比特币（BTC）的价格下跌33％，因为信用利差达到了2024年8月以来的最高水平

信用差价正在扩大，并且自2024年8月以来已经达到了最高水平，这一时期与比特币（BTC）降低了33％

Credit spreads are widening and have reached their highest levels since August 2024 — a period that coincided with bitcoin (BTC) dropping 33% during the yen carry trade unwind.

自2024年8月以来，信用额正在扩大，并达到了最高水平，这一时期与日元携带贸易期间比特币（BTC）降低了33％。

One way to track this is through the ratio of the iShares 3–7 Year Treasury Bond ETF (IEI) to the iShares iBoxx $ High Yield Corporate Bond ETF (HYG). This IEI/HYG ratio, highlighted by analyst Caleb Franzen, serves as a proxy for credit spreads and is now showing its sharpest spike since the Silicon Valley Bank crisis in March 2023 — a moment that marked a local bottom in bitcoin just below $20,000.

跟踪这一点的一种方法是通过Ishares 3 - 7年的国库ETF（IEI）与Ishares Iboxx $高收益公司债券ETF（HYG）的比率。分析师Caleb Franzen强调的IEI/HYG比率是信用差价的代理，现在自2023年3月的硅谷银行危机以来，它显示出最尖锐的尖峰，这标志着比特币的本地底部以低于20,000美元的价格。

Historically, bitcoin and other risk assets tend to fall during sharp credit spread expansions.

从历史上看，比特币和其他风险资产在急剧的信用酱扩张期间往往会下降。

The key question now is whether this surge has peaked or if more downside lies ahead. If spreads continue to rise, it could reflect mounting stress in financial markets — and spell further trouble for risk-on positioning.

现在的关键问题是，这次激增是否达到了顶峰，还是出现更多的下行。如果利差继续增加，它可能会反映金融市场中的压力增加，并为风险定位带来进一步的麻烦。

A credit spread represents the yield difference between safe government bonds and riskier corporate bonds. When spreads widen, it signals growing risk aversion and tightening financial conditions.

信贷利差代表了安全政府债券与风险更大的公司债券之间的收益差异。当传播扩大时，它表示会增加风险规避和收紧财务状况。

However, Friday's market action seems to indicate that bitcoin is starting to decouple from the traditional markets, outperforming equities. One analyst event called it the new “U.S. isolation hedge,” indicating that BTC might be starting to act more like a safe haven or digital gold for TradFi investors. Read more: Crypto Outperforms Nasdaq as BTC Becomes 'U.S. Isolation Hedge' Amid $5T Equities Carnage

但是，周五的市场行动似乎表明比特币开始与传统市场脱离，表现优于股票。一项分析师活动称其为新的“美国隔离对冲”，表明BTC可能开始像Tradfi投资者的避风港或数字黄金一样行事。阅读更多：Crypto优于Nasdaq，因为BTC成为$ 5T股票大屠杀的“美国隔离对冲”