親克萊普托·唐納德·特朗普（Pro-Crypto Donald Trump）在四個月前贏得了美國總統大選，此後，該時期的特徵是金融市場動盪和圍繞關稅的全球不確定性

自11月5日大選以來，比特幣（BTC）飆升了23％以上，在1月底達到了歷史最高的10.9萬美元。儘管其高峰下降了30％，但它仍然是表現最好的資產之一。

Pro-crypto Donald Trump won the U.S. presidential election over four months ago, and since then, the period has been characterized by financial market turbulence and global uncertainties surrounding tariffs, geopolitical tensions, and ongoing conflicts in the Middle East and between Ukraine and Russia.

親克賴普托·唐納德·特朗普（Pro-Crypto Donald Trump）在四個月前贏得了美國總統大選，此後，該時期的特點是金融市場動盪和全球不確定性，圍繞關稅，地緣政治緊張局勢以及中東以及烏克蘭和俄羅斯之間的持續衝突。

Bitcoin (BTC) has surged over 23% since the Nov. 5 election, reaching an all-time high of over $109K at the end of January. Despite a subsequent 30% decline from its peak, it remains one of the best-performing assets. Strategy (MSTR), often considered a bitcoin proxy, has gained 34%, recovering well under the Trump administration.

自11月5日大選以來，比特幣（BTC）飆升了23％以上，在1月底達到了歷史最高的10.9萬美元。儘管其高峰下降了30％，但它仍然是表現最好的資產之一。戰略（MSTR）通常被認為是比特幣代理，在特朗普政府的領導下恢復了34％。

Ethereum's ether token (ETH) has fallen by as much as 18%, alongside disappointing action in the broader crypto market. The Valkyrie Bitcoin Mining ETF has also struggled, dropping almost 30%.

以太坊的以太代幣（ETH）下跌了多達18％，同時在更廣泛的加密貨幣市場中的動作令人失望。 Valkyrie比特幣採礦ETF也在掙扎，下降了近30％。

Meanwhile, investors have rotated money into BTC, pushing its dominance rate higher by 2% to over 61%. European equities have done well, outshining their U.S. counterparts. The German DAX index is up 20%, and the UK's FTSE 100 has gained 6%, alongside weaker performances in the U.S. stock market, where the Nasdaq and S&P 500 are both down approximately 2%. A recent report from Bank of America highlights a record drop in U.S. stock allocations.

同時，投資者已將資金旋轉到BTC，將其優勢率提高了2％，至61％以上。歐洲股票表現不錯，超過了他們的美國。德國DAX指數增長了20％，英國的FTSE 100上漲了6％，在美國股票市場的表現較弱，納斯達克和標準普爾500指數都下跌了約2％。美國銀行最近的一份報告強調了美國股票分配記錄下降。

Gold, benefiting from uncertainty, has continued to set new all-time highs, surpassing $3,030—an 11% increase. The U.S. Dollar Index (DXY), which measures the dollar's strength against a basket of major currencies, remains flat. However, under Trump, the dollar has weakened significantly, providing some relief to risk assets and major currencies such as the Euro and the Great British Pound.

從不確定性中受益的黃金一直在創造新的歷史最高點，超過3,030美元，增長了11％。美元指數（DXY）衡量美元對一籃子主要貨幣的強度，仍然是平坦的。但是，在特朗普的領導下，美元大大削弱了，為風險資產和主要貨幣（例如歐元和英鎊）提供了一些緩解。

The U.S. 10-year Treasury yield has slightly declined to 4.2%, a key metric the administration is closely monitoring. Oil prices have plummeted by around 7% as the U.S. maintains its stance on energy dominance to reduce energy costs. Some of the so-called "Magnificent 7" stocks have struggled, with NVIDIA (NVDA) down 16% and Tesla (TSLA) declining 6%.

美國10年的財政收益率略有下降至4.2％，這是政府密切監視的關鍵指標。由於美國對能源優勢保持降低能源成本的立場，石油價格下降了約7％。一些所謂的“宏偉的7”股在掙扎中，NVIDIA（NVDA）下跌了16％，特斯拉（TSLA）下降了6％。

Detox underway?

排毒正在進行？

Recent losses on Wall Street and in the crypto market have ignited hopes for the "Trump put," or potential policy support. However, the administration appears willing to endure short-term pain for long-term benefits, believing that this approach will cleanse the markets of the fiscal spending excesses of the Biden era.

最近在華爾街和加密貨幣市場上的損失引起了人們對“特朗普證券”或潛在政策支持的希望。但是，政府似乎願意承受長期福利的短期痛苦，認為這種方法將清理拜登時代的財政支出的市場。

This reset is expected to be characterized lower inflation, improved energy security, and a lower 10-year Treasury yield.

預計該重置將被表徵較低的通貨膨脹，改善能源安全和較低的10年國庫收益率。

"Scott Bessent’s talk of a ‘detox period’ suggests a controlled downturn might be ahead. If that’s the case, Trump’s playbook seems clear: blame the recession on Biden, use tariffs and crypto narratives to manage costs, and push for lower interest rates to fuel tech and AI growth. Short-term pain, long-term gain—that’s the strategy," Gracy Chen, CEO of Bitget, said in an email to CoinDesk this week.

"Scott Bessent's talk of a 'detox period' suggests a controlled downturn might be ahead. If that's the case, Trump's playbook seems clear: blame the recession on Biden, use tariffs and crypto narratives to manage costs, and push for lower interest rates to fuel tech and AI growth. Short-term pain, long-term gain—that's the strategy," Gracy Chen, CEO of Bitget, said in an email to CoinDesk this week.

"Regardless, I don't see BTC falling below 70k, possibly 73-78k which is a solid time to enter for any buyers on the fence. In the next 1-2 years, BTC at 200k isn’t as far-fetched as most would think."

“無論如何，我看不到BTC以低於70k的速度，可能是73-78K，這是圍欄上任何買家進入的穩定時機。在接下來的1 - 2年中，BTC的200k不如大多數人想像的那樣牽強。”