比特幣（BTC）CME期貨將合同分配給490美元，完全逆轉了與特朗普有關的集會

比特幣CME期貨利差已降至490美元，這完全逆轉了與特朗普相關的集會，該集會在12月達到了1,705美元。

Key Takeaways:

關鍵要點：

The Bitcoin CME futures spread has dropped to $490, the lowest since Nov. 5, fully reversing the Trump-related rally that had peaked at $1,705 in December.

比特幣CME期貨利差已降至490美元，這是自11月5日以來最低的，這完全扭轉了與特朗普相關的集會，該集會在12月達到了1,705美元。

Bitcoin and Nasdaq have fallen 20% and 8%, respectively, since early February, as macroeconomic factors take precedence over pro-crypto political narratives.

自2月初以來，比特幣和納斯達克分別下降了20％和8％，因為宏觀經濟因素比親克萊特托政治敘事優先。

The market reacted negatively to Trump’s Strategic Bitcoin Reserve, which did not include fresh BTC purchases.

該市場對特朗普的戰略比特幣儲備有負面反應，該預備隊不包括新鮮的BTC購買。

Bitcoin futures remain in contango, signaling longer-term optimism despite near-term pressures.

比特幣期貨仍留在孔甘戈（Contango），儘管遇到了近期壓力，也會表明長期樂觀。

Bitcoin's ‘Trump Bump’ Fully Reversed as Macro Forces Dominate

比特幣的“特朗普碰撞”完全逆轉，宏觀力量占主導地位

The initial bullish sentiment following Donald Trump’s election victory has faded as Bitcoin’s CME futures spread contracts to $490, the lowest level since November 2024. The spread had previously peaked at $1,705 on Dec. 17, driven by optimism that a pro-crypto administration would fuel BTC’s institutional adoption.

唐納德·特朗普（Donald Trump）大選勝利之後的最初看漲情緒逐漸消失，因為比特幣的CME期貨將合同擴散到490美元，這是2024年11月以來的最低水平。這次差價先前在12月17日達到了1,705美元的峰值，這是由優越性驅動的，這是由Pro-Crypto政府促進BTC BTC的機構的養育。

However, the market no longer sees Trump's presidency as an automatic tailwind for crypto, instead focusing on broader macroeconomic risks, such as:

但是，市場不再認為特朗普擔任加密貨幣的自動尾聲，而是專注於更廣泛的宏觀經濟風險，例如：

* geopolitical tensions and new trade tariffs impacting global risk assets.

*地緣政治緊張局勢和新的貿易關稅影響全球風險資產。

* concerns over inflation and economic growth, with CPI data dictating future Fed rate decisions.

*擔心通貨膨脹和經濟增長，CPI數據決定未來的美聯儲利率決策。

* Nasdaq's 8% decline, highlighting the broader risk-off sentiment in tech and speculative assets.

*納斯達克的8％下降，強調了技術和投機資產的更廣泛的風險情緒。

"The market has repriced the Trump catalyst, focusing instead on inflation and trade risks," said Thomas Erdösi, Head of Product at CF Benchmarks.

CF基準產品負責人托馬斯·埃德西（ThomasErdösi）表示：“市場已將特朗普的催化劑重新定位，專注於通貨膨脹和貿易風險。”

Strategic Bitcoin Reserve Fails to Spark New Bull Run

戰略比特幣儲備未能引發新的公牛運行

Another factor behind BTC’s weakness is the lack of new purchases in Trump’s Strategic Bitcoin Reserve. The announcement confirmed that the U.S. will not sell its existing confiscated BTC, but did not include fresh Bitcoin acquisitions, disappointing investors who had anticipated government-led demand.

BTC弱點的另一個因素是特朗普的戰略比特幣儲備中缺乏新購買。該公告證實，美國不會出售其現有的沒收的BTC，但不包括新鮮的比特幣收購，令人失望的投資者預計政府主導的需求。

"Many expected the Reserve to buy new Bitcoin, but instead, they stated they would not sell any of their existing or confiscated Bitcoin," said Ian Balina, CEO of Token Metrics.

代幣指標首席執行官伊恩·巴利納（Ian Balina）表示：“許多人希望該保護區能購買新的比特幣，但他們表示不會出售其現有或沒收的比特幣。”

The market reaction was immediate, with Bitcoin’s price falling sharply post-announcement.

市場反應是直接的，比特幣的價格急劇下降。

Bitcoin Futures Still in Contango: What It Means

比特幣期貨仍在contango中：這意味著什麼

Despite the narrowing spread in near-term BTC futures, the entire CME futures curve remains in contango, meaning that longer-dated BTC contracts still trade at a premium. This suggests:

儘管在近期BTC期貨中蔓延縮小，但整個CME期貨曲線仍在Contango中，這意味著較長的BTC合同仍在溢價上進行交易。這表明：

no structural bearish shift in market expectations—typically, contango is seen in bullish phases.

市場期望沒有結構性看跌轉變 - 在看漲的階段，孔丹戈都可以看到contango。

the recent price weakness is likely due to unlevered spot longs being squeezed, rather than institutional traders aggressively shorting BTC.

最近的價格疲軟可能是由於未槓桿的渴望被擠壓而不是機構交易者積極地短路BTC。

Perpetual funding rates remain positive, which reinforces that a broad sell-off is not in play.

永久籌資率仍然是積極的，這強化了廣泛的拋售沒有發揮作用。

While Bitcoin's immediate bullish catalyst from Trump’s election has faded, the market remains structurally positioned for long-term upside. The focus now shifts to macroeconomic trends, Federal Reserve policy, and potential new regulatory developments, according to CoinDesk.

儘管比特幣與特朗普當選的立即看漲催化劑已經消失，但該市場在結構上仍處於長期上行方面的位置。根據Coindesk的說法，現在的重點轉向了宏觀經濟趨勢，美聯儲政策和潛在的新監管發展。