比特币飙升超过110,000美元，达到了新的历史最高水平

在5月22日星期四的亚洲交易时间里，比特币从周三的109,800美元的峰值飙升了4％以上，达到了新的历史最高点111,544美元。

Bitcoin broke through its previous all-time high during early Asian trading hours on Thursday, May 24, surging above the $109,800 peak reached on Wednesday.

比特币在5月24日星期四的亚洲早期交易时间里打破了以前的历史高峰，飙升至周三达到的109,800美元高峰。

According to multiple reports, the cryptocurrency rose above the $111,544 mark during the early morning hours. The milestone follows a brief dip to $106,000 and shows growing investor appetite for alternative assets amid rising macroeconomic uncertainty.

根据多个报道，在清晨，加密货币上升了111,544美元。这一里程碑是短暂的下降到106,000美元的，这表明，在宏观经济不确定性上升的情况下，投资者对替代资产的需求不断增长。

The immediate catalyst appears to be the weak demand in the U.S. Treasury’s $16 billion 20-year bond auction on May 21. Investors pushed for lower prices, which in turn drove bond yields above 5.1%.

直接催化剂似乎是5月21日在美国财政部进行160亿美元债券拍卖的需求疲软。投资者推动了较低的价格，这又推动了债券收益率高于5.1％。

In bond markets, yields and prices move inversely, meaning that when demand falls, prices drop and yields rise. Bonds are usually more appealing when yields are higher, but when yields rise too quickly because of poor demand, it may be an indication that people are losing faith in government debt.

在债券市场中，收益率和价格成反比，这意味着当需求下降时，价格下跌并增加。当收益率较高时，债券通常更具吸引力，但是当收益率由于需求较差而迅速上升时，这可能表明人们对政府债务失去了信心。

The ripple effect extended across other maturities, with the 10-year and 30-year U.S. Treasury yields climbing to 4.58% and 5.08%, respectively. Additionally, Japan’s 30-year yield jumped to a record 3.19%. Given that long-term government debt is typically seen as a safe haven in the global bond market, these moves point to a wider sense of unease.

连锁反应跨越了其他到期，美国财政部的10年和30年的收益分别攀升至4.58％和5.08％。此外，日本的30年收益率跃升至创纪录的3.19％。鉴于长期政府债务通常被视为全球债券市场中的避风港，这些举动表明了更加不安的感觉。

“The real concern isn’t just about U.S. debt—it’s a global issue,” analysts at The Kobeissi Letter wrote on an X thread on May 21. “Government bonds are no longer reliably playing their safe-haven role during market stress.”

“真正的担忧不仅是美国债务，这是一个全球问题，” Kobeissi信函中的分析师在5月21日在X线程上写道。“政府债券不再可靠地在市场压力中可靠地扮演安全角色。”

As a result, investors appear to be reallocating capital into assets like Bitcoin (BTC), which are increasingly seen as hedges against inflation, fiscal instability, and currency devaluation.

结果，投资者似乎正在将资本重新分配给像比特币（BTC）这样的资产，这些资产越来越被视为反对通货膨胀，财政不稳定和货币贬值的树篱。

On-chain data supports this rotation. Bitcoin’s realized market cap has crossed $912 billion, marking a $27 billion capital inflow since early May. Exchange inflows have dropped 82% since November, according to CryptoQuant, suggesting fewer holders are selling.

链上数据支持此旋转。比特币的实现市值已经超过9120亿美元，这是5月初以来的270亿美元资本流入。据加密富裕人士称，自11月以来，交换流入量下降了82％，这表明持有人的销售量减少了。

Meanwhile, Tether (USDT) balances on exchanges, seen as a proxy for crypto buying power, have hit a record $46.9 billion.

同时，Tether（USDT）在交易所的余额（被视为加密购买力的代理人）达到了创纪录的469亿美元。

Bitcoin just hit a new all-time high.Exchange inflows are down 82% since November.USDT reserves at $46.9B—liquidity is booming. pic.twitter.com/oQ0dDldVoZ

比特币刚刚达到了新的历史最高水平。自11月以来的交换流入下降了82％。USDT储备金为$ 46.9B-液体蓬勃发展。 pic.twitter.com/oq0ddldvoz

Institutional demand is also rising. Bitcoin exchange-traded funds have attracted more than $4.24 billion in inflows over the past month, as per SoSoValue data.

机构需求也在增加。根据Sosovalue数据，在过去一个月中，比特币交易所交易的资金吸引了超过42.4亿美元的流入。

In addition, Strategy recently added $765 million worth of BTC, bringing its total holdings to over $63 billion.

此外，战略最近增加了价值7.65亿美元的BTC，其总持股量超过630亿美元。

With public companies now holding 15% of all Bitcoin in circulation, and traditional safe havens under pressure, Bitcoin’s role as a macro hedge is being tested, and so far, it’s holding up.

由于上市公司的流通量占据了所有比特币的15％，并且传统的避风港在压力下，比特币作为宏观树篱的作用正在测试，到目前为止，它一直保持着。