随着市场情绪的改善，比特币（BTC）$ 89,000

比特币（BTC）在24小时低点86,200美元的24小时低点后，在亚洲早晨售价89,000美元，市场情绪略有改善，主要令牌显示出恢复的迹象。

Bitcoin (BTC) price hovered above the $89,000 mark in Asian morning hours on Wednesday, recovering slightly from a 24-hour low of $86,200 as major tokens showed signs of a recovery.

比特币（BTC）价格徘徊在周三的亚洲早晨的89,000美元以上，从24小时低点的86,200美元低至86,200美元，因为主要令牌显示出恢复的迹象。

CoinDesk 20

Coindesk 20

The move was noted as major crypto tokens recovered from Tuesday’s losses.

此举被认为是因为主要的加密代币从周二的损失中恢复了。

XRP and BNB Chain’s BNB led a gradual majors rebound Wednesday as traders continue to digest Tuesday’s carnage — one that saw overall capitalization drop as much as 10% and at least $1.2 billion in losses on bullish bets.

随着贸易商继续消化周二的大屠杀，XRP和BNB Chain的BNB周三领导了一个逐步的专业篮板 - 总体资本化下降了多达10％，至少损失了12亿美元的损失。

XRP was trading up 3%, while BNB and Solana’s SOL advanced 5%. Dogecoin (DOGE) and Cardano’s ADA showed a slight 1.2% gain, while Tron’s TRX was down 5% over the past 24 hours. The broad-based CoinDesk 20 (CD20) was down 2%.

XRP的交易增长了3％，而BNB和Solana的SOL提高了5％。 Dogecoin（Doge）和Cardano的ADA略有1.2％，而Tron的TRX在过去24小时内下跌了5％。基于广泛的Coindesk 20（CD20）下降了2％。

The move higher was in line with an analysis by CoinDesk on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event signaled that assets were likely oversold and could see some relief in the short term.

这一举动较高的是Coindesk在周二的分析中，因为情绪指数五个月的低点和大规模清算事件表明资产可能超出了产品的价格，并且可以在短期内看到一些缓解。

Gold futures fell 1.3% on Tuesday after a profit-taking bout following a record rally where it touched a new high on Monday, but was noted to be pulling higher in Asian morning hours on Wednesday.

金牌期货在周二的创纪录集会之后，周二赢得了盈利，周二触及了新的高位，但据称在周三的亚洲早晨，它的幅度更高。

Macro Outlook

宏观前景

Reasons for Tuesday’s panic ranged from money flowing out of bitcoin ETFs, with over $1 billion pulled out in the last two weeks, to a stronger yen, a perceived safe-haven currency whose growth tends to pull down riskier bets.

周二恐慌的原因范围从从比特币ETF中流出的钱，在过去的两周中撤出了超过10亿美元，再到一种更强大的日元，一种感知到的安全货币，其增长往往会降低风险更高的赌注。

However, expectations for easier U.S. Federal Monetary policy have surged, with prediction markets putting chances of a May rate cut to 30% over the past week, and the chances of two rate cuts by June more than tripling to 15%.

但是，对美国联邦货币政策更容易的期望已经激增，预测市场在过去一周中的可能性降低至30％，到6月两次降低两次税率的机会增加了三倍，达到15％。

These hopes follow a gauge of U.S. consumer confidence marking its deepest fall since August 2021, as the Conference Board said its index decreased 7 points to 98.3 last month in its third straight decline.

这些希望遵循了美国消费者的信心，这标志着自2021年8月以来最深的跌幅，因为会议委员会表示，其指数在上个月连续第三次下降了7分，至98.3。

U.S economic data and policies tend to impact prices of risk assets such as bitcoin, as crypto traders factor in expectations of retail participation as idle cash increases.

美国的经济数据和政策往往会影响比特币等风险资产价格的价格，因为加密货币交易者会因零售参与的期望而随着闲置现金的增加而产生的预期。

Traders Remain Cautious

交易者保持谨慎

Still, hopes for an altcoin rally remain muted among traders, with fresh dollar inflows largely expected to flow into BTC.

尽管如此，交易者的山寨币集会仍然悬而未决，新鲜的美元流入预计将流入BTC。

BTC finally broke out of its range, dipping below 90k for the first time in a month and now is seen pinging just below that level, which triggered over USD 200mm in liquidations over the past few hours.

BTC终于脱离了它的范围，一个月内首次将90k降至90k以下，现在看到ping在该水平以下，这在过去几个小时内触发了200mm的200mm。

Market sentiment remains under pressure following Trump’s decision to impose tariffs on Canada and Mexico and to curb Chinese investment. Front-end gamma was covering as BTC broke lower, with 1M implied volatility now back around 50v, skew interestingly largely unchanged.

特朗普决定对加拿大和墨西哥征收关税并遏制中国投资后，市场情绪仍处于压力。由于BTC较低，前端伽玛覆盖了，现在隐含的波动率较低，现在回到50V左右，有趣的是，很大程度上没有变化。

“Zooming out, equities, fixed income and gold have largely shrugged off the data points previously blamed for broader market weakness, with BTC also remaining largely flat. Rising BTC dominance and sliding altcoin prices suggest that alt bulls may already be fully long, and any new dollar inflows will likely go into BTC. We remain cautious. Recent BTC demand has been driven primarily by institutions like MicroStrategy (NASDAQ:MICRO) financed through equity-linked note issuance. With crypto-related issuance accounting for roughly 19% of total issuance over the last 14 months, the market for such financing may be nearing saturation, which could dampen institutional demand if spot continues to stay muted,” Singapore-based QCP Capital said in a broadcast message late on Tuesday.

“放大，股票，固定收益和黄金在很大程度上耸了耸肩，以前归咎于更广泛的市场弱点，而BTC也基本上保持平坦。 BTC的优势和滑动替代价格上涨表明，Alt Bulls可能已经完全长，任何新的美元流入都可能流入BTC。我们保持谨慎。最近的BTC需求主要是由MicroStrategy（NASDAQ：MICRO）等机构驱动的，该机构是通过股票挂钩的发行提供的。由于与加密相关的发行在过去14个月中约占总发行总额的19％，因此这种融资的市场可能接近饱和，如果位于新加坡的QCP Capital继续保持沉默，这可能会削弱机构需求。”周二晚些时候广播消息。

Players like Strategy (previously MicroStrategy) have been the main drivers of BTC demand in the past weeks and months, funding their purchases by selling their stock. But here’s the issue: companies might struggle to justify more purchases since the hype isn’t increasing prices.

在过去的几周和几个月中，策略（以前是微型策略）之类的球员一直是BTC需求的主要驱动力，通过出售股票来资助他们的购买。但这是问题：由于炒作并没有提高价格，因此公司可能很难证明更多的购买。

Less institutional buying could diminish BTC demand, potentially leading to large investors liquidating their positions, which could further impact the market.

较少的机构购买可能会减少BTC的需求，这可能导致大型投资者清算其头寸，这可能会进一步影响市场。