唐纳德·特朗普总统的互惠关税的影响开始被感觉到

弗朗西斯科·罗德里格斯（Francisco Rodrigues）（除非另有说明），唐纳德·特朗普（Donald Trump）总统的互惠关税的影响开始被感觉到。

The impact of President Donald Trump’s reciprocal tariffs is starting to be felt.

唐纳德·特朗普总统的互惠关税的影响开始受到感受。

The U.S. economy contracted for the first time in three years last quarter and stock prices have seen their worst first 100-day performance of a presidential administration since 1974.

上个季度三年来，美国的经济首次签约，股价已经使他们自1974年以来总统管理的首个100天表现最差。

Also, markets cooled in the first three months of the year, even as it beat analyst forecasts for both revenue and earnings per share, new figures from trading platform Robinhood showed on Wednesday.

此外，市场在一年中的前三个月都冷却了，即使它击败了分析师预测的收入和每股收益，但来自Trading Platform Robinhood的新数据显示。

It wasn’t alone, major tech companies including Microsoft and Meta (META.UL) beat estimates and, crucially, Robinhood’s revenue from crypto more than doubled from the year-earlier quarter. That may foreshadow what to look for later today, when Block (SQ.N), Riot Platforms (RIOT.O), Strategy (STRAT.O) and Reddit post results.

并不孤单，包括微软和Meta（Meta.ul）在内的主要科技公司击败了估计值，至关重要的是，Robinhood的收入比全年的季度增加了一倍以上。这可能会预示着今天晚些时候要寻找的东西，当时（sq.n），Riot Platforms（Riot.O），策略（Strat.o）和Reddit Post结果。

“The recent wave of weak macroeconomic data has pointed to both recessionary risks and rising inflation,” James Butterfill, the head of research at CoinShares, told CoinDesk. “Despite this, bitcoin (BTC) has shown remarkable resilience, outperforming the Nasdaq by 11% since ‘Liberation Day’ on April 2.”

Coinshares研究负责人詹姆斯·巴特菲尔（James Butterfill）告诉Coindesk：“最近的宏观经济数据较弱的浪潮既表明了经济衰退的风险和通货膨胀率上升。” “尽管如此，比特币（BTC）表现出了显着的韧性，自4月2日'Liberation Day'以来，纳斯达克的表现优于11％。”

Indeed, while first-quarter gross domestic product (GDP) fell 0.3% and major stock indexes post posted losses in last month, bitcoin (BTC) held strong. The largest cryptocurrency rose nearly 15% against the dollar in April as investors started using it as a safe haven, along with gold and the Swiss franc.

确实，尽管第一季度国内生产总值（GDP）下跌了0.3％，而主要股票指数帖子在上个月发布损失，但比特币（BTC）保持强劲。 4月，当投资者与黄金和瑞士法郎一起将其用作避风港时，最大的加密货币在4月对美元兑美元上涨了近15％。

To Butterfill, risk assets are now seemingly benefiting from expectations of an earlier-than-expected interest-rate cut.

对于Butterfill而言，现在的风险资产似乎从预期降低的预期中受益。

“Equities and bitcoin appear to have recoupled, both rebounding today on renewed hopes of an imminent interest-rate cut. A disappointing payroll figure on Friday – which we see as likely – could be the final nail in the coffin for Powell, paving the way for more dovish policy from the Fed.”

“股票和比特币似乎已经重新耦合，今天都重新构成了即将削减利益率的新希望。周五令人失望的薪资数字 - 我们认为这很可能是鲍威尔棺材中的最后一个指甲，为美联储提供了更多肮脏的政策铺平了道路。”

Yet in the cryptocurrency space, there’s more to keep an eye on. Ethereum’s long-awaited Pectra upgrade, which includes improvements to make the network more user-friendly and efficient, is going live on mainnet on May 7.

然而，在加密货币空间中，还有更多关注的地方。 Ethereum期待已久的Pectra升级包括改进，以使网络更加用户友好和高效，将于5月7日在Mainnet上直播。

The upgrade is significant for Ethereum, which has been losing ground to more efficient blockchains including Solana (SOL), Base and BNB Chain (BNB). DeFiLlama data shows total value locked (TVL) on Ethereum’s smart contracts grew just 4% in April, compared with 21% on Solana, and 9.9% on BNB Chain. Base saw a minor contraction.

该升级对于以太坊非常重要，以太坊已经失去了更有效的区块链，包括Solana（Sol），基本和BNB链（BNB）。 Defillama的数据显示，以太坊智能合约上的总价值锁定（TVL）在4月份仅增长4％，而Solana为21％，而BNB链的总价值​​仅增长了9.9％。基地看到一个小收缩。

In the past year, Artemis data shows Ethereum net outflows totaled $3.3 billion, while Base and Solana saw $3.3 billion and $3.2 billion in net inflows, respectively. Still, Ethereum recorded $880 million in net inflows in April, suggesting the trend is reversing ahead of Pectra’s activation.

在过去的一年中，Artemis的数据显示，以太坊净流出总计33亿美元，而Base和Solana的净流入分别为33亿美元和32亿美元。尽管如此，以太坊在四月份记录了8.8亿美元的净流入，这表明这种趋势正在彼得拉的激活之前逆转。

The trend has, however, taken its toll. The ETH/BTC ratio has dropped to little over 0.19, the lowest level in five years. Stay alert!

但是，趋势造成了损失。 ETH/BTC的比率已下降到0.19以上，这是五年来最低水平。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:

市场变动：

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