隨著機構利息的增長，比特幣（BTC）超過$ 69,000的門檻

上週，比特幣超過了69,000美元的門檻，然後經歷了輕微的回調。這次激增不僅僅是波動的簡單峰值

Last week, Bitcoin crossed the threshold of $69,000 before undergoing a slight pullback. This surge, more than just a simple spike in volatility, can be attributed to a combination of crucial technical indicators and unprecedented institutional interest.

上週，比特幣越過了69,000美元的門檻，然後進行了輕微的回調。這種激增不僅僅是波動性的簡單高峰，還可以歸因於關鍵的技術指標和前所未有的機構利益的結合。

As reported by blockchain analytics firm Glassnode, the cryptocurrency managed to cross key technical thresholds, such as the 200-day and 111-day moving averages, which are closely followed by technical analysts. This move, coupled with massive capital inflows into the Bitcoin market, seems to be ushering in a phase of maturity, marked by an unparalleled level of liquidity.

正如區塊鏈分析公司GlassNode報導的那樣，加密貨幣設法跨越了關鍵的技術閾值，例如200天和111天移動平均，緊隨其後的是技術分析師。這一舉動加上大量資本流入比特幣市場，似乎在成熟的階段呈現，並以無與倫比的流動性水平為特徵。

Technical indicators confirm a renewal of the trend

技術指標證實了趨勢的續訂

Indeed, over the last 30 days, net capital inflows into the Bitcoin asset have increased by $21.8 billion, representing a rise of 3.3%, which has pushed the Realized Cap to a new high of $646 billion. This figure represents an important indicator of increasing liquidity in the market, reinforcing the idea that this recovery is supported by real investments and not simply by speculation. Thus, these indicators reflect a market dynamic that rests on solid foundations.

的確，在過去的30天中，淨資本流入比特幣資產增加了218億美元，增長了3.3％，這使已實現的上限提高到了646億美元的新高高。該數字代表了市場上流動性增加的重要指標，這加強了這樣一種觀念，即這種恢復是由實際投資支持的，而不僅僅是猜測。因此，這些指標反映了市場動態，它基於堅實的基礎。

According to Ryan Lee, Chief Analyst at Bitget Research, another key event could have an impact on the price of BTC:

Bitget Research首席分析師Ryan Lee表示，另一個關鍵事件可能會影響BTC的價格：

“Microsoft’s Potential BTC Purchase: A significant potential market driver, Microsoft has proposed purchasing BTC, pending board approval. If approved, this would be highly favorable for the market.”

“微軟的潛在BTC購買：微軟是一個重要的市場推動力，提議購買BTC，待定董事會批准。如果獲得批准，這將非常有利。”

The impact of institutional interest on futures contracts

機構利益對期貨合約的影響

Alongside technical indicators, the growing interest from institutions plays a crucial role in the recent price surge. Glassnode highlights that the open positions on Bitcoin futures have reached a historic peak of $32.9 billion, largely due to the involvement of institutional players via the Chicago Mercantile Exchange (CME). “The increased participation of institutions, combined with sophisticated hedging strategies like cash-and-carry, enhances market stability,” notes Glassnode. Indeed, the annualized return of these strategies is estimated at around 9.6%, nearly double the yields offered by short-term U.S. Treasury bonds, explaining why institutions continue to flock to this market.

除了技術指標外，機構的興趣日益增長在最近的價格上漲中起著至關重要的作用。 GlassNode的重點是，比特幣期貨的公開頭寸達到了329億美元的歷史峰值，這在很大程度上是由於機構參與者通過芝加哥商業交易所（CME）的參與。 GlassNode指出：“機構的參與增加，再加上現金和攜帶等複雜的對沖策略，增強了市場穩定性。”實際上，這些策略的年度回報估計約為9.6％，幾乎是美國國庫短期債券所提供的收益率的兩倍，這解釋了為什麼機構繼續湧向這個市場。

This rally may well be just the beginning of a longer trend. While the involvement of short-term investors shows signs of encouragement with unrealized profits, it is mainly institutional commitment that could solidify this momentum in the long run. The growing interest in hedging strategies and derivatives suggests that Bitcoin is on its way to becoming a true asset class for large financial institutions, further strengthening its position in the global economic landscape.

這次集會很可能只是較長趨勢的開始。雖然短期投資者的參與表現出了未實現的利潤的鼓勵跡象，但從長遠來看，主要是機構承諾可以鞏固這一勢頭。人們對套期保值策略和衍生產品的興趣日益增長，這表明比特幣正在成為大型金融機構的真正資產類別，進一步加強了其在全球經濟格局中的地位。