比特币收于96,572美元，比上周增长2.8％，而以太坊的收入为1,841美元，增长了4.0％。

本周，市场表现出经济放缓的迹象，因为第一季度的美国GDP记录了0.3％的收缩，以及诸如ADP私人工资单和震撼工作空缺等就业指标，没有期望。

In the first week of May 2025, the virtual asset market continued its upward trend despite poor economic indicators from the United States, rendering interest rate cut expectations. Bitcoin closed at $96,572, up 2.8% from the previous week, while Ethereum finished at $1,841, up 4.0%.

在2025年5月的第一周，尽管美国的经济指标较差，但虚拟资产市场仍在继续其上升趋势，这使人们降低了预期的利率。比特币收于96,572美元，比上周增长2.8％，而以太坊的收入为1,841美元，增长了4.0％。

This week, the market showed signs of economic slowdown as the U.S. GDP for the first quarter recorded a 0.3% contraction, along with employment indicators such as ADP private payrolls and JOLTs job openings falling short of expectations. However, the interpretation that these poor economic indicators actually increased the likelihood of interest rate cuts spread, leading to a reversal in the risk asset market.

本周，市场表现出经济放缓的迹象，因为第一季度的美国GDP记录了0.3％的收缩，以及诸如ADP私人工资单和震撼工作空缺等就业指标，没有期望。但是，这些不良经济指标实际上增加了降低利率降低的可能性的解释，导致风险资产市场的逆转。

The stock market, including the S&P 500 and Nasdaq, also rebounded on expectations of interest rate cuts, and the virtual asset market showed synchronized movements. In particular, on the 28th, a net inflow of about $600 million in Bitcoin spot ETFs occurred, providing strong momentum from a supply and demand perspective.

包括标准普尔500指数和纳斯达克在内的股票市场也对降低利率的期望也反弹，虚拟资产市场显示出同步的运动。特别是，在28日，发生了大约6亿美元的比特币现场ETF净流入，从供求的角度来看，势头强劲。

◇ Strategy achieves 13.7% BTC revenue... presents a new paradigm for corporations' asset management

◇策略达到13.7％的BTC收入...为公司资产管理提供了新的范式

Strategy, one of the publicly listed companies with the largest Bitcoin holdings (formerly MicroStrategy), recorded a 13.7% revenue from Bitcoin this year. This represents an evaluation gain of approximately $5.8 billion, equivalent to around 61,000 BTC. Strategy has raised its annual revenue target from the previous 15% to 25% through an official announcement and increased its annual Bitcoin revenue target to $15 billion.

战略是最大的比特币控股公司（以前是MicroStrategy）的公开上市公司之一，今年从比特币中获得了13.7％的收入。这表示评估收益约为58亿美元，相当于约61,000 BTC。战略通过正式宣布将其年收入目标从前15％提高到25％，并将其年度比特币收入目标提高到150亿美元。

Before this earnings announcement, MicroStrategy disclosed that it had purchased about 6,556 BTC from April 14 to 20. The total purchase amount was $555.8 million, with an average purchase price of approximately $84,785. Consequently, the cumulative holdings amount to 538,000 BTC, with an overall acquisition cost of about $67,766. The funding for the purchase was secured through the issuance of common stock and STRK preferred shares.

在此收益公告之前，MicroStrategy透露，它从4月14日至20日购买了约6,556 BTC。总购买额为5.558亿美元，平均购买价格约为84,785美元。因此，累积持有量为538,000 BTC，总体收购成本约为67,766美元。购买的资金是通过发行普通股和Strk优先股获得的。

It is rare for corporations to consistently purchase Bitcoin and operate it as a core asset on their balance sheets. This signals that Strategy is shifting Bitcoin from being a mere alternative asset to a central element of corporate asset management. Such a strategy may indicate a new direction for corporate financial strategies in the future. Additionally, at this point of expanding ETF and institutional demand, Strategy's active buying is expected to play a positive role in terms of stability and liquidity in the market.

公司很少能始终购买比特币并将其作为资产负债表上的核心资产运营。这表明策略将比特币从仅仅是替代资产转变为公司资产管理的核心要素。这种策略可能会表明将来公司财务战略的新方向。此外，在扩大ETF和机构需求的这一点上，战略的积极购买预计将在市场上的稳定性和流动性方面发挥积极作用。

◇ SEC again postpones approval of XRP and DOGE spot ETFs… waiting for a decision by the end of the year

◇SEC再次推迟XRP和Doge Spot ETF的批准…等待在年底之前等待决定

The U.S. Securities and Exchange Commission (SEC) postponed its decisions on approving the Ripple (XRP) and Dogecoin (DOGE) spot ETFs that Franklin Templeton and Bitwise applied for, respectively, to June 17 and 15. The SEC stated that it needs time to review the proposed rule changes, but experts predict additional postponements similar to those during the Bitcoin ETF discussions until the fourth quarter of this year.

美国证券交易委员会（SEC）推迟了其批准富兰克林·邓普顿（Franklin Templeton）和比特韦（Bitwise）分别申请到6月17日和15日的决定，分别申请了富兰克林·邓普顿（Franklin Templeton）和比特威尔（Bitwise）的决定。SEC表示，它需要审查所提出的规则变化，但要审查了与这些额外的次数更改相似的时间。

This postponement is significant as it is one of the first major judgments by the new SEC Chair, Paul Atkins. ChairAtkins has been stressing the need for a "clear regulatory framework" and has dropped hints at a pro-crypto stance, with the market expecting a gradual easing of the environment for altcoin ETF reviews. Although the approval timeline has been delayed, the expansion of spot ETFs could be a critical factor in the institutional influx and entry into the regulated market, rendering attention to the direction of the XRP ETF.

这种推迟意义重大，因为它是新的SEC主席保罗·阿特金斯（Paul Atkins）的首要判断之一。主席一直在强调需要“明确的监管框架”，并提示了一个亲克赖特托的立场，市场预计，市场将逐渐消除altcoin ETF评论的环境。尽管批准时间表已延迟，但斑点ETF的扩展可能是机构涌入和进入受监管市场的关键因素，从而使人们注意XRP ETF的方向。

"This week's market showed a typical liquidity trend where 'bad news works as good news,' interpreting the slowdown in real indicators as a justification for interest rate cuts," said Hwang Hyo-jun, a researcher at Jangle. However, he added that whether the expectations for interest rate cuts will be maintained depends on the CPI and FOMC results to be announced next week, which will be key variables determining the future direction.

Jangle的研究人员Hwang Hyo-Jun说：“本周的市场显示出一种典型的流动性趋势，在这种趋势中，'坏消息是个好消息，'将实际指标的放缓解释为降低利率的理由。”但是，他补充说，是否将保持对降息的期望是否取决于CPI和FOMC结果，下周将宣布这是确定未来方向的关键变量。

☞ CrossAngle is providing essential operating solutions and trust-based community building services based on on-chain data for companies and foundations adopting Web3. It also operates the crypto data intelligence platform Jangle, and the Jangle research team is making content to highlight trends in the virtual asset investment industry using global virtual asset information and data.

☞Crossangle根据公司和采用Web3的公司的链链数据提供基于信任的社区建筑服务和基于信任的社区建筑服务。它还运营着加密数据情报平台jangle，而Jangle研究团队正在使用全球虚拟资产信息和数据来强调虚拟资产投资行业的趋势。