比特幣（BTC）的價格在復活節週末飆升，躍升了9％，超越了90,000美元的門檻

比特幣（BTC）的價格在復活節週末飆升，躍升了9％，超越了4月22日的91,000美元門檻。

Bitcoin (BTC) price surged over the Easter weekend, notching up 9% and smashing through the $91,000 threshold on April 22. This strong performance stands in stark contrast to the stock market’s lukewarm rebound and mirrors gold’s bullish behavior, which briefly touched a new all-time high of $3,500.

比特幣（BTC）的價格在復活節週末飆升，在4月22日的91,000美元門檻上跌入9％，並粉碎了。這種出色的表現與股票市場的不冷淡反彈形成了鮮明的對比，反映了Gold的看漲行為，這使得新的新歷時高3,500美元。

While the BTC rally and its growing decoupling from equities are noteworthy, it's the derivatives market that offers an even more bullish signal. According to data from CoinGlass, Bitcoin open interest (OI) soared by 17%, reaching a 2-month high at $68.3 billion. OI measures the total capital invested in BTC derivatives, and such an uptick shows a growing bullish sentiment among traders.

儘管BTC拉力賽及其與股票的增長值得注意的是，但衍生品市場提供了更加樂觀的信號。根據Coinglass的數據，比特幣開放興趣（OI）飆升了17％，達到了2個月高點，為683億美元。 OI衡量了投資BTC衍生品的總資本，這種上升表明，交易者的看漲情緒越來越大。

The market is currently in contango — a situation where futures prices (notably CME Bitcoin futures) are higher than the spot price. This typically occurs because investors anticipate rising prices and take advantage of leverage tools offered by exchanges, allowing them to gain greater exposure through futures than they could with direct spot purchases.

市場目前處於Contango，這種情況是期貨價格（尤其是CME比特幣期貨）高於現貨價格。這通常是因為投資者預計價格上漲並利用交易所提供的槓桿工具，從而使他們能夠通過未來獲得比直接購買的期貨更大的曝光率。

This begs two questions: Who is buying, and why?

這就提出了兩個問題：誰在購買，為什麼？

Institutional interest reawakens

機構興趣喚起

A key metric for understanding investor composition is the Coinbase Bitcoin Premium Index. It measures the percentage price difference between Bitcoin on Coinbase Pro (BTC/USD) and Binance (BTC/USDT). Since Coinbase Pro caters predominantly to US-based institutional investors, while Binance has a broader global retail audience, this premium can indicate where the buying pressure is coming from.

了解投資者組成的關鍵指標是Coinbase Bitcoin Premium指數。它衡量了Coinbase Pro（BTC/USD）和Binance（BTC/USDT）上比特幣之間的百分比價格差異。由於Coinbase Pro主要致力於美國的機構投資者，而Binance擁有更廣泛的全球零售受眾，因此這種溢價可以表明購買壓力來自何處。

While the first half of April showed strong retail dominance, April 21–22 saw institutional demand kick in, with the Coinbase premium rising to 0.16%, per CoinGlass.

儘管4月上半年表現出強大的零售優勢，但4月21日至22日的機構需求啟動了，Coinbase Premium升至0.16％。

Among those buyers could be Michael Saylor, who announced the acquisition of 6,556 more BTC for approximately $555.8 million at an average price of ~$84,785 per coin on April 21. This brings MicroStrategy’s total holdings to an eye-watering 538,200 BTC, worth approximately $48.4 billion at current prices.

在這些買家中，可能是邁克爾·塞勒（Michael Saylor），他宣布以大約5.5558億美元的價格收購6,556個BTC，平均價格為4月21日的平均價格約為84,785美元。這使MicroStrategy的總持有量帶到了一個令人眼花and亂的總持有量，以538,200 BTC，價值538,200 BTC，價值約48.4.44.44.444.44億美元。

On a smaller scale, Japan-based Metaplanet also added 330 BTC to its treasury, pushing its total to 4,855 BTC, as the company’s CEO announced on the same day.

在較小規模上，日本的Metaplanet還向其財政部增加了330 BTC，將其總數提高到4,855 BTC，正如該公司首席執行官在同一天宣布的那樣。

Meanwhile, investors who prefer traditional financial instruments over direct Bitcoin holding have also begun to return. According to the CoinGlass data, on April 21, BTC ETFs recorded $381 million in inflows — a much-needed reversal after a prolonged period of heavy outflows. Since February, ETFs had suffered 33 days of net outflows versus just 21 days of inflows, with outflows strongly dominating in volume. The recent reversal suggests renewed confidence, especially from TradFi-aligned investors.

同時，偏愛傳統金融工具而不是直接比特幣持有的投資者也已經開始返回。根據Coinglass數據，4月21日，BTC ETF的流入量為3.81億美元，這是一段漫長的大量流出時期的急需的逆轉。自2月以來，ETF遭受了33天的淨流出，而僅21天的流入，流出量強烈主導。最近的逆轉表明，尤其是來自Tradfi-Citallign的投資者的信心。

As tariff fears took hold of the market, institutional investors largely shied away from both Bitcoin and equities. However, something shifted over the Easter weekend. Crypto analyst Rekt Capital noted that Bitcoin had decisively broken out of its multimonth downtrend

當關稅擔心持有市場時，機構投資者在很大程度上遠離了比特幣和股票。但是，復活節週末有些事情發生了變化。加密分析師Rekt Capital指出，比特幣果斷地破壞了其多個月的下降趨勢

Another, more macroeconomic, factor might be the increasing tension between US President Donald Trump and Federal Reserve Chair Jerome Powell. Their growing rift, focused on concerns about inflationary pressure from tariffs and the Fed’s unwillingness to cut rates, is casting a shadow over the US dollar.

另一個更宏觀經濟的因素可能是美國總統唐納德·特朗普與美聯儲主席杰羅姆·鮑威爾之間的緊張關係。他們日益增長的裂痕，重點是關注關稅的通貨膨脹壓力以及美聯儲不願降低利率的問題，這是一筆陰影，這是一美元的陰影。

The US Dollar Index, which tracks the dollar’s value against a basket of currencies, has been plummeting since February, reaching lows last seen in 2022. Trump’s public pressure on Powell, and rumors that he might try to remove him or other Fed officials, are fueling anxiety over the Fed’s independence — a fundamental pillar of the US financial system.

自2月以來，該美元的美元指數追踪了美元對一籃子貨幣的價值，該指數一直在下降，到達2022年的低點。特朗普對鮑威爾的公共壓力，並且有傳言說他可能會試圖消除他或其他美聯儲官員，這加劇了對美聯儲獨立的焦慮 - 美國金融體系的基本支柱。

The potential consequences of a falling dollar for the global economy are difficult to predict, but one thing is clear: Bitcoin stands to benefit greatly. A decentralized, censorship-resistant money governed entirely by code, with a fixed supply schedule and no central authority to manipulate its issuance. As trust in traditional monetary systems continues to weaken, the narrative of Bitcoin grows stronger.

美元下跌對全球經濟的潛在後果很難預測，但是有一件事很明顯：比特幣將大大受益。一個分散的，抗審查的資金完全由守則管理，固定供應時間表，沒有中央權力來操縱其發行。隨著對傳統貨幣系統的信任繼續削弱，比特幣的敘述變得越來越強。

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投資建議或建議。每個投資和交易舉動都涉及風險，讀者在做出決定時應進行自己的研究。