比特币在历史上首次刺穿了$ 110k的门槛

比特币在5月22日的历史上首次刺穿了110,000美元的门槛，并在binance上打印了110,867美元的盘中高点

Bitcoin price pierced the $111,000 threshold for the first time in history on Monday, printing an intraday high of $111,867 on Binance.

比特币的价格在周一历史上首次刺入了111,000美元的门槛，并在二元上打印了111,867美元的盘中高点。

The latest leg of the rally is being propelled by a tight confluence of catalysts that span institutional flows, corporate balance-sheet accumulation and mounting macro-economic stress.

拉力赛的最新腿是由跨越机构流动，公司平衡表积累和安装宏观经济压力的催化剂的紧密融合所推动的。

#1 Spot Bitcoin ETF Inflows

＃1位比特币ETF流入

From Wall Street to BlackRock’s (NYSE:BLK) vaults, US spot bitcoin ETFs have become a one-way conduit of fresh capital. Farside Investors tallied $607.1 million of net subscriptions on Monday, of which a blockbuster $530.6 million went into iShares Bitcoin Trust (NYSE:IBIT).

从华尔街到贝莱德（NYSE：BLK）拱顶，美国现货比特币ETF已成为新鲜资本的单向管道。 Farside Investors在周一筹集了6.071亿美元的净订阅，其中一笔轰动一时的5.3亿美元进入了Ishares Bitcoin Trust（NYSE：IBIT）。

That pushed the 11-day haul to more than $2.7 billion and lifted cumulative net inflows across the complex past $42 billion—an unprecedented pace for a six-month-old asset class.

这将11天的运输幅度提高到了超过27亿美元，并取消了过去420亿美元的累积净流入，这是一个六个月大的资产类别的前所未有的速度。

"Over $500mil into iShares Bitcoin ETF...Nearly $2 bil just over past week or so. Inflows 26 of past 27 days. $7+bil in new $$$ overall. Given trading volume today, expect these inflow numbers to increase," ETF Store president Nate Geraci said in a recent post on X.

“过去一周左右的iShares比特币ETF的5亿美元超过5亿美元。过去27天的流入26天。总体上新$$$ $ 7+bil。当今的交易量，预计这些流入数量会增加。”

Bloomberg’s Eric Balchunas added that IBIT is posting "its 2nd biggest volume day ever today. Classic feeding frenzy in effect, new ATHs will do that, e.g., last time traded this much was 1/23 (last ATH). All the btc ETFs are elevated, most gonna see 2x their average. Flows incoming."

彭博社的埃里克·巴尔奇纳斯（Eric Balchunas）补充说，伊比特（Ibit）发布了“当今有史以来第二大卷日。经典的喂养狂潮实际上，新的aths将做到这一点，例如上次交易的是1/23（最后一个ath）。所有的BTC ETF都抬高了，大多数人都会看到2x的平均水平。

#2 Bitcoin Treasury Companies

＃2比特币国库公司

Parallel to the ETF torrent, a new cohort of listed companies is adopting bitcoin as a primary treasury asset. Besides Strategy (NASDAQ:STGY) and Metaplanet (NASDAQ:MPTX), these companies bought billions of dollars in bitcoin in recent weeks.

与ETF Torrent平行，新的上市公司正在采用比特币作为主要财政资产。除战略（NASDAQ：STGY）和Metaplanet（NASDAQ：MPTX）外，这些公司最近几周购买了数十亿美元的比特币。

Cantor Fitzgerald is planning to take Twenty One Capital public via a SPAC deal valued at $3.6 billion with more than 42,000 BTC on its books, backed by Tether, Bitfinex and SoftBank. Strive Asset Management is merging with Asset Entities on Nasdaq to create what it calls the first publicly traded asset-manager-led bitcoin treasury company, equipped with a live $1 billion shelf to keep buying coin.

坎托·菲茨杰拉德（Cantor Fitzgerald）计划通过一笔36亿美元的SPAC交易，在其书籍上以超过42,000 btc的价格吸引21个资本公众，并由Tether，Bitfinex和Softbank支持。 Strive Asset Management正在与纳斯达克股票的资产实体合并，以创建它所谓的首个公开交易的资产管理器主导的比特币财政部公司，该公司配备了10亿美元的现场货架来继续购买硬币。

Battery-tech firm KULR Technology Group (NASDAQ:KULT) lifted its stack to 800 BTC this week following a fresh $9 million purchase.

