比特币（BTC）价格违反了100,000美元，因为风险和风险环境推动了需求

比特币（BTC）的价格违反了1月以来首次违反了100,000美元的成绩，这加剧了人们对新历史最高高于110,000美元的猜测

Bitcoin (BTC) price touched the $100,000 mark on May 7 for the first time since January, setting the stage for a potential new all-time high above $110,000 in May. According to crypto custody service provider Bitcoin Suisse, BTC’s bullish momentum is linked to its ability to perform well in both risk-on and risk-off environments since the US presidential elections.

比特币（BTC）的价格在1月以来首次触及了5月7日的100,000美元，这为5月的潜在历史高度高于110,000美元的新阶段奠定了基础。根据瑞士加密监护服务提供商比特币的说法，BTC的看涨势头与自美国总统选举以来的风险和冒险环境中表现良好的能力有关。

Data from its “Industry Rollup” report shows that Bitcoin had a Sharpe ratio of 1.72, a key financial metric that measures risk-adjusted returns by dividing an asset’s average return (minus the risk-free rate). A higher Sharpe ratio reflects superior risk-adjusted returns, and in 2025, Bitcoin’s robust score, surpassed only by gold, highlights its growing maturity as an asset.

其“行业汇总”报告中的数据表明，比特币的夏普比率为1.72，这是一个关键的财务指标，可以通过分配资产的平均收益来衡量风险调整后的收益（减去无风险利率）。较高的夏普比率反映了较高的风险调整后的回报，而在2025年，比特币的强劲分数仅超过了黄金，突出了其作为资产的成熟度的日益增长。

Over the past two quarters, BTC excelled as a dual-purpose investment. It acts as a macro hedge in risk-off climates, benefiting from geopolitical tensions and de-dollarization concerns. In risk-on scenarios, it behaved as a high-conviction growth asset, with over 86% of its supply in profit.

在过去的两个季度中，BTC作为双重用途投资出色。它充当了冒险气候的宏观对冲，受益于地缘政治紧张局势和付出了损失的关注。在风险上的情况下，它的表现是高定罪的增长资产，其利润供应量的86％以上。

As illustrated in the chart, Bitcoin maintained a positive net return through various key phases since November 2024.

如图所示，自2024年11月以来，比特币通过各个关键阶段保持了积极的净回报。

“It's noteworthy that Bitcoin has managed to generate a positive net return despite the market's risk-off and risk-on phases, which is a testament to its resilience and ability to adapt to different economic climates,” said Bitcoin Suisse head of research Dominic Weiben.

瑞士比特币研究多米尼克·威本（Dominic Weiben）说：“值得注意的是，尽管市场的冒险和风险阶段，比特币还是设法产生了积极的净回报，这证明了其韧性和适应不同经济气候的能力。”

Earlier in May, Fidelity Digital Assets' Q2 2025 Signals Report stated that Bitcoin is gearing up for the next leg of an “acceleration phase.”

5月初，Fidelity Digital Assets的第二季度2025信号报告指出，比特币正在为“加速阶段”的下一个领域做好准备。

According to Fidelity analyst Zack Wainwright, Bitcoin's historical movements indicate that it usually enters into explosive price surges from "high volatility and high profit."

根据富达分析师Zack Wainwright的说法，比特币的历史运动表明，它通常会从“高波动性和高利润”中爆发出爆炸性的价格。

On May 7, Bitcoin spot taker cumulative volume delta (CVD) over 90 days turned buyer dominant for the first time since March 2024. The 90-day spot taker CVD, which measures the net difference between market buy and sell volumes, reflects buyer or seller activity over a prolonged period.

5月7日，自2024年3月以来，比特币接管者累积数量达美（CVD）在90天内转为购买者。90天的现货接收者CVD衡量了市场买卖和销售量之间的净差异，反映了买家或卖家活动之间的净差异。

This shift to “taker buy dominant” signals aggressive buying pressure, driven by factors such as institutional interest and spot Bitcoin ETF inflows, i.e., over $4.5 billion spot inflows since April 1.

自4月1日以来，向“ Taker Buy Buy Buy Pruent”的转变表示积极的购买压力，这些因素驱动于机构兴趣和现货比特币ETF流入，即超过45亿美元的份额流入。

The structural change in demand and Bitcoin’s strong Sharpe ratio could enable it to capitalize on the current market conditions. As corporations and institutions are pouring money into Bitcoin, a supply squeeze may drive prices past $110,000 in May.

需求的结构变化和比特币的较高比率可以使其能够利用当前的市场状况。随着公司和机构正在将资金投入比特币，供应紧缩可能会使价格在5月的$ 110,000以上。