比特幣在歷史上首次刺穿了$ 110k的門檻

比特幣在5月22日的歷史上首次刺穿了110,000美元的門檻，並在binance上打印了110,867美元的盤中高點

Bitcoin price pierced the $111,000 threshold for the first time in history on Monday, printing an intraday high of $111,867 on Binance.

比特幣的價格在周一歷史上首次刺入了111,000美元的門檻，並在二元上打印了111,867美元的盤中高點。

The latest leg of the rally is being propelled by a tight confluence of catalysts that span institutional flows, corporate balance-sheet accumulation and mounting macro-economic stress.

拉力賽的最新腿是由跨越機構流動，公司平衡表積累和安裝宏觀經濟壓力的催化劑的緊密融合所推動的。

#1 Spot Bitcoin ETF Inflows

＃1位比特幣ETF流入

From Wall Street to BlackRock’s (NYSE:BLK) vaults, US spot bitcoin ETFs have become a one-way conduit of fresh capital. Farside Investors tallied $607.1 million of net subscriptions on Monday, of which a blockbuster $530.6 million went into iShares Bitcoin Trust (NYSE:IBIT).

從華爾街到貝萊德（NYSE：BLK）拱頂，美國現貨比特幣ETF已成為新鮮資本的單向管道。 Farside Investors在周一籌集了6.071億美元的淨訂閱，其中一筆轟動一時的5.3億美元進入了Ishares Bitcoin Trust（NYSE：IBIT）。

That pushed the 11-day haul to more than $2.7 billion and lifted cumulative net inflows across the complex past $42 billion—an unprecedented pace for a six-month-old asset class.

這將11天的運輸幅度提高到了超過27億美元，並取消了過去420億美元的累積淨流入，這是一個六個月大的資產類別的前所未有的速度。

"Over $500mil into iShares Bitcoin ETF...Nearly $2 bil just over past week or so. Inflows 26 of past 27 days. $7+bil in new $$$ overall. Given trading volume today, expect these inflow numbers to increase," ETF Store president Nate Geraci said in a recent post on X.

“過去一周左右的iShares比特幣ETF的5億美元超過5億美元。過去27天的流入26天。總體上新$$$ $ 7+bil。當今的交易量，預計這些流入數量會增加。”

Bloomberg’s Eric Balchunas added that IBIT is posting "its 2nd biggest volume day ever today. Classic feeding frenzy in effect, new ATHs will do that, e.g., last time traded this much was 1/23 (last ATH). All the btc ETFs are elevated, most gonna see 2x their average. Flows incoming."

彭博社的埃里克·巴爾奇納斯（Eric Balchunas）補充說，伊比特（Ibit）發布了“當今有史以來第二大卷日。經典的餵養狂潮實際上，新的aths將做到這一點，例如上次交易的是1/23（最後一個ath）。所有的BTC ETF都抬高了，大多數人都會看到2x的平均水平。

#2 Bitcoin Treasury Companies

＃2比特幣國庫公司

Parallel to the ETF torrent, a new cohort of listed companies is adopting bitcoin as a primary treasury asset. Besides Strategy (NASDAQ:STGY) and Metaplanet (NASDAQ:MPTX), these companies bought billions of dollars in bitcoin in recent weeks.

與ETF Torrent平行，新的上市公司正在採用比特幣作為主要財政資產。除戰略（NASDAQ：STGY）和Metaplanet（NASDAQ：MPTX）外，這些公司最近幾週購買了數十億美元的比特幣。

Cantor Fitzgerald is planning to take Twenty One Capital public via a SPAC deal valued at $3.6 billion with more than 42,000 BTC on its books, backed by Tether, Bitfinex and SoftBank. Strive Asset Management is merging with Asset Entities on Nasdaq to create what it calls the first publicly traded asset-manager-led bitcoin treasury company, equipped with a live $1 billion shelf to keep buying coin.

坎托·菲茨杰拉德（Cantor Fitzgerald）計劃通過一筆36億美元的SPAC交易，在其書籍上以超過42,000 btc的價格吸引21個資本公眾，並由Tether，Bitfinex和Softbank支持。 Strive Asset Management正在與納斯達克股票的資產實體合併，以創建它所謂的首個公開交易的資產管理器主導的比特幣財政部公司，該公司配備了10億美元的現場貨架來繼續購買硬幣。

Battery-tech firm KULR Technology Group (NASDAQ:KULT) lifted its stack to 800 BTC this week following a fresh $9 million purchase.

