比特幣的上升主導地位：對固定規則的信任

比特幣優勢 - 其在加密貨幣市值總數中的份額 - 在2025年5月達到65％，是四年來最高的。

The cryptocurrency market continues to be defined by volatility and uncertainty, leading to a preference for assets with fixed, predictable rules. As institutions and states seek stability in a financial landscape where digital assets can be adjusted, frozen, or reprogrammed, Bitcoin is emerging as a strategic asset.

加密貨幣市場繼續由波動性和不確定性定義，從而偏愛具有固定，可預測的規則的資產。隨著機構和國家在可以調整，冷凍或重新編程的數字資產的金融環境中尋求穩定，比特幣正在作為一種戰略資產。

This week, Block (formerly Square) disclosed a new Bitcoin purchase, adding to the growing number of public companies holding the cryptocurrency on their balance sheets. Meanwhile, U.S. states are also exploring Bitcoin reserves, highlighting a broader interest in safeguarding value against economic uncertainty.

本週，Block（以前是Square）披露了新的比特幣購買，這增加了越來越多的上市公司，將其保存在資產負債表上。同時，美國各州也在探索比特幣儲備，強調了對保護價值免受經濟不確定性的更廣泛興趣。

Moreover, institutional inflows into spot Bitcoin ETFs are surging, signaling a shift toward recognizing Bitcoin as a reserve asset with predictable rules. These institutions are buying the underlying asset on exchanges, rather than investing in products that track Bitcoin's price without direct ownership.

此外，機構流入斑點比特幣ETF正在激增，這表明向認識到比特幣是具有可預測規則的儲備資產的轉變。這些機構正在購買交易所的基本資產，而不是投資於沒有直接所有權的產品的產品。

Finally, the European Central Bank is expected to make a final decision on the digital euro by late 2025, positioning it as a state-backed alternative to private stablecoins.

最後，預計歐洲中央銀行將在2025年末對數字歐元作出最終決定，將其定位為私人穩定股的國家支持的替代品。

Here’s a closer look at what's happening with Bitcoin, stablecoins, and central bank digital currencies (CBDCs).

仔細研究了比特幣，穩定幣和中央銀行數字貨幣（CBDC）的情況。

Bitcoin's Rising Dominance: Trust in Fixed Rules

比特幣的上升主導地位：對固定規則的信任

Bitcoin's dominance—its share of the total cryptocurrency market cap—hit 65% in May, the highest in over four years. This marks a return to high levels of dominance last seen in 2019, showcasing a preference for the world's leading cryptocurrency among investors.

比特幣的統治地位（在加密貨幣市值總數中佔據了總數）在5月份佔65％，這是四年來最高的。這標誌著2019年最後一次出現的占主導地位的重返水平，這表明了投資者中全球領先的加密貨幣的偏愛。

This shift is highlighting a broader theme in the crypto market: a preference for assets with fixed, predictable rules in a landscape of volatility and uncertainty.

這種轉變強調了加密市場中更廣泛的主題：在波動性和不確定性景觀中具有固定，可預測規則的資產的偏愛。

While many crypto assets adjust supply schedules, alter monetary rules, or engage in activity to maintain price levels, Bitcoin's framework remains consistent. Its issuance schedule is defined, and the network continues operating according to predefined rules.

儘管許多加密資產調整了供應時間表，更改貨幣規則或從事維持價格水平的活動，但比特幣的框架仍然一致。定義了其發行時間表，並且網絡根據預定義的規則繼續運行。

This predictability is what differentiates Bitcoin in a market where other assets can be adjusted or optimized. For instance, Ethereum's shift to proof of stake in 2022 fundamentally changed the nature of the asset, and it has since dropped 74% against Bitcoin.

這種可預測性是在可以調整或優化其他資產的市場中與比特幣區分開的。例如，以太坊在2022年向股份證明的轉變從根本上改變了資產的性質，此後對比特幣降低了74％。

However, despite this decline, Ethereum's price has dropped even more sharply against the dollar—having fallen 79% since August 2022. This indicates that investors may be reconsidering the stability of assets that can adjust their supply schedules or consensus rules.

然而，儘管有這種下降，以太坊的價格卻降低了美元，但自2022年8月以來的價格下降了79％。這表明投資者可能正在重新考慮可以調整其供應時間表或共識規則的資產的穩定性。

But the rise in Bitcoin dominance isn't just about crypto; it also reflects broader economic uncertainty, where investors are seeking assets with rules that don't change, even as monetary systems become more programmable and open to manipulation.