电池技术公司Kulr Technology Group（NASDAQ：KULT）将其堆栈提升到本周的800 BTC，此前购买了900万美元。

Elsewhere, India’s Jetking Infotrain, Indonesia’s DigiAsia Corp, Brazil’s fintech Méliuz, France’s state lender Bpifrance and David Bailey’s Nakamoto Holdings, now merging with KindlyMD to build “the first decentralised bitcoin treasury network,” among others, have all unveiled accumulation strategies within the past month. Collectively these firms represent billions of dollars in spot, largely price-insensitive demand.

在其他地方，印度的Jetking Infotrain，印度尼西亚的Digiasia Corp，巴西的金融技术Méliuz，法国的国家贷方Bpifrance和David Bailey的Nakamoto Holdings，现在与BindlyMD合并，以建立“第一个分散的比特币国库网络”，其中包括所有尚未累积的策略。这些公司共同代表了数十亿美元的现货，在很大程度上不敏感的需求。

#3 The New Narrative: A Brewing Macro Storm

＃3新叙事：酿造的宏观风暴

The macro backdrop is pouring fuel on the fire. Japanese super-long government bonds—once synonymous with near-zero yields—went bid-less on Wednesday, sending the 30-year JGB yield to a record 3.14 %.

宏观背景在火上倒了燃料。日本超级政府债券（以接近零收益率的代名词）在周三获得竞标，将30年的JGB收益率发送至创纪录的3.14％。

The move tightens the feedback loop linking Tokyo and Washington: Japanese institutions are among the largest foreign holders of US Treasuries, and analysts warn that disorderly JGB liquidations could force sales of US debt just as the Treasury must roll over roughly $8 trillion this year.

这一举动加强了将东京和华盛顿联系起来的反馈循环：日本机构是美国国库中最大的外国持有人之一，分析师警告说，不当的JGB清算可能会迫使美国债务的销售，就像国库在今年必须超过约8万美元。

With the WSJ Dollar Index down more than 10% from its January peak and CFTC data showing the biggest speculative short position since mid-2023, investors are casting around for alternatives to sovereign paper.

由于WSJ Dollar指数从1月份的峰值下降了10％以上，CFTC数据显示了自2023年中以来最大的投机职位，因此投资者正在为Sovereign Paper提供替代方案。

"Bond yields are going up. Normally that’s not a good thing... But inflation is falling all the time. The story is liquidity. There’s a lack of liquidity in the bond market, and when yields get too high the government’s reaction function is always and in every case to print more money," macro guru Raoul Pal noted.

“债券收益率上升。通常这不是一件好事……但是通货膨胀一直在下降。故事是流动性。债券市场缺乏流动性，当收益率过高时，政府的反应功能总是而且在每种情况下都可以打印更多的钱，” Macro Guru Raoul Pal指出。

Global liquidity dynamics add to the case. Global M2—aggregating the money stock in the US, euro-area, China and Japan—bottomed late last year and has risen 3–4 % year-to-date, according to multiple trackers. Bitcoin price inflections typically lag global-M2 turns by about three months; the current rally arrived almost on schedule.

全球流动性动态增加了案例。根据多个跟踪器的数据，全球M2（将美国，欧洲地区，中国和日本的货币股票汇总为去年年底，并已上涨了3-4％。比特币价格变化通常会落后全球-M2大约三个月；目前的集会几乎按计划到达。

As crypto analyst Kevin (@Kev_Capital_TA) observed in a recent post on X, "Dollar goes down, global liquidity rises, BTC goes higher."

正如加密分析师Kevin（@Kev_Capital_TA）在最近的X上观察到的那样，“美元下降，全球流动性上升，BTC更高。”

For some market veterans, the price action signals a deeper behavioral shift.

对于某些市场退伍军人而言，价格行动标志着行为的更深变化。

"We are watching BTC transform from a risk-on asset to a risk-off asset," Multicoin Capital co-founder Tushar Jain wrote after Wednesday’s bond rout and dollar sell-off.

Multicoin Capital联合创始人Tushar Jain在周三的债券溃败和美元抛售之后写道：“我们正在观察BTC从风险上的资产转变为冒险资产。”