金融市場上的重大故事不僅是全球債券市場的煩惱，而且比特幣（BTC）的穩定性超過100,000美元。

BTC在4月初的75,000美元左右大約75,000美元急劇上升後，連續11天保持了該水平。有些人可能將其解釋為上升耗盡的標誌，但也可能是使六位數標記正常化的市場。

The big story in financial markets is not just global bond-market jitters, it's also bitcoin's (BTC) stability above the $100,000 mark, despite some setbacks in recent days.

金融市場上的重大故事不僅是全球債券市場的煩惱，而且比特幣（BTC）的穩定性高於100,000美元，儘管最近幾天有一些挫折。

BTC has held above that level for 11 straight days after jumping sharply from around $75,000 in early April. Some might interpret that as a sign of uptrend exhaustion, but it could also be the market normalizing the six-figure mark.

BTC在4月初的75,000美元左右大約75,000美元急劇上升後，連續11天保持了該水平。有些人可能將其解釋為上升耗盡的標誌，但也可能是使六位數標記正常化的市場。

When BTC first hit $100,000, many people likely thought, "This is crazy. It's too expensive" and perhaps refrained from buying or even took profits on their holdings. But the longer it stays there, the more the price feels normal and becomes anchored in people's minds. In other words, don't be surprised if buying activity picks up across the spectrum of products tied to BTC.

當BTC首次達到100,000美元時，許多人可能會認為：“這太瘋狂了。太貴了”，也許無法購買，甚至沒有利潤。但是，它停留的時間越長，價格就越正常，並在人們的腦海中錨定。換句話說，如果購買活動在與BTC相關的產品範圍內進行，那麼不要感到驚訝。

At least one institution is known to be piling into BTC. Strategy (NYSE:STRG), the largest publicly traded BTC holding firm, disclosed that it has recently bought 7,630 BTC at an average price of over $103,000.

眾所周知，至少有一個機構正在堆入BTC。戰略（NYSE：Strg）是最大的公開交易的BTC控股公司，他透露，它最近以平均價格超過103,000美元購買了7,630 BTC。

"This aggressive buying campaign is aimed at solidifying $100K+ levels as the new floor for Bitcoin. ETF inflows also reflected that strength," Valentin Fournier, lead research analyst at BRN, said in an email.

BRN的主要研究分析師瓦倫丁·富尼爾（Valentin Fournier）在一封電子郵件中說：“這項積極的購買活動旨在鞏固10萬美元+的水平作為比特幣的新樓層。ETF流入也反映了這種實力。”

According to Fournier, a price rise in ether (ETH) "seems driven more by organic demand than institutional flows - a potential sign of rising retail activity and decoupling performance between bitcoin and altcoins."

根據Fournier的說法，Ether（ETH）的價格上漲“似乎是由有機需求驅動的，而不是機構流動，這是零售活動上升和比特幣和Altcoins之間脫鉤性能的潛在跡象。”

In other key developments, the market cap for Ethena Labs' synthetic stablecoin, USDe, has surged 35% to $5 billion in just over seven days, CoinDesk data show. The token maintains a soft peg with the U.S. dollar through an automated delta-hedging strategy that shorts bitcoin and ether perpetual futures to offset changes in the prices.

Coindesk數據顯示，在其他關鍵發展中，Ethena Labs的合成Stablecoin（USDE）的市值在短短7天內飆升了35％至50億美元。代幣通過自動化的三角洲策略與美元保持軟釘，該策略將比特幣和以太永恆的未來短距離，以抵消價格變化。

The jump had some market observers drawing parallels with the sharp rise in the market cap weeks before BTC and the wider market went bonkers in November. Back then, Ethena's ENA token chalked out a five-fold rally to $1.25. Let's see if history repeats itself.

跳躍有一些市場觀察者在BTC和更廣泛的市場在11月的BTC上幾週的幾週內急劇上升。當時，埃塞納（Ethena）的ena代幣將五倍的集會歸到1.25美元。讓我們看看歷史是否重演。

The U.S. Senate on Monday voted in favor of the GENUIS Act, advancing the stablecoin bill to the final stage.

美國參議院週一投票贊成了《純種法》，將穩定法案推進了最後階段。

"The bill ... could significantly boost market confidence and provide long-awaited clarity for issuers and investors alike, but doesn't fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity," Vugar Usi Zade, COO at Bitget, said in an email. "For U.S.-based issuers, compliance will now come with steeper costs, likely accelerating consolidation across the market and favoring well-resourced players who can meet the new thresholds."

Vugar Usi Zade在一封電子郵件中說：“該法案可能會大大提高市場信心，並為發行人和投資者提供期待已久的清晰度，但並未完全解決像Tether這樣的海上穩定發行人的問題，Tether繼續在全球流動性中發揮出色的作用。” “對於美國的發行人來說，合規性現在將帶來更高的成本，可能會加速整個市場的合併，並贊成能夠達到新門檻的資源良好的球員。”

In traditional markets, yields on longer-duration bonds continued to rise across the advanced world, signaling growing concerns about the fiscal debt sustainability. The 30-year Japanese government bond yield hit a record high above 3%. Stay alert!

在傳統市場中，較長持續債券的收益率在整個先進的世界中繼續上升，這表明對財政債務可持續性的擔憂日益增長。 30年的日本政府債券收益率高於3％以上。保持警覺！

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By Shaurya Malwa

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