比特幣比其2024年減半的比特幣增長了約63％

Fidelity Digital Assets在X上選擇了一篇文章，以構建其最新的研究說明：“比特幣比其2024年減半價格上漲了63％，其中27％的減半時期完成了。

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獅子和球員的足球價格有些柔和。每個arcu lorem，超級兒童或ullamcorper的足球仇恨。

Fidelity Digital Assets chose a single post on X to frame its latest research note: “Bitcoin is up ~63 % from its 2024 halving price with 27 % of this halving epoch completed. While past epochs saw triple-digit rallies, a new story may be unfolding: one of rising maturity, deeper adoption, and network resilience.”

富達數字資產選擇了X上的一篇文章，以構建其最新的研究說明：“比特幣比其2024年的減半價格上漲了63％，其中27％的減半時期完成了。雖然過去的上升階段看到了三位數的集會，但新故事可能正在展開：成熟的成熟度，更深的收養和網絡彈性。”

The tweet landed minutes after the firm released “2024 Bitcoin Halving: One Year Later,” authored by senior analyst Daniel Gray, who contends that the apparent lull in price action masks “a strengthening foundation.”

該公司在高級分析師丹尼爾·格雷（Daniel Gray）撰寫的“ 2024年比特幣減半：一年後的2024年比特幣減半：一年後”的推文降落。

Fidelity Flags Bitcoin’s Silent Surge

保真旗比特幣的無聲激增

“Bitcoin presents a nuanced narrative a year after its fourth halving, with signs pointing toward consolidation, network resilience, and growing institutional adoption,” Gray writes, adding that structural indicators “suggest a strengthening foundation.”

格雷寫道：“比特幣在第四次減半後一年提出了細微的敘述，指向鞏固，網絡彈性和日益增長的機構採用的跡象。”

While previous cycles delivered triple- and even quadruple-digit percentage gains by this stage, Gray argues the softer trajectory signals maturation: “History suggests that we would be well into the bull run at this point in the fifth epoch — but this cycle may be unfolding more cautiously.”

儘管以前的周期在此階段傳遞了三重甚至四倍數字的百分比，但格雷認為，較柔和的軌跡信號的成熟：“歷史表明，在第五個時期，我們將在這一點上跑得很好，但是這個週期可能會更加謹慎地展開。”

From a market-share perspective the data are unequivocal. “Bitcoin’s market dominance excluding stablecoins has risen to just over 72.4% as of 11 May, a new eight-year high,” Gray notes, pointing out that Ether and Solana have surrendered ground even as “fragmentation on the largest tail of assets has failed to produce a clear alternative leader.”

從市場共享的角度來看，數據是明確的。 Gray Notes指出，“比特幣的市場優勢（不包括Stablecoins，截至5月11日，新的八年高點已經上升到72.4％，”這是一個新的八年高。”

Related Reading: Bitcoin From Pizza Day Era Still On The Move, Glassnode Reveals

相關閱讀：Plassnode揭示了來自Pizza Day時代的比特幣仍在移動

On-chain security metrics tell a similar story: “Bitcoin’s daily hash-rate rose above one zetta hash per second twice in April, reflecting continued investment in mining infrastructure despite a 60 percent collapse in hash price since the halving,” he observes.

鍊鍊安全指標講述了一個類似的故事：“比特幣的每日哈希速率在四月份兩次兩次上升到一個Zetta Hash以上，這反映了自減半以來的哈希價格下跌60％，但仍在挖掘基礎設施的持續投資。”

Spot-market behaviour has begun to echo those fundamentals. Bitcoin printed a record intraday high of $109,486 on 21 May before extending above $111,000 on so-called Pizza Day, holding near $110,600 at press time.

現場市場行為已開始回應這些基本面。比特幣在5月21日印刷了紀錄的盤中高點109,486美元，然後在所謂的披薩日延長了$ 111,000，截至發稿時，持有近110,600美元。

The move has been underpinned by renewed demand from US spot ETFs, which drew $934.8 million of net subscriptions yesterday, May 22— the heaviest single-day haul in almost four weeks. Derivatives activity mirrors the trend: aggregate futures open interest reached a record $80 billion on May 23, up roughly 30% since the start of the month, according to CoinGlass data.

這一舉動得到了美國現場ETF的新需求的支持，該公司昨天5月22日吸引了9.348億美元的淨訂閱，這是將近四個星期內最重的單日運行。衍生品活動反映了趨勢：根據Coinglass Data的數據，自本月初以來，5月23日的期貨開放利息達到了創紀錄的800億美元，大約增長了30％。

Related Reading: Bitcoin Blasts To $111,867 All-Time High—Here’s What’s Driving The Surge

相關閱讀：比特幣爆炸至$ 111,867的歷史最高水平 - 在這裡驅動激增的原因

Meanwhile, funding rates in most crypto exchanges are at the baseline or below it. “This is the least euphoric new all-time highs in the history of Bitcoin,” crypto analyst Alex Krüger (@krugermacro) wrote via X.

同時，大多數加密交易所的資金率在基准或低於基準的位置。加密分析師AlexKrüger（@krugermacro）通過X寫道：“這是比特幣歷史上最不愉快的新歷史高潮。”

Gray cautions that investors should focus less on headline returns and more on the architecture taking shape beneath them. “Although returns have been more measured compared to previous cycles, structural metrics suggest a strengthening foundation. Overall, it appears Bitcoin is potentially maturing—something investors may find more notable than short-term price movement,” he writes.

格雷警告說，投資者應更少專注於標題回報，而更多地關注其形狀的建築。他寫道：“儘管與以前的周期相比，回報率更高，但結構指標表明基礎是加強基礎。總的來說，比特幣似乎可能是在成熟 - 投資者可能發現比短期價格變動更值得注意。”

His closing assessment is blunt: “One year post-halving, Bitcoin’s price performance may seem muted, but its fundamentals appear stronger than ever … this may be a cycle that redefines Bitcoin’s role in a modern portfolio.”

他的閉幕評估是直言不諱的：“稍作待售後一年，比特幣的價格表現似乎很柔和，但其基本面似乎比以往任何時候都更強大……這可能是一個重新定義比特幣在現代投資組合中的作用的周期。”

In other words, Fidelity’s message for would-be spectators is as clear as its headline: do not blink.

換句話說，Fidelity對可能的觀眾的信息與其標題一樣清晰：不要眨眼。

At press time, BTC traded at $109,563.

發稿時，BTC的交易價格為109,563美元。