比特币（BTC）被低估了，该公司具有乐观的中期前景。

《震动报告》显示，美国开放工作的急剧下降，这使投资者对美联储削减利率的希望。

Key Takeaways:

关键要点：

* According to Fidelity Digital Assets, the mid-term outlook dropped to an “optimism” zone, and Bitcoin (BTC) is now trending toward “undervaluation.”

*根据Fidelity Digital Assets的说法，中期前景下降到了“乐观”区域，比特币（BTC）现在正趋向“低估”。

* The investment firm explained that the 'Bitcoin Yardstick' metric, which calculates BTC's market cap divided by its hashrate, is getting lower. This suggests that Bitcoin is becoming "cheaper" relative to the energy security of its network.

*投资公司解释说，计算BTC的市值除外的“比特币码”度量标准正在降低。这表明比特币相对于其网络的能源安全而变得“便宜”。

* In Q1 2025, the metric stayed between -1 and 3 standard deviations, cooling from its Q4 2024 overheated levels. The number of days above 2-standard deviations dropped from 22 to 15, with none above 3, indicating that Bitcoin is less expensive compared to its network strength.

*在第1季度2025年，该度量在-1和3标准偏差之间保持在其Q4 2024过热级别的冷却。高于2标准偏差的天数从22下降到15，没有3个以上的天数，表明比特币比其网络强度更便宜。

* The investment firm mentioned that Bitcoin is in an “acceleration phase,” where rallies to new highs aren't uncommon, although they caution a blow-off top could take place.

*这家投资公司提到比特币处于“加速阶段”，尽管他们警告可能会发生吹吹顶的顶部，但在这里集会并不少见。

* Illiquid supply rose from 61.50% to 63.49%, while liquid supply fell by 4%, indicating that holders are increasingly committed to long-term positions. The Illiquid Supply Shock Ratio, currently 16% below its 2017 peak.

*流动性供应量从61.50％上升至63.49％，而液体供应量下降了4％，表明持有人越来越多地致力于长期职位。流动性供应冲击比目前低16％，低16％。

* According to the March 2025 US Job Openings and Labor Turnover Summary (JOLTS) report by JOLTS, there was a sharp drop in total private jobs to 7.19 million.

*根据2025年3月的美国职位空缺和劳动力失误摘要（JOLTS）的报告，震惊的报告急剧下降到719万。

* A lower-than-expected JOLTS number signals a cooling labor market, raising expectations for Federal Reserve (Fed) interest rate cuts, which weakens the dollar and lifts risk assets like Bitcoin.

*低于预期的震动数字标志着冷却劳动力市场的信号，提高了对美联储（美联储）降低利率的期望，这削弱了美元并提高了像比特币这样的风险资产。

* Conversely, a higher-than-expected figure suggests economic strength, potentially delaying cuts and pressuring crypto prices. With federal layoffs at a 2020 peak, market expectations are leaning slightly dovish.

*相反，一个超过预期的数字表明经济实力，可能延迟削减和加密价格。随着联邦裁员在2020年的高峰期，市场期望略有偏差。

* Economist and Bitcoin commentator Alex Kruger identified the JOLTS data as a short-term win for Bitcoin, as a "risk/gold hybrid" poised to gain from tariff de-escalation after Trump’s 90-day pause (ending July 8).

*经济学家和比特币评论员亚历克斯·克鲁格（Alex Kruger）将震撼数据确定为比特币的短期胜利，是一种“风险/金混合动力车”，有望从特朗普90天的暂停（7月8日结束）之后从关税降级中获得。