Bitfinex警告Bitfinex，以比特幣合併為$ 111,000的利潤。

比比特幣（Bitcoin）反彈強勁 - 比1月份的高峰（1月）更正32％之後，比特幣的反彈率超過50％。

Bitcoin (BTC) has rebounded impressively from March lows, gaining over 50% from the 32% correction seen from January’s peak.

比特幣（BTC）從3月的低點中獲得了令人印象深刻的反彈，從一月份的峰值出發的32％的糾正量獲得了50％以上。

Now trading around $111,880, BTC is consolidating in what Bitfinex Alpha calls a “healthy phase” after its rally. However, with such significant gains, profit-taking becomes a real risk.

現在，BTC的交易價格約為111,880美元，即Bitfinex Alpha在集會之後稱之為“健康階段”。但是，隨著如此巨大的收益，獲利成為真正的風險。

According to the latest Bitfinex Alpha report (May 26, 2025), the current consolidation is being supported by ETF inflows, strength in the spot market, and positive net realized cap growth.

根據最新的Bitfinex alpha報告（2025年5月26日），當前的合併得到了ETF流入，現貨市場的強度以及正淨實現CAP增長的支持。

These indicators suggest structural buying rather than short-lived speculative activity. Despite increasing macroeconomic uncertainty—including President Trump’s proposed 50% tariffs on EU goods—Bitcoin has shown resilience, hinting at it being increasingly viewed as a macro-sensitive, conviction-led asset.

這些指標表明結構性購買，而不是短暫的投機活動。儘管宏觀經濟的不確定性增加了，包括特朗普總統提出的對歐盟商品的50％關稅，但Bitcoin表現出彈性，暗示它越來越被視為宏觀敏感的信念，定罪的資產。

Institutions and U.S. States Push Crypto Agenda

機構和美國國家推動加密議程

Institutional support is deepening, the report notes. Japanese firm Metaplanet added $104 million worth of BTC to its balance sheet, while Michigan introduced pro-crypto legislation, joining several U.S. states advancing crypto-friendly policies. Publicly traded firms—Strategy, Semler Scientific, and Metaplanet—acquired over 8,800 BTC last week, pushing Strategy’s total to over 2.7% of all Bitcoin in circulation.

報告指出，機構支持正在加深。日本公司Metaplanet在其資產負債表中增加了價值1.04億美元的BTC，而密歇根州則提出了Pro-Crypto立法，加入了美國幾個州推進加密貨幣友好的政策。上週，公開交易的公司（STRATEGY，SEMLER SCICENIFIC和METAPLANET）獲得了8,800多個BTC，將策略的總計超過了所有比特幣的總計超過2.7％。

Key Price Levels and Market Dynamics

關鍵價格水平和市場動態

Bitfinex analysts highlight the importance of Bitcoin staying above $95,000, the cost basis for short-term holders. Over $11.4 billion in short-term profits have already been realized, which may create short-term supply overhang, though ETF bid strength and market maturity could balance that out.

Bitfinex分析師強調了比特幣保持在95,000美元以上的重要性，這是短期持有人的成本基礎。已經實現了超過114億美元的短期利潤，這可能會造成短期供應懸而未決，儘管ETF競標強度和市場成熟度可以平衡這一點。

With low volatility, growing spot premiums, and a stronger base of long-term holders, the next few weeks will likely determine whether this consolidation paves the way for a new leg higher in Q3 or marks a local top.

由於波動率低，現貨溢價增長以及長期持有人的強大基礎，接下來的幾周可能會決定這種合併是否為第三季度的新腿鋪平了道路還是標誌著本地頂部。

Macro Turmoil and Market Signals

宏觀動盪和市場信號

Outside of crypto, rising long-term U.S. Treasury yields and a weakening dollar signal broader financial stress. Yields on 10-year and 30-year bonds have now crossed 4.5% and 5%, respectively, reflecting growing concerns over debt sustainability, inflation, and fiscal instability. The bond market’s recent behavior, including a steepening yield curve, is being viewed less as a sign of growth and more as a warning of systemic risk.

在加密貨幣之外，美國財政部的長期收益率上升，美元信號較弱，財務壓力更大。現在，10年期和30年債券的收益率分別超過4.5％和5％，反映了人們對債務可持續性，通貨膨脹和財政不穩定的越來越關注。債券市場最近的行為，包括陡峭的收益曲線，被視為增長的標誌，而是對系統性風險的警告。

Conclusion

結論

According to Bitfinex Bitcoin’s fundamentals appear strong, but with massive gains behind it and macro risks ahead, investors should watch for potential profit-taking and short-term corrections. Still, long-term demand from institutions and evolving global crypto adoption paint a bullish picture for what may come next.

根據Bitfinex比特幣的基本面的說法，它的基本面顯得很強，但是隨著其背後的巨大增長，宏觀風險未來，投資者應注意潛在的獲利和短期更正。儘管如此，機構的長期需求和不斷發展的全球加密貨幣採用了下一步可能發生的情況。