位資產管理的每週加密市場指南針 - 以鮮明的評估開始

位資產管理每週的加密市場指南針 - 以鮮明的評估開始：“隨著鮑威爾的政治壓力，美元下降了

As the US Dollar Index slipped below 98.5 amid growing speculation of President Trump seeking to oust Federal Reserve Chair Jerome Powell, demand for dollar-denominated stores of value waned, according to Bitwise Asset Management's Weekly Crypto Market Compass.

根據Bitwise Asset Management每週的Crypto Market Compass，隨著對特朗普總統尋求驅逐美聯儲的杰羅姆·鮑威爾（Jerome Powell）的越來越多的猜測，特朗普總統越來越多地投機下，美元指數的需求減弱了。

This was evident in Bitcoin's outperformance, a trend that persists despite a broader downturn in risk assets. The cryptocurrency's price has risen above key resistance at $80,000, a move that began last week with the news of potential U.S. tariffs on ASIC rigs.

這在比特幣的表現越來越大，儘管風險資產的低迷較大，但這種趨勢仍然存在。加密貨幣的價格已上漲，超過了80,000美元的關鍵抵抗，這一舉動始於上週，其消息可能是美國對ASIC鑽機的潛在關稅的消息。

The administration's language regarding Powell's removal, characterized by National Economic Council Director Kevin Hassett to reporters as "actively exploring" the matter, is a public assault on monetary independence, the firm said.

該公司表示，政府關於鮑威爾（Powell）撤職的語言是國家經濟委員會主任凱文·哈塞特（Kevin Hassett）向記者“積極探索”此事的語言，這是對貨幣獨立的公開攻擊。

Against that backdrop, Bitcoin's statistical profile has become conspicuously defensive. Month-to-date, the currency is trading up more than 7%, whereas the Nasdaq 100 and S&P 500 are both down between 7% and 9%.

在這種背景下，比特幣的統計概況已變得明顯地防禦。貨幣匯率超過7％，而納斯達克100號和標準普爾500貨幣的交易量則超過7％。

"This marks the early-stage decoupling we've been discussing," the analysts noted.

分析師指出：“這標誌著我們一直在討論的早期脫鉤。”

Their report calls out the gap and illustrates it with a chart in which the orange Bitcoin line bends decisively upward as the two equity indices turn lower.

他們的報告召集了差距，並用圖表說明了這一圖表，其中橙色比特幣線果斷地向上彎曲，因為兩個股權指數較低。

On-chain data

鏈數據

On-chain data is reinforcing the impression that the bid is coming from strategic rather than speculative capital. Over 63.5% of Bitcoin supply has remained unmoved for at least a year, they noted, adding that long-term-holder supply climbed to a YTD high of 69%.

鏈上的數據正在加劇這樣的印象，即投標來自戰略性而不是投機資本。他們指出，超過63.5％的比特幣供應至少一年保持不動，並補充說，長期持有人的供應攀升至YTD高度為69％。

Exchange balances continue to grind lower, reaching 2.60 million BTC, now at a multi-year low, a trend that saw whales remove a further -260,455 BTC during the last weekly interval. These numbers “underscore strong conviction among long-term holders” even as short-term traders fade in importance.

交換餘額繼續降低，達到260萬BTC，現在以多年低點的速度，這種趨勢使鯨魚在上一周間隔內驅除了進一步的-260,455 BTC。這些數字“突顯了長期持有人之間的強烈信念”，即使短期交易者的重要性消失了。

Derivatives markets

衍生品市場

Derivatives markets are also sounding that tone. BTC futures open interest expanded by "around +15.8 k BTC" and perpetual open interest by "+10.7 k BTC," while the three-month annualized basis widened to 5.7%, up from 5.2% the previous week.

衍生品市場也聽起來很有基調。 BTC期貨開放利息受到“ +15.8 K BTC”的擴大，而永久性的開放興趣則以“ +10.7 K BTC”的價格擴大，而三個月的年度化基礎卻擴大到5.7％，高於上週的5.2％。

Funding rates on perpetual swaps stayed positive, indicating that traders are paying a premium to maintain long exposure. Meanwhile, at-the-money implied volatility for one-month options sits near 49% per annum—a level the firm describes as "modest" in historical context and therefore not suggestive of froth.

