比特幣（BTC）的價格在本週下半年恢復了一些康復

特朗普的關稅嚴重影響了本月初比特幣的價格。但是，他最近打了剎車，使市場能夠實現一些恢復，尤其是在下半年。

The price of Bitcoin (BTC) enjoyed some recovery in the second half of the week as bulls finally got a chance to stretch their feet, after almost three weeks of intense sell pressure.

在本週下半年，比特幣（BTC）的價格恢復了一些，因為公牛隊終於有機會伸出腳步，經過近三週的巨大賣出壓力。

Trump’s tariffs severely impacted the price of Bitcoin earlier this month. However, he recently pumped the brakes, allowing the markets to achieve some recovery especially in the second half of the weeks.

特朗普的關稅嚴重影響了本月初比特幣的價格。但是，他最近打了剎車，使市場能夠實現一些恢復，尤其是在下半年。

But could the price of Bitcoin continue to recover and surge back towards the $100,000 price level.

但是，比特幣的價格能否繼續恢復並恢復到100,000美元的價格水平。

Bitcoin fear and greed sentiment bounced back up to 43 at the time of observation. A sizable recovery considering that it was as low as 4 just a few days prior.

在觀察時，比特幣的恐懼和貪婪情緒彈回43。考慮到它在幾天前就高達4個。

As investors wait for a recovery towards greed, there are some interesting and noteworthy observations.

當投資者等待貪婪的康復時，有一些有趣且值得注意的觀察結果。

Whale demand makes a strong comeback

鯨魚的需求使捲土重來

Whale activity made a strong comeback during the week. Large holder inflows surged as high as 44,170 BTC on Friday, which was the highest level of inflows observed since early February.

鯨魚活動在一周內強烈捲土重來。週五，大型持有人流入飆升高達44,170 BTC，這是自2月初以來觀察到的最高水平。

Bitcoin large holder outflows peaked at 9,920 BTC on Friday. This highlighted a widening gap between whale inflows and outflows, hence signaling more demand than sell pressure.

比特幣大持有人周五流出了9,920 BTC。這突出了鯨魚流入和流出之間的差距擴大，因此信號比出售壓力更多。

The return of strong whale demand signals that sentiment is increasingly shifting in favor of the bulls. Even institutional outflows cooled down considerably during the week.

強烈的鯨魚需求信號的回歸表明，情緒越來越多地轉移，轉移了公牛。在一周中，即使是機構流出也大大冷卻了。

Bitcoin ETFs registered $1 million worth of outflows observed during the week. This contributed to declining sell pressure, consequently paving the way for more upside.

比特幣ETF在一周內觀察到的價值100萬美元的外流。這導致銷售壓力下降，因此為更多上升空間鋪平了道路。

The price of Bitcoin was over $84,000 at the time of observation. It was up over 12.5% from its weekly low at that price point.

觀察時，比特幣的價格超過84,000美元。在該價格點的每週低點比每週的低點增長了12.5％。

This recovery could mark the start of more upside especially now that investor sentiment is shifting.

這種恢復可以標誌著更多上升空間的開始，尤其是現在投資者的情緒正在轉移。

Retail demand could follow soon accompanied by institutional demand especially if the situation between China and the U.S cools off.

零售需求可能很快伴隨著機構需求，尤其是在中國與美國之間的情況降溫的情況下。

What Impact Could a Stagflation Environment Have on the Price of Bitcoin?

散落環境對比特幣的價格產生什麼影響？

Although the market now appears to be in recovery mode, investors are on the lookout for the aftermath of the tariff wars.

儘管現在的市場似乎處於恢復模式，但投資者仍在尋找關稅戰爭後的後果。

Especially with the rising risk of a stagflation environment. Not so long ago, Bitcoin was described as an anti-inflationary coin but rising inflation in recent years led to bearish performance.

特別是隨著散落環境的風險上升。不久前，比特幣被描述為一種抗通信硬幣，但近年來通貨膨脹率上升導致了看跌的性能。

Does this mean a deflationary environment will have an opposite effect? The Federal Reserve will likely respond to the risks of deflation by lowering interest rates.

這是否意味著通縮環境會產生相反的效果？美聯儲可能會通過降低利率來應對放氣風險。

This could trigger more appetite for risk-on assets including Bitcoin. This is why Bitcoin analysts are keen on what the FED’s decision on interest rates because a favorable outcome would likely fuel more recovery.

這可能會觸發對包括比特幣在內的風險資產的更多需求。這就是為什麼比特幣分析師熱衷於美聯儲對利率的決定，因為有利的結果可能會助長更多的恢復。

A recent Grayscale analysis predicted that Bitcoin will likely could benefit from a faster pace of adoption in the medium term thanks to trade war-related tensions.

最近的灰度分析預測，由於與貿易戰爭相關的緊張局勢，比特幣可能會從中期的採用速度中受益。

Grayscale noted that the trade wars could fuel the move towards reserve asset diversification away from the U.S dollar.

格雷斯卡爾指出，貿易戰可以推動朝著儲備資產多樣化的轉變，而不是美元。

It highlighted Bitcoin scarcity as one of the major reason why Bitcoin would make an ideal preferable alternative.

它強調了比特幣稀缺性是比特幣成為理想選擇替代方案的主要原因之一。

There have been concerns that Bitcoin would find itself struggling to secure liquidity in a deflationary environment.

有人擔心比特幣會發現自己在放氣環境中努力確保流動性。

However, Grayscale argued that the scarce nature of the cryptocurrency may make it preferable to investors.

但是，格雷斯卡（Grayscale）認為，加密貨幣的稀缺性可能使投資者更可取。

The analysis also noted that the price of Bitcoin had much more subdued downside compared to stocks.

分析還指出，與股票相比，比特幣的價格更加柔和。

The latter are traditionally not as appealing to investors in periods of deflation, and this means a lot of liquidity could potentially find itself into assets like gold and Bitcoin.

傳統上，後者在通縮時期對投資者的吸引力不那麼吸引人，這意味著很多流動性可能會發現自己陷入金和比特幣之類的資產中。

If that ends up being the case, then it is likely that the pace of BTC accumulation will accelerate in the coming weeks.

如果情況最終是這種情況，那麼BTC積累的速度很可能會在接下來的幾週內加速。