BTC價格達到了新的歷史最高高度，因為債券收益率上升反映了人們對財政穩定和通貨膨脹的越來越關注

債券收益率上升反映了人們對財政穩定性和通貨膨脹的越來越關注，導致一些投資者質疑美國財政部作為避風港資產的傳統作用。

Rising bond yields are reflecting growing concern about fiscal stability and inflation, leading some investors to question US Treasury’s traditional role as a safe-haven asset amid a turbulent macroeconomic backdrop.

債券收益率上升反映了人們對財政穩定性和通貨膨脹的越來越關注，導致一些投資者在動蕩的宏觀經濟背景下質疑美國財政部作為避風港資產的傳統作用。

As US bond yields continue their ascent, reaching new highs in the past week, a paradoxical situation is unfolding. Rising yields are usually associated with a deteriorating macroeconomic outlook, which would normally favor Bitcoin (BTC) and see stock markets decline. However, both equities and Bitcoin have been surging amid a fragile global economic landscape.

隨著美國債券收益率繼續上升，在過去一周達到新的高點，這種矛盾的情況正在發展。收益率上升通常與宏觀經濟前景惡化有關，這通常會偏愛比特幣（BTC），並看到股票市場下降。但是，在全球經濟格局脆弱的情況下，股票和比特幣都在激增。

This divergence suggests that investors may be shifting away from the traditional playbook for navigating market cycles. When confidence in the system erodes, assets outside of it, such as stocks and Bitcoin, begin to perform well.

這種分歧表明，投資者可能正在從傳統的播放市場週期的劇本中轉移。當對系統的信心侵蝕時，庫存和比特幣之外的資產就會開始運行良好。

Moreover, an increasing number of institutions are choosing Bitcoin over U.S. stocks. According to BofA data from earlier May, a net 38% of institutional investors were underweight U.S. equities, the lowest reading since May 2023.

此外，越來越多的機構選擇比特幣而不是美國股票。根據5月初的BOFA數據，淨38％的機構投資者是美國股票不足，這是自2023年5月以來的最低閱讀。

Meanwhile, total inflows into spot Bitcoin ETFs continue to grow, with assets under management now exceeding $104 billion, a new all-time high, according to CoinGlass. This surge suggests that institutional capital is beginning to recognize Bitcoin not just for its strong performance but also as a neutral store of value, much like gold.

同時，根據Coinglass的數據，總資產的總資產超過1004億美元，這是一個新的歷史最高水平。這一激增表明，機構資本不僅因為其強勁的表現，而且是中立的價值存儲，就像黃金一樣。

In an era of escalating instability in fiat debt-based economies, Bitcoin is emerging as a credible alternative, offering a monetary system characterized by predictability and decentralization, especially when considering the U.S. government’s last remaining AAA credit rating was downgraded by Standard & Poor’s. Bitcoin is also not subject to the whims of politicians, presidents or parties.

在基於菲亞特債務的經濟體中不穩定的時代，比特幣正成為可靠的替代方案，它提供了一種以可預測性和權力下放為特徵的貨幣體系，尤其是在考慮美國政府剩餘的最後一次AAA信用等級時，由標準＆Poor降級。比特幣也不受政客，總統或政黨的異想天開。

Bitcoin’s market cap is still significantly lower than gold’s $22 trillion or even the $5.5 trillion in base dollars (not including debt).

比特幣的市值仍然明顯低於Gold的22萬億美元甚至5.5萬億美元的基本美元（不包括債務）。

Investors are turning away from Treasuries, which may indicate that the problems in the U.S. economy are becoming too large to ignore.

投資者正在遠離國庫，這可能表明美國經濟中的問題變得太大而無法忽略。

A troubling development is the rapid increase in 30-year bond yields, which reached 5.15% on May 22. This is the highest level since October 2023, and prior to that, a rate last seen in July 2007.

令人不安的發展是30年債券收益率的迅速增加，該收益率在5月22日達到5.15％。這是自2023年10月以來的最高水平，在此之前，這是2007年7月最後一次出現的匯率。

The 10-year bond yield is now at 4.48%, the 5-year bond yield stands at 4% and the 2-year bond yield is at 3.92%. For the first time since October 2021, the U.S. 5-Year to 30-Year bond spread has also steepened to 1.00%. This suggests that markets are pricing in stronger growth, persistent inflation and a “higher for longer” interest rate environment.

