随着资金率和交易情绪仍然不寻常，比特币（BTC）达到了新的历史高潮

随着资金率和交易情绪的异常柔和，比特币的集会升至新的价格高价。

Bitcoin (BTC) hit a new all-time high on May 21, with prices reaching $111,860 on Binance on May 22, but the market lacked the frenzy typically associated with such milestones.

5月21日，比特币（BTC）在5月21日达到了新的历史新高，5月22日的二手币价格达到111,860美元，但市场缺乏通常与此类里程碑相关的疯狂。

Economist and crypto commentator Alex Krüger observed that “this is the least euphoric new all-time highs” for Bitcoin, highlighting the unusually low funding rates for Bitcoin across crypto exchanges.

经济学家和加密评论员亚历山大·克鲁格（Alexkrüger）观察到，比特币的“这是最不欣赏的新历史新高”，强调了整个加密货币交易所比特币的异常低资金率。

As seen in the chart above, the current BTC funding rate is significantly lower than the peaks observed during the March and November 2024 market highs. The funding rate was six times higher in Q1 and three times higher in Q4 last year.

如上图所示，当前的BTC融资率明显低于2024年3月和2024年11月在市场高点上观察到的峰值。第1季度的资金率高六倍，去年第四季度高三倍。

Lower funding rates indicate minimal speculative activity in the futures market. The rally is being driven mainly by spot buyers rather than leveraged traders, reducing the risk of over-leveraged corrections, a scenario that often leads to sharp price declines.

较低的资金率表示期货市场中的投机活动最少。集会主要是由现场购买者而不是杠杆交易者驱动的，从而降低了过度杠杆修正的风险，这种情况通常会导致价格下降。

Such a scenario also suggests that Bitcoin might not have reached a state of euphoria yet. Typically, when an asset class hits new highs amid high levels of trading activity, and funding rates and derivatives markets show extreme levels of over-leverage and speculation, it indicates euphoria and a potential market peak.

这种情况还表明，比特币可能还没有达到欣快感的状态。通常，当资产类别在高水平的交易活动中达到新的高潮时，资金率和衍生品市场显示出极高的杠杆和投机水平，它表明欣快和潜在的市场峰值。

However, the availability of untapped liquidity in the crypto ecosystem underscores the potential for further growth. Stablecoin market capitalization, often a leading indicator of incoming capital, has risen by 14% in 2025. Tether’s (USDT) market cap has climbed to $152 billion from $139 billion in January, while Circle’s USDC supply has increased by 35% to $58 billion.

但是，加密生态系统中未开发的流动性的可用性强调了进一步增长的潜力。 Stablecoin市值通常是即将到来的资本的主要指标，在2025年增长了14％。Tether's（USDT）市值已从一月份的1390亿美元上升至1.52亿美元，而Circle的USDC供应量增加了35％，达到580亿美元。

Stablecoins act as a bridge for new capital entering the crypto market, and their growth suggests a substantial pool of liquidity that has yet to be fully deployed into Bitcoin and other crypto assets.

Stablecoins是进入加密货币市场的新资本的桥梁，他们的增长表明，大量的流动性尚未完全部署到比特币和其他加密资产中。

Additionally, global liquidity trends provide further tailwinds. The global M2 money supply, which measures the total money in circulation across major economies, grew by 5% in Q1 2025, driven by monetary policy adjustments in the U.S., EU, and Japan.

此外，全球流动性趋势还提供了进一步的逆风。全球M2货币供应量衡量了主要经济体的流通总额，在2025年第1季度增长了5％，这是由美国，欧盟和日本的货币政策调整所驱动的。

Cointelegraph has previously reported a strong correlation, exceeding 80%, between Bitcoin’s price and global liquidity, typically with a 60-day lag, hinting at sustained buying pressure in the coming months.

Cointelegraph以前报道说，比特币的价格和全球流动性之间的相关性超过80％，通常为60天的滞后，暗示未来几个月内购买压力持续了压力。

'Muted' profit-taking suggests confidence in Bitcoin

“静音”获利表明对比特币有信心

Glassnode data provides another layer of insight into Bitcoin’s current market dynamics. Despite the new highs, profit-taking among Bitcoin holders remains restrained. As highlighted by the crypto analytics platform:

玻璃节数据提供了对比特币当前市场动态的另一层见解。尽管有新的高点，但比特币持有人的利润仍然受到限制。正如加密分析平台强调的那样：

This muted activity suggests that long-term holders are not rushing to cash out, which typically reflects confidence in further price appreciation.

这种静音活动表明，长期持有人并没有急于兑现，这通常反映出对进一步价格升值的信心。

The lack of widespread participation indicates that Bitcoin’s rally is not a crowded trade, leaving room for new capital to enter the market. The restrained profit-taking, combined with low speculative activity in the futures market, paints a picture of a market far from overheated or “euphoria.”

缺乏广泛的参与表明，比特币的集会不是拥挤的贸易，留出了新资本进入市场的空间。限制的利润赚钱，加上未来市场的投机活动较低，描绘了一个远非过热或“欣快感”的市场。