比特币的上升主导地位：对固定规则的信任

比特币优势 - 其在加密货币市值总数中的份额 - 在2025年5月达到65％，是四年来最高的。

The cryptocurrency market continues to be defined by volatility and uncertainty, leading to a preference for assets with fixed, predictable rules. As institutions and states seek stability in a financial landscape where digital assets can be adjusted, frozen, or reprogrammed, Bitcoin is emerging as a strategic asset.

加密货币市场继续由波动性和不确定性定义，从而偏爱具有固定，可预测的规则的资产。随着机构和国家在可以调整，冷冻或重新编程的数字资产的金融环境中寻求稳定，比特币正在作为一种战略资产。

This week, Block (formerly Square) disclosed a new Bitcoin purchase, adding to the growing number of public companies holding the cryptocurrency on their balance sheets. Meanwhile, U.S. states are also exploring Bitcoin reserves, highlighting a broader interest in safeguarding value against economic uncertainty.

本周，Block（以前是Square）披露了新的比特币购买，这增加了越来越多的上市公司，将其保存在资产负债表上。同时，美国各州也在探索比特币储备，强调了对保护价值免受经济不确定性的更广泛兴趣。

Moreover, institutional inflows into spot Bitcoin ETFs are surging, signaling a shift toward recognizing Bitcoin as a reserve asset with predictable rules. These institutions are buying the underlying asset on exchanges, rather than investing in products that track Bitcoin's price without direct ownership.

此外，机构流入斑点比特币ETF正在激增，这表明向认识到比特币是具有可预测规则的储备资产的转变。这些机构正在购买交易所的基本资产，而不是投资于没有直接所有权的产品的产品。

Finally, the European Central Bank is expected to make a final decision on the digital euro by late 2025, positioning it as a state-backed alternative to private stablecoins.

最后，预计欧洲中央银行将在2025年末对数字欧元作出最终决定，将其定位为私人稳定股的国家支持的替代品。

Here’s a closer look at what's happening with Bitcoin, stablecoins, and central bank digital currencies (CBDCs).

仔细研究了比特币，稳定币和中央银行数字货币（CBDC）的情况。

Bitcoin's Rising Dominance: Trust in Fixed Rules

比特币的上升主导地位：对固定规则的信任

Bitcoin's dominance—its share of the total cryptocurrency market cap—hit 65% in May, the highest in over four years. This marks a return to high levels of dominance last seen in 2019, showcasing a preference for the world's leading cryptocurrency among investors.

比特币的统治地位（在加密货币市值总数中占据了总数）在5月份占65％，这是四年来最高的。这标志着2019年最后一次出现的占主导地位的重返水平，这表明了投资者中全球领先的加密货币的偏爱。

This shift is highlighting a broader theme in the crypto market: a preference for assets with fixed, predictable rules in a landscape of volatility and uncertainty.

这种转变强调了加密市场中更广泛的主题：在波动性和不确定性景观中具有固定，可预测规则的资产的偏爱。

While many crypto assets adjust supply schedules, alter monetary rules, or engage in activity to maintain price levels, Bitcoin's framework remains consistent. Its issuance schedule is defined, and the network continues operating according to predefined rules.

尽管许多加密资产调整了供应时间表，更改货币规则或从事维持价格水平的活动，但比特币的框架仍然一致。定义了其发行时间表，并且网络根据预定义的规则继续运行。

This predictability is what differentiates Bitcoin in a market where other assets can be adjusted or optimized. For instance, Ethereum's shift to proof of stake in 2022 fundamentally changed the nature of the asset, and it has since dropped 74% against Bitcoin.

这种可预测性是在可以调整或优化其他资产的市场中与比特币区分开的。例如，以太坊在2022年向股份证明的转变从根本上改变了资产的性质，此后对比特币降低了74％。

However, despite this decline, Ethereum's price has dropped even more sharply against the dollar—having fallen 79% since August 2022. This indicates that investors may be reconsidering the stability of assets that can adjust their supply schedules or consensus rules.

然而，尽管有这种下降，以太坊的价格却降低了美元，但自2022年8月以来的价格下降了79％。这表明投资者可能正在重新考虑可以调整其供应时间表或共识规则的资产的稳定性。

But the rise in Bitcoin dominance isn't just about crypto; it also reflects broader economic uncertainty, where investors are seeking assets with rules that don't change, even as monetary systems become more programmable and open to manipulation.