但是，比特幣優勢的上升不僅僅是加密貨幣。這也反映了更廣泛的經濟不確定性，即使貨幣制度變得更加可編程並接受操縱，投資者正在尋求沒有改變規則的資產。

Adjustability and Uncertainty

可調性和不確定性

While Bitcoin's dominance is rising as investors seek assets with fixed frameworks, the broader crypto market takes a different approach—one of adjustability and optimization.

隨著投資者尋求具有固定框架的資產，比特幣的主導地位正在上升，但更廣泛的加密市場採用了不同的方法 - 可調節性和優化的一種。

Projects tweak supply schedules, modify consensus mechanisms, or issue new tokens to attract capital. The ability to pivot is often framed as a feature—offering more flexibility, faster scalability, or the capacity to adapt to changing market conditions.

項目調整供應時間表，修改共識機製或發行新令牌以吸引資本。樞軸的能力通常被構架為一個功能 - 具有更大的靈活性，更快的可伸縮性或適應不斷變化的市場狀況的能力。

Yet, when the rules can change, so can the value. A token's supply might increase unexpectedly, diluting existing holdings. Governance structures might shift, introducing new risks. The ability to alter the rules introduces uncertainty, especially in a market defined by speculation and hype.

但是，當規則可以更改時，值也可以。令牌的供應可能會出乎意料地增加，從而稀釋了現有的持股。治理結構可能會改變，引入新的風險。改變規則的能力引入了不確定性，尤其是在猜測和炒作定義的市場中。

Bitcoin, however, doesn't adjust to fit new narratives. Its rules are fixed—a contrast to assets that can be altered, restructured, or inflated. As investors retreat to predictability, Bitcoin's rising dominance reflects this preference for an asset that doesn't change with the market's whims.

但是，比特幣並未適應新的敘述。它的規則是固定的，與可以更改，重組或膨脹的資產形成對比。當投資者撤退可預測性時，比特幣的上升優勢反映了這種對市場異想天開的資產的偏愛。

Stablecoins: Practical Solutions, Centralized Risks

Stablecoins：實用解決方案，集中風險

In a world where local currencies are volatile, banking infrastructure unreliable, and financial systems can be fragile, stablecoins have become a financial lifeline.

在當地貨幣波動的世界中，銀行基礎設施不可靠，金融系統可能是脆弱的，穩定的穩定人已成為財務生活方式。

In 2024, Tether (USDT) alone facilitated over $20 trillion in transaction volume—a staggering figure that showcases the incredible demand for stable, fiat-pegged assets in unpredictable markets.

在2024年，僅限束縛（USDT）便利了超過20萬億美元的交易量，這是一個驚人的數字，在無法預測的市場中展示了對穩定的，菲亞特 - 觀察資產的難以置信的需求。

For people facing hyperinflation, currency devaluation, or limited access to financial services, holding digital dollars can feel like a safe haven. It provides a measure of stability in a chaotic economic landscape.

對於面臨過度通貨膨脹，貨幣貶值或對金融服務訪問有限的人來說，持有數字美元的人可能會感覺像是一個避風港。它提供了混亂的經濟格局中穩定性的衡量標準。

But that stability is relative. Stablecoins may hold their peg to the dollar, but the dollar itself continues to lose purchasing power over time. This matters because, ultimately, stablecoins are pegged to fiat currencies, inheriting their strengths and weaknesses.

但是這種穩定是相對的。 Stablecoins可能會將其固定在美元上，但美元本身會隨著時間的流逝而繼續失去購買力。這很重要，因為最終，穩定的穩定屬於法定貨幣，繼承了它們的優勢和缺點。

The trade-off is clear: stablecoins may protect against local currency collapses, but they're still controlled by centralized issuers who can freeze assets, blacklist addresses, or comply with regulatory orders. In 2024, multiple incidents of frozen USDT accounts occurred, highlighting the vulnerabilities of relying on assets that can be halted or confiscated at will.

權衡很明顯：Stablecoins可能會預防當地貨幣崩潰，但仍由可以凍結資產，黑名單地址或遵守監管命令的集中發行人控制。在2024年，發生了凍結的USDT帳戶的多次事件，突出了依靠可以隨意停止或沒收資產的漏洞。

While stablecoins might be less volatile than Bitcoin in the short term, their stability comes with conditions: issuer control, regulatory risk, and exposure to fiat's inflationary drift. While they can provide a temporary hedge

雖然在短期內，穩定的穩定性可能比比特幣揮發性少，但它們的穩定性伴隨著：發行人控制，監管風險和暴露於菲亞特的通貨膨脹漂移。雖然他們可以提供暫時的樹籬