与传统金融市场相比

该报告指出，即使标准普尔500指数和纳斯达克股票下降，比特币（BTC）在正在进行的市场下滑期间相对较好。

Crypto market maker Wintermute has observed that Bitcoin (BTC) is showing greater resilience to macroeconomic headwinds compared with traditional financial markets.

加密推销商Wintermute观察到，与传统金融市场相比，比特币（BTC）对宏观经济逆风的韧性更大。

According to an April 14 report by Wintermute, Bitcoin has held up relatively well during the ongoing market downturn. This is in contrast to the S&P 500 and Nasdaq, which dropped to their lowest levels in a year, while bond yields surged to highs not seen since 2007.

根据温特姆特（Wintermute）的4月14日报告，比特币在正在进行的市场下滑期间相对较好。这与标准普尔500指数和纳斯达克标准普尔（S＆P 500）相反，后者在一年中降至最低水平，而债券收益率飙升至自2007年以来未见的高点。

“Bitcoin’s decline was comparatively modest, revisiting price levels from around the US election period,” Wintermute wrote.

温特姆特写道：“比特币的下降相对谦虚，从美国大选期间重新审视了价格水平。”

This marks a notable shift from Bitcoin’s historical behavior in crisis situations. In the past, Bitcoin’s losses were considerably greater than those of traditional finance indexes, the report added. The shift highlights Bitcoin’s “apparent growing resilience amid macroeconomic turbulence.”

这标志着在危机情况下比特币的历史行为的显着转变。报告补充说，过去，比特币的损失比传统金融指数的损失要大得多。这一转变突出了比特币的“在宏观经济的湍流中显而易见的韧性”。

Founder of Obchakevich Research, Alex Obchakevich, expects this to be a temporary trend.

Obchakevich Research的创始人Alex Obchakevich期望这是一个暂时的趋势。

Obchakevich said that factors that caused the stability of Bitcoin were growing institutional interest through exchange-traded funds (ETFs) and the promotion of Bitcoin as digital gold due to its decentralization and independence.

Obchakevich说，导致比特币稳定的因素正在通过交易所贸易资金（ETF）以及由于其分散和独立性而促进比特币作为数字黄金的促进。

Related: Bitcoin traders target $90K as apparent tariff exemptions ease US Treasury yields

相关：比特币交易者以$ 90K的目标为目标，因为明显的关税豁免易于美国财政收益

A change in Bitcoin market dynamics

比特币市场动态的变化

Over the past week, Bitcoin’s price increased by 7% to $83,700 — later reaching nearly $86,000 at the time of publication. This growth occurred as the Consumer Price Index (CPI) rose by 2.4% year-over-year, with a month-over-month decline of 0.1% — the first monthly decrease since May 2020. This signals that inflation is cooling off.

在过去的一周中，比特币的价格上涨了7％，达到83,700美元，后来在出版时达到了近86,000美元。随着消费者价格指数（CPI）同比增长2.4％，每月下降0.1％，这是自2020年5月以来的第一次每月下降。这表明通货膨胀率正在降温，这一增长发生了。

Year-over-year CPI percentage change. Source: US Bureau of Labor Statistics

同比CPI百分比变化。资料来源：美国劳工统计局

Furthermore, the Producer Price Index (PPI) rose 2.7% year-over-year in March. The same metric stood at 3.2% in February, also showing signs of disinflationary pressures. Still, according to Wintermute, the trend may soon reverse:

此外，三月的生产商价格指数（PPI）同比增长2.7％。 2月相同的度量标准为3.2％，也显示出消除压力的迹象。尽管如此，根据Wintermute的说法，这种趋势可能很快逆转：

Monthly PPI percentage change. Source: US Bureau of Labor Statistics

每月PPI百分比变化。资料来源：美国劳工统计局

Related: Trade wars could spur governments to embrace Web3 — Truebit

相关：贸易战可能促使政府拥抱Web3- Truebit

More market turmoil expected

预计更多的市场动荡

Bitwise analyst Jeff Park recently argued that US President Donald Trump’s trade policies will create worldwide macroeconomic turmoil and short-term financial crises that will ultimately lead to greater adoption of Bitcoin.

Bitwise分析师杰夫·帕克（Jeff Park）最近辩称，美国总统唐纳德·特朗普（Donald Trump）的贸易政策将造成全球宏观经济动荡和短期金融危机，最终将导致更大的采用比特币。

He said that we should expect an inflation increase:

他说，我们应该期望通货膨胀率增加：

“We should expect to see PPI and CPI increase over the coming months as a result of expiring tariff exemptions and decreased trade volumes. This will put pressure on the Fed to maintain or even raise interest rates.”

“我们应该期望，由于免税和贸易量减少，在接下来的几个月中，PPI和CPI会增加。这将给美联储施加压力，要求维持甚至提高利率。”

Wintermute explained that the ongoing trade war heightens the risk of increased inflation and economic slowdown. Prediction market Kalshi traders recently placed the odds of a recession hitting the US this year at 61%, and JPMorgan sees a 60% likelihood.output:

Wintermute解释说，正在进行的贸易战增加了通货膨胀增加和经济放缓的风险。预测市场Kalshi交易员最近将衰退的几率今年以61％的速度打入美国，而摩根大通的可能性为60％。