隨著市場情緒的改善，比特幣（BTC）$ 89,000

比特幣（BTC）在24小時低點86,200美元的24小時低點後，在亞洲早晨售價89,000美元，市場情緒略有改善，主要令牌顯示出恢復的跡象。

Bitcoin (BTC) price hovered above the $89,000 mark in Asian morning hours on Wednesday, recovering slightly from a 24-hour low of $86,200 as major tokens showed signs of a recovery.

比特幣（BTC）價格徘徊在周三的亞洲早晨的89,000美元以上，從24小時低點的86,200美元低至86,200美元，因為主要令牌顯示出恢復的跡象。

CoinDesk 20

Coindesk 20

The move was noted as major crypto tokens recovered from Tuesday’s losses.

此舉被認為是因為主要的加密代幣從周二的損失中恢復了。

XRP and BNB Chain’s BNB led a gradual majors rebound Wednesday as traders continue to digest Tuesday’s carnage — one that saw overall capitalization drop as much as 10% and at least $1.2 billion in losses on bullish bets.

隨著貿易商繼續消化週二的大屠殺，XRP和BNB Chain的BNB週三領導了一個逐步的專業籃板 - 總體資本化下降了多達10％，至少損失了12億美元的損失。

XRP was trading up 3%, while BNB and Solana’s SOL advanced 5%. Dogecoin (DOGE) and Cardano’s ADA showed a slight 1.2% gain, while Tron’s TRX was down 5% over the past 24 hours. The broad-based CoinDesk 20 (CD20) was down 2%.

XRP的交易增長了3％，而BNB和Solana的SOL提高了5％。 Dogecoin（Doge）和Cardano的ADA略有1.2％，而Tron的TRX在過去24小時內下跌了5％。基於廣泛的Coindesk 20（CD20）下降了2％。

The move higher was in line with an analysis by CoinDesk on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event signaled that assets were likely oversold and could see some relief in the short term.

這一舉動較高的是Coindesk在周二的分析中，因為情緒指數五個月的低點和大規模清算事件表明資產可能超出了產品的價格，並且可以在短期內看到一些緩解。

Gold futures fell 1.3% on Tuesday after a profit-taking bout following a record rally where it touched a new high on Monday, but was noted to be pulling higher in Asian morning hours on Wednesday.

金牌期貨在周二的創紀錄集會之後，週二贏得了盈利，週二觸及了新的高位，但據稱在周三的亞洲早晨，它的幅度更高。

Macro Outlook

宏觀前景

Reasons for Tuesday’s panic ranged from money flowing out of bitcoin ETFs, with over $1 billion pulled out in the last two weeks, to a stronger yen, a perceived safe-haven currency whose growth tends to pull down riskier bets.

週二恐慌的原因範圍從從比特幣ETF中流出的錢，在過去的兩周中撤出了超過10億美元，再到一種更強大的日元，一種感知到的安全貨幣，其增長往往會降低風險更高的賭注。

However, expectations for easier U.S. Federal Monetary policy have surged, with prediction markets putting chances of a May rate cut to 30% over the past week, and the chances of two rate cuts by June more than tripling to 15%.

但是，對美國聯邦貨幣政策更容易的期望已經激增，預測市場在過去一周中的可能性降低至30％，到6月兩次降低兩次稅率的機會增加了三倍，達到15％。

These hopes follow a gauge of U.S. consumer confidence marking its deepest fall since August 2021, as the Conference Board said its index decreased 7 points to 98.3 last month in its third straight decline.

這些希望遵循了美國消費者的信心，這標誌著自2021年8月以來最深的跌幅，因為會議委員會表示，其指數在上個月連續第三次下降了7分，至98.3。

U.S economic data and policies tend to impact prices of risk assets such as bitcoin, as crypto traders factor in expectations of retail participation as idle cash increases.

美國的經濟數據和政策往往會影響比特幣等風險資產價格的價格，因為加密貨幣交易者會因零售參與的期望而隨著閒置現金的增加而產生的預期。

Traders Remain Cautious

交易者保持謹慎

Still, hopes for an altcoin rally remain muted among traders, with fresh dollar inflows largely expected to flow into BTC.

儘管如此，交易者的山寨幣集會仍然懸而未決，新鮮的美元流入預計將流入BTC。

BTC finally broke out of its range, dipping below 90k for the first time in a month and now is seen pinging just below that level, which triggered over USD 200mm in liquidations over the past few hours.

BTC終於脫離了它的範圍，一個月內首次將90k降至90k以下，現在看到ping在該水平以下，這在過去幾個小時內觸發了200mm的200mm。

Market sentiment remains under pressure following Trump’s decision to impose tariffs on Canada and Mexico and to curb Chinese investment. Front-end gamma was covering as BTC broke lower, with 1M implied volatility now back around 50v, skew interestingly largely unchanged.

特朗普決定對加拿大和墨西哥徵收關稅並遏制中國投資後，市場情緒仍處於壓力。由於BTC較低，前端伽瑪覆蓋了，現在隱含的波動率較低，現在回到50V左右，有趣的是，很大程度上沒有變化。

“Zooming out, equities, fixed income and gold have largely shrugged off the data points previously blamed for broader market weakness, with BTC also remaining largely flat. Rising BTC dominance and sliding altcoin prices suggest that alt bulls may already be fully long, and any new dollar inflows will likely go into BTC. We remain cautious. Recent BTC demand has been driven primarily by institutions like MicroStrategy (NASDAQ:MICRO) financed through equity-linked note issuance. With crypto-related issuance accounting for roughly 19% of total issuance over the last 14 months, the market for such financing may be nearing saturation, which could dampen institutional demand if spot continues to stay muted,” Singapore-based QCP Capital said in a broadcast message late on Tuesday.

“放大，股票，固定收益和黃金在很大程度上聳了聳肩，以前歸咎於更廣泛的市場弱點，而BTC也基本上保持平坦。 BTC的優勢和滑動替代價格上漲表明，Alt Bulls可能已經完全長，任何新的美元流入都可能流入BTC。我們保持謹慎。最近的BTC需求主要是由MicroStrategy（NASDAQ：MICRO）等機構驅動的，該機構是通過股票掛鉤的發行提供的。由於與加密相關的發行在過去14個月中約佔總發行總額的19％，因此這種融資的市場可能接近飽和，如果位於新加坡的QCP Capital繼續保持沉默，這可能會削弱機構需求。”週二晚些時候廣播消息。

Players like Strategy (previously MicroStrategy) have been the main drivers of BTC demand in the past weeks and months, funding their purchases by selling their stock. But here’s the issue: companies might struggle to justify more purchases since the hype isn’t increasing prices.

在過去的幾周和幾個月中，策略（以前是微型策略）之類的球員一直是BTC需求的主要驅動力，通過出售股票來資助他們的購買。但這是問題：由於炒作並沒有提高價格，因此公司可能很難證明更多的購買。

Less institutional buying could diminish BTC demand, potentially leading to large investors liquidating their positions, which could further impact the market.

較少的機構購買可能會減少BTC的需求，這可能導致大型投資者清算其頭寸，這可能會進一步影響市場。