比特币（BTC）的价格下跌，但BTC的优势正在上升。

通过战略和BTC ETF进行的大量购买重点介绍了机构投资者对比特币的需求。

Bitcoin (BTC) price slipped further on Friday, extending losses for a third straight day as it struggled to break above $97,900. Some traders were disappointed that even strong institutional inflows were not enough to keep bullish momentum going. However, several encouraging signs suggest a new all-time high for the token in 2025 could still be in the making.

比特币（BTC）的价格在周五进一步下跌，连续第三天延长了损失，因为它努力赚到97,900美元以上。一些交易者感到失望的是，即使强大的机构流入也不足以保持看涨的势头。但是，几个令人鼓舞的迹象表明，2025年令牌的新历史最高点仍可能是制造。

Here are some of the key takeaways for the past week:

这是过去一周的一些关键要点：

Bitcoin dominance rises above 70% amid slew of new tokens

在新令牌中，比特币优势上升到70％以上

在新令牌中，比特币优势上升到70％以上

Bitcoin’s dominance over the broader cryptocurrency market surged to 70%, its highest level since January 2021. This happened despite a wave of new token launches, including several top-50 projects like SUI, Toncoin (TON), PI, Official Trump (TRUMP), Bittensor (TAO), Ethena (ENA), and Celestia (TIA).

比特币在更广泛的加密货币市场上的主导地位飙升至70％，是自2021年1月以来的最高水平。尽管有新的代币发射，包括SUI，Toncoin（Toncoin（Ton），PI（Ton），Trump Trump（Trump），Bittensor（Tao），Ethena（Ena），Ethena（Ena）和celestia（Tia）），这发生了。

Such high dominance lessens the appeal of riskier altcoins for new market entrants, especially as they are juggling several macroeconomic concerns like the US-China trade war, global inflation, and the ongoing war in Ukraine.

如此高的统治地位减少了风险较高的山寨币对新市场进入者的吸引力，尤其是当他们兼顾几个宏观经济问题时，例如美国 - 中国贸易战，全球通货膨胀和乌克兰正在进行的战争。

Meanwhile, the spot Bitcoin ETFs saw net inflows of $4.5 billion between April 22 and May 2. At the same time, the increasing appetite for Bitcoin futures signaled growing institutional adoption, regardless of whether the leverage was used for downside protection or bullish bets.

同时，比特币ETF在4月22日至5月2日之间看到净流入45亿美元。与此同时，对比特币期货的胃口日益增加，表明了机构采用的增长，而不管杠杆是否用于下行保护或看涨赌注。

According to CoinGlass, the total open interest in Bitcoin futures markets reached 669,090 BTC, a 21% increase since March 5. Even after Bitcoin’s price crashed to below $75,000 in early April, demand for leveraged positions remained strong. The open interest in BTC futures on the Chicago Mercantile Exchange (CME) alone exceeded $13.5 billion, showcasing substantial institutional demand.

根据Coinglass的数据，比特币期货市场的全部开放息息率达到669,090 BTC，自3月5日以来增长了21％。即使比特币的价格在4月初的价格下降到低于75,000美元，对杠杆头寸的需求仍然强劲。仅芝加哥商业交易所（CME）对BTC期货的开放兴趣超过135亿美元，显示了大量的机构需求。

What’s hindering BTC price recovery?

什么是阻碍BTC价格恢复？

什么是阻碍BTC价格恢复？

Several factors explain why Bitcoin struggled to break above $100,000 again. Traders who bought the token in anticipation of the US Strategic Bitcoin Reserve bill on March 6 grew increasingly frustrated as the government never disclosed its BTC holdings or announced plans for further purchases.

几个因素解释了为什么比特币努力再次超过100,000美元。由于政府从未透露其BTC持股或宣布进一步购买的计划，因此在3月6日购买代币的交易者越来越沮丧。

Moreover, similar state-level Bitcoin bills kept failing, with the latest setback occurring in the US state of Arizona. A bill that would have allowed state agencies to invest a portion of their funds in Bitcoin was ultimately voted down by members of the House Appropriations Committee on May 4.

此外，类似的州级比特币法案一直失败，最新的挫折发生在美国亚利桑那州。该法案将于5月4日被众议院拨款委员会成员投票决定，该法案将允许州机构投资于比特币中的一部分资金。

The lack of government action amid a nearly 40% correction in Bitcoin price from its record highs in late 2024 pushed several institutional investors to reduce their exposure to crypto. At the same time, the lack of new capital for Saylor’s Strategy was another factor that traders kept highlighting.

在2024年底以来比特币价格的更正近40％的比特币价格纠正的情况下，政府的行动不足，促使几名机构投资者减少了对加密货币的影响。同时，塞勒（Saylor）的战略缺乏新资本是交易者一直在强调的另一个因素。

After rumors swirled for months about a capital increase, Strategy announced plans to sell up to $1 billion in convertible preferred stock to raise capital. However, Strategy later doubled its plans, announcing an $84 billion capital increase to fund further Bitcoin purchases.

在谣言盘旋数月以来，有关资本增加的几个月后，战略宣布了计划出售高达10亿美元可转换优先股以筹集资金的计划。但是，策略后来将其计划翻了一番，宣布增加了840亿美元的资本以资助进一步的比特币购买。

Since investors were previously uncertain about Strategy’s ability to mobilize additional capital, the announcement of a large-scale plan reduced some of this risk.

由于投资者以前不确定战略动员额外资本的能力，因此宣布大规模计划会降低了一些风险。

Is a new all-time high in 2025 still possible?

2025年的新历史最高水平仍然可行吗？

2025年的新历史最高水平仍然可行吗？

Over the past three months, gold outperformed most assets, rising 16%, while Bitcoin slipped 5% and the S&P 500 corrected by 6.5%. This challenged the narrative of Bitcoin being an uncorrelated asset as the cryptocurrency failed to decouple from the S&P 500 amid rising economic risks. The global trade war pushed investors to favor fixed-income assets and cash positions.

在过去的三个月中，黄金的表现优于大多数资产，增长了16％，而比特币则降低了5％，而标准普尔500标准币则纠正了6.5％。这挑战了比特币是一种不相关的资产的叙述，因为加密货币未能使经济风险上升的情况下的500指数脱离。全球贸易战促使投资者赞成固定收益资产和现金头寸。

Bitcoin’s recent drop to $94,000 was particularly noteworthy given that Strategy, a US-listed company, announced the acquisition of 1,895 BTC on May 5.

鉴于该策略是一家美国上市的公司，比特币最近跌至94,000美元尤其值得注意，他于5月5日宣布收购1,895 BTC。

Nevertheless, the key elements for a BTC bull run above $100,000 appear to be in place.

尽管如此，BTC公牛运行的关键要素似乎已经到位。