随着风险的情感回报，比特币（BTC）接近历史新高

世界上最受欢迎的加密币比特币（BTC）正在近历史新高。虽然不久前，比特币是用便士来衡量的，但如今，它的价值数万美元。

The world’s most popular crypto, Bitcoin (BTC), is nearing new all-time highs as recent days saw the cryptocurrency hover around $104,000, nearing its top in January, when it hit $106,000.

随着最近几天，加密货币悬停在104,000美元左右，一月份达到106,000美元，这是世界上最受欢迎的加密货币（BTC），即将悬停在104,000美元左右，即将接近其最高点。

For perspective, not that long ago, Bitcoin was measured in pennies. Today, it is valued in tens of thousands of dollars.

从角度来看，不久前，比特币是在便士中衡量的。如今，它的价值数万美元。

So why the big move when Bitcoin was in the mid-80s just a month ago?

那么，为什么一个月前比特币在80年代中期进行的重大举措呢？

Matteo Greco, Senior Associate & Research Analyst at Finequia, says it is because of the return to risk-on sentiment.

Finequia的高级副和研究分析师Matteo Greco表示，这是因为重返风险情绪。

Greco reports that around $600 million in net inflows moved into spot BTC ETFs in the past week—the fourth week in a row that money was moving into Bitcoin instead of out. Total net inflows now top $41 billion.

Greco报道说，过去一周，大约有6亿美元的净流入进入了BTC ETF，这是连续第四周，金钱正在投入比特币而不是淘汰。总净流入目前最高410亿美元。

This was also buttressed by easing geopolitical and economic worries. As the UK and US announced a trade deal, followed by a 90-day pause regarding China tariffs (still keeping the 10%), markets breathed a sigh of relief—at least for the moment.

这也是通过缓解地缘政治和经济担忧来支撑的。当英国和美国宣布达成一项贸易协议时，随后在中国的关税（仍保持10％）的90天停顿时，市场呼吸了一口气，至少目前暂时享受。

Meanwhile, the US labour market remains resilient, prompting the Federal Reserve to hold interest rates steady in its latest meeting. The Fed shared that a reduction in Quantitative Tightening (QT) is not currently being considered, due to “strong economic data as the reason for maintaining its policy stance.”

同时，美国劳动力市场仍然有弹性，促使美联储在其最新会议上保持利率稳定。美联储分享说，由于“强大的经济数据是维持其政策立场的原因，因此目前尚未考虑减少定量收紧（QT）。”

“This shift in expectations is largely due to the combination of positive developments in US-China trade talks, continued labor market strength, and stable inflation readings. Together, these factors point to an economy that may be able to sustain higher interest rates without faltering,” said Greco. “Earlier projections assumed that rising inflation, driven by Trump’s anticipated tariff increases, would force the Fed into action. However, the recent diplomatic progress with China has dampened inflation expectations, reducing the urgency for policy easing and alleviating fears of a full-blown commercial war.”

格雷科说：“期望的这种转变很大程度上是由于美国 - 中国贸易谈判，持续的劳动力市场实力和稳定通货膨胀式阅读的积极发展的结合。这些因素共同指出了一种经济，可能能够在不动摇的情况下维持更高的利率，”格雷科说。 “较早的预测假设，由于特朗普预期的关税增加，通货膨胀率上升将迫使美联储采取行动。但是，最近与中国的外交进展减弱了通货膨胀的预期，从而减少了对政策缓解的紧迫性，并减轻了对一场全面吹牛商业战争的担忧。”

Fears of stagflation, receding, fears of rising unemployment, and higher prices have also lessened fears.

对停滞，退缩，对失业率上升的恐惧以及更高价格的恐惧也减轻了恐惧。

While Greco does not mention this, traditional markets have been on the rise, too, making people feel wealthier and encouraging money on the sidelines to be put to work, perhaps in crypto.

尽管Greco并未提及这一点，但传统市场也在上升，使人们感到更富有，并鼓励在场外投入工作，也许是在加密货币中。

So, how high can Bitcoin go? Will it go to the moon? Will it move from hundreds of thousands to millions of dollars? Heck, Michael Saylor, CEO of Bitcoin proxy firm Microstrategy, thinks Bitcoin will hit $13 million by 2045.

那么，比特币可以多高？它会去月球吗？它会从数十万美元转移到数百万美元吗？比特币代理公司Microstrategy首席执行官Michael Saylor认为比特币将在2045年达到1300万美元。

Some predict it can move into seven digits as soon as this year. Others are not as bullish, expecting it to take a bit longer. However, most sentiment is that Bitcoin will continue to move higher, just not in a straight line.

有些人预测，今年它可能会进入七位数字。其他人并不像看涨，期望它需要更长的时间。但是，大多数情绪是比特币将继续移动更高，只是直线不直线。