“比特幣的價格在五月一直在穩步上漲，到目前為止，比特幣的價格上漲了16％”

“我們進入了一個替代宇宙，與4月初，當全球宏觀擔憂達到頂峰，比特幣跌至74,000美元時”

As global macro concerns reached their peak in early April and bitcoin fell to $74,000, the price of the cryptocurrency has since rebounded by 38% to hit $103,000 on Thursday.

隨著全球宏觀擔憂在4月初達到頂峰，比特幣降至74,000美元，此後，加密貨幣的價格上漲了38％，在周四達到了103,000美元。

“We’ve entered an alternate universe very different from early April when global macro concerns were at their peak and bitcoin slumped to $74,000,” he added. “It’s possible a three-month window has opened for risk assets to thrive as a broader agreement between the U.S. and China is thrashed out.”

他補充說：“我們進入了一個替代宇宙，與4月初，全球宏觀擔憂達到頂峰，比特幣跌至74,000美元。” “隨著美國和中國之間更廣泛的協議被淘汰，有可能為風險資產開放一個三個月的窗口。”

After languishing for several weeks amid tariff-related uncertainty, bitcoin’s price has been steadily climbing in May, up 16% so far the month. Cumulative inflows into ETFs tracking the price of bitcoin surpassed $40 billion last week and have seen just two days of outflows in May. The cryptocurrency has benefited from both liquidity in the stock market giving a boost to risk assets, as well as recent risk-off scenarios related to concerns about tariffs and deficits in the U.S. that have driven gains in gold as well as bitcoin.

在與關稅相關的不確定性中萎縮了幾個星期後，比特幣的價格在5月穩步上漲，到目前為止，比特幣的價格上漲了16％。累積流入ETF的累積跟踪比特幣價格上週超過了400億美元，並且在5月只有兩天的流出。加密貨幣從股票市場的流動性中受益，從而促進了風險資產，以及最近與對美國關稅和赤字的擔憂以及驅動黃金和比特幣促進收益的關注相關的風險。

On-chain data also shows lower selling pressure as indicated by bitcoin inflows into exchanges and increased liquidity in the crypto market as measured by new records of the amount of Tether stablecoin USDT, a gauge of crypto market liquidity, sitting on exchanges, according to CryptoQuant.

鍊鍊數據還顯示了較低的銷售壓力，如比特幣流入交流和加密市場流動性增加所表明的那樣，通過新的記錄，據置於交流的加密市場流動性的鏈球鏈球菌stablecoin usdt的新記錄。

Investors have been expecting upcoming catalysts, including regulatory updates as well as corporate treasury investments, to drive bitcoin prices higher. Since the beginning of the year, the number of bitcoin held by public companies has grown 31% to about $349 billion, according to Bitcoin Treasuries. That comprises 15% of the total bitcoin supply.

投資者一直期望即將推出的催化劑，包括監管更新以及公司財政投資，以提高比特幣價格。根據比特幣國庫，自今年年初以來，上市公司持有的比特幣數量已增長31％，達到3490億美元。這佔比特幣供應總額的15％。

Earlier this week, the Senate voted to advance legislation that would create the first regulatory framework in the U.S. for stablecoins, a key sector of the crypto market. President Donald Trump has said he wants to see crypto regulation on his desk and ready to sign by August before Congress is in recess.

本週早些時候，參議院投票決定推進立法，這將在美國為加密貨幣市場的關鍵部門stablecoins創建第一個監管框架。唐納德·特朗普（Donald Trump）總統表示，他想在桌子上看到加密貨幣監管，並準備在國會休會前的八月簽署。

Also this month, Coinbase joined the S&P 500 benchmark stock index, which Wall Street has praised as a watershed moment for the crypto industry.

同樣，本月，Coinbase加入了標準普爾500基準股票指數，華爾街對加密貨幣行業的分水嶺表示讚賞。