在唐納德·特朗普（Donald Trump）在11月5日的總統選舉中取得勝利後看到的看漲情緒完全消失了

根據與CME比特幣（BTC）期貨相關的指標，唐納德·特朗普在11月5日大選中獲勝後看到的看漲情緒已經完全消失。

The bullish sentiment seen after Donald Trump’s victory in the Nov. 5 Presidential elections has completely fizzled out, according to an indicator tied to the CME bitcoin (BTC) futures.

根據與CME比特幣（BTC）期貨相關的指標，唐納德·特朗普在11月5日大選中獲勝後看到的看漲情緒已經完全消失。

The indicator in consideration is the spread between “continuous” next month and front-month standard BTC futures trading on the global derivatives giant. A continuous contract is a calculated representation of a series of successively expiring futures contracts, allowing for a continuous historical data series for analysis.

考慮到的指標是下個月“連續”與全球衍生品巨頭的前月標準BTC期貨交易之間的差異。連續合同是一系列連續到期期貨合約的計算代表，允許進行連續的歷史數據系列進行分析。

The spread has narrowed to $495, the lowest since Nov. 5, having peaked at $1,705 on Dec. 17, according to data source TradingView. In other words, it has completely reversed the Trump bump in a sign of weakening bullish sentiment in the market.

根據數據源交易，這一價差已縮小到495美元，是自11月5日以來最低的，這是12月17日達到1,705美元的峰值。換句話說，它完全扭轉了特朗普的顛簸，標誌著市場上看漲的情緒。

“The narrowing spread between front-month and next-month CME Bitcoin futures could suggest traders are tempering their price expectations,” Thomas Erdösi, head of product at CF Benchmarks, told CoinDesk.

CF Benchmarks產品負責人ThomasErdösi告訴Coindesk：“前月和下一個CME比特幣期貨之間的狹窄傳播可能表明交易者正在降低其價格期望。”

The unwinding of the Trump bump likely means the market has moved past the narrative that a pro-crypto President in the White House is good for the industry, and macro correlations are back in the driver’s seat.

特朗普顛簸的放鬆可能意味著市場已經超越了敘述，即白宮的親克萊托普總統對行業有好處，而宏觀相關性又回到了駕駛員的座位上。

“What we can see is that the front contract basis has repriced lower substantially since the beginning of March, signalling moderate near term expectations that the primary catalyst for the recent rally—the election of President Trump—has been fully priced in,” Erdosi said.

埃爾多西說：“我們可以看到的是，自3月初以來，前合同基礎已大大降低，這表明近期期望是最近集會的主要催化劑（特朗普總統的當選）已被完全定價。”

That’s already happening. Both BTC and Wall Street’s tech-heavy index, Nasdaq, have dropped 20% and 8%, respectively, since early February on a myriad of factors, including geopolitical uncertainty, Trump tariffs and the outlook for inflation and economic growth.

那已經在發生。自2月初以來，BTC和華爾街繁重的指數納斯達克分別下降了20％和8％。

Additionally, the bitcoin market had to digest disappointment over the lack of fresh purchases in Trump’s strategic digital asset reserve plan. Last week, Trump signed an executive order, directing a creation of a strategic reserve that includes BTC seized in enforcement actions.

此外，比特幣市場對特朗普戰略性數字資產儲備計劃中缺乏新鮮購買的不足消化。上週，特朗普簽署了一項行政命令，指示創建一個戰略儲備，其中包括在執法行動中抓住的BTC。

“The announcement about the Strategic Bitcoin Reserve is not what the market was hoping for. Many expected the Reserve to buy new Bitcoin, but instead, they stated they would not sell any of their existing Bitcoin or confiscated Bitcoin. While this is a positive move, it caused a sharp decline in Bitcoin’s price,” Ian Balina, founder and CEO of Token Metrics, told CoinDesk in an email.

“關於戰略比特幣儲備的公告並不是市場所希望的。許多人期望該保護區購買新的比特幣，但他們表示，他們不會出售其現有的比特幣或沒收比特幣。儘管這是一個積極的舉動，但它導致比特幣的價格急劇下降。

Futures are still in contango

期貨仍在contango

While the spread between next month and front month CME futures contracts has narrowed, the entire curve remains in contango, where far-dated futures contracts (with longer maturities) trade at a premium to near-dated.

儘管下個月和前月CME期貨合約之間的差異已縮小，但整個曲線仍留在Contango，那裡的期貨合約（較長的到期）貿易額為近期的交易。

That’s how it usually is in all markets due to factors like storage, financing, insurance costs, and expectations of rising prices over coming weeks or months.

由於存儲，融資，保險成本以及未來幾週或幾個月內價格上漲的期望等因素，因此通常在所有市場中的情況。

“The fact that perpetual funding rates remain positive and the futures basis is still in contango suggests the recent move is driven by unlevered spot longs being squeezed, rather than broader market contagion,” Erdösi noted.

Erdösi指出：“永恆的融資率保持積極狀態，期貨基礎仍在Contango中，這表明最近的舉動是由未槓桿的渴望所驅動的，而不是更廣泛的市場傳播。”