美国东部时间下午9:10在5/21/25 @

比特币再次破坏了记录，在2025年5月的历史最高水平上飙升至其先前的里程碑后的几周。

May 21, 2025

2025年5月21日

9:10 P.M. ET: Bitcoin has hit a new All-Time-High on Wednesday night. BTC is currently trading at $110,363.40 USD at the time of this update.

美国东部时间下午9:10：比特币在周三晚上已经达到了新的最高水平。此更新时，BTC目前的交易价格为110,363.40美元。

Bitcoin has once again broken records, surging to a new all-time high in May 2025—just weeks after its previous milestone. The digital asset’s climb is being driven by a powerful mix of institutional buying, ETF inflows, and a looming $6 trillion global liquidity event that some analysts are calling the “next financial earthquake.”

比特币再次破坏了记录，在2025年5月的历史最高水平上飙升至其先前的里程碑后的几周。数字资产的攀登是由机构购买，ETF流入以及迫在眉睫的6万亿美元全球流动性活动的强大组合所驱动的，一些分析师称之为“下一个金融地震”。

The mood among crypto investors? Bullish—and growing stronger by the day.

加密投资者的心情？看涨 - 白天变得越来越强。

Bitcoin Price Breaks Records Wednesday

比特币价格破纪录星期三

Bitcoin’s recent rally sent it soaring above $110,000 on Wednesday night, breaking past its previous record and signaling that the current bull cycle may still be in its early stages.

比特币最近的拉力赛在周三晚上发出的飙升超过110,000美元，突破了先前的记录，并表示当前的牛周期可能仍处于早期阶段。

This surge follows months of heightened demand from spot Bitcoin ETFs, sovereign buyers, and corporate treasuries seeking hard assets amid inflationary pressures and shifting central bank policies.

这次激增是在现货比特币ETF，主权买家以及公司国库中的需求增长之后，在通货膨胀压力和转移中央银行政策的情况下寻求硬资产。

According to on-chain metrics, Bitcoin bulls are not done yet. Accumulation addresses have hit all-time highs, exchange balances continue to shrink, and long-term holders are sitting tight—typical indicators of a supply crunch that could lead to even higher prices.

根据链量指标，尚未完成比特币公牛。累积地址已经达到了历史高潮，交换余额继续缩小，并且长期持有人坐着紧张，这是供应紧缩的典型指标，这可能会导致更高的价格。

What’s Behind the $6 Trillion Shockwave?

6万亿美元的冲击波背后是什么？

a recent Forbes analysis warned of a potential $6 trillion price shock, triggered by three converging forces:

最近的《福布斯分析》警告说，由三个融合部队触发了潜在的6万亿美元的价格冲击：

* U.S. government bonds are expected to generate negative real yields throughout 2025 due to high inflation and the Fed’s attempts to curb it. This could prompt a shift in capital from bonds to equities and crypto.

*由于通货膨胀率高，预计美国政府债券将在整个2025年产生负实际收益率，而美联储试图遏制它。这可能会促使资本从债券转移到股票和加密货币。

* A recent Bank of International Settlements (BIS) report noted that central banks are now unwinding their pandemic-era bond purchases, which began in 2020 to provide liquidity to markets. This move will reduce liquidity and drive up borrowing costs.

*最近的一份国际定居银行（BIS）报告指出，中央银行现在正在放松其大流行时代的债券，该债券始于2020年，旨在为市场提供流动性。此举将减少流动性并增加借贷成本。

* Some analysts believe that the U.S. government may soon begin selling its Bitcoin holdings, which were acquired during last year’s legal battles with cryptocurrency exchange Coinbase. This move, if it occurs, could generate significant selling pressure on BTC.

*一些分析人士认为，美国政府可能很快就会开始出售其比特币持有量，这是在去年与加密货币交易所Coinbase的法律斗争中获得的。如果发生这种举动，则可能会对BTC产生巨大的销售压力。

Together, these forces are expected to create an avalanche of capital inflows that could redefine Bitcoin’s role in global finance.

