BTC继续上升，一口气打破了110,000美元，树立了新的历史高

Hashkey Group的首席分析师Jeffrey Ding认为，这种现象有三个主要原因：

The price of Bitcoin (BTC) continues to rise and has now broken through the $110,000 mark in one fell swoop, setting a new all-time high. What are the factors driving this rapid ascent?

比特币（BTC）的价格不断上涨，现在一口气打破了110,000美元的成绩，创造了新的历史最高水平。有什么因素推动这一快速上升的因素？

Jeffrey Ding, chief analyst at HashKey Group, highlights three key aspects that are pushing Bitcoin upwards.

Hashkey Group首席分析师Jeffrey Ding强调了将比特币向上推动的三个关键方面。

Firstly, there are clear macro policy dividends in play. The easing of Sino-US trade relations is a crucial macroeconomic backdrop fueling Bitcoin’s surge. Trump announced "historic cooperation with major powers" in early May and formally signed the Sino-US tariff agreement on May 12, reducing mutual tariffs from a maximum of 84% to 10%. This unexpected policy breakthrough has decreased global economic uncertainty and boosted market confidence in risky assets.

首先，有明确的宏观政策股息。中国贸易关系的放松是一种至关重要的宏观经济背景，助长了比特币的激增。特朗普在5月初宣布“与大国的历史合作”，并于5月12日正式签署了《中美国关税协议》，将相互关税从最高84％降低到10％。这一意外的政策突破减少了全球经济不确定性，并增强了市场对风险资产的信心。

As a high-risk and high-return asset, Bitcoin has seen further capital favorability against the backdrop of easing macro risk sentiment.

作为高风险和高回报的资产，比特币在缓解宏观风险情绪的背景下看到了进一步的资本利益。

Secondly, there is a policy catalyst in the form of the US GENIUS Stablecoin Act advancing. The US Senate voted 66:32 to advance the procedural motion of the GENIUS Stablecoin Act, which will provide a federal regulatory framework for US dollar stablecoins.

其次，有一个政策催化剂，以美国天才稳定法的形式进行。美国参议院对66:32进行了投票，以推进《天才斯塔布尔币法》的程序动议，该法案将为美元稳定股份提供联邦监管框架。

The passage of the bill will enable traditional banks to obtain new liquidity through stablecoin issuance, achieve interoperability with DeFi protocols, and build an "on-chain-off-chain" liquidity bridge. This will not only release huge capital momentum but also inject strong policy confidence into the crypto asset market.

该法案的通过将使传统银行能够通过Stablecoin发行获得新的流动性，与Defi协议实现互操作性，并建立“链链”流动性桥梁。这不仅将发布巨大的资本动力，而且还将向加密资产市场注入强大的政策信心。

At the same time, Hong Kong also passed the Stablecoin Bill in the third reading, which is expected to take effect within the year. Hong Kong has become one of the first regions in the world to complete stablecoin legislation, further promoting the compliance development of the global stablecoin market.

同时，香港还通过了三读中的稳定法案，预计该法案将在一年内生效。香港已成为世界上第一批完成Stablecoin立法的地区之一，进一步促进了全球Stablecoin市场的合规性发展。

These policy dividends are opening up new growth space for Bitcoin and other crypto assets.

这些政策红利正在为比特币和其他加密资产开辟新的增长空间。

Thirdly, on-chain data is reinforcing the logic of scarcity. The scarcity of Bitcoin has been amplified again in this round of price increases. According to Glassnode data, the holdings of long-term Bitcoin holders increased to 13.76 million, accounting for 65.6% of the total circulation, setting a new high.

第三，链链数据正在增强稀缺性的逻辑。在这一轮价格上涨中，比特币的稀缺再次被放大。根据GlassNode数据，长期比特币持有人的持有量增加到1376万，占总流通量的65.6％，创造了新的高位。

At the same time, the Bitcoin reserves of centralized exchanges have dropped sharply, with only 2.437 million left as of May 20, setting the lowest level since 2018. This means that the number of Bitcoins available for trading in the market is rapidly decreasing, and the mismatch between supply and demand has significantly strengthened the momentum for price increases.

同时，集中式交易所的比特币储量急剧下降，截至5月20日还剩2437万，这是自2018年以来的最低水平。这意味着，可在市场上可用的比特币数量正在迅速减少，并且供求之间的不匹配和需求之间的不匹配可显着加强价格上涨的瞬间。

With the compliance of stablecoins, more "quasi-dollar" funds will be attracted to enter the market, giving core assets such as Bitcoin and Ethereum stronger risk aversion and value storage attributes.

凭借稳定的稳定性，将吸引更多的“准价”资金进入市场，从而为比特币和以太坊等核心资产提供更强的风险规避和价值存储属性。

As these funds gradually flow in, Bitcoin and Ethereum are expected to usher in a 20%-50% increase in valuation in the next 6-12 months. At the same time, the maturity of compliance channels will provide a bridge for long-term capital such as pension funds and mutual funds to enter the crypto market, which will greatly enhance the stability of market demand and effectively reduce structural risks.

随着这些资金逐渐流入，比特币和以太坊预计将在接下来的6-12个月内提高估值增长20％。同时，合规渠道的成熟度将为长期资本提供桥梁，例如养老基金和共同基金进入加密货币市场，这将大大提高市场需求的稳定性并有效地降低结构性风险。

The interaction between policy dividends and market consensus is unfolding new growth space for Bitcoin and crypto assets.

政策股息与市场共识之间的相互作用正在展现比特币和加密资产的新增长空间。