比特币（BTC）和更广泛的市场经历了一个小的回调

在唐纳德·特朗普总统宣布与中国进行新的关税安排之后，比特币（BTC）和更广泛的市场经历了一个小的回调

Bitcoin (BTC) and the broader crypto market experienced a minor pullback on Monday after President Donald Trump announced the finalization of a new tariff arrangement with China, pending a formal sign-off by him and President Xi Jinping.

比特币（BTC）和更广泛的加密货币市场在周一宣布与中国进行新的关税安排，等待他和习近平总统的正式签约，这是在周一的小次数。

Trump announced on Truth Social that the accord grants the U.S. “55% tariffs” on Chinese goods, versus 10% levied on U.S. exports, and secures Chinese supplies of rare-earth magnets. He also said Washington would preserve access for Chinese students at American universities and that the “relationship is excellent.”

特朗普在《真理社会》上宣布，《协议》对中国商品征收“ 55％的关税”，而美国出口征收10％的商品，并获得了中国稀有磁铁的供应。他还说，华盛顿将为美国大学的中国学生提供访问权限，并且“关系非常好”。

The total market value of crypto assets fell 2%, while the S&P 500 declined 0.7%.

加密资产的总市场价值下降了2％，而标准普尔500指数下跌了0.7％。

Bitcoin fell to a daily low of $108,331 following the news and was trading at $108,654.87 by press time. It is holding above the realized price of $106,900 registered by investors who bought the flagship crypto in the past 24 hours.

新闻后，比特币下跌至每日低点108,331美元，发稿时的交易价格为108,654.87美元。它的持有超过了过去24小时内购买旗舰加密货币的投资者注册的106,900美元的实现价格。

According to a recent report by Glassnode, the next realized price levels are $105,200 for investors holding BTC for more than one month and $104,900 for investors holding between one week and one month.

根据GlassNode最近的一份报告，持有BTC的投资者为一个月以上的投资者为105,200美元，持有一周至一个月的投资者的投资者为104,900美元。

Market Read-Through

市场读取

Bitcoin and equities reversed early gains within minutes of the post, reflecting concern that the higher U.S. levy could weigh on global demand even if a formal truce reduces headline tension.

比特币和股票在职位后几分钟内逆转了早期的收益，这反映出，即使正式的停战降低了头条新闻的紧张局势，美国征税也可能会影响全球需求。

The framework "reduces global uncertainty marginally" if enacted, according to a note shared by Bitfinex head of derivatives Jag Kooner.

根据Bitfinex衍生物Jag Kooner共享的注释，该框架“逐渐减少了全局不确定性”。

Yet, he noted that "much of the market uncertainty has already been priced in." Kooner expects a short burst of volatility, followed by mean reversion unless the deal delivers a clear liquidity impulse.

然而，他指出“市场上的许多不确定性已经被定价”。 Kooner预计波动率很短，随后是平均归还，除非该交易带来明显的流动性冲动。

Furthermore, he tied June 11 price action to the morning release of May consumer price (CPI) data, arguing that tariff-related inflation has appeared in headline figures since last month and will likely peak by August.

此外，他将6月11日的价格行动与5月份消费者价格（CPI）数据的上午发布有关，认为与关税相关的通货膨胀自上个月以来已经出现在标题数字中，并且很可能在八月之前达到顶峰。

Kooner believes that the CPI is the real volatility trigger, adding that the 0.1% rise in core prices consolidates expectations for Federal Reserve easing and "creates a vacuum above $111,000 for Bitcoin."

库纳（Kooner）认为，CPI是真正的波动性触发因素，并补充说，核心价格上涨0.1％可以巩固对美联储缓解的期望，并“创造了超过111,000美元的比特币的真空”。

Correlation With S&P 500

与标准普尔500指数相关

The analyst also noted a 30-day correlation of 0.63 between Bitcoin and the S&P 500, describing BTC as "a liquidity barometer rather than a volatility hedge."

分析师还指出，比特币和标准普尔500指数之间的30天相关性为0.63，将BTC描述为“流动性晴雨表，而不是波动性对冲”。

This relationship leaves Bitcoin's upside capped while equities hold a narrow range but could allow BTC to lead if stocks break higher on softer inflation data.

这种关系留下了比特币的上行封顶，而股票的范围较窄，但如果股票在较软的通货膨胀数据上较高，则可以使BTC领先。

Kooner wrote:

库纳写道：

"Without a direct stimulus mechanism, crypto markets are unlikely to see sustained moves upward."

“没有直接的刺激机制，加密货币市场就不太可能看到持续的移动向上。”

However, he views pullbacks as buying opportunities because many coins remain in profit, and exchange balances are light. He projected that any breakout above $111,000 would be "spot driven, with ETF demand accelerating as the macro regime shifts toward easing."

但是，他认为撤回机会是购买机会，因为许多硬币仍然是利润，而交换余额很轻。他预计，任何超过111,000美元的突破都将是“现场驱动的，而随着宏观政权向缓解的转变，ETF的需求加速了。”

With no White House or Chinese government statement corroborating Trump's post, investors now look to any official transcript of the tariff agreement and the June 12 producer price report for additional macroeconomic direction.

由于没有白宫或中国政府声明证实了特朗普的职位，投资者现在寻求有关关税协议的任何正式笔录和6月12日的生产商价格报告，以寻求其他宏观经济方向。

Kooner cautioned that until a detailed document emerges, markets must balance the constructive tone against the risk that higher levies could tighten financial conditions during the third quarter.

库纳（Kooner）警告说，在详细的文件出现之前，市场必须平衡建设性的基调与更高征税可以在第三季度收紧财务状况的风险。

Lastly, he highlighted that traders should monitor Chinese policy responses, supply chain commentary from U.S. retailers, and Capitol Hill's reaction to the proposed duty split.

最后，他强调说，交易者应监控中国的政策回应，美国零售商的供应链评论以及国会山对拟议税收分配的反应。