预计这些力量将创造出资本流入的雪崩，可以重新定义比特币在全球金融中的作用。

Key Drivers of the Bullish Momentum

看涨势头的主要驱动力

1. Spot Bitcoin ETF Inflows

1。斑点比特币ETF流入

Since the approval of spot Bitcoin ETFs in early 2025, billions in fresh capital have flowed into crypto markets. ETFs managed by BlackRock, Fidelity, and VanEck are now among the top ten holders of Bitcoin globally. Daily inflows of $250–$500 million have become the norm, with investors treating Bitcoin as a macro hedge rather than a speculative asset.

自2025年初获得现货比特币ETF的批准以来，数十亿美元的新资本已流入加密货币市场。由贝莱德（Blackrock），富达（Fidelity）和瓦内克（Vaneck）管理的ETF现在已成为全球比特币的前十名持有者之一。每日250-5亿美元的流入已成为常态，投资者将比特币视为宏观对冲，而不是投机资产。

2. Declining Exchange Balances

2。交换余额下降

One of the most bullish on-chain signals is the continued drain of BTC from centralized exchanges. According to Glassnode data, Bitcoin’s exchange balances are at their lowest levels since 2018, suggesting that long-term holders are moving assets to cold storage and reducing available supply.

最看涨的链信号之一是BTC从集中式交流中持续流失。根据玻璃节数据，比特币的交换余额是自2018年以来的最低水平，这表明长期持有人正在将资产转移到冷藏和减少可用供应供应。

3. Supply Shock from Halving

3。减半供应冲击

April 2024’s Bitcoin halving has already started to impact market dynamics. The number of new BTC entering circulation has been slashed from 6.25 to 3.125 per block. Historically, halvings have been followed by explosive rallies 12–18 months later. With demand soaring and new supply cut in half, the classic supply-demand imbalance is unfolding in real time.

2024年4月的比特币减半已经开始影响市场动态。进入循环的新BTC数量已从每个街区的6.25削减至3.125。从历史上看，在12-18个月后的爆炸性集会之后，停止了爆炸性的集会。随着需求飙升和新的供应减少，经典的供需不平衡正在实时展开。

4. Global Flight to Hard Assets

4。全球飞往硬资产

Around the world, fiat currencies are under stress. High inflation, debt crises, and shifting geopolitics have prompted both individuals and institutions to seek refuge in hard assets like Bitcoin. Countries with high inflation or currency instability—such as Argentina, Turkey, and Nigeria—are seeing record P2P BTC trading volume.

在世界范围内，法定货币承受着压力。高通货膨胀，债务危机和转移的地缘政治促使个人和机构寻求像比特币这样的艰难资产的庇护所。通货膨胀或货币不稳定的国家（例如阿根廷，土耳其和尼日利亚）都看到了创纪录的P2P BTC交易量。

Where Does Bitcoin Go Next?

比特币接下来要去哪里？

While some analysts urge caution, others believe Bitcoin’s best days are still ahead. Several major banks and investment firms have recently upgraded their BTC forecasts:

尽管一些分析人士敦促谨慎，但另一些分析师则认为比特币的最佳日子仍在迈进。几家主要银行和投资公司最近升级了其BTC预测：

* Standard Chartered: Predicts Bitcoin could hit $120,000 by the third quarter of 2025.

*标准包机：预测比特币将在2025年第三季度达到120,000美元。

* Mena Growth Fund: Sees potential for Bitcoin to reach $500,000 in the next bull cycle, which they estimate will peak in 2028.

* MENA增长基金：认为比特币在下一个公牛周期中达到500,000美元的潜力，他们估计将在2028年达到顶峰。

* Galaxy Digital: In May 2025, Galaxy Digital’s CEO stated that Bitcoin could surge to $500,000 if institutions continue pouring capital into the asset class.

* Galaxy Digital：2025年5月，Galaxy Digital的首席执行官表示，如果机构继续将资本投入资产类别，则比特币可能会涨到500,000美元。

BTC Risks and Volatility Remain

BTC风险和波动性仍然

Despite the bullish outlook, Bitcoin remains a volatile asset. A sudden regulatory crackdown, macroeconomic shock, or ETF outflows could disrupt short-term momentum.

尽管看上去是看法，但比特币仍然是一项动荡的资产。突然的监管镇压，宏观经济休克或ETF流出可能会破坏短期动量。

But for now, the broader trend is clear: Bitcoin has never been more mainstream, or

但是就目前而言，更广泛的趋势是明确的：比特币从未成为主流，或者