随着贸易战头条淡入后台，比特币中断了97,000美元

该社论来自上周的《评论新闻》一周。订阅每周的新闻通讯，以获取第二个新闻通讯。

As trade war headlines faded into the background last week, markets exhaled—and bitcoin broke above $97,000. Meanwhile, Token2049 Dubai offered both spectacle and substance.

随着贸易战头条上周逐渐消失，市场呼出了，比特币打破了97,000美元以上。同时，Token2049迪拜提供了奇观和实质。

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该社论来自上周的《评论新闻》一周。订阅每周的新闻通讯，以获取第二个新闻通讯。

Bitcoin and Token2049 Dubai

比特币和Token2049迪拜

Bitcoin broke through $97,000 this week, marking an 18% rebound since March’s close. This rally is fueled in part by renewed institutional interest, including increased ETF inflows and the continuation of the narrative that bitcoin is finally becoming a gold-like asset.

本周比特币打破了97,000美元，自3月份结束以来，比特币的反弹率为18％。这次集会的部分原因是由于机构的重新兴趣，包括ETF流入的增加以及比特币最终成为类似黄金的资产的叙述的延续。

Another reason for Bitcoin’s price action relates to the lessening of trade war news. After a month of nearly constant Trump tariff news, this week was almost silent on the issue, though tariff news did continue to come out. Traditional markets and crypto markets responded positively to this lack of major trade war news.

比特币价格行动的另一个原因与贸易战新闻的减少有关。经过一个月的特朗普关税新闻，本周对这个问题几乎保持沉默，尽管关税新闻确实继续发布。传统市场和加密市场对缺乏重大贸易战新闻的反应做出了积极反应。

I spent the week at Token2049 interviewing people, taking in the spectacle, and checking out projects and talks on the conference floor. Eric Trump headlined Day 2, discussing digital sovereignty and confirming that buyers of a new Trump Organization tower in Dubai can purchase apartments with bitcoin. On a related note, World Liberty Financial announced its USD1 stablecoin will be natively integrated on TRON, with plans to scale to billions in market cap.

我在Token2049度过了一周，采访了人们，参加奇观，并在会议场上检查了项目和谈判。埃里克·特朗普（Eric Trump）成为第2天的头条新闻，讨论了数字主权，并确认迪拜新特朗普组织塔的买家可以用比特币购买公寓。与之相关的是，世界自由金融宣布其USD1 Stablecoin将在Tron上本地融合，并计划扩展到数十亿美元的市值。

Changpeng Zhao (CZ) made a rare public appearance. To me, the most interesting point he made was about Europe, “We are advising many countries on how to set up a crypto reserve like in the US. Europe isn’t part of the discussion, it’s missing on the map.” Europe, getting ahead of the U.S. with MiCA (Markets in Crypto-Assets), the nations themselves seem far behind both the U.S. and Asia. Afterwards, in an interview with Oliver Stauber, the CEO of KuCoin EU, I asked him about this, he wasn’t terribly hopeful in the short term, but was over the long term.

Changpeng Zhao（CZ）罕见地公开露面。对我来说，他提出的最有趣的观点是关于欧洲的，“我们正在为许多国家提供如何建立像美国这样的加密保护区。欧洲不是讨论的一部分，而是在地图上缺少。”欧洲，通过云母（加密资产市场的市场）领先于美国，各国本身似乎都远远落后于美国和亚洲。之后，在接受Kucoin EU的首席执行官Oliver Stauber的采访中，我问了他这一点，他在短期内并不充满希望，但长期来看。

The spectacle of Token2049 Dubai included a zipline, climbing wall, big mascot costumed characters, men in mirror-paneled suits, a cold plunge, fresh coconut stand, an excessive amount of neon lights, arcade games, a race simulator with a moving seat, cosplay girls, and more. The floor was packed, and everyone seemed excited. I heard the hilarious phrase, “zipline to the moon!” It made me a little uneasy. Top signs?

Token2049迪拜的奇观包括邮政编码，攀岩墙，大吉祥物服装，穿着镜子式西服的男人，冷淡的跌落，新鲜的椰子架，过多的霓虹灯灯，街机游戏，竞赛模拟器，带有移动的座位，cosplay Girls的竞赛模拟器，以及更多。地板被打包了，每个人似乎都很兴奋。我听到了热闹的短语：“月球上的滑索！”这让我有些不安。最佳迹象？

My last interview of the conference, Eric Balchunas, Senior ETF Analyst for Bloomberg, and my go-to guy when it comes to ETF news related to crypto, made me feel much better about the exuberance of the conference. He also reframed my thinking of the coming fight between spot bitcoin ETFs and all the crypto native custodians like centralized exchanges, wrapped bitcoin providers, bitcoin sidechains and L2s.

我对会议的最后一次采访，彭博社的高级ETF分析师埃里克·巴尔库纳斯（Eric Balchunas），以及与加密货币有关的ETF新闻时的首选人，使我对会议的兴旺感到更好。他还重新考虑了我对现场比特币ETF和所有加密本地保管人之间即将发生的战斗的想法，例如集中式交流，包裹的比特币提供者，比特币侧币和L2。

I used to think the crypto native bitcoin custodians would eventually win out, now I’m not so sure. I think crypto companies are not taking the ETFs as seriously as they should.

我曾经认为加密货币本地比特币保管人最终会胜出，现在我不太确定。我认为加密货币公司并没有像应有的那样认真对待ETF。

Certainly some non-trivial percent of Bitcoin’s strong price action is attributable to the ETFs. These ETF inflows will only increase over time. The Bitcoin and crypto ecosystem cannot afford to underestimate the power of ETFs, which have transformed the traditional equity market.

当然，比特币强劲的价格动作的某些非平凡归因于ETF。这些ETF流入只会随着时间而增加。比特币和加密生态系统无法低估ETF的力量，ETF改变了传统的股票市场。