但是，比特币优势的上升不仅仅是加密货币。这也反映了更广泛的经济不确定性，即使货币制度变得更加可编程并接受操纵，投资者正在寻求没有改变规则的资产。

Adjustability and Uncertainty

可调性和不确定性

While Bitcoin's dominance is rising as investors seek assets with fixed frameworks, the broader crypto market takes a different approach—one of adjustability and optimization.

随着投资者寻求具有固定框架的资产，比特币的主导地位正在上升，但更广泛的加密市场采用了不同的方法 - 可调节性和优化的一种。

Projects tweak supply schedules, modify consensus mechanisms, or issue new tokens to attract capital. The ability to pivot is often framed as a feature—offering more flexibility, faster scalability, or the capacity to adapt to changing market conditions.

项目调整供应时间表，修改共识机制或发行新令牌以吸引资本。枢轴的能力通常被构架为一个功能 - 具有更大的灵活性，更快的可伸缩性或适应不断变化的市场状况的能力。

Yet, when the rules can change, so can the value. A token's supply might increase unexpectedly, diluting existing holdings. Governance structures might shift, introducing new risks. The ability to alter the rules introduces uncertainty, especially in a market defined by speculation and hype.

但是，当规则可以更改时，值也可以。令牌的供应可能会出乎意料地增加，从而稀释了现有的持股。治理结构可能会改变，引入新的风险。改变规则的能力引入了不确定性，尤其是在猜测和炒作定义的市场中。

Bitcoin, however, doesn't adjust to fit new narratives. Its rules are fixed—a contrast to assets that can be altered, restructured, or inflated. As investors retreat to predictability, Bitcoin's rising dominance reflects this preference for an asset that doesn't change with the market's whims.

但是，比特币并未适应新的叙述。它的规则是固定的，与可以更改，重组或膨胀的资产形成对比。当投资者撤退可预测性时，比特币的上升优势反映了这种对市场异想天开的资产的偏爱。

Stablecoins: Practical Solutions, Centralized Risks

Stablecoins：实用解决方案，集中风险

In a world where local currencies are volatile, banking infrastructure unreliable, and financial systems can be fragile, stablecoins have become a financial lifeline.

在当地货币波动的世界中，银行基础设施不可靠，金融系统可能是脆弱的，稳定的稳定人已成为财务生活方式。

In 2024, Tether (USDT) alone facilitated over $20 trillion in transaction volume—a staggering figure that showcases the incredible demand for stable, fiat-pegged assets in unpredictable markets.

在2024年，仅限束缚（USDT）便利了超过20万亿美元的交易量，这是一个惊人的数字，在无法预测的市场中展示了对稳定的，菲亚特 - 观察资产的难以置信的需求。

For people facing hyperinflation, currency devaluation, or limited access to financial services, holding digital dollars can feel like a safe haven. It provides a measure of stability in a chaotic economic landscape.

对于面临过度通货膨胀，货币贬值或对金融服务访问有限的人来说，持有数字美元的人可能会感觉像是一个避风港。它提供了混乱的经济格局中稳定性的衡量标准。

But that stability is relative. Stablecoins may hold their peg to the dollar, but the dollar itself continues to lose purchasing power over time. This matters because, ultimately, stablecoins are pegged to fiat currencies, inheriting their strengths and weaknesses.

但是这种稳定是相对的。 Stablecoins可能会将其固定在美元上，但美元本身会随着时间的流逝而继续失去购买力。这很重要，因为最终，稳定的稳定属于法定货币，继承了它们的优势和缺点。

The trade-off is clear: stablecoins may protect against local currency collapses, but they're still controlled by centralized issuers who can freeze assets, blacklist addresses, or comply with regulatory orders. In 2024, multiple incidents of frozen USDT accounts occurred, highlighting the vulnerabilities of relying on assets that can be halted or confiscated at will.

权衡很明显：Stablecoins可能会预防当地货币崩溃，但仍由可以冻结资产，黑名单地址或遵守监管命令的集中发行人控制。在2024年，发生了冻结的USDT帐户的多次事件，突出了依靠可以随意停止或没收资产的漏洞。

While stablecoins might be less volatile than Bitcoin in the short term, their stability comes with conditions: issuer control, regulatory risk, and exposure to fiat's inflationary drift. While they can provide a temporary hedge

虽然在短期内，稳定的稳定性可能比比特币挥发性少，但它们的稳定性伴随着：发行人控制，监管风险和暴露于菲亚特的通货膨胀漂移。虽然他们可以提供暂时的树篱