由于市场等待美联储的决定，比特币（BTC）持有超过$ 94,000

在增加宏观经济不确定性和对美联储决策的预期的背景下，加密货币市场显示出混合的信号。

In the prevailing context of macroeconomic uncertainty and anticipation for the Federal Reserve's decisions, the cryptocurrency market has shown mixed signals. While Bitcoin remains stable above 94,000 dollars, some of the main tokens like Cardano (ADA) and XRP have recorded significant losses.

在宏观经济不确定性和对美联储决定的预期的主要背景下，加密货币市场显示出混合的信号。尽管比特币仍然稳定在94,000美元以上，但一些主要令牌（例如Cardano（ADA）和XRP）却记录了巨大的损失。

On the contrary, the tokens linked to decentralized finance (DeFi), such as HYPE, AAVE, and CRV, have gained ground, signaling a shift in investor interest towards projects with concrete utility and yield mechanisms.

相反，与分散的金融（FEFI）相关的代币（例如炒作，AAVE和CRV）已获得了基础，这表明投资者的利益转移到具有具体效用和产量机制的项目上。

ADA and XRP declining: the wait for the Fed weighs on the markets

ADA和XRP下降：等待美联储在市场上称重

On Tuesday, Cardano (ADA) and XRP led the losses among the major cryptocurrencies. The drop, approximately 4% respectively, occurred at a time of high anticipation for the outcome of the upcoming Federal Open Market Committee (FOMC) meeting. Although forecasts indicate that interest rates will remain unchanged, market participants are on alert for any signals that might emerge from the comments of Fed Chairman, Jerome Powell.

周二，Cardano（ADA）和XRP率领主要的加密货币损失。大约4％的下降发生在对即将举行的联邦公开市场委员会（FOMC）会议结果的高期望之时。尽管预测表明利率将保持不变，但市场参与者仍在警惕可能从美联储主席杰罗姆·鲍威尔（Jerome Powell）评论中出现的任何信号。

Even Ethereum (ETH) experienced a slight decline, with a drop close to 1%, while Dogecoin (DOGE) lost 2%. In contrast, BNB recorded an increase of 1.3%. The CoinDesk 20 (CD20) index, which tracks the main tokens by market capitalization, lost a total of 1.8%, reflecting a cautious sentiment among investors.

甚至以太坊（ETH）也经历了略有下降，下降接近1％，而Dogecoin（Doge）损失了2％。相比之下，BNB的记录增加了1.3％。 Coindesk 20（CD20）指数通过市值跟踪主要令牌，总共损失了1.8％，反映了投资者的谨慎情绪。

Despite the volatility that has affected other digital assets, Bitcoin (BTC) has maintained a certain stability, remaining above the threshold of 94,000 dollars. After a brief drop below this level on Sunday, the most capitalized cryptocurrency continued to move within a narrow range, indicating a phase of consolidation.

尽管波动性影响了其他数字资产，但比特币（BTC）仍保持了一定的稳定性，其范围仍然高于94,000美元的阈值。在周日低于此水平的短暂下降之后，资本最多的加密货币继续在狭窄的范围内移动，这表明合并阶段。

This stability of Bitcoin seems to reflect greater caution among investors, awaiting macroeconomic developments and clearer signals from the U.S. central bank.

比特币的这种稳定似乎反映了投资者的更加谨慎，等待宏观经济发展和美国中央银行的清晰信号。

DeFi on the rise: HYPE, AAVE, and CRV attract attention surpassing ADA and XRP

提高：炒作，AAVE和CRV吸引了超过ADA和XRP的注意力

While memecoin lose appeal, investor interest is shifting towards projects with solid foundations and well-structured tokenomics. In particular, tokens linked to DeFi are benefiting from this change in direction.

尽管Memecoin失去了吸引力，但投资者的利益正在转向具有稳固基础和结构良好的令牌组学的项目。特别是，与Defi相关的代币正在从方向上的变化中受益。

Among these, HYPE stands out, the token of the Hyperliquid platform, which has recorded an impressive increase of 72% in the last week, positioning itself as the best performer among the top 100 tokens by capitalization. AAVE and CRV have also shown strong growth signals, with bull runs up to 40%.

