随着机构利息的增长，比特币（BTC）超过$ 69,000的门槛

上周，比特币超过了69,000美元的门槛，然后经历了轻微的回调。这次激增不仅仅是波动的简单峰值

Last week, Bitcoin crossed the threshold of $69,000 before undergoing a slight pullback. This surge, more than just a simple spike in volatility, can be attributed to a combination of crucial technical indicators and unprecedented institutional interest.

上周，比特币越过了69,000美元的门槛，然后进行了轻微的回调。这种激增不仅仅是波动性的简单高峰，还可以归因于关键的技术指标和前所未有的机构利益的结合。

As reported by blockchain analytics firm Glassnode, the cryptocurrency managed to cross key technical thresholds, such as the 200-day and 111-day moving averages, which are closely followed by technical analysts. This move, coupled with massive capital inflows into the Bitcoin market, seems to be ushering in a phase of maturity, marked by an unparalleled level of liquidity.

正如区块链分析公司GlassNode报道的那样，加密货币设法跨越了关键的技术阈值，例如200天和111天移动平均，紧随其后的是技术分析师。这一举动加上大量资本流入比特币市场，似乎在成熟的阶段呈现，并以无与伦比的流动性水平为特征。

Technical indicators confirm a renewal of the trend

技术指标证实了趋势的续订

Indeed, over the last 30 days, net capital inflows into the Bitcoin asset have increased by $21.8 billion, representing a rise of 3.3%, which has pushed the Realized Cap to a new high of $646 billion. This figure represents an important indicator of increasing liquidity in the market, reinforcing the idea that this recovery is supported by real investments and not simply by speculation. Thus, these indicators reflect a market dynamic that rests on solid foundations.

的确，在过去的30天中，净资本流入比特币资产增加了218亿美元，增长了3.3％，这使已实现的上限提高到了646亿美元的新高高。该数字代表了市场上流动性增加的重要指标，这加强了这样一种观念，即这种恢复是由实际投资支持的，而不仅仅是猜测。因此，这些指标反映了市场动态，它基于坚实的基础。

According to Ryan Lee, Chief Analyst at Bitget Research, another key event could have an impact on the price of BTC:

Bitget Research首席分析师Ryan Lee表示，另一个关键事件可能会影响BTC的价格：

“Microsoft’s Potential BTC Purchase: A significant potential market driver, Microsoft has proposed purchasing BTC, pending board approval. If approved, this would be highly favorable for the market.”

“微软的潜在BTC购买：微软是一个重要的市场推动力，提议购买BTC，待定董事会批准。如果获得批准，这将非常有利。”

The impact of institutional interest on futures contracts

机构利益对期货合约的影响

Alongside technical indicators, the growing interest from institutions plays a crucial role in the recent price surge. Glassnode highlights that the open positions on Bitcoin futures have reached a historic peak of $32.9 billion, largely due to the involvement of institutional players via the Chicago Mercantile Exchange (CME). “The increased participation of institutions, combined with sophisticated hedging strategies like cash-and-carry, enhances market stability,” notes Glassnode. Indeed, the annualized return of these strategies is estimated at around 9.6%, nearly double the yields offered by short-term U.S. Treasury bonds, explaining why institutions continue to flock to this market.

除了技术指标外，机构的兴趣日益增长在最近的价格上涨中起着至关重要的作用。 GlassNode的重点是，比特币期货的公开头寸达到了329亿美元的历史峰值，这在很大程度上是由于机构参与者通过芝加哥商业交易所（CME）的参与。 GlassNode指出：“机构的参与增加，再加上现金和携带等复杂的对冲策略，增强了市场稳定性。”实际上，这些策略的年度回报估计约为9.6％，几乎是美国国库短期债券所提供的收益率的两倍，这解释了为什么机构继续涌向这个市场。

This rally may well be just the beginning of a longer trend. While the involvement of short-term investors shows signs of encouragement with unrealized profits, it is mainly institutional commitment that could solidify this momentum in the long run. The growing interest in hedging strategies and derivatives suggests that Bitcoin is on its way to becoming a true asset class for large financial institutions, further strengthening its position in the global economic landscape.

这次集会很可能只是较长趋势的开始。虽然短期投资者的参与表现出了未实现的利润的鼓励迹象，但从长远来看，主要是机构承诺可以巩固这一势头。人们对套期保值策略和衍生产品的兴趣日益增长，这表明比特币正在成为大型金融机构的真正资产类别，进一步加强了其在全球经济格局中的地位。