比特幣（BTC）進入“唯一模式”，因為美國債券市場危機驅使投資者尋求替代價值的商店

比特幣（BTC）正在進入前Bitmex首席執行官亞瑟·海斯（Arthur Hayes）所說的“唯一模式”，因為美國債券市場的加深危機可能會推動

As the US 10-year Treasury yield climbed above 4.59% on April 11, reaching its highest level in two months, and the $29 trillion US Treasury market posted a decline of more than 2% this week — marking its steepest drop since September 2019, the crypto market saw investors rotating out of traditional markets.

隨著美國10年期財政收益率在4月11日上升到4.59％以上，在兩個月內達到了最高水平，而29萬億美元的美國財政市場的下降了本週的下降超過2％，這標誌著自2019年9月以來的最高跌幅，加密貨幣市場使投資者看到了傳統市場的輪流。

Investors are pulling out of traditional markets amid a deepening crisis in the US bond market, potentially driving them toward alternative stores of value like Bitcoin (BTC).

在美國債券市場加深的危機中，投資者正在撤出傳統市場，這可能會將其推向諸如比特幣（BTC）之類的價值商店。

What happened: The benchmark 10-year Treasury yield surged above 4.59% on April 11, reaching its highest point in two months. Meanwhile, the $29 trillion US Treasury market is en-route to its worst weekly performance, with a decline of more than 2% this week.

發生的事情是：4月11日基準10年的國庫收益率飆升至4.59％以上，達到了兩個月內的最高點。同時，耗資29萬億美元的美國國庫市場的每週表現最差，本週下降了2％以上。

This marks the steepest decrease since September 2019, when a liquidity crunch in the repo market necessitated intervention from the Federal Reserve.

這是自2019年9月以來的最大減少，當時回購市場的流動性緊縮需要從美聯儲進行干預。

Also Read: Despite rumors, Donald Trump has no plans to run for president again in 2024

另請閱讀：儘管有傳言稱，唐納德·特朗普（Donald Trump）沒有計劃在2024年再次競選總統

Furthermore, US President Donald Trump’s unpredictable tariff announcements and subsequent reversals are adding to the ongoing chaos. After threatening to impose significant tariffs on global trading partners, Trump quickly cancelled many of the measures for specific countries, with the exception of China.

此外，美國總統唐納德·特朗普（Donald Trump）不可預測的關稅公告和隨後的逆轉正在加劇持續的混亂。在威脅要對全球貿易夥伴徵收重大關稅之後，特朗普迅速取消了針對特定國家的許多措施，但中國除外。

In another development, the greenback is continuing its downward spiral, with the US Dollar Index (DXY) dropping below the 100 mark for the first time since 2022 to notch its worst weekly performance in over two years.

在另一項發展中，綠色持續的螺旋式向下旋轉，自2022年以來，美元指數（DXY）首次降至100分以下，以使兩年多的每週表現最差。

On the other hand, Bitcoin experienced a gain of over 4.50% amid the US bond market rout, reaching levels around $83,250.

另一方面，在美國債券市場潰敗中，比特幣的收益超過4.50％，水平約為83,250美元。

This optimism stems from the belief that the deteriorating macroeconomic conditions will prompt US policymakers to take action, and traders are now pricing in at least three rate cuts from the Federal Reserve by year-end, with a fourth becoming increasingly likely.

這種樂觀源於這樣的信念，即宏觀經濟狀況惡化將促使美國決策者採取行動，而交易者現在在年底時至少從美聯儲削減三率，而四分之一的可能性越來越大。

It is no secret that rate cuts have historically been bullish for Bitcoin.

歷史上削減比特幣的降低是不明智的。

Is Bitcoin going ‘up only’?

比特幣要“僅”？

“It’s on like donkey kong,” wrote former BitMEX CEO Arthur Hayes in his April 11 X post.

前Bitmex首席執行官亞瑟·海斯（Arthur Hayes）在4月11日X帖子中寫道：“這就像驢子一樣。”

As the US 10-year Treasury yield climbs above 4.59% on April 11, reaching its highest point in two months, and the $29 trillion US Treasury market posts a decline of more than 2% this week — marking its steepest decrease since September 2019, crypto investors are discussing the potential implications for Bitcoin (BTC).

