Bitfinex警告Bitfinex，以比特币合并为$ 111,000的利润。

比比特币（Bitcoin）反弹强劲 - 比1月份的高峰（1月）更正32％之后，比特币的反弹率超过50％。

Bitcoin (BTC) has rebounded impressively from March lows, gaining over 50% from the 32% correction seen from January’s peak.

比特币（BTC）从3月的低点中获得了令人印象深刻的反弹，从一月份的峰值出发的32％的纠正量获得了50％以上。

Now trading around $111,880, BTC is consolidating in what Bitfinex Alpha calls a “healthy phase” after its rally. However, with such significant gains, profit-taking becomes a real risk.

现在，BTC的交易价格约为111,880美元，即Bitfinex Alpha在集会之后称之为“健康阶段”。但是，随着如此巨大的收益，获利成为真正的风险。

According to the latest Bitfinex Alpha report (May 26, 2025), the current consolidation is being supported by ETF inflows, strength in the spot market, and positive net realized cap growth.

根据最新的Bitfinex alpha报告（2025年5月26日），当前的合并得到了ETF流入，现货市场的强度以及正净实现CAP增长的支持。

These indicators suggest structural buying rather than short-lived speculative activity. Despite increasing macroeconomic uncertainty—including President Trump’s proposed 50% tariffs on EU goods—Bitcoin has shown resilience, hinting at it being increasingly viewed as a macro-sensitive, conviction-led asset.

这些指标表明结构性购买，而不是短暂的投机活动。尽管宏观经济的不确定性增加了，包括特朗普总统提出的对欧盟商品的50％关税，但Bitcoin表现出弹性，暗示它越来越被视为宏观敏感的信念，定罪的资产。

Institutions and U.S. States Push Crypto Agenda

机构和美国国家推动加密议程

Institutional support is deepening, the report notes. Japanese firm Metaplanet added $104 million worth of BTC to its balance sheet, while Michigan introduced pro-crypto legislation, joining several U.S. states advancing crypto-friendly policies. Publicly traded firms—Strategy, Semler Scientific, and Metaplanet—acquired over 8,800 BTC last week, pushing Strategy’s total to over 2.7% of all Bitcoin in circulation.

报告指出，机构支持正在加深。日本公司Metaplanet在其资产负债表中增加了价值1.04亿美元的BTC，而密歇根州则提出了Pro-Crypto立法，加入了美国几个州推进加密货币友好的政策。上周，公开交易的公司（STRATEGY，SEMLER SCICENIFIC和METAPLANET）获得了8,800多个BTC，将策略的总计超过了所有比特币的总计超过2.7％。

Key Price Levels and Market Dynamics

关键价格水平和市场动态

Bitfinex analysts highlight the importance of Bitcoin staying above $95,000, the cost basis for short-term holders. Over $11.4 billion in short-term profits have already been realized, which may create short-term supply overhang, though ETF bid strength and market maturity could balance that out.

Bitfinex分析师强调了比特币保持在95,000美元以上的重要性，这是短期持有人的成本基础。已经实现了超过114亿美元的短期利润，这可能会造成短期供应悬而未决，尽管ETF竞标强度和市场成熟度可以平衡这一点。

With low volatility, growing spot premiums, and a stronger base of long-term holders, the next few weeks will likely determine whether this consolidation paves the way for a new leg higher in Q3 or marks a local top.

由于波动率低，现货溢价增长以及长期持有人的强大基础，接下来的几周可能会决定这种合并是否为第三季度的新腿铺平了道路还是标志着本地顶部。

Macro Turmoil and Market Signals

宏观动荡和市场信号

Outside of crypto, rising long-term U.S. Treasury yields and a weakening dollar signal broader financial stress. Yields on 10-year and 30-year bonds have now crossed 4.5% and 5%, respectively, reflecting growing concerns over debt sustainability, inflation, and fiscal instability. The bond market’s recent behavior, including a steepening yield curve, is being viewed less as a sign of growth and more as a warning of systemic risk.

在加密货币之外，美国财政部的长期收益率上升，美元信号较弱，财务压力更大。现在，10年期和30年债券的收益率分别超过4.5％和5％，反映了人们对债务可持续性，通货膨胀和财政不稳定的越来越关注。债券市场最近的行为，包括陡峭的收益曲线，被视为增长的标志，而是对系统性风险的警告。

Conclusion

结论

According to Bitfinex Bitcoin’s fundamentals appear strong, but with massive gains behind it and macro risks ahead, investors should watch for potential profit-taking and short-term corrections. Still, long-term demand from institutions and evolving global crypto adoption paint a bullish picture for what may come next.

根据Bitfinex比特币的基本面的说法，它的基本面显得很强，但是随着其背后的巨大增长，宏观风险未来，投资者应注意潜在的获利和短期更正。尽管如此，机构的长期需求和不断发展的全球加密货币采用了下一步可能发生的情况。