比特币（BTC）的价格在本周下半年恢复了一些康复

特朗普的关税严重影响了本月初比特币的价格。但是，他最近打了刹车，使市场能够实现一些恢复，尤其是在下半年。

The price of Bitcoin (BTC) enjoyed some recovery in the second half of the week as bulls finally got a chance to stretch their feet, after almost three weeks of intense sell pressure.

在本周下半年，比特币（BTC）的价格恢复了一些，因为公牛队终于有机会伸出脚步，经过近三周的巨大卖出压力。

Trump’s tariffs severely impacted the price of Bitcoin earlier this month. However, he recently pumped the brakes, allowing the markets to achieve some recovery especially in the second half of the weeks.

特朗普的关税严重影响了本月初比特币的价格。但是，他最近打了刹车，使市场能够实现一些恢复，尤其是在下半年。

But could the price of Bitcoin continue to recover and surge back towards the $100,000 price level.

但是，比特币的价格能否继续恢复并恢复到100,000美元的价格水平。

Bitcoin fear and greed sentiment bounced back up to 43 at the time of observation. A sizable recovery considering that it was as low as 4 just a few days prior.

在观察时，比特币的恐惧和贪婪情绪弹回43。考虑到它在几天前就高达4个。

As investors wait for a recovery towards greed, there are some interesting and noteworthy observations.

当投资者等待贪婪的康复时，有一些有趣且值得注意的观察结果。

Whale demand makes a strong comeback

鲸鱼的需求使卷土重来

Whale activity made a strong comeback during the week. Large holder inflows surged as high as 44,170 BTC on Friday, which was the highest level of inflows observed since early February.

鲸鱼活动在一周内强烈卷土重来。周五，大型持有人流入飙升高达44,170 BTC，这是自2月初以来观察到的最高水平。

Bitcoin large holder outflows peaked at 9,920 BTC on Friday. This highlighted a widening gap between whale inflows and outflows, hence signaling more demand than sell pressure.

比特币大持有人周五流出了9,920 BTC。这突出了鲸鱼流入和流出之间的差距扩大，因此信号比出售压力更多。

The return of strong whale demand signals that sentiment is increasingly shifting in favor of the bulls. Even institutional outflows cooled down considerably during the week.

强烈的鲸鱼需求信号的回归表明，情绪越来越多地转移，转移了公牛。在一周中，即使是机构流出也大大冷却了。

Bitcoin ETFs registered $1 million worth of outflows observed during the week. This contributed to declining sell pressure, consequently paving the way for more upside.

比特币ETF在一周内观察到的价值100万美元的外流。这导致销售压力下降，因此为更多上升空间铺平了道路。

The price of Bitcoin was over $84,000 at the time of observation. It was up over 12.5% from its weekly low at that price point.

观察时，比特币的价格超过84,000美元。在该价格点的每周低点比每周的低点增长了12.5％。

This recovery could mark the start of more upside especially now that investor sentiment is shifting.

这种恢复可以标志着更多上升空间的开始，尤其是现在投资者的情绪正在转移。

Retail demand could follow soon accompanied by institutional demand especially if the situation between China and the U.S cools off.

零售需求可能很快伴随着机构需求，尤其是在中国与美国之间的情况降温的情况下。

What Impact Could a Stagflation Environment Have on the Price of Bitcoin?

散落环境对比特币的价格产生什么影响？

Although the market now appears to be in recovery mode, investors are on the lookout for the aftermath of the tariff wars.

尽管现在的市场似乎处于恢复模式，但投资者仍在寻找关税战争后的后果。

Especially with the rising risk of a stagflation environment. Not so long ago, Bitcoin was described as an anti-inflationary coin but rising inflation in recent years led to bearish performance.

特别是随着散落环境的风险上升。不久前，比特币被描述为一种抗通信硬币，但近年来通货膨胀率上升导致了看跌的性能。

Does this mean a deflationary environment will have an opposite effect? The Federal Reserve will likely respond to the risks of deflation by lowering interest rates.

这是否意味着通缩环境会产生相反的效果？美联储可能会通过降低利率来应对放气风险。

This could trigger more appetite for risk-on assets including Bitcoin. This is why Bitcoin analysts are keen on what the FED’s decision on interest rates because a favorable outcome would likely fuel more recovery.

这可能会触发对包括比特币在内的风险资产的更多需求。这就是为什么比特币分析师热衷于美联储对利率的决定，因为有利的结果可能会助长更多的恢复。

A recent Grayscale analysis predicted that Bitcoin will likely could benefit from a faster pace of adoption in the medium term thanks to trade war-related tensions.

最近的灰度分析预测，由于与贸易战争相关的紧张局势，比特币可能会从中期的采用速度中受益。

Grayscale noted that the trade wars could fuel the move towards reserve asset diversification away from the U.S dollar.

格雷斯卡尔指出，贸易战可以推动朝着储备资产多样化的转变，而不是美元。

It highlighted Bitcoin scarcity as one of the major reason why Bitcoin would make an ideal preferable alternative.

它强调了比特币稀缺性是比特币成为理想选择替代方案的主要原因之一。

There have been concerns that Bitcoin would find itself struggling to secure liquidity in a deflationary environment.

有人担心比特币会发现自己在放气环境中努力确保流动性。

However, Grayscale argued that the scarce nature of the cryptocurrency may make it preferable to investors.

但是，格雷斯卡（Grayscale）认为，加密货币的稀缺性可能使投资者更可取。

The analysis also noted that the price of Bitcoin had much more subdued downside compared to stocks.

分析还指出，与股票相比，比特币的价格更加柔和。

The latter are traditionally not as appealing to investors in periods of deflation, and this means a lot of liquidity could potentially find itself into assets like gold and Bitcoin.

传统上，后者在通缩时期对投资者的吸引力不那么吸引人，这意味着很多流动性可能会发现自己陷入金和比特币之类的资产中。

If that ends up being the case, then it is likely that the pace of BTC accumulation will accelerate in the coming weeks.

如果情况最终是这种情况，那么BTC积累的速度很可能会在接下来的几周内加速。