a net inflow of about $600 million in Bitcoin spot ETFs occurred, providing strong momentum from a supply and demand perspective.

包括標準普爾500指數和納斯達克在內的股票市場也對降低利率的期望也反彈，虛擬資產市場顯示出同步的運動。特別是，在28日，發生了大約6億美元的比特幣現場ETF淨流入，從供求的角度來看，勢頭強勁。

◇ Strategy achieves 13.7% BTC revenue... presents a new paradigm for corporations' asset management

◇策略達到13.7％的BTC收入...為公司資產管理提供了新的範式

Strategy, one of the publicly listed companies with the largest Bitcoin holdings (formerly MicroStrategy), recorded a 13.7% revenue from Bitcoin this year. This represents an evaluation gain of approximately $5.8 billion, equivalent to around 61,000 BTC. Strategy has raised its annual revenue target from the previous 15% to 25% through an official announcement and increased its annual Bitcoin revenue target to $15 billion.

戰略是最大的比特幣控股公司（以前是MicroStrategy）的公開上市公司之一，今年從比特幣中獲得了13.7％的收入。這表示評估收益約為58億美元，相當於約61,000 BTC。戰略通過正式宣布將其年收入目標從前15％提高到25％，並將其年度比特幣收入目標提高到150億美元。

Before this earnings announcement, MicroStrategy disclosed that it had purchased about 6,556 BTC from April 14 to 20. The total purchase amount was $555.8 million, with an average purchase price of approximately $84,785. Consequently, the cumulative holdings amount to 538,000 BTC, with an overall acquisition cost of about $67,766. The funding for the purchase was secured through the issuance of common stock and STRK preferred shares.

在此收益公告之前，MicroStrategy透露，它從4月14日至20日購買了約6,556 BTC。總購買額為5.558億美元，平均購買價格約為84,785美元。因此，累積持有量為538,000 BTC，總體收購成本約為67,766美元。購買的資金是通過發行普通股和Strk優先股獲得的。

It is rare for corporations to consistently purchase Bitcoin and operate it as a core asset on their balance sheets. This signals that Strategy is shifting Bitcoin from being a mere alternative asset to a central element of corporate asset management. Such a strategy may indicate a new direction for corporate financial strategies in the future. Additionally, at this point of expanding ETF and institutional demand, Strategy's active buying is expected to play a positive role in terms of stability and liquidity in the market.

公司很少能始終購買比特幣並將其作為資產負債表上的核心資產運營。這表明策略將比特幣從僅僅是替代資產轉變為公司資產管理的核心要素。這種策略可能會表明將來公司財務戰略的新方向。此外，在擴大ETF和機構需求的這一點上，戰略的積極購買預計將在市場上的穩定性和流動性方面發揮積極作用。

◇ SEC again postpones approval of XRP and DOGE spot ETFs… waiting for a decision by the end of the year

◇SEC再次推遲XRP和Doge Spot ETF的批准…等待在年底之前等待決定

The U.S. Securities and Exchange Commission (SEC) postponed its decisions on approving the Ripple (XRP) and Dogecoin (DOGE) spot ETFs that Franklin Templeton and Bitwise applied for, respectively, to June 17 and 15. The SEC stated that it needs time to review the proposed rule changes, but experts predict additional postponements similar to those during the Bitcoin ETF discussions until the fourth quarter of this year.

美國證券交易委員會（SEC）推遲了其批准富蘭克林·鄧普頓（Franklin Templeton）和比特韋（Bitwise）分別申請到6月17日和15日的決定，分別申請了富蘭克林·鄧普頓（Franklin Templeton）和比特威爾（Bitwise）的決定。 SEC表示，它需要審查所提出的規則變化，但要審查了與這些額外的次數更改相似的時間。

This postponement is significant as it is one of the first major judgments by the new SEC Chair, Paul Atkins. ChairAtkins has been stressing the need for a "clear regulatory framework" and has dropped hints at a pro-crypto stance, with the market expecting a gradual easing of the environment for altcoin ETF reviews. Although the approval timeline has been delayed, the expansion of spot ETFs could be a critical factor in the institutional influx and entry into the regulated market, rendering attention to the direction of the XRP ETF.

這種推遲意義重大，因為它是新的SEC主席保羅·阿特金斯（Paul Atkins）的首要判斷之一。主席一直在強調需要“明確的監管框架”，並提示了一個親克賴特託的立場，市場預計，市場將逐漸消除altcoin ETF評論的環境。儘管批准時間表已延遲，但斑點ETF的擴展可能是機構湧入和進入受監管市場的關鍵因素，從而使人們注意XRP ETF的方向。

"This week's market showed a typical liquidity trend where 'bad news works as good news,' interpreting the slowdown in real indicators as a justification for interest rate cuts," said Hwang Hyo-jun, a researcher at Jangle. However, he added that whether the expectations for interest rate cuts will be maintained depends on the CPI and FOMC results to be announced next week, which will be key variables determining the future direction.

Jangle的研究人員Hwang Hyo-Jun說：“本週的市場顯示出一種典型的流動性趨勢，在這種趨勢中，'壞消息是個好消息，'將實際指標的放緩解釋為降低利率的理由。”但是，他補充說，是否將保持對降息的期望是否取決於CPI和FOMC結果，下週將宣布這是確定未來方向的關鍵變量。

☞ CrossAngle is providing essential operating solutions and trust-based community building services based on on-chain data for companies and foundations adopting Web3. It also operates the crypto data intelligence platform Jangle, and the Jangle research team is making content to highlight trends in the virtual asset investment industry using global virtual asset information and data.

☞Crossangle根據公司和採用Web3的公司的鍊鍊數據提供基於信任的社區建築服務和基於信任的社區建築服務。它還運營著加密數據情報平台jangle，而Jangle研究團隊正在使用全球虛擬資產信息和數據來強調虛擬資產投資行業的趨勢。