加密集会在周四的长期停顿，因为交易者在不懈的前进后获得了一些利润，从而使比特币BTC $接近创纪录的价格。

合并发生在美国经济数据发布中。 4月零售销售未期望，生产商的价格上涨少于预测，失业者索赔保持正轨

The crypto rally took a long-overdue pause on Thursday as traders took some profits following weeks of relentless advance that lifted bitcoin BTC$ close to record prices.

加密集会在周四的长期停顿，因为交易者在不懈的前进后获得了一些利润，从而使比特币BTC $接近创纪录的价格。

The consolidation occurred amid a slew of U.S. economic data releases. April retail sales missed expectations, producer prices rose less than forecast, jobless claims stayed on track, while the NY Empire State Manufacturing Index and Philadelphia Fed Manufacturing Survey showed softening business activity—signals that did little to rattle traditional markets. The S&P 500 added 0.4%, while the Nasdaq finished flat.

合并发生在美国经济数据发布中。 4月的零售销售未达到预期，生产商的价格上涨少于预测，失业者索赔保持正轨，而NY Empire State Manufacturing指数和费城美联储制造业调查显示，商业活动的软化 - 信号对传统市场的影响很小。标准普尔500指数增加了0.4％，而纳斯达克股票则平坦。

Bitcoin pulled back to $101,000 early in the U.S. session before rebounding above $103,000 later, modestly down over the past 24 hours.

比特币在美国会议初期撤回了101,000美元，然后在过去24小时内弹出了103,000美元以上的回弹。

Altcoins fared worse with the broad-market CoinDesk 20 Index declining 3% during the same period. Native tokens of Aptos APT$, Avalanche AVAX$ and Uniswap UNI$ tumbled 6%-7%.

随着宽市场Coindesk 20指数在同一时期下降3％，AltCoins的情况更糟。 Aptos Apt $，Avalanche Avax $和Uniswap Uni $的原住民令牌为6％-7％。

Crypto investors shouldn't sweat today's pullback, analysts told CoinDesk.

分析师告诉Coindesk，加密投资者不应该向当今的回调。

"The current pullback appears to be a correction within a broader medium-term uptrend," said Ruslan Lienkha, chief of markets at YouHodler.

YouHodler市场负责人Ruslan Lienkha说：“目前的回调似乎是更广泛的中期上升趋势的更正。”

The upward momentum in equity markets moderated after the China-U.S. tariff delay, and short-term traders began locking in profits, he said. "This shift in sentiment has spilled over into riskier assets, including BTC."

他说，在中国关税延迟之后，股票市场的上升势头和短期交易者开始锁定利润。 “这种情绪转变已经蔓延到包括BTC在内的风险更大的资产中。”

"Anything below 5% [price move] can often be considered just market noise," said Kirill Kretov, trading automation expert at CoinPanel. "Some of this movement likely comes from profit-taking, as traders secure gains after the recent rally. With liquidity so thin, even modest sell-offs can quickly translate into noticeable corrections."

Coinpanel的交易自动化专家Kirill Kretov说：“低于5％（价格转移）的任何东西通常都可以视为市场噪音。” “这一运动可能来自获利，因为交易者在最近的集会之后获得了收益。流动性如此薄，甚至谦虚的抛售也可以迅速转化为明显的更正。”

Backing away from short-term movements, the broader price action seems healthy with no clear signs of an imminent top.

从短期运动中退后，更广泛的价格行动似乎很健康，没有明显的迹象。

Vetle Lunde, senior analyst at K33 Research, said BTC just exited one of its longest periods of below-neutral funding rates, a signal of defensive positioning

K33 Research的高级分析师Vetle Lunde说，BTC刚刚离开了其最长的低于中分资金率的时间之一，这是防御性定位的信号

"This resembles the risk-averse patterns from October 2023 and 2024 and is far from resembling price action near past local market peaks," wrote Lunde, who was optimistic that the lack of froth with BTC above $100,000 BTC paves the way for potential fresh record highs.

隆德写道：“这类似于2023年10月和2024年的规避风险模式，与当地市场峰值相近的价格行动远不及价格行动。”伦德（Lunde）乐观地说，缺乏BTC超过100,000美元的BTC Paves的泡沫不足为潜在的新纪录高点提供了道路。

According to Steno Research, crypto tailwinds stem from a stealth expansion in private credit—especially in the U.S. and Europe. In past bull runs, crypto thrived on base money expansion: massive injections of reserves by central banks that fueled asset inflation across the board. This time, however, the balance sheets of the Fed and European Central Bank have continued shrinking through quantitative tightening.

根据Steno Research的说法，加密扬声源于私人信贷的隐身扩张，尤其是在美国和欧洲。在过去的公牛奔跑中，加密货币在基本货币扩张上蓬勃发展：中央银行对储备的大量注入，这助长了整个资产通货膨胀。但是，这次，美联储和欧洲中央银行的资产负债表通过定量收紧而继续缩小。

“Many have pointed to China’s liquidity injections as the primary driver of the rally,” Samuel Shiffman wrote in a Thursday report. “But that misses the mark. The real support is coming from Western bank credit growth—a quieter, less visible engine behind this move.”

塞缪尔·希夫曼（Samuel Shiffman）在周四的一份报告中写道：“许多人指出，中国的流动性注射是集会的主要驱动力。” “但这错过了这一点。真正的支持来自西部银行的信贷增长，这是这一举动背后的安静，更鲜明的引擎。”

He said that forward-looking indicators project global financial conditions improving into the summer months, driven primarily by the U.S. dollar weakening. This has historically lead to higher BTC prices.

他说，前瞻性指标项目全球财务状况正在改善夏季，这主要是由于美元削弱。从历史上看，这导致了BTC价格上涨。

"We’ve likely got room through June and into early July before the picture begins to change,” Shiffman said. “But once we approach the back half of July, the setup gets trickier. Our leading indicators suggest that the peak in financial easing might not last past August."

希夫曼说：“我们很可能已经在六月和七月初都有空间，直到图片开始变化。” “但是，一旦我们接近7月的前半段，设置就会变得更加棘手。我们的主要指标表明，财务宽松的高峰可能不会持续去年八月。”