隨著美國10年期財政收益率在4月11日上升到4.59％以上，在兩個月內達到了其最高點，而29萬億美元的美國國庫市場帖子本週下降了2％以上，這是自2019年9月自2019年9月以來的最大急劇下降，加密投資者正在討論潛在的對比特幣的影響（BTC）。

Investors are pulling out of traditional markets amid a deepening crisis in the US bond market, which could drive them toward alternative stores of value.

在美國債券市場加深的危機中，投資者正在退出傳統市場，這可能會將他們推向替代價值商店。

What happened: The benchmark 10-year Treasury yield surged above 4.59% on April 11, reaching its highest point in two months.

發生的事情是：4月11日基準10年的國庫收益率飆升至4.59％以上，達到了兩個月內的最高點。

Also Read: Unemployment claims rise as bulk of impact from March jobs report to come

另請閱讀：隨著3月份工作報告的大部分影響，失業索賠的上升

Also, the $29 trillion US Treasury market is en-route to its worst weekly performance, with a decline of more than 2% this week. This marks the steepest decrease since September 2019, when a liquidity crunch in the repo market necessitated intervention from the Federal Reserve.

此外，美國29萬億美元的美國國庫市場的每週表現最差，本週下降了2％以上。這是自2019年9月以來的最大減少，當時回購市場的流動性緊縮需要從美聯儲進行干預。

The stellar performance of the US economy in the first quarter, which saw the largest increase in more than two years, is exacerbating concerns about a potential economic slowdown later this year.

美國經濟在第一季度的出色表現，超過兩年的增長最大，這加劇了人們對今年晚些時候潛在的經濟放緩的擔憂。

However, the bulk of the impact from March’s stellar jobs report, which saw the addition of 236,000 jobs and an unemployment rate of 3.8%, is still to be realized. Economists are now targeting an increase in claims to 240,000.

但是，三月出色的就業報告的大部分影響尚有236,000個工作崗位和3.8％的失業率增加。現在，經濟學家的目標是增加索賠增加到240,000。

Furthermore, US President Donald Trump’s unpredictable tariff announcements and subsequent reversals are adding to the ongoing chaos. After threatening to impose significant tariffs on global trading partners, Trump quickly cancelled many of the measures for specific countries, with the exception of China.

此外，美國總統唐納德·特朗普（Donald Trump）不可預測的關稅公告和隨後的逆轉正在加劇持續的混亂。在威脅要對全球貿易夥伴徵收重大關稅之後，特朗普迅速取消了針對特定國家的許多措施，但中國除外。

In another development, the greenback is continuing its downward spiral, with the US Dollar Index (DXY) dropping below the 100 mark for the first time since 2022 to notch its worst weekly performance in over two years.

在另一項發展中，綠色持續的螺旋式向下旋轉，自2022年以來，美元指數（DXY）首次降至100分以下，以使兩年多的每週表現最差。

In contrast, Bitcoin experienced a gain of over 4.50% amid the US bond market rout, reaching levels around $83,250 on April 11. This optimism stems from the belief that the weakening macroeconomic conditions will prompt US policymakers to act.

相比之下，在美國債券市場潰敗中，比特幣在4月11日達到了83,250美元的水平超過4.50％。這種樂觀態度源於相信較弱的宏觀經濟狀況會促使美國決策者採取行動。

Furthermore, bond traders are now pricing in at least three rate cuts from the Federal Reserve by the end of the year, with a fourth becoming increasingly likely.

此外，到年底，債券交易者現在至少從美聯儲削減了三張稅率，四分之一的可能性越來越大。

Target rate probabilities for December Fed meeting. Source: CME

12月美聯儲會議的目標利率概率。資料來源：CME

Rate cuts have historically been bullish for Bitcoin.

從歷史上看，比特幣的削減一直是看漲的。

See More: Bitcoin price analysis: BTC/USD set for a rally towards $10

請參閱更多：比特幣價格分析：BTC/USD設置為10美元