金融市场上的重大故事不仅是全球债券市场的烦恼，而且比特币（BTC）的稳定性超过100,000美元。

BTC在4月初的75,000美元左右大约75,000美元急剧上升后，连续11天保持了该水平。有些人可能将其解释为上升耗尽的标志，但也可能是使六位数标记正常化的市场。

The big story in financial markets is not just global bond-market jitters, it's also bitcoin's (BTC) stability above the $100,000 mark, despite some setbacks in recent days.

金融市场上的重大故事不仅是全球债券市场的烦恼，而且比特币（BTC）的稳定性高于100,000美元，尽管最近几天有一些挫折。

BTC has held above that level for 11 straight days after jumping sharply from around $75,000 in early April. Some might interpret that as a sign of uptrend exhaustion, but it could also be the market normalizing the six-figure mark.

BTC在4月初的75,000美元左右大约75,000美元急剧上升后，连续11天保持了该水平。有些人可能将其解释为上升耗尽的标志，但也可能是使六位数标记正常化的市场。

When BTC first hit $100,000, many people likely thought, "This is crazy. It's too expensive" and perhaps refrained from buying or even took profits on their holdings. But the longer it stays there, the more the price feels normal and becomes anchored in people's minds. In other words, don't be surprised if buying activity picks up across the spectrum of products tied to BTC.

当BTC首次达到100,000美元时，许多人可能会认为：“这太疯狂了。太贵了”，也许无法购买，甚至没有利润。但是，它停留的时间越长，价格就越正常，并在人们的脑海中锚定。换句话说，如果购买活动在与BTC相关的产品范围内进行，那么不要感到惊讶。

At least one institution is known to be piling into BTC. Strategy (NYSE:STRG), the largest publicly traded BTC holding firm, disclosed that it has recently bought 7,630 BTC at an average price of over $103,000.

众所周知，至少有一个机构正在堆入BTC。战略（NYSE：Strg）是最大的公开交易的BTC控股公司，他透露，它最近以平均价格超过103,000美元购买了7,630 BTC。

"This aggressive buying campaign is aimed at solidifying $100K+ levels as the new floor for Bitcoin. ETF inflows also reflected that strength," Valentin Fournier, lead research analyst at BRN, said in an email.

BRN的主要研究分析师瓦伦丁·富尼尔（Valentin Fournier）在一封电子邮件中说：“这项积极的购买活动旨在巩固10万美元+的水平作为比特币的新楼层。ETF流入也反映了这种实力。”

According to Fournier, a price rise in ether (ETH) "seems driven more by organic demand than institutional flows - a potential sign of rising retail activity and decoupling performance between bitcoin and altcoins."

根据Fournier的说法，Ether（ETH）的价格上涨“似乎是由有机需求驱动的，而不是机构流动，这是零售活动上升和比特币和Altcoins之间脱钩性能的潜在迹象。”

In other key developments, the market cap for Ethena Labs' synthetic stablecoin, USDe, has surged 35% to $5 billion in just over seven days, CoinDesk data show. The token maintains a soft peg with the U.S. dollar through an automated delta-hedging strategy that shorts bitcoin and ether perpetual futures to offset changes in the prices.

Coindesk数据显示，在其他关键发展中，Ethena Labs的合成Stablecoin（USDE）的市值在短短7天内飙升了35％至50亿美元。代币通过自动化的三角洲策略与美元保持软钉，该策略将比特币和以太永恒的未来短距离，以抵消价格变化。

The jump had some market observers drawing parallels with the sharp rise in the market cap weeks before BTC and the wider market went bonkers in November. Back then, Ethena's ENA token chalked out a five-fold rally to $1.25. Let's see if history repeats itself.

跳跃有一些市场观察者在BTC和更广泛的市场在11月的BTC上几周的几周内急剧上升。当时，埃塞纳（Ethena）的ena代币将五倍的集会归到1.25美元。让我们看看历史是否重演。

The U.S. Senate on Monday voted in favor of the GENUIS Act, advancing the stablecoin bill to the final stage.

美国参议院周一投票赞成了《纯种法》，将稳定法案推进了最后阶段。

"The bill ... could significantly boost market confidence and provide long-awaited clarity for issuers and investors alike, but doesn't fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity," Vugar Usi Zade, COO at Bitget, said in an email. "For U.S.-based issuers, compliance will now come with steeper costs, likely accelerating consolidation across the market and favoring well-resourced players who can meet the new thresholds."

Vugar Usi Zade在一封电子邮件中说：“该法案可能会大大提高市场信心，并为发行人和投资者提供期待已久的清晰度，但并未完全解决像Tether这样的海上稳定发行人的问题，Tether继续在全球流动性中发挥出色的作用。” “对于美国的发行人来说，合规性现在将带来更高的成本，可能会加速整个市场的合并，并赞成能够达到新门槛的资源良好的球员。”

In traditional markets, yields on longer-duration bonds continued to rise across the advanced world, signaling growing concerns about the fiscal debt sustainability. The 30-year Japanese government bond yield hit a record high above 3%. Stay alert!

在传统市场中，较长持续债券的收益率在整个先进的世界中继续上升，这表明对财政债务可持续性的担忧日益增长。 30年的日本政府债券收益率高于3％以上。保持警觉！

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