位资产管理的每周加密市场指南针 - 以鲜明的评估开始

位资产管理每周的加密市场指南针 - 以鲜明的评估开始：“随着鲍威尔的政治压力，美元下降了

As the US Dollar Index slipped below 98.5 amid growing speculation of President Trump seeking to oust Federal Reserve Chair Jerome Powell, demand for dollar-denominated stores of value waned, according to Bitwise Asset Management's Weekly Crypto Market Compass.

根据Bitwise Asset Management每周的Crypto Market Compass，随着对特朗普总统寻求驱逐美联储的杰罗姆·鲍威尔（Jerome Powell）的越来越多的猜测，特朗普总统越来越多地投机下，美元指数的需求减弱了。

This was evident in Bitcoin's outperformance, a trend that persists despite a broader downturn in risk assets. The cryptocurrency's price has risen above key resistance at $80,000, a move that began last week with the news of potential U.S. tariffs on ASIC rigs.

这在比特币的表现越来越大，尽管风险资产的低迷较大，但这种趋势仍然存在。加密货币的价格已上涨，超过了80,000美元的关键抵抗，这一举动始于上周，其消息可能是美国对ASIC钻机的潜在关税的消息。

The administration's language regarding Powell's removal, characterized by National Economic Council Director Kevin Hassett to reporters as "actively exploring" the matter, is a public assault on monetary independence, the firm said.

该公司表示，政府关于鲍威尔（Powell）撤职的语言是国家经济委员会主任凯文·哈塞特（Kevin Hassett）向记者“积极探索”此事的语言，这是对货币独立的公开攻击。

Against that backdrop, Bitcoin's statistical profile has become conspicuously defensive. Month-to-date, the currency is trading up more than 7%, whereas the Nasdaq 100 and S&P 500 are both down between 7% and 9%.

在这种背景下，比特币的统计概况已变得明显地防御。货币汇率超过7％，而纳斯达克100号和标准普尔500货币的交易量则超过7％。

"This marks the early-stage decoupling we've been discussing," the analysts noted.

分析师指出：“这标志着我们一直在讨论的早期脱钩。”

Their report calls out the gap and illustrates it with a chart in which the orange Bitcoin line bends decisively upward as the two equity indices turn lower.

他们的报告召集了差距，并用图表说明了这一图表，其中橙色比特币线果断地向上弯曲，因为两个股权指数较低。

On-chain data

链数据

On-chain data is reinforcing the impression that the bid is coming from strategic rather than speculative capital. Over 63.5% of Bitcoin supply has remained unmoved for at least a year, they noted, adding that long-term-holder supply climbed to a YTD high of 69%.

链上的数据正在加剧这样的印象，即投标来自战略性而不是投机资本。他们指出，超过63.5％的比特币供应至少一年保持不动，并补充说，长期持有人的供应攀升至YTD高度为69％。

Exchange balances continue to grind lower, reaching 2.60 million BTC, now at a multi-year low, a trend that saw whales remove a further -260,455 BTC during the last weekly interval. These numbers “underscore strong conviction among long-term holders” even as short-term traders fade in importance.

交换余额继续降低，达到260万BTC，现在以多年低点的速度，这种趋势使鲸鱼在上一周间隔内驱除了进一步的-260,455 BTC。这些数字“突显了长期持有人之间的强烈信念”，即使短期交易者的重要性消失了。

Derivatives markets

衍生品市场

Derivatives markets are also sounding that tone. BTC futures open interest expanded by "around +15.8 k BTC" and perpetual open interest by "+10.7 k BTC," while the three-month annualized basis widened to 5.7%, up from 5.2% the previous week.

衍生品市场也听起来很有基调。 BTC期货开放利息受到“ +15.8 K BTC”的扩大，而永久性的开放兴趣则以“ +10.7 K BTC”的价格扩大，而三个月的年度化基础却扩大到5.7％，高于上周的5.2％。

Funding rates on perpetual swaps stayed positive, indicating that traders are paying a premium to maintain long exposure. Meanwhile, at-the-money implied volatility for one-month options sits near 49% per annum—a level the firm describes as "modest" in historical context and therefore not suggestive of froth.

