美國東部時間下午9:10在5/21/25 @

比特幣再次破壞了記錄，在2025年5月的歷史最高水平上飆升至其先前的里程碑後的幾週。

May 21, 2025

2025年5月21日

9:10 P.M. ET: Bitcoin has hit a new All-Time-High on Wednesday night. BTC is currently trading at $110,363.40 USD at the time of this update.

美國東部時間下午9:10：比特幣在周三晚上已經達到了新的最高水平。此更新時，BTC目前的交易價格為110,363.40美元。

Bitcoin has once again broken records, surging to a new all-time high in May 2025—just weeks after its previous milestone. The digital asset’s climb is being driven by a powerful mix of institutional buying, ETF inflows, and a looming $6 trillion global liquidity event that some analysts are calling the “next financial earthquake.”

比特幣再次破壞了記錄，在2025年5月的歷史最高水平上飆升至其先前的里程碑後的幾週。數字資產的攀登是由機構購買，ETF流入以及迫在眉睫的6萬億美元全球流動性活動的強大組合所驅動的，一些分析師稱之為“下一個金融地震”。

The mood among crypto investors? Bullish—and growing stronger by the day.

加密投資者的心情？看漲 - 白天變得越來越強。

Bitcoin Price Breaks Records Wednesday

比特幣價格破紀錄星期三

Bitcoin’s recent rally sent it soaring above $110,000 on Wednesday night, breaking past its previous record and signaling that the current bull cycle may still be in its early stages.

比特幣最近的拉力賽在周三晚上發出的飆升超過110,000美元，突破了先前的記錄，並表示當前的牛週期可能仍處於早期階段。

This surge follows months of heightened demand from spot Bitcoin ETFs, sovereign buyers, and corporate treasuries seeking hard assets amid inflationary pressures and shifting central bank policies.

這次激增是在現貨比特幣ETF，主權買家以及公司國庫中的需求增長之後，在通貨膨脹壓力和轉移中央銀行政策的情況下尋求硬資產。

According to on-chain metrics, Bitcoin bulls are not done yet. Accumulation addresses have hit all-time highs, exchange balances continue to shrink, and long-term holders are sitting tight—typical indicators of a supply crunch that could lead to even higher prices.

根據鏈量指標，尚未完成比特幣公牛。累積地址已經達到了歷史高潮，交換餘額繼續縮小，並且長期持有人坐著緊張，這是供應緊縮的典型指標，這可能會導致更高的價格。

What’s Behind the $6 Trillion Shockwave?

6萬億美元的衝擊波背後是什麼？

a recent Forbes analysis warned of a potential $6 trillion price shock, triggered by three converging forces:

最近的《福布斯分析》警告說，由三個融合部隊觸發了潛在的6萬億美元的價格衝擊：

* U.S. government bonds are expected to generate negative real yields throughout 2025 due to high inflation and the Fed’s attempts to curb it. This could prompt a shift in capital from bonds to equities and crypto.

*由於通貨膨脹率高，預計美國政府債券將在整個2025年產生負實際收益率，而美聯儲試圖遏制它。這可能會促使資本從債券轉移到股票和加密貨幣。

* A recent Bank of International Settlements (BIS) report noted that central banks are now unwinding their pandemic-era bond purchases, which began in 2020 to provide liquidity to markets. This move will reduce liquidity and drive up borrowing costs.

*最近的一份國際定居銀行（BIS）報告指出，中央銀行現在正在放鬆其大流行時代的債券，該債券始於2020年，旨在為市場提供流動性。此舉將減少流動性並增加借貸成本。

* Some analysts believe that the U.S. government may soon begin selling its Bitcoin holdings, which were acquired during last year’s legal battles with cryptocurrency exchange Coinbase. This move, if it occurs, could generate significant selling pressure on BTC.

*一些分析人士認為，美國政府可能很快就會開始出售其比特幣持有量，這是在去年與加密貨幣交易所Coinbase的法律鬥爭中獲得的。如果發生這種舉動，則可能會對BTC產生巨大的銷售壓力。

Together, these forces are expected to create an avalanche of capital inflows that could redefine Bitcoin’s role in global finance.

