比特币比其2024年减半的比特币增长了约63％

Fidelity Digital Assets在X上选择了一篇文章，以构建其最新的研究说明：“比特币比其2024年减半价格上涨了63％，其中27％的减半时期完成了。

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狮子和球员的足球价格有些柔和。每个arcu lorem，超级儿童或ullamcorper的足球仇恨。

Fidelity Digital Assets chose a single post on X to frame its latest research note: “Bitcoin is up ~63 % from its 2024 halving price with 27 % of this halving epoch completed. While past epochs saw triple-digit rallies, a new story may be unfolding: one of rising maturity, deeper adoption, and network resilience.”

富达数字资产选择了X上的一篇文章，以构建其最新的研究说明：“比特币比其2024年的减半价格上涨了63％，其中27％的减半时期完成了。虽然过去的上升阶段看到了三位数的集会，但新故事可能正在展开：成熟的成熟度，更深的收养和网络弹性。”

The tweet landed minutes after the firm released “2024 Bitcoin Halving: One Year Later,” authored by senior analyst Daniel Gray, who contends that the apparent lull in price action masks “a strengthening foundation.”

该公司在高级分析师丹尼尔·格雷（Daniel Gray）撰写的“ 2024年比特币减半：一年后的2024年比特币减半：一年后”的推文降落。

Fidelity Flags Bitcoin’s Silent Surge

保真旗比特币的无声激增

“Bitcoin presents a nuanced narrative a year after its fourth halving, with signs pointing toward consolidation, network resilience, and growing institutional adoption,” Gray writes, adding that structural indicators “suggest a strengthening foundation.”

格雷写道：“比特币在第四次减半后一年提出了细微的叙述，指向巩固，网络弹性和日益增长的机构采用的迹象。”

While previous cycles delivered triple- and even quadruple-digit percentage gains by this stage, Gray argues the softer trajectory signals maturation: “History suggests that we would be well into the bull run at this point in the fifth epoch — but this cycle may be unfolding more cautiously.”

尽管以前的周期在此阶段传递了三重甚至四倍数字的百分比，但格雷认为，较柔和的轨迹信号的成熟：“历史表明，在第五个时期，我们将在这一点上跑得很好，但是这个周期可能会更加谨慎地展开。”

From a market-share perspective the data are unequivocal. “Bitcoin’s market dominance excluding stablecoins has risen to just over 72.4% as of 11 May, a new eight-year high,” Gray notes, pointing out that Ether and Solana have surrendered ground even as “fragmentation on the largest tail of assets has failed to produce a clear alternative leader.”

从市场共享的角度来看，数据是明确的。 Gray Notes指出，“比特币的市场优势（不包括Stablecoins，截至5月11日，新的八年高点已经上升到72.4％，”这是一个新的八年高。”

Related Reading: Bitcoin From Pizza Day Era Still On The Move, Glassnode Reveals

相关阅读：Plassnode揭示了来自Pizza Day时代的比特币仍在移动

On-chain security metrics tell a similar story: “Bitcoin’s daily hash-rate rose above one zetta hash per second twice in April, reflecting continued investment in mining infrastructure despite a 60 percent collapse in hash price since the halving,” he observes.

链链安全指标讲述了一个类似的故事：“比特币的每日哈希速率在四月份两次两次上升到一个Zetta Hash以上，这反映了自减半以来的哈希价格下跌60％，但仍在挖掘基础设施的持续投资。”

Spot-market behaviour has begun to echo those fundamentals. Bitcoin printed a record intraday high of $109,486 on 21 May before extending above $111,000 on so-called Pizza Day, holding near $110,600 at press time.

现场市场行为已开始回应这些基本面。比特币在5月21日印刷了纪录的盘中高点109,486美元，然后在所谓的披萨日延长了$ 111,000，截至发稿时，持有近110,600美元。

The move has been underpinned by renewed demand from US spot ETFs, which drew $934.8 million of net subscriptions yesterday, May 22— the heaviest single-day haul in almost four weeks. Derivatives activity mirrors the trend: aggregate futures open interest reached a record $80 billion on May 23, up roughly 30% since the start of the month, according to CoinGlass data.

这一举动得到了美国现场ETF的新需求的支持，该公司昨天5月22日吸引了9.348亿美元的净订阅，这是将近四个星期内最重的单日运行。衍生品活动反映了趋势：根据Coinglass Data的数据，自本月初以来，5月23日的期货开放利息达到了创纪录的800亿美元，大约增长了30％。

Related Reading: Bitcoin Blasts To $111,867 All-Time High—Here’s What’s Driving The Surge

相关阅读：比特币爆炸至$ 111,867的历史最高水平 - 在这里驱动激增的原因

Meanwhile, funding rates in most crypto exchanges are at the baseline or below it. “This is the least euphoric new all-time highs in the history of Bitcoin,” crypto analyst Alex Krüger (@krugermacro) wrote via X.

同时，大多数加密交易所的资金率在基准或低于基准的位置。加密分析师AlexKrüger（@krugermacro）通过X写道：“这是比特币历史上最不愉快的新历史高潮。”

Gray cautions that investors should focus less on headline returns and more on the architecture taking shape beneath them. “Although returns have been more measured compared to previous cycles, structural metrics suggest a strengthening foundation. Overall, it appears Bitcoin is potentially maturing—something investors may find more notable than short-term price movement,” he writes.

格雷警告说，投资者应更少专注于标题回报，而更多地关注其形状的建筑。他写道：“尽管与以前的周期相比，回报率更高，但结构指标表明基础是加强基础。总的来说，比特币似乎可能是在成熟 - 投资者可能发现比短期价格变动更值得注意。”

His closing assessment is blunt: “One year post-halving, Bitcoin’s price performance may seem muted, but its fundamentals appear stronger than ever … this may be a cycle that redefines Bitcoin’s role in a modern portfolio.”

他的闭幕评估是直言不讳的：“稍作待售后一年，比特币的价格表现似乎很柔和，但其基本面似乎比以往任何时候都更强大……这可能是一个重新定义比特币在现代投资组合中的作用的周期。”

In other words, Fidelity’s message for would-be spectators is as clear as its headline: do not blink.

换句话说，Fidelity对可能的观众的信息与其标题一样清晰：不要眨眼。

At press time, BTC traded at $109,563.

发稿时，BTC的交易价格为109,563美元。