“謹慎的樂觀”正在重返加密貨幣市場

美國將中國商品的關稅從145％降至30％。同時，中國將其自己的125％減少到只有10％。

"Cautious optimism" is creeping back into the crypto market, and it’s easy to see why. Mentioned in a report by AMBCrypto, the U.S. is slashing tariffs on Chinese goods from 145% to 30%.

“謹慎的樂觀”正在重新回到加密市場，很容易理解原因。在Ambcrypto的一份報告中提到，美國將中國商品的關稅從145％降至30％。

This compares to China’s own reduction from 125% to just 10%. Both for a limited 90-day window.

相比之下，中國自身從125％減少到只有10％。兩者都適用於有限的90天窗口。

Plus, with a potential trade deal on the horizon, it’s no surprise to see optimism returning after months of trade friction.

另外，隨著潛在的貿易協議即將到來，經過數月的貿易摩擦後，樂觀的恢復也就不足為奇了。

This puts the spotlight on Bitcoin’s [BTC] path to a new all-time high, which according to BGeometrics, got a bit clearer.

這使比特幣的[BTC]通往新歷史高的路徑成為人們關注的焦點，根據BGEOMETIRICS的說法，該路徑變得更加清晰。

However, in a world where macroeconomic risks are cooling off, Bitcoin’s use case is about to face a serious real-world stress test.

但是，在宏觀經濟風險正在降低的世界中，比特幣的用例即將面臨嚴重的現實壓力測試。

Bitcoin’s use case : Hype or hedge in a post-tariff world?

比特幣的用例：宣傳後世界中的炒作或樹籬？

Since “Liberation Day” on the 2nd of April, when tariff talks first kicked off, Bitcoin has been outperforming stocks.

自4月2日“解放日”以來，當關稅會談首次開始時，比特幣一直優於股票。

In fact, it powered through April’s stock sell-off and kept leading as markets bounced back, even after the tariffs were put in place.

實際上，即使在達到關稅之後，它也通過4月的股票拋售動力，並隨著市場的反彈而保持領先地位。

Take the S&P 500, for example. In the week following Liberation Day, it plummeted 12%, while Bitcoin only saw a minor 5% dip.

以標準普爾500指數為例。在解放日之後的一周中，它暴跌了12％，而比特幣只有5％的下跌。

This resilience came despite a $1 billion outflow from BTC ETFs on a weekly basis.

儘管每週從BTC ETF流出了10億美元，但這種韌性仍在。

This price action clearly cemented Bitcoin’s role as a strategic hedge. Hence, further proving its use case as a go-to ‘safe haven’ in volatile markets.

這種價格行動清楚地鞏固了比特幣作為戰略對沖的作用。因此，進一步證明了其用例中的用例是波動市場中的“避風港”。

But what happens now that those macro risks are cooling off? According to AMBCrypto, if Bitcoin keeps climbing, regardless, it might just prove that its use case goes far beyond the headlines.

但是，現在這些宏風險正在降溫，會發生什麼呢？根據Ambcrypto的說法，如果比特幣不斷攀爬，無論如何，它可能證明其用例遠遠超出了頭條新聞。

In short, it’s time to see if BTC is built to last – or if it’s just riding the “hype.”

簡而言之，是時候看看BTC是否可以持續下去 - 或者只是騎“炒作”。

Investors adjust to market signals

投資者適應市場信號

As macro tailwinds shift, market repositioning is in full swing. S&P 500 futures are already up by +3% at press time, with top tech giants back in the green.

隨著宏大風的變化，市場重新定位如火如荼。標準普爾500年期貨在發稿時已經上漲 +3％，頂級科技巨頭重返綠色。

Meanwhile, the bond market is experiencing a sell-off, as evidenced by the 10-year U.S. Treasury yield (interest on government borrowing) rising nearly 6%, reaching 4.433% bps.

同時，債券市場正在經歷拋售，這證明了美國財政部為期10年的收益率（政府借款的利息）上漲了近6％，達到4.433％的bps。

Risk-on capital is back in full force, and the timing couldn’t be more critical.

風險登機的資本恢復了全部力量，時機並不重要。

Bitcoin is eyeing a pivotal resistance zone at $106k – a major hurdle for its bullish use case.

比特幣正在關注$ 106K的關鍵阻力區，這是其看漲用例的主要障礙。

The burning question: Will BTC take center stage as a hedge in this post-tariff calm? With rate cuts looking increasingly unlikely, this could be the trigger for its next move, weather up or down.

一個燃燒的問題：BTC是否會在此後的鎮定後作為樹籬成為中心舞台？隨著降低速度的可能性越來越不可能，這可能是其下一步行動的觸發因素，天氣向上還是向下。

It’s crunch time for Bitcoin to prove its ‘safe-haven’ use case once and for all.

比特幣一勞永逸地證明其“避免使用”的用例是緊縮的時間。

Hence, showing the market that it’s not just a speculative play, but a legitimate hedge.

因此，向市場表明，這不僅是投機性的遊戲，而且是合法的對沖。