加密货币市场领导者比特币短暂超过92700美元，在星期二将低点的回收率延长了约81500美元

在过去的48小时中，传统和加密市场都稳定下来，但关键波动指数仍然升高，呼吁对希望稳定行动的公牛谨慎行事。

Both traditional and crypto markets have stabilized in the past 48 hours, but key volatility indices remain elevated, calling for caution for bulls who are expecting a steady move higher.

在过去的48小时中，传统和加密市场都稳定下来，但关键波动指数仍然升高，呼吁对希望稳定行动的公牛谨慎行事。

Bitcoin, the crypto market leader, briefly topped $92,700, extending the recovery from lows around $81,500 on Tuesday. MOVE, CRO, ONDO and Render traded 10% to 17% higher as of writing. Broadly speaking, AI, gaming and Layer 2 coins are the best-performing crypto sub-sectors for the past 24 hours.

加密市场领导者比特币短暂超过92,700美元，在周二从低点延长了约81,500美元的回收率。随着写作，Move，Cro，Ondo和渲染量提高了10％至17％。从广义上讲，AI，游戏和第2层硬币是过去24小时表现最佳的加密子扇区。

The positive move could be attributed to rumors that President Donald Trump will unveil a U.S. strategic bitcoin reserve during Friday’s White House crypto summit. Meanwhile, hopes that Trump's tariffs will likely not endure have helped restore the risk sentiment on Wall Street and Germany and China's fiscal rockets have offered support to Asian and European equities.

积极的举动可能归因于谣言说，唐纳德·特朗普总统将在周五的白宫加密省会期间推出美国战略比特币储备。同时，希望特朗普的关税可能不会忍受，这有助于恢复华尔街的风险情绪，德国和中国的财政火箭对亚洲和欧洲的股票提供了支持。

Still, we haven't seen a notable decline in the volatility indices. At press time, Volmex's BVIV index, which measures the implied or expected 30-day price turbulence, held just five points below Tuesday's high of 66% but well above the February low of 49.6%. Perhaps traders see Friday's crypto summit as the make-or-break moment for crypto, as the President, having promised big for months, is now expected to deliver the goods as soon as possible.

不过，我们还没有看到波动指数的显着下降。发稿时，Volmex的BVIV指数衡量了隐含或预期的30天价格动荡，仅比周二高66％的高点持有5分，但远高于2月份的49.6％。也许交易者将周五的加密峰会视为加密货币的制造时刻，因为总统承诺要付出几个月的时间，现在有望尽快交付货物。

In traditional markets, VIX, Wall Street's fear gauge, held at 23.65 Wednesday, the highest since mid-December, according to data source TradingView. Meanwhile, the MOVE index, which measures the 30-expected volatility in the U.S. Treasury notes, remained elevated at 104, the highest since November (check chart of the day).

根据数据源TradingView的数据，在传统市场中，华尔街的恐惧量表在23.65举行，这是自12月中旬以来最高的。同时，衡量美国财政部票据中30个预期波动率的移动指数在104号（自11月以来最高的）升高（当天的检查图）。

The elevated volatility in bonds is particularly concerning as it is known to cause financial tightening and weigh over risk assets. For now, however, a weaker dollar seems to be compensating for that.

债券的波动率提高特别令人担忧，因为它众所周知会导致财务收紧并权衡风险资产。但是，目前，较弱的美元似乎正在弥补这一点。

Still, the sticky vol indices in traditional markets raise an important question: Is the market's concern solely about tariffs, or are there underlying worries related to a significant slowdown driven by other factors such as potential fiscal consolidation?

尽管如此，传统市场中的粘性卷指数提出了一个重要的问题：市场是对关税的关注，还是与其他因素（例如潜在的财政合并）驱动的重大放缓相关的潜在担忧？

The spread between yields on the U.S. 10-year Treasury note and the three-month Treasury bill has again turned negative, inverting the yield curve to suggest recession - consecutive quarterly contractions in the GDP. "[This is] generally not a good sign," Noelle Acheson, author of the Crypto is Macro Now newsletter said in Wednesday's edition.

美国10年期债券的收益率和三个月的国库法案之间的差额再次变为负面，颠倒了收益曲线以表明经济衰退 - 连续的GDP季度收缩。 “这通常不是一个好兆头，” Crypto的作者Noelle Acheson现在在周三版中说。

Early this week, the Atlanta Fed's GDPNow model signaled a nearly 3% contraction in the U.S. GDP in the first quarter. The number is due for an update today. Recession fears will likely strengthen if we don't see an improvement today, potentially pressuring risk assets, including cryptocurrencies.

本周初，亚特兰大美联储的GDPNOW模型在第一季度表示在美国GDP近3％。该号码应今天进行更新。如果我们今天看不到改善，可能会加剧风险资产，包括加密货币，那么衰退的担忧可能会加强。

Acheson summed up the situation best: "We are still navigating the tussle between narratives – on the one hand, risk-off sentiment driven by macro uncertainty could keep BTC and other crypto assets depressed for a while. On the other hand, the “safe haven” narrative is gaining strength, as positive news from the White House highlights the astonishing shift in official support." Stay alert!

阿奇森最好地总结了情况：“我们仍在浏览叙事之间的争吵 - 一方面，由宏观不确定性驱动的风险情绪可能会使BTC和其他加密资产抑制一段时间。另一方面，“避风港”的叙述是“避风港”的叙述，因为来自白宫的积极新闻是官方支持的正面新闻。”保持警觉！