比特币（BTC）继续其春季集会

在美国下午的时间里，最大，最古老的加密货币持有约95,000美元，在过去的24小时内增长了1.8％。

The spring rally in bitcoin (BTC) continues and is on track for its strongest weekly showing since Trump's election victory.

比特币（BTC）的春季集会继续进行，并且自特朗普大选胜利以来的每周最强的表现一直处于正轨状态。

The largest cryptocurrency was trading up 1.8% over the past 24 hours at around $95,000 during U.S. afternoon hours on Friday. Among the broad-market crypto benchmark CoinDesk 20 Index, Sui's native (SUI), Bitcoin Cash (BCH), and Hedera's HBAR led price gains.

在过去的24小时内，最大的加密货币在周五的美国下午小时内，售价上涨了1.8％，约为95,000美元。在广泛的市场加密基准Coindesk 20指数中，SUI的本地（SUI），比特币现金（BCH）和Hedera的HBAR HBAR LED价格上涨。

The world's oldest cryptocurrency is up over 11% since Monday, rendering it the largest weekly gain since November 2024, when Donald Trump clinched the U.S. presidency, kickstarting a broad-market crypto rally.

自周一以来，世界上最古老的加密货币增长了11％以上，这是自2024年11月以来的最大每周增长，当时唐纳德·特朗普（Donald Trump）担任美国总统职位，开始了一场广阔的市场加密货币集会。

Investor appetite from ETF investors also bounced back strongly: U.S.-listed spot bitcoin ETFs recorded $2.68 billion in net inflows this week so far, the largest since December, according to SoSoValue data. (Friday inflow data will be published later.)

ETF投资者的投资者食欲也强烈反弹：根据Sosovalue Data的数据，迄今为止，本周上市的现场比特币ETF在本周的净流入量为26.8亿美元，这是自12月以来最大的净流入。 （星期五流入数据将在稍后发布。）

BTC decoupling

BTC脱钩

Bitcoin's recent strength relative to U.S. stocks and gold underscores BTC's decoupling from traditional macro assets, said David Duong, Coinbase Institutional's global head of research.

Coinbase Institutional Institutional Institutional的全球研究负责人David Duong说，比特币最近相对于美国股票和黄金的实力强调了BTC与传统宏观资产的脱钩。

"It’s rare to witness market inflection points in real time, as we only tend to recognize major regime shifts with the benefit of time and reflection," Duong said in a Friday report. "This week’s decoupling of bitcoin’s performance from that of traditional macro assets may be as close as we come to such a moment."

Duong在周五的报告中说：“很少有实时见证市场拐点，因为我们只会以时间和反思的利益认识到重大政权的转变。” “本周比特币与传统宏观资产的表现的脱钩可能与我们接近这一时刻一样接近。”

"In our view, this divergence highlights bitcoin’s maturing role as a store-of-value asset—one that is increasingly being viewed by institutional and retail investors alike as resilient against the macroeconomic forces affecting risk assets more broadly," he wrote.

他写道：“在我们看来，这种差异强调了比特币作为价值存储资产的成熟作用，这是一种越来越多地被机构和散户投资者视为反对影响风险资产的宏观经济力量的韧性。”

Doun noted that the thesis is gaining traction with more companies adopting BTC corporate treasuries. Following the success of Michael Saylor's Strategy, Twenty One Capital, a new firm backed by Tether, Bitfinex, SoftBank, and a Cantor Fitzgerald affiliate, also plans to hold 42,000 BTC at launch.

Doun指出，该论文正在与越来越多的公司采用BTC企业库中获得关注。在迈克尔·赛勒（Michael Saylor）的战略取得了成功之后，二十一首首都，一家由系绳，比特·菲尼克斯（Bitfinex），软银和康托尔·菲茨杰拉德（Cantor Fitzgerald）分支机构支持的新公司也计划在发布时持有42,000 BTC。

Due in part to recent accumulation, liquidity in the spot BTC market has been "significantly drained," Dr. Kirill Kretov, lead strategist at trading automation platform CoinPanel, said in a Telegram note. According to the firm's proprietary blockchain analysis, a large portion of bitcoin liquidity has been withdrawn from actively transacting addresses, including exchanges, since November 2024, exposing markets to volatile price swings.

交易自动化平台Coinpanel的首席策略师Kirill Kretov博士在一份电报中说，部分原因是BTC市场的流动性“大大耗尽”。根据该公司专有区块链分析，自2024年11月以来，包括交易的积极交易地址（包括交易）已从包括交易所在内的大量比特币流动性撤回，使市场暴露于波动的价格波动。

“The market is thin, vulnerable, and easily moved by large players," Kretov said. "Sharp swings of 10% up or down are likely to remain the norm for now.”

克雷托夫说：“市场很薄，脆弱，很容易被大型参与者移动。” “急剧上升或下降10％的急剧可能是目前的规范。”

Bitcoin's route to fresh records

比特币的新唱片路线

While the route could be choppy, this week’s rally is likely the early innings of bitcoin's next leg higher to new records, said John Glover, chief investment officer of crypto lender Ledn.

Crypto Lender Ledn的首席投资官John Glover说，虽然这条路线可能是断断续续的集会，但本周的集会可能是比特币下一个腿高的早期局面。

Based on his technical analysis using Elliott Waves, he said BTC began the fifth and final wave of its multi-year bull market.

根据他使用Elliott Waves的技术分析，他说BTC开始了其多年牛市的第五次也是最后一波。

Elliott Wave theory suggests asset prices move in predictable patterns called waves, driven by collective investor psychology. These patterns typically unfold in five-wave trends, in which the first, third, and fifth waves are impulsive rallies, while the second and fourth waves are corrective phases.

埃利奥特（Elliott Wave）理论表明，在集体投资者心理学驱动的可预测模式中，资产价格在可预测的模式中移动。这些模式通常以五波趋势展开，其中第一，第三和第五波是冲动的集会，而第二波和第四波是纠正阶段。

While retesting this month's low at $75,000 cannot be ruled out, Glover sees BTC climbing to a cycle top around late 2025, early 2026.

虽然不能排除本月低价（75,000美元）的低价，但格洛弗（Glover）看到BTC在2025年末（2026年初）左右攀升至周期顶部。

"My expectations continue to be for a rally to $133-$136k into the end of this year, beginning of next,” he said.

他说：“直到今年年底，我的期望继续涨到133-136k美元。”