比特币（BTC）中断了$ 110,000，重新点击了看涨情绪

比特币（BTC）是世界上最大，最具影响力的加密货币，再次成为焦点

Bitcoin (BTC) price is showing no signs of slowing down as the world’s largest cryptocurrency continues to rally, this time pushing above the $110,000 mark amid a sharp rally on Monday morning. According to CoinMarketCap data, BTC is up 3.98% over the past 24 hours and 7.12% over the past week.

比特币（BTC）的价格没有显示出放慢速度的迹象，因为世界上最大的加密货币继续集会，这次在周一早上急剧集会上推动了超过110,000美元。根据CoinMarketCap数据，过去24小时内BTC上涨了3.98％，在过去一周中增长了7.12％。

As the cryptocurrency market recovers from the recent downturn, Bitcoin has once again come into the spotlight with its persistent upward trajectory. But what exactly drove Bitcoin’s surge today?

随着加密货币市场从最近的低迷中恢复，比特币再次以其持续的向上轨迹引起人们的关注。但是，今天是什么驱动了比特币的激增呢？

Institutional capital continues to flow into spot Bitcoin ETFs in the United States. Since the approval of multiple spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) earlier this year, institutional adoption has grown rapidly.

机构资本继续流入美国的现货比特币ETF。由于今年早些时候美国证券交易委员会（SEC）批准了多个现场比特币ETF，因此机构采用迅速增长。

Data from Farside Investors shows that ETFs recorded a net inflow of $667.4 million on Friday, May 19, with BlackRock’s IBIT leading the surge with $305.9 million, followed by Fidelity’s FBTC at $188.1 million.

Farside Investors的数据显示，ETFS在5月19日星期五的净流入为6.674亿美元，BlackRock的IBIT以3.059亿美元的价格领先这一激增，其次是Fidelity的FBTC，为1.881亿美元。

Source: Farside Investors

资料来源：Farside Investors

These products have lowered the barriers for institutional players such as pension funds, asset managers, and family offices to gain direct exposure to Bitcoin without dealing with self-custody or regulatory complexity. The demand surge from these entities is helping create consistent buying pressure that is lifting Bitcoin’s spot price.

这些产品降低了机构参与者（例如养老基金，资产经理和家庭办事处）的障碍，以在不处理自我客户或法规复杂性的情况下直接接触比特币。这些实体的需求激增正在帮助产生一致的购买压力，即提高比特币的现货价格。

Moreover, analysts estimate that the cumulative ETF inflows since January 2025 have exceeded $38 billion – more than double Bloomberg Intelligence’s early-year forecast of $15 billion. As these funds accumulate more BTC, the circulating supply available on exchanges is shrinking, a bullish dynamic that amplifies price action.

此外，分析师估计，自2025年1月以来的累积ETF流入超过了380亿美元 - 彭博情报局的早年预测超过150亿美元。随着这些资金积累了更多的BTC，交流中可用的循环供应正在缩小，这是一种乐观的动态，可以放大价格行动。

The U.S. Dollar Index (DXY) has weakened over the past few trading sessions, falling from above 100 to around 99.40 as of Monday, May 22, according to Investing.com's data. This shift in the dollar index comes as the market anticipates the Federal Reserve to begin cutting interest rates before the end of the year.

根据Investing.com的数据，在过去的几次交易中，美元指数（DXY）削弱了，截至5月22日星期一，从100次以上降至99.40左右。美元指数的这一转变是由于市场预计美联储将在年底之前开始降低利率。

Source: TradingView

资料来源：TradingView

In his most recent remarks at the Economic Club of Chicago, Fed Chair Jerome Powell acknowledged that while inflation remains above the central bank’s 2% target, it is gradually easing.

美联储主席杰罗姆·鲍威尔（Jerome Powell）在芝加哥经济俱乐部的最新讲话中承认，尽管通货膨胀率仍然超过中央银行的2％目标，但它逐渐放松。

“Inflation has moved down from its peak last year, but it remains elevated. We will need to see significantly more progress on inflation to be confident that it is on a path to return to 2 percent,” Powell said on Thursday.

