比特币（BTC）CME期货将合同分配给490美元，完全逆转了与特朗普有关的集会

比特币CME期货利差已降至490美元，这完全逆转了与特朗普相关的集会，该集会在12月达到了1,705美元。

Key Takeaways:

关键要点：

The Bitcoin CME futures spread has dropped to $490, the lowest since Nov. 5, fully reversing the Trump-related rally that had peaked at $1,705 in December.

比特币CME期货利差已降至490美元，这是自11月5日以来最低的，这完全扭转了与特朗普相关的集会，该集会在12月达到了1,705美元。

Bitcoin and Nasdaq have fallen 20% and 8%, respectively, since early February, as macroeconomic factors take precedence over pro-crypto political narratives.

自2月初以来，比特币和纳斯达克分别下降了20％和8％，因为宏观经济因素比亲克莱特托政治叙事优先。

The market reacted negatively to Trump’s Strategic Bitcoin Reserve, which did not include fresh BTC purchases.

该市场对特朗普的战略比特币储备有负面反应，该预备队不包括新鲜的BTC购买。

Bitcoin futures remain in contango, signaling longer-term optimism despite near-term pressures.

比特币期货仍留在孔甘戈（Contango），尽管遇到了近期压力，也会表明长期乐观。

Bitcoin's ‘Trump Bump’ Fully Reversed as Macro Forces Dominate

比特币的“特朗普碰撞”完全逆转，宏观力量占主导地位

The initial bullish sentiment following Donald Trump’s election victory has faded as Bitcoin’s CME futures spread contracts to $490, the lowest level since November 2024. The spread had previously peaked at $1,705 on Dec. 17, driven by optimism that a pro-crypto administration would fuel BTC’s institutional adoption.

唐纳德·特朗普（Donald Trump）大选胜利之后的最初看涨情绪逐渐消失，因为比特币的CME期货将合同扩散到490美元，这是2024年11月以来的最低水平。这次差价先前在12月17日达到了1,705美元的峰值，这是由优越性驱动的，这是由Pro-Crypto政府促进BTC BTC的机构的养育。

However, the market no longer sees Trump's presidency as an automatic tailwind for crypto, instead focusing on broader macroeconomic risks, such as:

但是，市场不再认为特朗普担任加密货币的自动尾声，而是专注于更广泛的宏观经济风险，例如：

* geopolitical tensions and new trade tariffs impacting global risk assets.

*地缘政治紧张局势和新的贸易关税影响全球风险资产。

* concerns over inflation and economic growth, with CPI data dictating future Fed rate decisions.

*担心通货膨胀和经济增长，CPI数据决定未来的美联储利率决策。

* Nasdaq's 8% decline, highlighting the broader risk-off sentiment in tech and speculative assets.

*纳斯达克的8％下降，强调了技术和投机资产的更广泛的风险情绪。

"The market has repriced the Trump catalyst, focusing instead on inflation and trade risks," said Thomas Erdösi, Head of Product at CF Benchmarks.

CF基准产品负责人托马斯·埃德西（ThomasErdösi）表示：“市场已将特朗普的催化剂重新定位，专注于通货膨胀和贸易风险。”

Strategic Bitcoin Reserve Fails to Spark New Bull Run

战略比特币储备未能引发新的公牛运行

Another factor behind BTC’s weakness is the lack of new purchases in Trump’s Strategic Bitcoin Reserve. The announcement confirmed that the U.S. will not sell its existing confiscated BTC, but did not include fresh Bitcoin acquisitions, disappointing investors who had anticipated government-led demand.

BTC弱点的另一个因素是特朗普的战略比特币储备中缺乏新购买。该公告证实，美国不会出售其现有的没收的BTC，但不包括新鲜的比特币收购，令人失望的投资者预计政府主导的需求。

"Many expected the Reserve to buy new Bitcoin, but instead, they stated they would not sell any of their existing or confiscated Bitcoin," said Ian Balina, CEO of Token Metrics.

代币指标首席执行官伊恩·巴利纳（Ian Balina）表示：“许多人希望该保护区能购买新的比特币，但他们表示不会出售其现有或没收的比特币。”

The market reaction was immediate, with Bitcoin’s price falling sharply post-announcement.

市场反应是直接的，比特币的价格急剧下降。

Bitcoin Futures Still in Contango: What It Means

比特币期货仍在contango中：这意味着什么

Despite the narrowing spread in near-term BTC futures, the entire CME futures curve remains in contango, meaning that longer-dated BTC contracts still trade at a premium. This suggests:

尽管在近期BTC期货中蔓延缩小，但整个CME期货曲线仍在Contango中，这意味着较长的BTC合同仍在溢价上进行交易。这表明：

no structural bearish shift in market expectations—typically, contango is seen in bullish phases.

市场期望没有结构性看跌转变 - 在看涨的阶段，孔丹戈都可以看到contango。

the recent price weakness is likely due to unlevered spot longs being squeezed, rather than institutional traders aggressively shorting BTC.

最近的价格疲软可能是由于未杠杆的渴望被挤压而不是机构交易者积极地短路BTC。

Perpetual funding rates remain positive, which reinforces that a broad sell-off is not in play.

永久筹资率仍然是积极的，这强化了广泛的抛售没有发挥作用。

While Bitcoin's immediate bullish catalyst from Trump’s election has faded, the market remains structurally positioned for long-term upside. The focus now shifts to macroeconomic trends, Federal Reserve policy, and potential new regulatory developments, according to CoinDesk.

尽管比特币与特朗普当选的立即看涨催化剂已经消失，但该市场在结构上仍处于长期上行方面的位置。根据Coindesk的说法，现在的重点转向了宏观经济趋势，美联储政策和潜在的新监管发展。