與傳統金融市場相比

該報告指出，即使標準普爾500指數和納斯達克股票下降，比特幣（BTC）在正在進行的市場下滑期間相對較好。

Crypto market maker Wintermute has observed that Bitcoin (BTC) is showing greater resilience to macroeconomic headwinds compared with traditional financial markets.

加密推銷商Wintermute觀察到，與傳統金融市場相比，比特幣（BTC）對宏觀經濟逆風的韌性更大。

According to an April 14 report by Wintermute, Bitcoin has held up relatively well during the ongoing market downturn. This is in contrast to the S&P 500 and Nasdaq, which dropped to their lowest levels in a year, while bond yields surged to highs not seen since 2007.

根據溫特姆特（Wintermute）的4月14日報告，比特幣在正在進行的市場下滑期間相對較好。這與標準普爾500指數和納斯達克標準普爾（S＆P 500）相反，後者在一年中降至最低水平，而債券收益率飆升至自2007年以來未見的高點。

“Bitcoin’s decline was comparatively modest, revisiting price levels from around the US election period,” Wintermute wrote.

溫特姆特寫道：“比特幣的下降相對謙虛，從美國大選期間重新審視了價格水平。”

This marks a notable shift from Bitcoin’s historical behavior in crisis situations. In the past, Bitcoin’s losses were considerably greater than those of traditional finance indexes, the report added. The shift highlights Bitcoin’s “apparent growing resilience amid macroeconomic turbulence.”

這標誌著在危機情況下比特幣的歷史行為的顯著轉變。報告補充說，過去，比特幣的損失比傳統金融指數的損失要大得多。這一轉變突出了比特幣的“在宏觀經濟的湍流中顯而易見的韌性”。

Founder of Obchakevich Research, Alex Obchakevich, expects this to be a temporary trend.

Obchakevich Research的創始人Alex Obchakevich期望這是一個暫時的趨勢。

Obchakevich said that factors that caused the stability of Bitcoin were growing institutional interest through exchange-traded funds (ETFs) and the promotion of Bitcoin as digital gold due to its decentralization and independence.

Obchakevich說，導致比特幣穩定的因素正在通過交易所貿易資金（ETF）以及由於其分散和獨立性而促進比特幣作為數字黃金的促進。

Related: Bitcoin traders target $90K as apparent tariff exemptions ease US Treasury yields

相關：比特幣交易者以$ 90K的目標為目標，因為明顯的關稅豁免易於美國財政收益

A change in Bitcoin market dynamics

比特幣市場動態的變化

Over the past week, Bitcoin’s price increased by 7% to $83,700 — later reaching nearly $86,000 at the time of publication. This growth occurred as the Consumer Price Index (CPI) rose by 2.4% year-over-year, with a month-over-month decline of 0.1% — the first monthly decrease since May 2020. This signals that inflation is cooling off.

在過去的一周中，比特幣的價格上漲了7％，達到83,700美元，後來在出版時達到了近86,000美元。隨著消費者價格指數（CPI）同比增長2.4％，每月下降0.1％，這是自2020年5月以來的第一次每月下降。這表明通貨膨脹正在降溫，這一增長發生了。

Year-over-year CPI percentage change. Source: US Bureau of Labor Statistics

同比CPI百分比變化。資料來源：美國勞工統計局

Furthermore, the Producer Price Index (PPI) rose 2.7% year-over-year in March. The same metric stood at 3.2% in February, also showing signs of disinflationary pressures. Still, according to Wintermute, the trend may soon reverse:

此外，三月的生產商價格指數（PPI）同比增長2.7％。 2月相同的度量標準為3.2％，也顯示出消除壓力的跡象。儘管如此，根據Wintermute的說法，這種趨勢可能很快逆轉：

Monthly PPI percentage change. Source: US Bureau of Labor Statistics

每月PPI百分比變化。資料來源：美國勞工統計局

Related: Trade wars could spur governments to embrace Web3 — Truebit

相關：貿易戰可能促使政府擁抱Web3- Truebit

More market turmoil expected

預計更多的市場動盪

Bitwise analyst Jeff Park recently argued that US President Donald Trump’s trade policies will create worldwide macroeconomic turmoil and short-term financial crises that will ultimately lead to greater adoption of Bitcoin.

Bitwise分析師傑夫·帕克（Jeff Park）最近辯稱，美國總統唐納德·特朗普（Donald Trump）的貿易政策將造成全球宏觀經濟動盪和短期金融危機，最終將導致更大的採用比特幣。

He said that we should expect an inflation increase:

他說，我們應該期望通貨膨脹率增加：

“We should expect to see PPI and CPI increase over the coming months as a result of expiring tariff exemptions and decreased trade volumes. This will put pressure on the Fed to maintain or even raise interest rates.”

“我們應該期望，由於免稅和貿易量減少，在接下來的幾個月中，PPI和CPI會增加。這將給美聯儲施加壓力，要求維持甚至提高利率。”

Wintermute explained that the ongoing trade war heightens the risk of increased inflation and economic slowdown. Prediction market Kalshi traders recently placed the odds of a recession hitting the US this year at 61%, and JPMorgan sees a 60% likelihood.output:

Wintermute解釋說，正在進行的貿易戰增加了通貨膨脹增加和經濟放緩的風險。預測市場Kalshi交易員最近將衰退的機率今年以61％的速度打入美國，而摩根大通的可能性為60％。