比特币（BTC）与财政部收益率一起下降，这表明投资者飞往更安全的资产

比特币（BTC）在4月28日经历了2,000美元的急剧调整，至93,500美元。这种价格变动仔细跟踪了美国财政收益率的下降，这表明交易员正在寻求更安全的资产的相对安全性。

Bitcoin (BTC) price slid on April 28 as US Treasury yields fell, signaling that investors were flocking to safer assets.

随着美国财政部收益率下降，比特币（BTC）的价格在4月28日下跌，这表明投资者正在涌向更安全的资产。

The move saw BTC/USD drop sharply from around $95,000 to lows of $93,500 on Binance. This brought the apex coin close to key support at $90,000, levels which had held since mid-March.

此举使BTC/USD从$ 95,000急剧下降到Binance $ 93,500的低点。这使Apex硬币接近关键支持，$ 90,000，这是自3月中旬以来一直保持的水平。

Bitcoin struggles as Treasury yields fall

比特币挣扎，财政部产量下降

Coming after a week of moderate gains and a failure to sustain attempts at breaking out toward $95,500 and new yearly highs, the downturn signaled ongoing malaise among traders.

经过一周的中等收益和未能维持闯入95,500美元和新高高的尝试，衰退表明，交易者的不适表明。

Despite the narrative of a "risk-on" market, with the US Federal Reserve widely expected to pivot from its tightening cycle, several indicators pointed to deteriorating economic sentiment.

尽管叙述了“风险启用”市场，美国联邦储备将从其紧缩周期中透露枢纽，但一些指标指出，经济情绪恶化。

China’s tariff cuts had fueled optimism, but US trade concerns reversed sentiment

中国的关税削减激发了乐观，但美国的贸易担忧逆转了情感

Investors had enjoyed optimism after the weekend brought news that China had quietly slashed tariffs to zero on selected US semiconductor and circuit board imports, as reported by Newsweek on April 25. Notably, the US Russell 2000 small-cap index maintained positive momentum on April 28, remaining near its highest level in over three weeks.

周末后，投资者对美国半导体和巡回委员会进口的消息悄悄地将关税降至零，这使投资者感到乐观，正如新闻周刊在4月25日报道的那样。值得注意的是，美国罗素2000小型指数在4月28日保持积极的势头，在三周内保持了最高水平。

However, this optimism waned following an interview with US Treasury Secretary Scott Bessent on CNBC, where he placed the onus on China to strike a trade deal.

但是，这种乐观情绪在接受美国财政部长斯科特·贝斯特（Scott Bessent）采访后，这种乐观情绪逐渐减弱，他在中国将amus放在了贸易协议上。

Although recession risks had increased amid escalating trade tensions, many US companies were currently reporting strong first-quarter results. According to a FactSet report, 73% of these companies had posted earnings that exceeded analysts’ expectations.

尽管由于贸易紧张局势升级，经济衰退风险增加了，但许多美国公司目前报告的第一季度业绩良好。根据FACTSET报告，这些公司中有73％发布了超出分析师期望的收益。

Bitcoin’s repeated failure to sustain levels above $95,000 appeared to be linked to broader macroeconomic concerns.

比特币一再无法维持95,000美元以上的水平，似乎与更广泛的宏观经济问题有关。

Additionally, the cryptocurrency’s inability to decouple from stock market trends indicated that investors were not yet convinced of Bitcoin’s effectiveness as a hedge during potential economic downturns.

此外，加密货币无法与股票市场的趋势解脱出来，这表明投资者尚未确信比特币在潜在的经济衰退期间作为对冲的有效性。

There were also concerns that much of the recent bullish momentum, which had kept Bitcoin’s price above $90,000, was being driven by $4.28 billion in BTC acquisitions by Strategy since mid-March. Moreover, 97% of the previously approved common share issuance had already been utilized, raising questions about the long-term sustainability of Michael Saylor’s accumulation strategy.

也有人担心，最近的看涨势头将比特币的价格保持在90,000美元以上，这是自3月中旬以来策略以42.8亿美元的BTC收购驱动的。此外，已经使用了先前批准的普通股发行中97％的人，这引发了有关迈克尔·塞勒（Michael Saylor）积累策略的长期可持续性的问题。

Bitcoin faces strong stock earnings vs macro woes

比特币面对强大的股票收入与宏观困扰

While the stock market was benefiting from a robust earnings season, Bitcoin’s price was being weighed down by perceptions of deteriorating macroeconomic conditions.

虽然股票市场受益于稳健的收入季节，但比特币的价格受到对宏观经济状况恶化的看法的压力。

US existing home sales in March recorded their largest monthly decline in over two years, decreasing 5.9% compared to the previous month. Meanwhile, China had outlined plans to support employment and assist exporters after factories reduced production due to weak consumer demand, according to CNBC.

3月份的美国现有房屋销售记录了两年来的每月下降，比上个月下降了5.9％。同时，中国概述了支持就业的计划，并在工厂减少了由于消费者需求疲软而降低产量后的出口商。

Related: Crypto ETPs hit 3rd-largest inflows on record at $3.4B — CoinShares

相关：加密货币ETP在$ 3.4B的记录中达到了第三大流入-Coinshares

Given the current global economic uncertainty, a sustained rally in BTC above $100,000 would require more than a single week of strong inflows into spot Bitcoin exchange-traded funds (ETFs), especially as this coincided with significant buying activity from Strategy.

鉴于当前的全球经济不确定性，BTC超过100,000美元的持续集会将需要超过一周的大量投入到现货比特币交易所交易基金（ETF）中，尤其是因为这与战略的重大购买活动相吻合。

For investors to have confidence in a new Bitcoin all-time high in 2025, the cryptocurrency must demonstrate a clearer divergence from US stock market trends and provide further evidence that central banks will inject liquidity to prevent a crisis.

为了使投资者对2025年的新比特币有信心，加密货币必须证明与美国股票市场趋势有更明显的差异，并提供了进一步的证据，表明中央银行将注入流动性以防止危机。

At present, traders were keeping a close eye on the trajectory of US interest rates and the possibility of a reversal in the Federal Reserve’s balance sheet, which could herald an end to a period of monetary tightening that had spanned more than two years.

目前，交易者密切关注美国利率的轨迹以及美联储资产负债表中逆转的可能性，这可能预示着终止了两年多的货币收紧时期。