比特幣飆升超過110,000美元，達到了新的歷史最高水平

在5月22日星期四的亞洲交易時間裡，比特幣從周三的109,800美元的峰值飆升了4％以上，達到了新的歷史最高點111,544美元。

Bitcoin broke through its previous all-time high during early Asian trading hours on Thursday, May 24, surging above the $109,800 peak reached on Wednesday.

比特幣在5月24日星期四的亞洲早期交易時間裡打破了以前的歷史高峰，飆升至週三達到的109,800美元高峰。

According to multiple reports, the cryptocurrency rose above the $111,544 mark during the early morning hours. The milestone follows a brief dip to $106,000 and shows growing investor appetite for alternative assets amid rising macroeconomic uncertainty.

根據多個報導，在清晨，加密貨幣上升了111,544美元。這一里程碑是短暫的下降到106,000美元的，這表明，在宏觀經濟不確定性上升的情況下，投資者對替代資產的需求不斷增長。

The immediate catalyst appears to be the weak demand in the U.S. Treasury’s $16 billion 20-year bond auction on May 21. Investors pushed for lower prices, which in turn drove bond yields above 5.1%.

直接催化劑似乎是5月21日在美國財政部進行160億美元債券拍賣的需求疲軟。投資者推動了較低的價格，這又推動了債券收益率高於5.1％。

In bond markets, yields and prices move inversely, meaning that when demand falls, prices drop and yields rise. Bonds are usually more appealing when yields are higher, but when yields rise too quickly because of poor demand, it may be an indication that people are losing faith in government debt.

在債券市場中，收益率和價格成反比，這意味著當需求下降時，價格下跌並增加。當收益率較高時，債券通常更具吸引力，但是當收益率由於需求較差而迅速上升時，這可能表明人們對政府債務失去了信心。

The ripple effect extended across other maturities, with the 10-year and 30-year U.S. Treasury yields climbing to 4.58% and 5.08%, respectively. Additionally, Japan’s 30-year yield jumped to a record 3.19%. Given that long-term government debt is typically seen as a safe haven in the global bond market, these moves point to a wider sense of unease.

連鎖反應跨越了其他到期，美國財政部的10年和30年的收益分別攀升至4.58％和5.08％。此外，日本的30年收益率躍升至創紀錄的3.19％。鑑於長期政府債務通常被視為全球債券市場中的避風港，這些舉動表明了更加不安的感覺。

“The real concern isn’t just about U.S. debt—it’s a global issue,” analysts at The Kobeissi Letter wrote on an X thread on May 21. “Government bonds are no longer reliably playing their safe-haven role during market stress.”

“真正的擔憂不僅是美國債務，這是一個全球問題，” Kobeissi信函中的分析師在5月21日在X線程上寫道。 “政府債券不再可靠地在市場壓力中可靠地扮演安全角色。”

As a result, investors appear to be reallocating capital into assets like Bitcoin (BTC), which are increasingly seen as hedges against inflation, fiscal instability, and currency devaluation.

結果，投資者似乎正在將資本重新分配給像比特幣（BTC）這樣的資產，這些資產越來越被視為反對通貨膨脹，財政不穩定和貨幣貶值的樹籬。

On-chain data supports this rotation. Bitcoin’s realized market cap has crossed $912 billion, marking a $27 billion capital inflow since early May. Exchange inflows have dropped 82% since November, according to CryptoQuant, suggesting fewer holders are selling.

鏈上數據支持此旋轉。比特幣的實現市值已經超過9120億美元，這是5月初以來的270億美元資本流入。據加密富裕人士稱，自11月以來，交換流入量下降了82％，這表明持有人的銷售量減少了。

Meanwhile, Tether (USDT) balances on exchanges, seen as a proxy for crypto buying power, have hit a record $46.9 billion.

同時，Tether（USDT）在交易所的餘額（被視為加密購買力的代理人）達到了創紀錄的469億美元。

Bitcoin just hit a new all-time high.Exchange inflows are down 82% since November.USDT reserves at $46.9B—liquidity is booming. pic.twitter.com/oQ0dDldVoZ

比特幣剛剛達到了新的歷史最高水平。自11月以來的交換流入下降了82％。 USDT儲備金為$ 46.9B-液體蓬勃發展。 pic.twitter.com/oq0ddldvoz

Institutional demand is also rising. Bitcoin exchange-traded funds have attracted more than $4.24 billion in inflows over the past month, as per SoSoValue data.

機構需求也在增加。根據Sosovalue數據，在過去一個月中，比特幣交易所交易的資金吸引了超過42.4億美元的流入。

In addition, Strategy recently added $765 million worth of BTC, bringing its total holdings to over $63 billion.

此外，戰略最近增加了價值7.65億美元的BTC，其總持股量超過630億美元。

With public companies now holding 15% of all Bitcoin in circulation, and traditional safe havens under pressure, Bitcoin’s role as a macro hedge is being tested, and so far, it’s holding up.

由於上市公司的流通量佔據了所有比特幣的15％，並且傳統的避風港在壓力下，比特幣作為宏觀樹籬的作用正在測試，到目前為止，它一直保持著。