在市场波动的情况下，比特币（BTC）面对关键关头

根据Bitfinex Alpha的数据，比特币在强劲的景点需求和宏观经济风险中经历了重大的价格校正，一周内清算了超过19亿美元。

Bitcoin (BTC) experienced a significant price correction this week as strong spot demand and macroeconomic risks drove a textbook crypto rally, according to a recent report by Bitfinex Alpha.

Bitfinex Alpha最近的一份报告显示，本周比特币（BTC）在本周进行了重大的价格校正，因为Bitfinex Alpha最近的一份报告称，强劲的斑点需求和宏观经济风险推动了教科书加密集会。

The cryptocurrency experienced a 10% decline from its all-time high (ATH), encountering a downturn that peaked on June 5 with over $875 million in long positions liquidated in a single day.

该加密货币的历史最高水平（ATH）下降了10％，遇到了6月5日的低迷，一日清算了超过8.75亿美元的长位置。

This incident highlights the aggressive nature of the market's current process, having seen over $1.9 billion liquidated in the past week alone.

这一事件强调了市场当前流程的侵略性，仅在过去一周中，就已经清算了超过19亿美元。

The technical structure of the market indicates that BTC's rally was largely supported by real demand, evident in the series of spot-led price increments and the formation of crucial accumulation zones, notably between $93,000–96,000 and $102,000–104,000.

市场的技术结构表明，BTC的集会在很大程度上得到了实际需求的支持，这在一系列点播的价格增长和重要的积累区域的形成中很明显，尤其是在93,000-96,000美元至102,000-104,000美元之间。

On-chain indicators currently suggest increased selling pressure as long-term investors begin distributing their holdings. The Spent Supply Distribution (SSD) index and the Short-Term Holder Cost Bands (STH) provide a clear roadmap for support levels.

链上指标目前表明，随着长期投资者开始分配其持股，销售压力增加。用过的供应分配（SSD）指数和短期持有人成本频段（STH）为支持水平提供了明确的路线图。

An SSD level of 0.95 at $103,700 marks the initial support zone, followed by $97,100 (STH Cost) and $95,600 (SSD 0.85), with $83,200 identified as a critical risk level. These levels are pivotal as they represent the cost bases of major investors and recent buyers, serving as potential re-entry points or liquidation triggers.

SSD水平为0.95美元，$ 103,700标志着初始支持区，其次是$ 97,100（STH成本）和95,600美元（SSD 0.85），其中83,200美元确定为关键风险水平。这些水平是关键的，因为它们代表了主要投资者和最近的买家的成本基础，并作为潜在的重新进入点或清算触发器。

In the broader U.S. macroeconomic landscape, May's job growth data revealed some vulnerabilities. While the headline figures showed an addition of 180,000 jobs, this represents a slowdown from the prior month and signals initial pressures from trade tensions and tariff uncertainties.

在更广泛的美国宏观经济景观中，梅的工作增长数据显示出一些漏洞。尽管标题数字显示增加了18万个工作岗位，但这是前一个月的放缓，并表示贸易紧张局势和关税不确定性的初步压力。

Although average hourly earnings rose steadily by 0.3%, remaining within expectations at 4.4% year-over-year, the shrinking labor force and downward revisions to past employment data suggest a weakening labor market.

尽管平均每小时收入稳步上涨了0.3％，但预期的范围却达到4.4％，但对过去就业数据的劳动力和向下修订的缩水表明劳动力市场正在减弱。

Furthermore, both the ISM Manufacturing and Services PMI scores slid deeper into contraction territory in May due to rising input costs and declining demand, highlighting the widespread impact of tariffs on the U.S. economy.

此外，由于投入成本的上升和需求的下降，ISM制造业和服务PMI在5月的收缩领土上的分数更深，突出了关税对美国经济的广泛影响。

On a positive note, the U.S. trade deficit narrowed significantly in April as imports declined sharply, particularly from China, due to weakened demand and inventory buildups during the prior period. However, this decline in imports is a point of concern as it could lead to future shortages and drive up inflation.

从积极的角度来看，由于进口量急剧下降，特别是来自中国的进口量急剧下降，由于上一时期的需求和库存积累，进口量急剧下降。但是，进口的这种下降是一个关注点，因为它可能导致未来的短缺并推动通货膨胀提高。

Investor interest in U.S. long-term bonds appeared to be waning, according to auction data and futures markets, which also indicated some skepticism towards financial stability.

根据拍卖数据和期货市场，投资者对美国长期债券的兴趣似乎正在减弱，这也表明对金融稳定性表示怀疑。

In other developments, cryptocurrency adoption continued to accelerate across various sectors. IG Group, a well-known British trading platform, secured approval to become the first listed company in the UK to offer spot cryptocurrency trading for retail investors, in partnership with Uphold.

在其他发展中，加密货币采用在各个部门继续加速。 IG Group是一家著名的英国交易平台，获得了批准，成为英国第一家为零售投资者提供现货加密货币交易的上市公司，并与UPHOLD合作。

This move marks a significant shift from the previously available speculative derivative products to actual asset ownership.

此举标志着从以前可用的投机衍生产品到实际资产所有权的重大转变。

This development also comes as the UK Financial Conduct Authority (FCA) proposed lifting its ban on crypto exchange-traded notes (cETNs) for retail investors, signaling broader regulatory support for digital assets.

这一发展还出现在英国金融行为管理局（FCA）提议取消对散户投资者的加密交易所交易票据（CETN）的禁令，这表明对数字资产的更广泛的监管支持。

Additionally, Metaplanet, a Japanese company, announced plans to raise ¥850 billion ($5.4 billion) in equity to massively expand its Bitcoin portfolio, aiming to hold 210,000 BTC by 2027. This initiative highlights Asia's expanding role in institutional cryptocurrency adoption.

此外，日本公司Metaplanet宣布了计划筹集8500亿日元（54亿美元）的股权，以大规模扩大其比特币投资组合，旨在到2027年持有210,000 BTC。这项倡议重点介绍了亚洲在Asia在机构采用机构中的扩展作用。