電池技術公司Kulr Technology Group（NASDAQ：KULT）將其堆棧提升到本週的800 BTC，此前購買了900萬美元。

Elsewhere, India’s Jetking Infotrain, Indonesia’s DigiAsia Corp, Brazil’s fintech Méliuz, France’s state lender Bpifrance and David Bailey’s Nakamoto Holdings, now merging with KindlyMD to build “the first decentralised bitcoin treasury network,” among others, have all unveiled accumulation strategies within the past month. Collectively these firms represent billions of dollars in spot, largely price-insensitive demand.

在其他地方，印度的Jetking Infotrain，印度尼西亞的Digiasia Corp，巴西的金融技術Méliuz，法國的國家貸方Bpifrance和David Bailey的Nakamoto Holdings，現在與BindlyMD合併，以建立“第一個分散的比特幣國庫網絡”，其中包括所有尚未累積的策略。這些公司共同代表了數十億美元的現貨，在很大程度上不敏感的需求。

#3 The New Narrative: A Brewing Macro Storm

＃3新敘事：釀造的宏觀風暴

The macro backdrop is pouring fuel on the fire. Japanese super-long government bonds—once synonymous with near-zero yields—went bid-less on Wednesday, sending the 30-year JGB yield to a record 3.14 %.

宏觀背景在火上倒了燃料。日本超級政府債券（以接近零收益率的代名詞）在周三獲得競標，將30年的JGB收益率發送至創紀錄的3.14％。

The move tightens the feedback loop linking Tokyo and Washington: Japanese institutions are among the largest foreign holders of US Treasuries, and analysts warn that disorderly JGB liquidations could force sales of US debt just as the Treasury must roll over roughly $8 trillion this year.

這一舉動加強了將東京和華盛頓聯繫起來的反饋循環：日本機構是美國國庫中最大的外國持有人之一，分析師警告說，不當的JGB清算可能會迫使美國債務的銷售，就像國庫在今年必須超過約8萬美元。

With the WSJ Dollar Index down more than 10% from its January peak and CFTC data showing the biggest speculative short position since mid-2023, investors are casting around for alternatives to sovereign paper.

由於WSJ Dollar指數從1月份的峰值下降了10％以上，CFTC數據顯示了自2023年中以來最大的投機職位，因此投資者正在為Sovereign Paper提供替代方案。

"Bond yields are going up. Normally that’s not a good thing... But inflation is falling all the time. The story is liquidity. There’s a lack of liquidity in the bond market, and when yields get too high the government’s reaction function is always and in every case to print more money," macro guru Raoul Pal noted.

“債券收益率上升。通常這不是一件好事……但是通貨膨脹一直在下降。故事是流動性。債券市場缺乏流動性，當收益率過高時，政府的反應功能總是而且在每種情況下都可以打印更多的錢，” Macro Guru Raoul Pal指出。

Global liquidity dynamics add to the case. Global M2—aggregating the money stock in the US, euro-area, China and Japan—bottomed late last year and has risen 3–4 % year-to-date, according to multiple trackers. Bitcoin price inflections typically lag global-M2 turns by about three months; the current rally arrived almost on schedule.

全球流動性動態增加了案例。根據多個跟踪器的數據，全球M2（將美國，歐洲地區，中國和日本的貨幣股票匯總為去年年底，並已上漲了3-4％。比特幣價格變化通常會落後全球-M2大約三個月；目前的集會幾乎按計劃到達。

As crypto analyst Kevin (@Kev_Capital_TA) observed in a recent post on X, "Dollar goes down, global liquidity rises, BTC goes higher."

正如加密分析師Kevin（@Kev_Capital_TA）在最近的X上觀察到的那樣，“美元下降，全球流動性上升，BTC更高。”

For some market veterans, the price action signals a deeper behavioral shift.

對於某些市場退伍軍人而言，價格行動標誌著行為的更深變化。

"We are watching BTC transform from a risk-on asset to a risk-off asset," Multicoin Capital co-founder Tushar Jain wrote after Wednesday’s bond rout and dollar sell-off.

Multicoin Capital聯合創始人Tushar Jain在周三的債券潰敗和美元拋售之後寫道：“我們正在觀察BTC從風險上的資產轉變為冒險資產。”