比特币（BTC）市场周期继续引起新的高点，同时捕获越来越大的市场份额

比特币（BTC）是世界上最大的加密货币，在捕获越来越大的市场份额的同时，它继续引起新的市场高点。

Bitcoin (BTC) price continues to set new highs for the year, and the world’s largest cryptocurrency is also grabbing an increasingly large share of the crypto market cap. Changes over the last 18 months may be setting the stage for a new market cycle and further bitcoin gains.

比特币（BTC）的价格继续为当年树立新的高价，全球最大的加密货币也在加密市值中占有越来越大的份额。在过去的18个月中的变化可能为新的市场周期和进一步的比特币增长奠定了基础。

The bitcoin market cycle largely comprises periods of substantial gains followed by broader catch-up of the crypto economy. During this time, altcoins rise and BTC lags. Risk-off sentiment then pulls the cryptomarket down before bitcoin begins the cycle anew.

比特币市场周期在很大程度上构成了巨大的收益时期，然后更广泛地追赶加密经济。在此期间，AltCoins上升和BTC滞后。然后，在比特币重新开始周期之前，风险情绪将加密市场拉下来。

“Historically, bitcoin’s market share climbs during market downturn and recovery periods, then declines as speculative capital chases higher-beta bets deeper into the cycle,” explained Matthew Kimmell, digital asset analyst at CoinShares, in a recent insights piece.

“从历史上看，比特币在市场下滑和恢复期间的市场份额攀升，然后随着投机性资本追逐更高的β赌注而下降，” Coinshares的数字资产分析师Matthew Kimmell在最近的见解中解释说。

Strong bitcoin adoption in the last 18 months led to growing concentration among digital assets. Kimmell notes that BTC currently accounts for approximately 60% of crypto’s market cap. Where historically this would have signaled potential weakening looking ahead, recent developments pave the way for the possibility of further growth.

在过去的18个月中，强大的比特币采用导致数字资产的集中度越来越高。金梅尔指出，BTC目前约占加密货币市值的60％。从历史上看，这将表明潜在的潜在削弱，而最近的事态发展为进一步增长的可能性铺平了道路。

Perhaps one of the largest drivers of ongoing future performance is the increase in institutional adoption. Spot bitcoin ETFs, interest from the executive branch, and a supportive regulatory environment all paved the way for greater uptake from institutions.

可能未来绩效的最大驱动力之一也许是机构采用的增加。从行政部门的兴趣和支持性的监管环境中，景点比特币ETF为机构的更大吸收铺平了道路。

“Changes to the US accounting treatment of digital assets (FASB fair value rules) and the rescission of SAB 121 have opened new pathways for both corporations and banks to benefit from the economic opportunities offered by the bitcoin ecosystem,” wrote Kimmell.

Kimmell写道：“美国对数字资产的会计处理（FASB公允价值规则）和SAB 121的撤销已为公司和银行开辟了新的途径，以从比特币生态系统提供的经济机会中受益。”

Broader institutional adoption changes the potential fundamentals for bitcoin. Greater investment leads to greater liquidity and more price discovery. It could also lead to more sustained price outperformance than in previous market cycles.

更广泛的机构采用改变了比特币的潜在基本面。更大的投资导致更大的流动性和更多的价格发现。与以前的市场周期相比，这也可能导致持续的价格超过持续的价格。

As for volatility and the current market environment rife with political and economic uncertainty? That’s likely to be a boon for bitcoin as well.

至于波动和当前的市场环境，政治和经济不确定性泛滥？这也可能是比特币的福音。

“We find this turbulence, both in asset markets and government action, supporting bitcoin from a narrative perspective, bringing emphasis on its fundamental characteristics: neutral, borderless, self-custodial, and scarce,” Kimmell explained.

Kimmell解释说：“在资产市场和政府行动中，我们发现这种动荡，从叙事的角度支持比特币，重点是其基本特征：中立，无边界，自我抑制和稀缺。”

Investors with the risk appetite for crypto investing may want to consider the CoinShares Valkyrie Bitcoin Fund (NYSE:BRRR). The fund provides exposure to bitcoin’s price movements with the ease of access through traditional brokerages. Through BRRR, investors can capture bitcoin price movements while avoiding many of the extra steps required with direct bitcoin investment, such as storage.

对加密投资的风险胃口的投资者可能需要考虑Coinshares Valkyrie Bitcoin基金（NYSE：BRRR）。该基金通过传统经纪人的易于访问，提供了对比特币的价格变动的风险。通过BRRR，投资者可以捕获比特币的价格变动，同时避免直接比特币投资所需的许多额外步骤，例如存储。

BRRR seeks to reflect the price performance of the CME CF Bitcoin Reference Rate – New York Variant, minus fees and expenses. This index uses the same six bitcoin exchanges as the CME CF Bitcoin Reference Rate, but calculates bitcoin’s price at New York Market close (4 p.m. ET).

BRRR试图反映CME CF比特币参考率的价格绩效 - 纽约变种，减去费用和支出。该指数使用与CME CF比特币参考率相同的六个比特币交换，但计算了纽约市场上比特币的价格（美国东部时间下午4点）。

The fund is a trust that passively holds bitcoin (meaning it’s physically backed). Shares held are tied to the value of the bitcoin held. It also is not an investment company, and therefore does not fall under the 1940 Act. The bitcoin held is custodied by Coinbase (NASDAQ:COIN), BitGo and Komainu, with private keys kept in cold storage. In other words, the means to access the bitcoin held by the custodians remains offline, disconnected from the internet. This provides an extra layer of protection from hacking.

该基金是一种被动地持有比特币的信任（这意味着它具有物理支持）。持有的股票与持有的比特币的价值相关。它也不是一家投资公司，因此不属于1940年法案。持有的比特币由Coinbase（NASDAQ：COIN），BITGO和KOMAINU监护，并保存在冷藏中。换句话说，访问保管人持有的比特币的手段仍然离线与互联网脱节。这为黑客攻击提供了额外的保护层。

BRRR carries management fees of 0.25%.

BRRR的管理费为0.25％。