鲍威尔周四表示：“通货膨胀已从去年的高峰上升，但它仍然升高。我们需要看到通货膨胀的进展更大，以确信它正在返回2％。”鲍威尔周四表示。

He added that the Fed remains data-dependent and is prepared to adjust policy if incoming economic indicators warrant a shift. He also highlighted that new trade-related tariffs could pose additional inflationary pressure, which the Fed will monitor closely.

他补充说，美联储仍然依赖于数据，并准备调整政策，如果传入的经济指标需要转变。他还强调，与贸易相关的新关税可能构成额外的通货膨胀压力，美联储将密切监视。

This shift toward a more cautious and potentially dovish tone has reignited investor appetite for risk assets, including equities, tech stocks, and cryptocurrencies.

向更谨慎和潜在的语调转变，重新点燃了投资者对风险资产的需求，包括股票，技术股票和加密货币。

Bitcoin, often viewed as a macro hedge against fiat debasement and monetary easing, has historically benefited from such environments. As U.S. Treasury yields fall in anticipation of rate cuts, capital is rotating toward higher-beta assets with asymmetric upside potential, and Bitcoin remains a leading candidate.

比特币经常被视为反对菲亚特贬低和宽松货币的宏观树篱，历史上已经从这种环境中受益。随着美国财政部收益的预期降低，资本正向具有不对称上升潜力的高级β资产旋转，比特币仍然是领先的候选人。

On-chain signals are sending a more nuanced picture of the current market environment. From CoinGlass, the supply held by long-term holders (LTH) has slightly decreased for the second consecutive month, dropping from its peak of 14.29 million BTC in March.

链上信号正在向当前市场环境发送更细微的图片。从Coinglass中，长期持有人（LTH）持有的供应连续第二个月略有下降，从3月份的1429万BTC峰值下降。

Source: CoinGlass

资料来源：小店

This suggests that while many LTHs maintain a long-term view, some have begun realizing profits amid recent price surges – a pattern often seen near local tops.

这表明，尽管许多LTHS保持了长期的看法，但有些人已经开始在最近的价格飙升中意识到利润 - 这种模式经常在当地上衣附近看到。

Meanwhile, exchange balances continue to trend downward. Data from CryptoQuant shows that BTC held on centralized exchanges has fallen to around 2.6 million, down from over 3.4 million in 2022.

同时，交换余额继续向下趋势。来自CryptoQuant的数据表明，在集中式交流上举行的BTC已降至约260万，低于2022年的340万人。

Source: CryptoQuant

资料来源：加密

However, analysts caution that a portion of these outflows may reflect internal reshuffling between ETF custody wallets and cold storage rather than direct investor accumulation.

但是，分析师警告说，这些流出的一部分可能反映了ETF托管钱包和冷存储之间的内部改组，而不是直接投资者的积累。

Whale wallets, on the other hand, are showing clear signs of accumulation. According to Santiment, wallets holding between 10 and 10,000 BTC have collectively added over 83,000 BTC in the past 30 days. This surge in large-scale accumulation underscores a broader institutional confidence in Bitcoin’s medium- to long-term trajectory.

另一方面，鲸鱼钱包显示出明显的积累迹象。根据Santiment的说法，在过去的30天中，持有10至10,000 BTC的钱包统称为83,000 BTC。大规模积累的这种激增强调了对比特币中型至长期轨迹的更广泛的机构信心。

Bitcoin’s rapid upward move is also being amplified by derivatives market dynamics. Data from Coinglass shows that more than $262 million worth of BTC short positions were liquidated in the past 24 hours, as of Monday, May 21. Binance alone recorded $66.3 million in short liquidations on the BTC/USDT pair, marking the largest single-day liquidation for the exchange this year.

比特币的快速向上移动也被衍生品市场动态扩大。来自Coinglass的数据显示，截至5月21日星期一，在过去的24小时内清算了价值超过2.62亿美元的BTC短职位。仅Binance仅在BTC/USDT对中就记录了6630万美元的短期清算，这标志着今年交易所最大的单日清算。

Source: Glassnode

来源：玻璃节

Such short squeeze events

如此短暂的挤压事件