比特币（BTC）价格飙升，因为美国 - 中国的贸易突破和冷却通货膨胀创造了“完美风暴”

在宏观经济状况的显着改善中，这种出色的表现促进了风险资产的市场需求

Macroeconomic conditions have improved significantly in recent times, boosting market appetite for risk assets and creating what analysts describe as a “perfect storm” of positive catalysts for digital assets.

近来，宏观经济状况已经显着改善，增强了对风险资产的市场需求，并创造了分析师所说的数字资产积极催化剂的“完美风暴”。

This remarkable performance comes amid a significant improvement in macroeconomic conditions that have boosted market appetite for risk assets, creating what analysts describe as a “perfect storm” of positive catalysts for digital assets.

这一出色的表现在宏观经济状况的重大改善之中，这增强了对风险资产的市场需求，从而创造了分析师所说的数字资产积极催化剂的“完美风暴”。

US-China Trade Breakthrough

美国 - 中国贸易突破

On Sunday, a major geopolitical development provided substantial relief to global markets when US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced a breakthrough trade agreement with China following intensive negotiations in Geneva.

周日，当美国财政部长斯科特·贝斯特（Scott Bessent）和贸易代表杰米森·格里尔（Jamieson Greer）宣布在日内瓦进行密集的谈判后，美国财政部长斯科特·贝斯特（Scott Bessent）和贸易代表杰米森·格里尔（Jamieson Greer）宣布与中国达成突破性贸易协定，这为全球市场提供了重大的缓解。

The agreement implements a 90-day reduction in bilateral tariffs, with the United States cutting its rate on Chinese imports from a punishing 145% down to 30%, while China reciprocates by lowering duties on American goods from 125% to just 10%.

该协议的双边关税减少了90天，美国对中国进口的税率从惩罚145％降至30％，而中国通过将美国商品的关税从125％降低到仅10％而往复。

While this reprieve is temporary, it marks a significant de-escalation in the trade hostilities between the world’s two largest economies that had threatened to accelerate global inflation and dampened enthusiasm for risk assets in recent months.

尽管这种缓刑是暂时的，但它标志着世界两个最大经济体之间贸易敌对行动的显着降低，这些经济体威胁要加速全球通货膨胀，并削弱了近几个月来风险资产的热情。

Inflation Hits Four-Year Low

通货膨胀率达四年低点

Further fueling the crypto rally was Tuesday’s unexpectedly positive inflation report. The US Bureau of Labor Statistics revealed that the Consumer Price Index (CPI) rose just 0.2% in April, bringing the annual inflation rate down to 2.3%—below March’s 2.4% reading and marking the lowest level since February 2021.

周二出乎意料的积极通货膨胀报告，进一步加剧了加密集会。美国劳工统计局表明，4月份消费者价格指数（CPI）仅上涨0.2％，使年度通货膨胀率降至2.3％ - 贝洛（Below）3月份的2.4％的阅读率和标志着自2021年2月以来的最低水平。

This cooling inflation comes as a surprise to economists who had anticipated upward price pressures from the Trump administration’s aggressive tariff policies. According to Brian Coulton, chief economist at Fitch Ratings, “Core goods prices have yet to reflect the impact of the tariff hikes that have taken place since February, while services inflation continues to gradually ease.”

这种冷却通货膨胀令经济学家感到惊讶的是，那些预计特朗普政府积极关税政策的价格压力向上的压力。惠誉评级首席经济学家布莱恩·库尔顿（Brian Coulton）表示：“核心商品价格尚未反映自2月份以来关税远足的影响，而服务通货膨胀越来越逐渐缓解。”

Market Sentiment Shift

市场情绪转移

The combination of easing trade tensions and cooling inflation has dramatically shifted market dynamics that previously worked against digital assets. During the peak of US-China trade hostilities, investors had demanded higher risk premiums, leading to a flight to safety that benefited traditional safe havens like gold and cash at the expense of cryptocurrencies and other risk assets.

缓解贸易紧张局势和冷却通货膨胀的结合已急剧改变了以前针对数字资产的市场动态。在美国 - 中国贸易敌对行动的高峰期间，投资者要求更高的风险溢价，从而使安全性的航班受益于传统的安全避风港，例如黄金和现金，以牺牲加密货币和其他风险资产为代价。

On the heels of its much-anticipated Pectra upgrade, Ethereum has had a phenomenal week – up around 35% as markets return to risk on assets. Source: Brave New Coin Ethereum Liquid Index

在其备受期待的果肉升级之后，以太坊的一周却增加了35％，因为市场恢复了资产的风险。资料来源：勇敢的新硬币以太坊液体指数

The current macroeconomic backdrop has reversed this trend, creating substantial tailwinds for Bitcoin and the broader cryptocurrency sector. Lower inflation also reinforces expectations for potential interest rate cuts, which typically benefit non-yielding assets like Bitcoin.

当前的宏观经济背景扭转了这一趋势，为比特币和更广泛的加密货币行业创造了大量的尾风。较低的通货膨胀也加强了对潜在利率降低的期望，这通常使无收益资产等比特币等受益。

The macroeconomic backdrop has become more favorable for risk assets in recent times, boosting demand for cryptocurrencies and other assets perceived as riskier.

宏观经济背景最近对风险资产变得更加有利，从而提高了对加密货币的需求和其他被认为更风险的资产。

This shift in market sentiment is evident in the performance of major stock indices. The US stock market, as measured by the S&P 500 index, has reached record highs, while the European STOXX 600 index also hit a 15-month peak on Tuesday.

市场情绪的这种转变在主要库存指数的表现中显而易见。标准普尔500指数衡量的美国股市已经达到创纪录的高点，而欧洲Stoxx 600指数也在周二达到15个月的高峰。

The broad macroeconomic conditions are now favorable for risk assets, and there is potential for further gains in the coming months, especially if the trade war de-escalation continues and inflation remains low.

现在，宏观的宏观经济状况有利于风险资产，并且在接下来的几个月中有进一步的收益，尤其是如果贸易战降低持续发展并且通货膨胀率仍然很低。

However, some analysts urge caution regarding the sustainability of these positive conditions.

但是，一些分析人士敦促对这些积极条件的可持续性谨慎。

Core goods inflation is likely to pick up in the next few months as inventories of goods imported pre-tariff hikes get depleted, said Brian Coulton, chief economist at Fitch Ratings.

Fitch Ratings的首席经济学家Brian Coulton说，随着进口货物前加息的货物库存耗尽，核心商品通货膨胀可能会在接下来的几个月内获得。

This suggests that the current "Goldilocks" environment for Bitcoin, characterized by controlled inflation and reduced geopolitical tensions, may face challenges in the coming months as the full impact of earlier tariff increases works its way through the economy.

这表明，当前的比特币“金色”环境以控制通货膨胀和减轻地缘政治紧张局势为特征，在接下来的几个月中可能会面临挑战，因为较早的关税的全部影响在经济中逐渐增加。

For now, however, Bitcoin continues to capitalize on this rare alignment of positive macroeconomic factors, pushing further into uncharted territory above the $100,000 threshold that once seemed unimaginable to all but the most ardent cryptocurrency advocates.

然而，就目前而言，比特币继续利用这种罕见的积极宏观经济因素的一致性，将进一步的领土推向了超过100,000美元的阈值，而这些阈值曾经对除了最热心的加密货币倡导者以外似乎无法想象。