比特币（BTC）上周关闭，大约为104,128美元，比上一周的收盘价增长了10.5％，约为94,280美元。

整个星期，对BTC和更广泛的数字资产市场的需求很大，周四是最看涨的日子。

Bitcoin (BTC) closed last week at approximately $104,128, marking a 10.5% increase from the prior week’s close of around $94,280. Throughout the week, there was strong demand for BTC and the broader digital assets market, with Thursday emerging as the most bullish day.

比特币（BTC）上周关闭，大约为104,128美元，比上一周的收盘价增长了10.5％，约为94,280美元。在整个一周中，对BTC和更广泛的数字资产市场的需求很大，周四成为最看涨的日子。

On that day, BTC surged by around 6.4%, breaking above the $100,000 mark for the first time since early February. To a certain extent, this positive momentum was also reflected in BTC spot ETFs, which saw about $600 million in net inflow over the past week.

那天，BTC猛增了约6.4％，自2月初以来首次超过100,000美元。在一定程度上，这种积极的动力也反映在BTC Spot ETF中，在过去一周中，净流入约为6亿美元。

This marks the fourth consecutive week of net inflows in BTC spot ETFs, bringing the total net inflows since their inception to over $41 billion for the first time.

这标志着BTC现场ETF连续第四周的净流入，这使自成立以来的净流入量首次超过410亿美元。

However, it’s worth noting that these inflows are relatively modest compared to the massive price swings observed in the crypto market. For instance, BTC price rose by about 40% over the past month, while ether (ETH) saw an even steeper increase of about 100% from its March lows.

但是，值得注意的是，与加密市场中观察到的大量价格波动相比，这些流入相对较小。例如，过去一个月，BTC价格上涨了约40％，而Ether（ETH）的价格比3月份的低点增长了约100％。

“The scale and strength of the price recovery, combined with the light outflows from ETH ETFs and relatively moderate BTC ETF inflows, suggest that the recent surge in digital asset prices has been primarily driven by crypto-native activity, rather than institutional inflows via ETFs,” said Matteo Greco, a senior associate with Fineqia International in Canada, in an email to Chain Reactions.

“价格恢复的规模和强度，再加上ETH ETF的光外流和相对中等的BTC ETF流入，这表明，最近数字资产价格的最新涨幅主要是由加密本地活动而不是通过ETF进行的机构流入而驱动的，而不是通过ETF进行的机构流入。”

What’s driving the rally in cryptocurrencies?

是什么在加密货币中推动集会？

One of the key drivers behind this risk-on rally appears to be easing geopolitical and economic tensions globally. In particular, the US and UK recently announced a trade agreement that would reduce tariffs on a selection of British-made cars and allow limited quantities of steel and aluminium into the US tariff-free, while maintaining overall trade tariffs at 10%.

这次风险集会背后的主要驱动力之一似乎是在全球范围内缓解地缘政治和经济紧张局势。特别是，美国和英国最近宣布了一项贸易协定，该协议将减少对英国制造的汽车选择的关税，并允许有限的钢铁和铝纳入美国免税，同时将总体贸易关税保持在10％。

Additionally, Donald Trump announced that constructive discussions had taken place between the US and China in Switzerland, suggesting that the two nations may be moving closer to an agreement aimed at de-escalating tensions and potentially ending the ongoing trade war. A resolution here could significantly reduce the global economic strain that has stemmed from these commercial frictions.

此外，唐纳德·特朗普（Donald Trump）宣布，在瑞士的中国和中国之间进行了建设性讨论，这表明两国可能正在接近旨在消除紧张局势的协议，并有可能结束持续的贸易战。这里的决议可以大大减少源于这些商业摩擦的全球经济压力。

Meanwhile, the US labour market remains resilient, prompting the Federal Reserve to hold interest rates steady in its latest meeting. The Fed also confirmed that a reduction in Quantitative Tightening is not currently being considered, citing strong economic data as the reason for maintaining its policy stance.

同时，美国劳动力市场仍然有弹性，促使美联储在其最新会议上保持利率稳定。美联储还确认，目前尚未考虑减少定量收紧，理由是强大的经济数据是维持其政策立场的原因。

As a result, market expectations for Fed rate cuts in 2025 have been revised downward. The market now sees an equal probability of 50 or 75 basis points of rate cuts, compared to previous forecasts of 75 or even 100 basis points just a few days earlier.

结果，对2025年美联储削减税率的市场期望已被修订。现在，与几天前以前的75甚至100个基点的预测相比，市场的同等概率为50或75个基点。

“While no single factor stands out, there have been key developments,” said Nick Forster of Derive.xyz. “The China/US trade deal announced by the White House has signaled a potential cooling in the trade war, providing a boost to the market. ETH’s Pectra upgrade successfully launched, aiming to improve user experience and attract institutional interest, which is likely contributing to ETH’s price surge.”

Xyz的尼克·福斯特（Nick Forster）说：“虽然没有一个因素脱颖而出，” “白宫宣布的中国/美国贸易协议表明，贸易战争的潜在冷却，从而推动了市场。

In addition Coinbase (NASDAQ:COIN) was added to the S&P 500. This milestone highlights the growing mainstream adoption of digital assets, signaling increased confidence in the sector.

另外，将Coinbase（NASDAQ：COIN）添加到标准普尔500指数中。这一里程碑强调了数字资产的主流采用的日益增长，这表明对该行业的信心提高了。