比特幣再次超過$ 93,000

自2月以來，比特幣已定居為一個無盡的，幾乎吱吱作響的鞏固階段，在技術疲勞和戰略等待之間振盪。

Since February, bitcoin has been floundering in an endless, almost creaky consolidation phase, juggling technical fatigue and strategic waiting. While some were beginning to tire of this crabwise movement, sawing through the mythical $90,000 mark without managing to pierce it, the king of cryptocurrencies seems to have finally claimed back its scepter.

自2月以來，比特幣在一個無盡的，幾乎吱吱作響的鞏固階段一直在掙扎，雜耍技術疲勞和戰略等待。儘管有些人開始厭倦了這種狂熱的運動，但在神話般的90,000美元的景象卻不設法刺穿它時，加密貨幣之王似乎終於奪回了其權杖。

This comeback did not happen out of nowhere. It fits into a context of geopolitical easing, latent monetary euphoria, and institutional flows which, if not spectacular, are now constant. In short, the planets are realigning, and bitcoin, like a digital Phoenix, is rising again.

這種複出並非無處不在。它適合地緣政治寬鬆，潛在的貨幣欣快和機構流動的背景，即使不是壯觀，現在是不變的。簡而言之，行星是重新調整的，比特幣像數字鳳凰一樣，再次上升。

Bitcoin Surpasses $93,000 Again

比特幣再次超過$ 93,000

It did it. Yesterday, bitcoin managed to pierce again the symbolic $90,000 mark, even reaching a peak of $93,573 this morning in New York. A spectacular rise of 4.7% during the day, which comes after a long slump.

做到了。昨天，比特幣設法再次刺穿了象徵性的90,000美元，甚至今天早上在紐約達到了93,573美元的高峰。白天的壯觀上升為4.7％，這是在長期低迷之後。

Sticking to the facts, this new high coincides with renewed optimism about trade tensions between the United States and China. On one hand, Trump’s belligerent rhetoric against the Fed is softening. On the other, markets glimpse a breath of tariff peace. Result: the appetite for risk assets is revived, and bitcoin benefits from it.

堅持事實，這一新的高級與對美國和中國之間的貿易緊張局勢的樂觀情緒相吻合。一方面，特朗普對美聯儲的好戰言論正在減輕。另一方面，市場瞥見了關稅和平的呼吸。結果：恢復了風險資產的胃口，比特幣受益。

According to Ryan McMillin, Chief Investment Officer at Merkle Tree Capital: “Gold reacts immediately to global monetary growth (M2), while bitcoin follows with a 90-day lag.” In other words: when gold jumps, get ready to see bitcoin explode shortly after. Now, gold dipped last night after a spectacular rise to $3,500 — an indicator, according to McMillin, of a possible capital transfer to cryptos.

默克爾樹資本（Merkle Tree Capital）首席投資官瑞安·麥克米林（Ryan McMillin）表示：“黃金對全球貨幣增長（M2）立即做出反應，而比特幣則以90天的滯後作出反應。”換句話說：當黃金跳躍時，準備好查看比特幣後不久就會爆炸。現在，昨晚，金在巨大的上漲至3500美元之後，吉爾（Gold）下降了 - 根據麥克米林（McMillin）的說法，這是一個可能的資本轉移到加密貨幣的指標。

ETFs and Whales Wake the Market

ETF和鯨魚喚醒市場

But this push doesn’t come out of nowhere. The main catalyst for this bullish rebound remains the inflows into spot Bitcoin ETFs, which recorded $381 million of net inflows just on April 21 — a record since January.

但是這種推動並非無處不在。這種看漲反彈的主要催化劑仍然流入了現貨比特幣ETF，該幣在4月21日的淨流入量為3.81億美元，這是自1月以來的記錄。

This renewed institutional interest is all the more crucial as it offsets the relative disengagement of small investors, who remain cautious. However, the numbers reveal another truth: this rally is mostly fueled by derivatives products, not by the spot market.

這種新的機構利益更為重要，因為它抵消了謹慎的小型投資者的相對脫離接觸。但是，數字揭示了另一個事實：這次集會主要是由衍生產品產品推動的，而不是由現貨市場推動。

Indeed, futures open interest climbed by $2.4 billion in less than 36 hours, suggesting that leverage is running at full throttle. A potentially explosive setup — in either direction.

確實，未來的未來利息在不到36小時的時間內攀升了24億美元，這表明槓桿率正在全力以赴。一個潛在的爆炸性設置 - 在任一方向上。

On the on-chain fundamentals side, the MVRV ratio (Market Value to Realized Value) attempts to stabilize above 2, a historically favorable level for sustainable gains. If this dynamic holds, Hitesh Malviya, founder of DYOR Crypto, estimates that “Bitcoin could rise an additional 70% to 80% in the next six weeks”.

在鏈基本面上，MVRV比率（市場價值與實現價值）試圖穩定在2以上，這是歷史上有利的可持續增長水平。如果這種動態成立，Dyor Crypto的創始人Hitesh Malviya估計“比特幣在接下來的六週內可能會增加70％至80％”。

A Global Signal in a Sea of Doubts

疑問中的全球信號

The current momentum is not limited to a sharp rise in prices. It marks a psychological turning point. Bitcoin is no longer simply seen as an eccentric safe haven or a speculative bet, but as a strategic tool at the heart of major monetary games.

目前的勢頭不僅限於價格急劇上漲。它標誌著心理轉折點。比特幣不再僅僅被視為怪異的避風港或投機性賭注，而是主要貨幣遊戲核心的戰略工具。

As the global money printing presses run wild — and inflation threatens to take hold long-term — eyes turn to alternatives like bitcoin. This turnaround also happens in a context where geopolitical tensions, although still present, seem less explosive. The possible cooling of the tariff war between China and the United States is a signal investors could not ignore.

隨著全球貨幣印刷機的瘋狂 - 通貨膨脹可能會長期持續 - 眼睛轉向比特幣等替代品。這種轉變也發生在地緣政治緊張局勢（儘管仍然存在，但似乎都沒有爆炸性）。中國與美國之間關稅戰爭的可能冷卻是投資者無法忽視的信號。

That said, caution is the best policy. Bitcoin has shown it can derail just as quickly as it heats up. Volumes on retail platforms are still timid, and arbitrages between gold, stocks, and cryptos remain highly volatile. Just this week, $60 billion flooded the crypto market, while Wall Street suffered a sharp loss of $1.5 trillion in one day. The tectonic plates of finance are in motion. And bitcoin, once again, seems to be the epicenter.

也就是說，謹慎是最好的政策。比特幣表明，它可能會像加熱一樣快速出軌。零售平台上的數量仍然很膽小，黃金，股票和加密貨幣之間的套利仍然高度波動。就在本週，600億美元淹沒了加密貨幣市場，而華爾街一天卻虧損了1.5萬億美元。財務的構造板正在運動中。比特幣再次成為中心。