比特币的价格赢得了他们的最新纪录。

比特币的价格较高，攀升至新鲜的，历史最近的近110,000美元

Bitcoin prices shot higher on Monday, climbing to a fresh, all-time high after “three structural tailwinds” came together to drive the digital currency higher, stated one analyst.

一位分析师说，周一的比特币价格较高，在“三个结构性尾风”汇聚在一起以使数字货币更高的情况下，攀升至新鲜的历史最高升高。

According to Centeralized Exchange (CEX) data from TradingView at press time, BTC shot as high as $109,914.

根据媒体交易中的核心交易所（CEX）数据，BTC售价高达109,914美元。

“Bitcoin’s push through the $109K mark isn’t a speculative blip—it’s the culmination of three structural tailwinds converging at once,” said Austin King, the cofounder of Omni Network, stated via email.

Omni Network的共同创始人Austin King表示：“比特币的推动力并不是投机性的，这是三个结构性尾风的最高点。”

“First, record-setting demand from U.S. spot ETFs is absorbing supply faster than miners can create it after last year’s halving, with BlackRock’s IBIT logging a 20-day inflow streak and total ETF inflows topping $3B in May alone.”

“首先，美国ETF的创纪录需求比矿工在去年的减半后可以更快地吸收供应，而贝莱德（Blackrock）的IBIT记录了20天的流入纪录，而总共ETF流入了5月的$ 3B。”

“Second, policymakers are shifting from hostility to embrace: the Senate’s bipartisan GENIUS stablecoin bill and Texas’ move toward a state-level Strategic Bitcoin Reserve both widen the regulatory aperture and give institutions the confidence to allocate.”

“其次，决策者正在从敌对行动转变为拥抱：参议院两党的天才stablecoin法案和德克萨斯州迈向州级战略比特币储备，既扩大了监管机构，又使机构具有分配的信心。”

“Third, a renewed bid for inflation hedges is pulling in large allocators—Blackstone just made its first ETF purchase—while everyday investors look for protection against sticky price pressures.”

“第三，重新竞标通货膨胀对冲，大型分配器（Blackstone刚刚购买了ETF），同时日常投资者正在寻求防止粘性价格压力的保护。”

The market observer indicated that this third structural tailwind.

市场观察者表明，这是第三个结构逆风。

Pointing to the "intense desire" that investors have had for bitcoin as of late, Julio Moreno, head of research at CryptoQuant, provided hard evidence of this demand.

CryptoQuant的研究主管Julio Moreno指出了投资者对比特币的“强烈愿望”，这为这一需求提供了艰难的证据。

“I would say that Prices reached a fresh all-time high amid the ongoing growth in spot Bitcoin demand by US investors. This is evident in the positive Coinbase Bitcoin price premium,” he stated via Telegram.

他通过Telegram表示：“我要说的是，在美国投资者的现货比特币需求中持续的增长中，价格达到了新鲜的高度。

The chart below illustrates how this indicator has risen in recent weeks:

下图说明了该指标最近几周的上升方式：

Coinbase Premium

Moreno provided additional data, stating that “the total balance of large Bitcoin investors/holders (whales) has climbed to 3.57 million Bitcoin, approaching the record high of 3.75 million reached in February 2021," defining a whale as an investor with at least 1,000 units of bitcoin.

莫雷诺（Moreno）提供了其他数据，并指出：“大型比特币投资者/持有人（鲸鱼）的总余额已攀升至357万比特币，接近2021年2月的创纪录的375万比特币”，将鲸鱼定义为具有至少1,000个比特币单位的投资者。

“This also indicates that there’s growing demand from large investors.”

“这也表明，大型投资者的需求不断增长。”

The chart below illustrates how this figure (the total bitcoin held by these investors) has pushed higher over the last year or so:

下图说明了这个数字（这些投资者持有的总比特币）在过去一年左右的时间里如何提高：

Chart of the total number of so-called whales (investors with at least 1,000 units of bitcoin).

所谓的鲸鱼总数（至少有1,000个比特币的投资者）。

Institutional Investors Join In

机构投资者加入

Speaking of whales, Ben Kurland, CEO at crypto research platform DYOR, weighed in on how institutional investors are becoming increasingly involved in the space.

谈到鲸鱼，加密研究平台染料的首席执行官本·库兰（Ben Kurland）衡量了机构投资者如何越来越多地参与该领域。

“Bitcoin just printed a new all-time high, and it didn’t ask for permission. This is what institutional adoption looks like: steady, relentless, and inevitable,” he said via email.

他通过电子邮件说：“比特币只是打印了一个新的历史最高水平，它没有要求获得许可。这是机构采用的样子：稳定，无情和不可避免的。”

“The market is no longer driven by hype alone; it’s being driven by conviction and deep pockets. But this isn’t just a price milestone. It’s a credibility milestone," Kurland added.

库兰德补充说：“市场不再仅仅由炒作驱动；它是由信念和深层口袋驱动的。但这不仅仅是价格里程碑。这是一个信誉的里程碑。”

Elaborating on this last point, he noted that “Hitting a new all time high (especially in the wake of decoupling from the traditional markets) shows Bitcoin has earned its place as a credible part of the global financial system.”

在最后一点上，他指出：“击中新的历史新高（尤其是在传统市场与传统市场脱钩的情况下）表明，比特币已成为全球金融体系可靠的一部分。”

Kurland elaborated on what all this means for the world’s most prominent digital asset.

Kurland详细阐述了这对世界上最杰出的数字资产意味着什么。

“Bitcoin has now weathered more than a decade of volatility, regulation, and skepticism, and emerged stronger each time. The narrative is shifting from speculation to staying power, and that shift is exactly what’s fueling this breakout."

“比特币现在已经风化了十多年的波动，调节和怀疑，每次都变得更加强大。叙事正在从猜测转移到持续力量，而这种转变正是这种转变的原因是这种突破的影响。”