永久互換的資金率保持陽性，表明交易者正在支付溢價以保持長時間的曝光率。同時，一個月選擇的股票暗示性波動率每年接近49％，該公司在歷史背景下稱其為“適度”，因此不暗示泡沫。

Spot market flows

現貨市場流動

Global crypto ETPs experienced net outflows of roughly $30 million last week, a sharp deceleration from the prior week's exodus of $835 million. Crucially, US spot Bitcoin ETFs bucked the trend, attracting US $15.8 million in fresh capital.

上週，全球加密ETP的淨流出約為3000萬美元，這是前一周出埃及記的8.35億美元的急劇減速。至關重要的是，美國現貨比特幣ETF逆轉了這一趨勢，吸引了1580萬美元的新資本。

Bitwise's own BITB absorbed $23.8 million, while Grayscale's GBTC registered no change and BlackRock's IBIT took in a healthy $186.5 million.

Bitwise自己的BITB吸收了2380萬美元，而Grayscale的GBTC卻沒有變化，Blackrock的IBIT獲得了健康的1.865億美元。

Notably, $381 million flowed into spot Bitcoin ETFs yesterday. These are record inflows since February.

值得注意的是，昨天3.81億美元流入了現貨比特幣ETF。這些是自2月以來創紀錄的流入。

These allocations come on top of corporate treasury demand: Japanese public company Metaplanet added 330 BTC at an average cost of $85,605, lifting its holdings near the $420 million threshold, and Strategy Inc. disclosed the purchase of 6,556 BTC for roughly $556 million.

這些撥款符合公司國庫的需求：日本上市公司Metaplanet的平均成本為85,605美元，將其持股量接近4.2億美元，而戰略公司則披露了購買6,556 BTC的購買，以約5.56億美元的價格購買。

Not all industry news is benign. The Compass dedicates a full page to the mining sector, noting that "hashprice is at all-time lows" just as the U.S. government prepares tariffs of up to 46% on ASIC rigs imported from Southeast Asia.

並非所有行業新聞都是良性的。指南針專門為採礦業提供了整頁，並指出“ HashPrice處於歷史最低低點”，就像美國政府在從東南亞進口的ASIC鑽機上準備高達46％的關稅一樣。

With an estimated 40% of global hashrate located in the United States, those levies threaten to squeeze a segment already wrestling with thinning profit margins.

據估計，全球哈希岩占美國的40％，這些徵費威脅著已經以稀疏利潤率來搏鬥的細分市場。

Some operators, such as Bitfufu and Bitdeer, are redeploying machines to Ethiopia, Norway and Bhutan; others, including Riot and CleanSpark, moved shipments forward to beat the deadline. The report warns that public companies holding Bitcoin on balance-sheet "crowd out" miners by offering investors price exposure without operational risk or large capital expenditures.

一些運營商，例如Bitfufu和Bitdeer，是重新部署埃塞俄比亞，挪威和不丹的機器。包括Riot和CleanSpark在內的其他人則向前移動貨物以擊敗截止日期。該報告警告說，公開公司通過為投資者提供價格敞口而沒有運營風險或大型資本支出來提供投資者的價格敞口，以持有比特幣。

However, the firm's central conclusion is clear: the macro forces that have buoyed Bitcoin off its March lows remain in place.

但是，該公司的中心結論很明確：浮力使比特幣從其三月低點促進的宏觀力量仍然存在。

"Bitcoin outperformed both the S&P 500 and Nasdaq this month," the authors noted, "as US dollar dominance shows signs of erosion."

作者指出：“本月比特幣在本月的表現優於標準普爾500號和納斯達克，因為美元優勢顯示出侵蝕的跡象。”

Their proprietary Cryptoasset Sentiment Index has shifted from -0.23 to +0.21, its first positive reading in two months, even as breadth remains narrow—only 20% of tracked altcoins beat Bitcoin last week. In Bitwise's view, concentrated leadership is not a weakness but

他們專有的加密助理情感指數已從-0.23轉移到+0.21，即兩個月內的第一個正面讀數，即使廣度仍然狹窄，上週只有20％的追踪Altcoins擊敗了比特幣。在Bitwise的看來，集中領導不是弱點，而是