永久互换的资金率保持阳性，表明交易者正在支付溢价以保持长时间的曝光率。同时，一个月选择的股票暗示性波动率每年接近49％，该公司在历史背景下称其为“适度”，因此不暗示泡沫。

Spot market flows

现货市场流动

Global crypto ETPs experienced net outflows of roughly $30 million last week, a sharp deceleration from the prior week's exodus of $835 million. Crucially, US spot Bitcoin ETFs bucked the trend, attracting US $15.8 million in fresh capital.

上周，全球加密ETP的净流出约为3000万美元，这是前一周出埃及记的8.35亿美元的急剧减速。至关重要的是，美国现货比特币ETF逆转了这一趋势，吸引了1580万美元的新资本。

Bitwise's own BITB absorbed $23.8 million, while Grayscale's GBTC registered no change and BlackRock's IBIT took in a healthy $186.5 million.

Bitwise自己的BITB吸收了2380万美元，而Grayscale的GBTC却没有变化，Blackrock的IBIT获得了健康的1.865亿美元。

Notably, $381 million flowed into spot Bitcoin ETFs yesterday. These are record inflows since February.

值得注意的是，昨天3.81亿美元流入了现货比特币ETF。这些是自2月以来创纪录的流入。

These allocations come on top of corporate treasury demand: Japanese public company Metaplanet added 330 BTC at an average cost of $85,605, lifting its holdings near the $420 million threshold, and Strategy Inc. disclosed the purchase of 6,556 BTC for roughly $556 million.

这些拨款符合公司国库的需求：日本上市公司Metaplanet的平均成本为85,605美元，将其持股量接近4.2亿美元，而战略公司则披露了购买6,556 BTC的购买，以约5.56亿美元的价格购买。

Not all industry news is benign. The Compass dedicates a full page to the mining sector, noting that "hashprice is at all-time lows" just as the U.S. government prepares tariffs of up to 46% on ASIC rigs imported from Southeast Asia.

并非所有行业新闻都是良性的。指南针专门为采矿业提供了整页，并指出“ HashPrice处于历史最低低点”，就像美国政府在从东南亚进口的ASIC钻机上准备高达46％的关税一样。

With an estimated 40% of global hashrate located in the United States, those levies threaten to squeeze a segment already wrestling with thinning profit margins.

据估计，全球哈希岩占美国的40％，这些征费威胁着已经以稀疏利润率来搏斗的细分市场。

Some operators, such as Bitfufu and Bitdeer, are redeploying machines to Ethiopia, Norway and Bhutan; others, including Riot and CleanSpark, moved shipments forward to beat the deadline. The report warns that public companies holding Bitcoin on balance-sheet "crowd out" miners by offering investors price exposure without operational risk or large capital expenditures.

一些运营商，例如Bitfufu和Bitdeer，是重新部署埃塞俄比亚，挪威和不丹的机器。包括Riot和CleanSpark在内的其他人则向前移动货物以击败截止日期。该报告警告说，公开公司通过为投资者提供价格敞口而没有运营风险或大型资本支出来提供投资者的价格敞口，以持有比特币。

However, the firm's central conclusion is clear: the macro forces that have buoyed Bitcoin off its March lows remain in place.

但是，该公司的中心结论很明确：浮力使比特币从其三月低点促进的宏观力量仍然存在。

"Bitcoin outperformed both the S&P 500 and Nasdaq this month," the authors noted, "as US dollar dominance shows signs of erosion."

作者指出：“本月比特币在本月的表现优于标准普尔500号和纳斯达克，因为美元优势显示出侵蚀的迹象。”

Their proprietary Cryptoasset Sentiment Index has shifted from -0.23 to +0.21, its first positive reading in two months, even as breadth remains narrow—only 20% of tracked altcoins beat Bitcoin last week. In Bitwise's view, concentrated leadership is not a weakness but

他们专有的加密助理情感指数已从-0.23转移到+0.21，即两个月内的第一个正面读数，即使广度仍然狭窄，上周只有20％的追踪Altcoins击败了比特币。在Bitwise的看来，集中领导不是弱点，而是