在其中，Hype脱颖而出，超流动平台的代币在上周记录了72％的增长72％，将自己定位为在大写字母中表现最好的100个代币中的表现最好。 AAVE和CRV也显示出强烈的增长信号，公牛运行高达40％。

According to Kay Lu, CEO of HashKey Eco Labs, "as memecoins fall off investors' radar, the focus shifts to projects with more robust fundamentals and more sustainable economic mechanisms." In a message on Telegram, Lu added that "DeFi ecosystems are benefiting from this shift, especially in a context where Bitcoin shows less volatility and macroeconomic uncertainty persists."

Hashkey Eco Labs首席执行官Kay Lu表示：“随着Memecoins脱离投资者的雷达，重点转移到具有更强大的基本面和更可持续的经济机制的项目上。” Lu在电报上的一条消息中补充说：“ Defi生态系统从这一转变中受益，尤其是在比特币显示出较小的波动性和宏观经济不确定性的情况下。”

All eyes on the Federal Reserve

所有人的目光都注视着美联储

The main catalyst for the markets, both traditional and crypto, remains the Federal Reserve's decision on interest rates. General expectations indicate a pause in increases, but Jerome Powell's words could provide crucial indications for the future positioning of bull and bear investors.

传统和加密货币的主要催化剂仍然是美联储对利率的决定。一般期望表明增加了，但杰罗姆·鲍威尔（Jerome Powell）的话可以为公牛和熊投资者的未来定位提供至关重要的迹象。

According to Augustine Fan, head of insights at SignalPlus:

根据SignalPlus的见解负责人Augustine Fan的说法：

"we do not expect the FOMC to trigger a significant movement in the markets. It is a 'heads or tails' situation regarding the direction. Cryptocurrencies will likely take a cue from earnings growth and how the economy will absorb the impact of recent trade policies."

“我们不希望FOMC会引发市场上的重大运动。这是有关该方向的'头或尾巴'的情况。加密货币可能会从收益增长中得到提示，以及经济将如何吸收最近贸易政策的影响。”

Fan also emphasized that, while the stock market is pricing in a moderate recession risk, around 8%, the signals coming from the bond markets and macroeconomic forecasts are decidedly more cautious.

范还强调，虽然股市以适度的衰退风险定价，但大约8％的债券市场和宏观经济预测的信号肯定更加谨慎。

Trump and China: no imminent dialogue, but the risk is contained

特朗普和中国：没有迫在眉睫的对话，但风险被包含

To further complicate the macroeconomic picture, last week President Trump confirmed that there are no immediate plans to reopen trade negotiations with China, cooling hopes for a possible agreement. However, the possibility of separate trade agreements has helped maintain some optimism among investors, avoiding a collapse in risk sentiment.

为了进一步使宏观经济的情况复杂化，上周特朗普总统确认，没有立即计划重新开放与中国进行贸易谈判的计划，因此对可能达成的协议有冷却。但是，单独的贸易协定的可能性有助于维持投资者的乐观情绪，避免了风险情绪的崩溃。

This stalemate in the relations between the two world economic powers adds an additional layer of uncertainty, which is also reflected in the cryptocurrency markets, increasingly sensitive to geopolitical developments and monetary policies.

这两个世界经济大国之间关系中的这种僵局增加了一层不确定性，这也反映在加密货币市场中，对地缘政治发展和货币政策越来越敏感。

A look to the future: DeFi as a refuge in uncertain times?

展望未来：在不确定时期的避难所？

With Bitcoin showing signs of stabilization and interest in memecoins declining, decentralized finance could emerge as one of the most resilient sectors of the crypto market. The recent gains of HYPE, AAVE, and CRV suggest that investors are rewarding projects with real utility, sustainable yield, and economic transparency.

随着比特币显示出稳定和对模因减少的兴趣的迹象，分散的金融可能会成为加密市场中最有弹性的部门之一。最近的炒作，AAVE和CRV的收益表明，投资者正在以真正的实用性，可持续收益和经济透明度来奖励项目。

In a context of contained volatility and macroeconomic uncertainty, DeFi could represent a new frontier of growth for the cryptocurrency sector, offering investors a more solid alternative compared to the speculative trends of the past.

在包含波动性和宏观经济不确定性的背景下，DEFI可以代表加密货币行业增长的新边界，与过去的投机趋势相比，投资者为投资者提供了更坚实的选择。

As the markets eagerly await the next moves of the Federal Reserve and the evolution of trade tensions between Stati Uniti e Cina, the crypto sector continues to reorganize itself, rewarding concrete innovation and solidity of projects.

随着市场急切地等待美联储的下一个动作，以及Stati Uniti e cina之间的贸易紧张局势的演变，加密货币部门继续重组自己，奖励了具体的创新和项目的稳固性。