現在的10年債券收益率為4.48％，5年債券收益率為4％，2年債券收益率為3.92％。自2021年10月以來，美國5年至30年的債券利差也是第一次降至1.00％。這表明市場在增長，持續的通貨膨脹和“更長”的利率環境中的價格定價。

However, the rising interest rates are drastically increasing the cost of servicing the national debt, which has now surpassed $36.8 trillion. At these volumes, interest payments are expected to amount to $952 billion in 2025.

但是，利率上升幅度大大增加了為國家債務服務的成本，現已超過36.8萬億美元。在這些卷中，預計利息支付在2025年為9520億美元。

Former U.S. President Donald Trump had mentioned on several occasions that lowering yields was among his top economic priorities. Nonetheless, this may prove far more difficult than he anticipates, as the two most reliable methods to achieve it both need to come from the U.S. Federal Reserve.

美國前總統唐納德·特朗普（Donald Trump）曾多次提到，降低的收益率是他的最高經濟優先事項之一。但是，這可能比他預期的要困難得多，因為實現這一目標的兩種最可靠的方法都需要來自美國美聯儲。

Lowering interest rates would make newly issued bonds yield less, rendering existing higher-yielding bonds more attractive, ultimately pushing up their price and lowering their effective yield.

降低利率將使新發行的債券收益率降低，從而使現有的較高收益債券更具吸引力，最終提高了價格並降低了其有效收益率。

Another way is through quantitative easing (QE), where the Fed would buy large amounts of bonds on the open market, thus increasing demand and lowering yields.

另一種方法是通過定量寬鬆（QE），美聯儲將在公開市場上購買大量債券，從而增加需求並降低收益率。

The Federal Reserve is currently resisting both strategies and taking caution to avoid reigniting inflation, especially amid the ongoing tariff war. Even if Trump finds a legal or quasi-legal way to pressure Fed Chair Jerome Powell, it could backfire by eroding investor confidence and produce the opposite of the intended effect.

美聯儲目前正在抵制這兩種策略，並謹慎行事，以避免在持續的關稅戰爭中重啟通貨膨脹。即使特朗普找到了一種法律或準法律的方式來壓力餵養董事杰羅姆·鮑威爾（Jerome Powell），但它可能會適得其反，以侵蝕投資者的信心並產生預期效果的相反。

Investors do not appreciate any political meddling with the foundations of the U.S. and global economy, and their confidence is already fragile. In times of instability, investors traditionally flock to government bonds as a safe haven.

投資者不欣賞對美國和全球經濟基礎的任何政治干預，他們的信心已經脆弱。在不穩定時期，投資者傳統上將政府債券作為避風港湧向政府債券。

But today, the opposite is happening. As investors are turning away from Treasuries, it suggests that the problems in the U.S. economy are becoming too large to ignore.

但是今天，情況正在發生。隨著投資者遠離國債，這表明美國經濟中的問題變得太大而無法忽略。

World powers are largely focused on the macroeconomic outlook and how quickly the global economy can recover from the downturn. However, this narrative has largely focused on the threat of recession, while the broader macroeconomic trends are also important.

世界大國主要集中在宏觀經濟的前景上，以及全球經濟從經濟低迷中恢復的速度。但是，這種敘述主要集中在衰退的威脅上，而更廣泛的宏觀經濟趨勢也很重要。

After a brief period of stability, the International Monetary Fund (IMF) has once again downgraded its outlook for global economic growth in 2024. According to the institution’s economists, the global economy is now expected to grow by 2.4% this year, down from the 2.7% growth rate predicted in April.

經過短暫的穩定，國際貨幣基金組織（IMF）再次降低了2024年全球經濟增長的前景。根據該機構的經濟學家的說法，現在，全球經濟預計今年將增長2.4％，比4月預計的2.7％的增長率下降。

Moreover, the institution has also cut its outlook for 2025 to 3.0

此外，該機構還削減了2025年至3.0的前景