預計這些力量將創造出資本流入的雪崩，可以重新定義比特幣在全球金融中的作用。

Key Drivers of the Bullish Momentum

看漲勢頭的主要驅動力

1. Spot Bitcoin ETF Inflows

1。斑點比特幣ETF流入

Since the approval of spot Bitcoin ETFs in early 2025, billions in fresh capital have flowed into crypto markets. ETFs managed by BlackRock, Fidelity, and VanEck are now among the top ten holders of Bitcoin globally. Daily inflows of $250–$500 million have become the norm, with investors treating Bitcoin as a macro hedge rather than a speculative asset.

自2025年初獲得現貨比特幣ETF的批准以來，數十億美元的新資本已流入加密貨幣市場。由貝萊德（Blackrock），富達（Fidelity）和瓦內克（Vaneck）管理的ETF現在已成為全球比特幣的前十名持有者之一。每日250-5億美元的流入已成為常態，投資者將比特幣視為宏觀對沖，而不是投機資產。

2. Declining Exchange Balances

2。交換餘額下降

One of the most bullish on-chain signals is the continued drain of BTC from centralized exchanges. According to Glassnode data, Bitcoin’s exchange balances are at their lowest levels since 2018, suggesting that long-term holders are moving assets to cold storage and reducing available supply.

最看漲的鏈信號之一是BTC從集中式交流中持續流失。根據玻璃節數據，比特幣的交換餘額是自2018年以來的最低水平，這表明長期持有人正在將資產轉移到冷藏和減少可用供應供應。

3. Supply Shock from Halving

3。減半供應衝擊

April 2024’s Bitcoin halving has already started to impact market dynamics. The number of new BTC entering circulation has been slashed from 6.25 to 3.125 per block. Historically, halvings have been followed by explosive rallies 12–18 months later. With demand soaring and new supply cut in half, the classic supply-demand imbalance is unfolding in real time.

2024年4月的比特幣減半已經開始影響市場動態。進入循環的新BTC數量已從每個街區的6.25削減至3.125。從歷史上看，在12-18個月後的爆炸性集會之後，停止了爆炸性的集會。隨著需求飆升和新的供應減少，經典的供需不平衡正在實時展開。

4. Global Flight to Hard Assets

4。全球飛往硬資產

Around the world, fiat currencies are under stress. High inflation, debt crises, and shifting geopolitics have prompted both individuals and institutions to seek refuge in hard assets like Bitcoin. Countries with high inflation or currency instability—such as Argentina, Turkey, and Nigeria—are seeing record P2P BTC trading volume.

在世界範圍內，法定貨幣承受著壓力。高通貨膨脹，債務危機和轉移的地緣政治促使個人和機構尋求像比特幣這樣的艱難資產的庇護所。通貨膨脹或貨幣不穩定的國家（例如阿根廷，土耳其和尼日利亞）都看到了創紀錄的P2P BTC交易量。

Where Does Bitcoin Go Next?

比特幣接下來要去哪裡？

While some analysts urge caution, others believe Bitcoin’s best days are still ahead. Several major banks and investment firms have recently upgraded their BTC forecasts:

儘管一些分析人士敦促謹慎，但另一些分析師則認為比特幣的最佳日子仍在邁進。幾家主要銀行和投資公司最近升級了其BTC預測：

* Standard Chartered: Predicts Bitcoin could hit $120,000 by the third quarter of 2025.

*標準包機：預測比特幣將在2025年第三季度達到120,000美元。

* Mena Growth Fund: Sees potential for Bitcoin to reach $500,000 in the next bull cycle, which they estimate will peak in 2028.

* MENA增長基金：認為比特幣在下一個公牛週期中達到500,000美元的潛力，他們估計將在2028年達到頂峰。

* Galaxy Digital: In May 2025, Galaxy Digital’s CEO stated that Bitcoin could surge to $500,000 if institutions continue pouring capital into the asset class.

* Galaxy Digital：2025年5月，Galaxy Digital的首席執行官表示，如果機構繼續將資本投入資產類別，則比特幣可能會漲到500,000美元。

BTC Risks and Volatility Remain

BTC風險和波動性仍然

Despite the bullish outlook, Bitcoin remains a volatile asset. A sudden regulatory crackdown, macroeconomic shock, or ETF outflows could disrupt short-term momentum.

儘管看上去是看法，但比特幣仍然是一項動蕩的資產。突然的監管鎮壓，宏觀經濟休克或ETF流出可能會破壞短期動量。

But for now, the broader trend is clear: Bitcoin has never been more mainstream, or

但是就目前而言，更廣泛的趨勢是明確的：比特幣從未成為主流，或者