CPI 報告緩解通膨擔憂，比特幣 (BTC)、以太坊 (ETH) 和狗狗幣 (DOGE) 飆升

比特幣（BTC 3.24%）今天在24 小時內再次出現顯著走勢，自昨天美國東部時間下午4 點（截至美國東部時間下午1:30）以來上漲了2.6%，以太坊（ETH 6.61%）和狗狗幣（DOGE 5.94%）也緊跟著。

Bitcoin (CRYPTO: BTC) has made another notable 24-hour move today, increasing 2.6% since 4 p.m. ET yesterday (as of 1:30 p.m. ET), with Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) also catching a bid, surging 3.8% and 4.4, respectively, over the same time frame.

比特幣(CRYPTO: BTC) 今天在24 小時內再次出現顯著走勢，自昨天美國東部時間下午4 點以來（截至美國東部時間下午1:30）上漲了2.6%，以太坊(CRYPTO: ETH) 和狗狗幣(CRYPTO: DOGE) 也緊跟著。

These moves have taken Bitcoin back toward the pivotal $100,000 mark, with the world's largest digital asset continuing to hover around this critical level. Ethereum's and Dogecoin's outsize moves make sense in the context of the larger dynamics that are typically at play with respect to these three megacap projects, but let's dive into what's happening beneath the surface and driving such broad momentum in the crypto market as a whole and for these three projects in particular.

這些舉措使比特幣重新回到關鍵的 10 萬美元大關，全球最大的數位資產繼續徘徊在這一關鍵水平附近。以太坊和狗狗幣的大幅波動在這三個大型項目通常發揮作用的更大動態背景下是有意義的，但讓我們深入了解表面之下正在發生的事情，以及推動整個加密貨幣市場如此廣泛勢頭的原因特別是這三個項目。

It's a macro day, babyMost of the discussion on traditional media (and social media platforms as well) this morning revolves around today's Consumer Price Index (CPI) report, which came in lower than expected. Core CPI unexpectedly declined one-tenth of 1%, leading to a surge in interest among investors for higher-growth and more speculative asset classes.

今天早上傳統媒體（以及社交媒體平台）上的大部分討論都圍繞著今天的消費者物價指數（CPI）報告，該報告的數據低於預期。核心 CPI 意外下降 1%，導致投資者對高成長和投機性更強的資產類別的興趣激增。

Of course, the fact is that overall inflation at 2.9% is still meaningfully higher than the Federal Reserve's target, and there are concerns around Trump's potential tariff plans and how the bond market will continue to react to potentially higher deficits and growth over the next four years.

當然，事實是，2.9%的整體通膨率仍然明顯高於聯準會的目標，人們對川普潛在的關稅計劃以及債券市場將如何繼續對未來四年潛在的更高赤字和成長做出反應感到擔憂。

But with this lower-than-expected core reading, the market now has priced in a greater likelihood of continued interest rate cuts. These implied cuts have put pressure on the U.S. dollar and improved the risk-reward outlook for risk assets, all factors that should benefit megacap cryptocurrencies such as Bitcoin (which is more tethered to currency movements than the other two), Ethereum, and Dogecoin.

但由於核心數據低於預期，市場現在已經消化了持續降息的可能性更大。這些隱含的降息給美元帶來了壓力，並改善了風險資產的風險回報前景，所有這些因素都應該有利於比特幣（與其他兩種貨幣相比，比特幣與貨幣走勢的關係更大） 、以太幣和狗狗幣等大型加密貨幣。

Are animal spirits ahead?On a day when there's relatively little in the way of token-specific catalysts, sometimes market sentiment tied to macro conditions easing is enough to provide a rising tide that lifts all boats. And given that crypto as an asset class is about as far out on the risk spectrum as most traditional investors are willing to go, today's outsize moves (which are greater than the moves seen in most indexes today) reflect this reality.

動物精神在前行嗎？鑑於加密貨幣作為資產類別的風險範圍與大多數傳統投資者願意接受的風險範圍相差甚遠，今天的大幅波動（大於當今大多數指數的波動）反映了這一現實。

Aside from the impact on the U.S. dollar this CPI report is likely to have (which will benefit Bitcoin), all risk assets should benefit from longer-term yields heading lower. That's because the 10-year U.S. Treasury yield is most often viewed as the appropriate discount rate for equities and other risk assets. For crypto investors with a long-term investing time horizon, discounting future growth to the present requires some sort of interest rate, and this is the particular figure most investors are paying close attention to right now.

除了這份消費者物價指數報告可能對美元產生影響（這將使比特幣受益）之外，所有風險資產都應該受益於長期殖利率走低。這是因為十年期美國公債殖利率通常被視為股票和其他風險資產的適當折現率。對於具有長期投資期限的加密貨幣投資者來說，將未來的成長折現到目前需要某種利率，而這是大多數投資者目前密切關注的特定數字。

I think if macro conditions continue to soften, and investors believe that more accommodative monetary policy is on the horizon, it's possible animal spirits could roar back once again. Bitcoin, Ethereum, and Dogecoin are each widely considered to be quality digital assets by their associated communities. Perhaps today's CPI report is what they needed to hit the bid once again.

我認為，如果宏觀環境繼續疲軟，並且投資者相信更寬鬆的貨幣政策即將出台，那麼動物精神可能會再次捲土重來。比特幣、以太坊和狗狗幣都被相關社群廣泛認為是優質數位資產。也許今天的消費者物價指數報告正是他們再次達到目標所需要的。