比特币（BTC）的价格在复活节周末飙升，跃升了9％，超越了90,000美元的门槛

比特币（BTC）的价格在复活节周末飙升，跃升了9％，超越了4月22日的91,000美元门槛。

Bitcoin (BTC) price surged over the Easter weekend, notching up 9% and smashing through the $91,000 threshold on April 22. This strong performance stands in stark contrast to the stock market’s lukewarm rebound and mirrors gold’s bullish behavior, which briefly touched a new all-time high of $3,500.

比特币（BTC）的价格在复活节周末飙升，在4月22日的91,000美元门槛上跌入9％，并粉碎了。这种出色的表现与股票市场的不冷淡反弹形成了鲜明的对比，反映了Gold的看涨行为，这使得新的新历时高3,500美元。

While the BTC rally and its growing decoupling from equities are noteworthy, it's the derivatives market that offers an even more bullish signal. According to data from CoinGlass, Bitcoin open interest (OI) soared by 17%, reaching a 2-month high at $68.3 billion. OI measures the total capital invested in BTC derivatives, and such an uptick shows a growing bullish sentiment among traders.

尽管BTC拉力赛及其与股票的增长值得注意的是，但衍生品市场提供了更加乐观的信号。根据Coinglass的数据，比特币开放兴趣（OI）飙升了17％，达到了2个月高点，为683亿美元。 OI衡量了投资BTC衍生品的总资本，这种上升表明，交易者的看涨情绪越来越大。

The market is currently in contango — a situation where futures prices (notably CME Bitcoin futures) are higher than the spot price. This typically occurs because investors anticipate rising prices and take advantage of leverage tools offered by exchanges, allowing them to gain greater exposure through futures than they could with direct spot purchases.

市场目前处于Contango，这种情况是期货价格（尤其是CME比特币期货）高于现货价格。这通常是因为投资者预计价格上涨并利用交易所提供的杠杆工具，从而使他们能够通过未来获得比直接购买的期货更大的曝光率。

This begs two questions: Who is buying, and why?

这就提出了两个问题：谁在购买，为什么？

Institutional interest reawakens

机构兴趣唤起

A key metric for understanding investor composition is the Coinbase Bitcoin Premium Index. It measures the percentage price difference between Bitcoin on Coinbase Pro (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro caters predominantly to US-based institutional investors, while Binance has a broader global retail audience, this premium can indicate where the buying pressure is coming from.

了解投资者组成的关键指标是Coinbase Bitcoin Premium指数。它衡量了Coinbase Pro（BTC/USD）和Binance（BTC/USDT）上比特币之间的百分比价格差异。由于Coinbase Pro主要致力于美国的机构投资者，而Binance拥有更广泛的全球零售受众，因此这种溢价可以表明购买压力来自何处。

While the first half of April showed strong retail dominance, April 21–22 saw institutional demand kick in, with the Coinbase premium rising to 0.16%, per CoinGlass.

尽管4月上半年表现出强大的零售优势，但4月21日至22日的机构需求启动了，Coinbase Premium升至0.16％。

Among those buyers could be Michael Saylor, who announced the acquisition of 6,556 more BTC for approximately $555.8 million at an average price of ~$84,785 per coin on April 21. This brings MicroStrategy’s total holdings to an eye-watering 538,200 BTC, worth approximately $48.4 billion at current prices.

在这些买家中，可能是迈克尔·塞勒（Michael Saylor），他宣布以大约5.5558亿美元的价格收购6,556个BTC，平均价格为4月21日的平均价格约为84,785美元。这使MicroStrategy的总持有量带到了一个令人眼花and乱的总持有量，以538,200 BTC，价值538,200 BTC，价值约48.4.44.44.444.44亿美元。

On a smaller scale, Japan-based Metaplanet also added 330 BTC to its treasury, pushing its total to 4,855 BTC, as the company’s CEO announced on the same day.

在较小规模上，日本的Metaplanet还向其财政部增加了330 BTC，将其总数提高到4,855 BTC，正如该公司首席执行官在同一天宣布的那样。

Meanwhile, investors who prefer traditional financial instruments over direct Bitcoin holding have also begun to return. According to the CoinGlass data, on April 21, BTC ETFs recorded $381 million in inflows — a much-needed reversal after a prolonged period of heavy outflows. Since February, ETFs had suffered 33 days of net outflows versus just 21 days of inflows, with outflows strongly dominating in volume. The recent reversal suggests renewed confidence, especially from TradFi-aligned investors.

同时，偏爱传统金融工具而不是直接比特币持有的投资者也已经开始返回。根据Coinglass数据，4月21日，BTC ETF的流入量为3.81亿美元，这是一段漫长的大量流出时期的急需的逆转。自2月以来，ETF遭受了33天的净流出，而仅21天的流入，流出量强烈主导。最近的逆转表明，尤其是来自Tradfi-Citallign的投资者的信心。

As tariff fears took hold of the market, institutional investors largely shied away from both Bitcoin and equities. However, something shifted over the Easter weekend. Crypto analyst Rekt Capital noted that Bitcoin had decisively broken out of its multimonth downtrend

当关税担心持有市场时，机构投资者在很大程度上远离了比特币和股票。但是，复活节周末有些事情发生了变化。加密分析师Rekt Capital指出，比特币果断地破坏了其多个月的下降趋势

Another, more macroeconomic, factor might be the increasing tension between US President Donald Trump and Federal Reserve Chair Jerome Powell. Their growing rift, focused on concerns about inflationary pressure from tariffs and the Fed’s unwillingness to cut rates, is casting a shadow over the US dollar.

另一个更宏观经济的因素可能是美国总统唐纳德·特朗普与美联储主席杰罗姆·鲍威尔之间的紧张关系。他们日益增长的裂痕，重点是关注关税的通货膨胀压力以及美联储不愿降低利率的问题，这是一笔阴影，这是一美元的阴影。

The US Dollar Index, which tracks the dollar’s value against a basket of currencies, has been plummeting since February, reaching lows last seen in 2022. Trump’s public pressure on Powell, and rumors that he might try to remove him or other Fed officials, are fueling anxiety over the Fed’s independence — a fundamental pillar of the US financial system.

自2月以来，该美元的美元指数追踪了美元对一篮子货币的价值，该指数一直在下降，到达2022年的低点。特朗普对鲍威尔的公共压力，并且有传言说他可能会试图消除他或其他美联储官员，这加剧了对美联储独立的焦虑 - 美国金融体系的基本支柱。

The potential consequences of a falling dollar for the global economy are difficult to predict, but one thing is clear: Bitcoin stands to benefit greatly. A decentralized, censorship-resistant money governed entirely by code, with a fixed supply schedule and no central authority to manipulate its issuance. As trust in traditional monetary systems continues to weaken, the narrative of Bitcoin grows stronger.

美元下跌对全球经济的潜在后果很难预测，但是有一件事很明显：比特币将大大受益。一个分散的，抗审查的资金完全由守则管理，固定供应时间表，没有中央权力来操纵其发行。随着对传统货币系统的信任继续削弱，比特币的叙述变得越来越强。

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投资建议或建议。每个投资和交易举动都涉及风险，读者在做出决定时应进行自己的研究。