比特幣的價格贏得了他們的最新紀錄。

比特幣的價格較高，攀升至新鮮的，歷史最近的近110,000美元

Bitcoin prices shot higher on Monday, climbing to a fresh, all-time high after “three structural tailwinds” came together to drive the digital currency higher, stated one analyst.

一位分析師說，週一的比特幣價格較高，在“三個結構性尾風”匯聚在一起以使數字貨幣更高的情況下，攀升至新鮮的歷史最高升高。

According to Centeralized Exchange (CEX) data from TradingView at press time, BTC shot as high as $109,914.

根據媒體交易中的核心交易所（CEX）數據，BTC售價高達109,914美元。

“Bitcoin’s push through the $109K mark isn’t a speculative blip—it’s the culmination of three structural tailwinds converging at once,” said Austin King, the cofounder of Omni Network, stated via email.

Omni Network的共同創始人Austin King表示：“比特幣的推動力並不是投機性的，這是三個結構性尾風的最高點。”

“First, record-setting demand from U.S. spot ETFs is absorbing supply faster than miners can create it after last year’s halving, with BlackRock’s IBIT logging a 20-day inflow streak and total ETF inflows topping $3B in May alone.”

“首先，美國ETF的創紀錄需求比礦工在去年的減半後可以更快地吸收供應，而貝萊德（Blackrock）的IBIT記錄了20天的流入紀錄，而總共ETF流入了5月的$ 3B。”

“Second, policymakers are shifting from hostility to embrace: the Senate’s bipartisan GENIUS stablecoin bill and Texas’ move toward a state-level Strategic Bitcoin Reserve both widen the regulatory aperture and give institutions the confidence to allocate.”

“其次，決策者正在從敵對行動轉變為擁抱：參議院兩黨的天才stablecoin法案和德克薩斯州邁向州級戰略比特幣儲備，既擴大了監管機構，又使機構具有分配的信心。”

“Third, a renewed bid for inflation hedges is pulling in large allocators—Blackstone just made its first ETF purchase—while everyday investors look for protection against sticky price pressures.”

“第三，重新競標通貨膨脹對沖，大型分配器（Blackstone剛剛購買了ETF），同時日常投資者正在尋求防止粘性價格壓力的保護。”

The market observer indicated that this third structural tailwind.

市場觀察者表明，這是第三個結構逆風。

Pointing to the "intense desire" that investors have had for bitcoin as of late, Julio Moreno, head of research at CryptoQuant, provided hard evidence of this demand.

CryptoQuant的研究主管Julio Moreno指出了投資者對比特幣的“強烈願望”，這為這一需求提供了艱難的證據。

“I would say that Prices reached a fresh all-time high amid the ongoing growth in spot Bitcoin demand by US investors. This is evident in the positive Coinbase Bitcoin price premium,” he stated via Telegram.

他通過Telegram表示：“我要說的是，在美國投資者的現貨比特幣需求中持續的增長中，價格達到了新鮮的高度。

The chart below illustrates how this indicator has risen in recent weeks:

下圖說明了該指標最近幾週的上升方式：

Coinbase Premium

Moreno provided additional data, stating that “the total balance of large Bitcoin investors/holders (whales) has climbed to 3.57 million Bitcoin, approaching the record high of 3.75 million reached in February 2021," defining a whale as an investor with at least 1,000 units of bitcoin.

莫雷諾（Moreno）提供了其他數據，並指出：“大型比特幣投資者/持有人（鯨魚）的總餘額已攀升至357萬比特幣，接近2021年2月的創紀錄的375萬比特幣”，將鯨魚定義為具有至少1,000個比特幣單位的投資者。

“This also indicates that there’s growing demand from large investors.”

“這也表明，大型投資者的需求不斷增長。”

The chart below illustrates how this figure (the total bitcoin held by these investors) has pushed higher over the last year or so:

下圖說明了這個數字（這些投資者持有的總比特幣）在過去一年左右的時間裡如何提高：

Chart of the total number of so-called whales (investors with at least 1,000 units of bitcoin).

所謂的鯨魚總數（至少有1,000個比特幣的投資者）。

Institutional Investors Join In

機構投資者加入

Speaking of whales, Ben Kurland, CEO at crypto research platform DYOR, weighed in on how institutional investors are becoming increasingly involved in the space.

談到鯨魚，加密研究平台染料的首席執行官本·庫蘭（Ben Kurland）衡量了機構投資者如何越來越多地參與該領域。

“Bitcoin just printed a new all-time high, and it didn’t ask for permission. This is what institutional adoption looks like: steady, relentless, and inevitable,” he said via email.

他通過電子郵件說：“比特幣只是打印了一個新的歷史最高水平，它沒有要求獲得許可。這是機構採用的樣子：穩定，無情和不可避免的。”

“The market is no longer driven by hype alone; it’s being driven by conviction and deep pockets. But this isn’t just a price milestone. It’s a credibility milestone," Kurland added.

庫蘭德補充說：“市場不再僅僅由炒作驅動；它是由信念和深層口袋驅動的。但這不僅僅是價格里程碑。這是一個信譽的里程碑。”

Elaborating on this last point, he noted that “Hitting a new all time high (especially in the wake of decoupling from the traditional markets) shows Bitcoin has earned its place as a credible part of the global financial system.”

在最後一點上，他指出：“擊中新的歷史新高（尤其是在傳統市場與傳統市場脫鉤的情況下）表明，比特幣已成為全球金融體係可靠的一部分。”

Kurland elaborated on what all this means for the world’s most prominent digital asset.

Kurland詳細闡述了這對世界上最傑出的數字資產意味著什麼。

“Bitcoin has now weathered more than a decade of volatility, regulation, and skepticism, and emerged stronger each time. The narrative is shifting from speculation to staying power, and that shift is exactly what’s fueling this breakout."

“比特幣現在已經風化了十多年的波動，調節和懷疑，每次都變得更加強大。敘事正在從猜測轉移到持續力量，而這種轉變正是這種轉變的原因是這種突破的影響。”