弗朗西斯科·罗德里格斯（Francisco Rodrigues）（除非另有说明，否则所有时间）

在周五晚些时候到期的就业报告之前，市场似乎看好，而比特币（BTC）在周四连续第八天上涨后，比特币（BTC）上升到97,000美元。

Markets are cautiously bullish ahead of the jobs report due later Friday, with bitcoin (BTC) rising toward $97,000 after stocks rose for an eighth straight day on Thursday.

在周五晚些时候到期的工作报告之前，市场谨慎看涨，比特币（BTC）在周四连续第八天上涨后，比特币（BTC）上升到97,000美元。

That gave the S&P 500 its longest rally since August as investors grew more confident that trade tensions between Washington and Beijing are cooling.

这使标准普尔500指数自8月以来最长的集会使投资者变得更加有信心，因为华盛顿和北京之间的贸易紧张局势正在降温。

Still, the CoinDesk 20 (CD20) index is little changed over the last 24 hours with the drop in first-quarter GDP pointing to economic strain from the trade war.

尽管如此，在过去的24小时内，Coindesk 20（CD20）指数几乎没有变化，因为GDP的第一季度下降指向贸易战的经济压力。

The pessimists' camp is also pricing in four Federal Reserve interest-rate cuts this year — one more than they'd priced in before the reciprocal tariffs were announced.

悲观主义者的营地也以四个联邦储备金利率削减速度定价 - 比他们在宣布互惠关税之前的价格要多。

But personal consumption expenditures (PCE), the Fed's preferred measure of inflation came in above forecasts, which limits the central bank's room for easing, said James Butterfill, the head of research at CoinShares.

Coinshares的研究负责人詹姆斯·巴特菲尔（James Butterfill）表示，但是个人消费支出（PCE），美联储的首选通货膨胀量措施上述预测，这限制了中央银行放松的空间。

Today's payrolls data remains a “critical piece of the puzzle,” he said.

他说，今天的薪资数据仍然是“难题的关键部分”。

“When the Fed eventually decides to cut rates, it is likely to do so in a knee-jerk and forceful manner — reacting to a significant deterioration in economic conditions rather than being proactive. Such a dramatic policy shift could act as a catalyst for a significant breakout rally in bitcoin, as investors seek alternative stores of value amid aggressive monetary easing,” Butterfill said.

“当美联储最终决定降低费率时，很可能会以一种膝盖和有力的方式来做到这一点 - 对经济条件下的重大恶化做出了反应。这种巨大的政策转变可能会催化比特币的重大突破性集会，因为投资者寻求有价值的积极单调的替代品的投资者，say ofteraly say of Butterary say say of Butterfill say。

That policy shift could align with bitcoin's historical performance. Since 2013, the cryptocurrency has seen an average gain of 7.52% in May, according to CoinGlass data. And it's not alone: ether (ETH), which has been significantly underperforming BTC, has posted an average gain of 27.3% in May since 2016, the best-performing month for the Ethereum blockchain's token.

这种政策转变可以与比特币的历史表现保持一致。根据Coinglass数据，自2013年以来，加密货币的平均增长率为7.52％。而且并不孤单：Ether（ETH）的表现非常低，BTC的表现明显不足，自2016年5月以来的平均增长率为27.3％，这是以太坊区块链的代币表现最好的月份。

“Investor confidence is gradually returning to crypto markets following a volatile start to the year, with April seeing a rebound across majors as tariff-driven macro fears eased,” said Vijay Chetty, CEO of Eclipse. Growing regulatory clarity is an “underappreciated catalyst that will set the stage for broader institutional use cases,” Chetty added. Stay alert!

Eclipse首席执行官Vijay Chetty说：“在今年的动荡之后，投资者的信心正在逐渐返回加密货币市场，因为由于关税驱动的宏观担忧，Aprins遍布大满贯赛事。” Chetty补充说，日益增长的监管清晰度是“未充分利用的催化剂，它将为更广泛的机构用例奠定阶段。”保持警觉！

What to Watch

看什么

Token Events

令牌事件

Conferences

会议

CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Coindesk的共识将于5月14日至16日在多伦多进行。使用代码日书并节省15％的通行证。

Token Talk

代币谈话

By Shaurya Malwa

Shaurya Malwa

Derivatives Positioning

衍生物定位

Market Movements

市场运动

Bitcoin Stats

比特币统计

Technical Analysis

技术分析

Crypto Equities

加密股票

ETF Flows

ETF流

Spot BTC ETFs:

SPOT BTC ETF：

Spot ETH ETFs

点ETH ETF

Source: Farside Investors

资料来源：Farside Investors

Overnight Flows

隔夜流动

Chart of the Day

日图

While You Were Sleeping

当你睡觉的时候

In the Ether

在以太