比特幣（BTC）的價格下跌33％，因為信用利差達到了2024年8月以來的最高水平

信用差價正在擴大，並且自2024年8月以來已經達到了最高水平，這一時期與比特幣（BTC）降低了33％

Credit spreads are widening and have reached their highest levels since August 2024 — a period that coincided with bitcoin (BTC) dropping 33% during the yen carry trade unwind.

自2024年8月以來，信用額正在擴大，並達到了最高水平，這一時期與日元攜帶貿易期間比特幣（BTC）降低了33％。

One way to track this is through the ratio of the iShares 3–7 Year Treasury Bond ETF (IEI) to the iShares iBoxx $ High Yield Corporate Bond ETF (HYG). This IEI/HYG ratio, highlighted by analyst Caleb Franzen, serves as a proxy for credit spreads and is now showing its sharpest spike since the Silicon Valley Bank crisis in March 2023 — a moment that marked a local bottom in bitcoin just below $20,000.

跟踪這一點的一種方法是通過Ishares 3 - 7年的國庫ETF（IEI）與Ishares Iboxx $高收益公司債券ETF（HYG）的比率。分析師Caleb Franzen強調的IEI/HYG比率是信用差價的代理，現在自2023年3月的矽谷銀行危機以來，它顯示出最尖銳的尖峰，這標誌著比特幣的本地底部以低於20,000美元的價格。

Historically, bitcoin and other risk assets tend to fall during sharp credit spread expansions.

從歷史上看，比特幣和其他風險資產在急劇的信用醬擴張期間往往會下降。

The key question now is whether this surge has peaked or if more downside lies ahead. If spreads continue to rise, it could reflect mounting stress in financial markets — and spell further trouble for risk-on positioning.

現在的關鍵問題是，這次激增是否達到了頂峰，還是出現更多的下行。如果利差繼續增加，它可能會反映金融市場中的壓力增加，並為風險定位帶來進一步的麻煩。

A credit spread represents the yield difference between safe government bonds and riskier corporate bonds. When spreads widen, it signals growing risk aversion and tightening financial conditions.

信貸利差代表了安全政府債券與風險更大的公司債券之間的收益差異。當傳播擴大時，它表示會增加風險規避和收緊財務狀況。

However, Friday's market action seems to indicate that bitcoin is starting to decouple from the traditional markets, outperforming equities. One analyst event called it the new “U.S. isolation hedge,” indicating that BTC might be starting to act more like a safe haven or digital gold for TradFi investors. Read more: Crypto Outperforms Nasdaq as BTC Becomes 'U.S. Isolation Hedge' Amid $5T Equities Carnage

但是，週五的市場行動似乎表明比特幣開始與傳統市場脫離，表現優於股票。一項分析師活動稱其為新的“美國隔離對沖”，表明BTC可能開始像Tradfi投資者的避風港或數字黃金一樣行事。閱讀更多：Crypto優於Nasdaq，因為BTC成為$ 5T股票大屠殺的“美國隔離對沖”