比特币违反了厄运和糖界人群

当股票下垂和债券攀升时，比特币刚刚卷土重来。在过去一周

Bitcoin is outperforming as traditional markets struggle and bond yields rise.

随着传统市场的挣扎和债券收益率的上升，比特币表现要优越。

The world’s largest crypto pulled off a stealthy comeback as stocks sank and bond yields climbed. Bitcoin is showing unusual strength.

随着股票沉没，债券收益率上升，世界上最大的加密货币卷土重来。比特币表现出异常的力量。

Despite the gloomy economic backdrop, the world’s leading cryptocurrency pulled off a surprising feat. As S&P 500 (SPY) and Nasdaq (NDAQ) hit one-year lows and bond yields soared, crypto trading firm Wintermute observed that Bitcoin “held up relatively well, broadly revisiting price levels from around the U.S. election period.”

尽管经济背景令人沮丧，但世界领先的加密货币还是取得了令人惊讶的壮举。由于标准普尔500指数（间谍）和纳斯达克（NDAQ）达到了一年的低点和债券的收益率飙升，加密货币贸易公司Wintermute观察到，比特币“比特币相对良好，从美国大选期间开始审视了价格水平。”

This is a big shift from past crises, when Bitcoin usually dived deeper and faster than the rest. But this time, as the world’s largest economy faced a crucial moment, Bitcoin managed to stay afloat.

这与过去的危机相去甚远，当时比特币通常比其他危机更深入，更快。但是这次，由于世界上最大的经济体面临着关键时刻，比特币设法保持了漂浮。

Relative strength is a sign of maturity, said economists at the firm.

该公司的经济学家说，相对力量是成熟的标志。

But it’s not just macro trends keeping Bitcoin afloat. Analyst Alex Obchakevich told Cointelegraph that Bitcoin’s growing institutional presence—especially via ETFs—is giving it a new identity as “digital gold.”

但这不仅仅是使比特币漂浮的宏观趋势。分析师Alex Obchakevich告诉Cointelegraph，比特币不断增长的机构存在，尤其是通过ETF，它使其成为“数字黄金”的新身份。

This is in contrast to stocks, which are largely driven by short-term macro trends. But to truly understand Bitcoin’s resilience, we need to look at the broader economic picture.

这与很大程度上由短期宏观趋势驱动的股票相反。但是，要真正了解比特币的韧性，我们需要研究更广泛的经济形象。

Cooling Inflation Could Keep Crypto Climbing

冷却通货膨胀可能会保持加密货币

The economic data is shifting. U.S. Bureau of Labor Statistics figures show that the Consumer Price Index dipped 0.1% month-on-month in March. This is the first decline since December 2020, signaling a slowdown in inflation.

经济数据正在转移。美国劳工统计局的数据显示，消费者价格指数在3月份下降了0.1％。这是自2020年12月以来的第一次下降，标志着通货膨胀率放缓。

The world’s largest economy had seen an annual inflation rate of 0.4% in February, but it slid to -0.2% in March. Economists had anticipated a 0.3% decline.

全球最大的经济体的年度通货膨胀率在2月份为0.4％，但3月份下滑至-0.2％。经济学家预计下降了0.3％。

Meanwhile, Producer Price Index growth also slowed down from 0.6% to 0.1% in March. This is compared to the anticipated 0.4% decline.

同时，生产商价格指数增长也从3月份的0.6％降低到0.1％。这与预期的0.4％下降相比。

However, the U.S. PPI growth had slid from 0.6% to -0.1%, whereas economists predicted a 0.4% decline.

但是，美国PPI增长率从0.6％下降到-0.1％，而经济学家预测下降了0.4％。

But don’t get too comfy. Rising global trade tensions, especially from new U.S. tariffs, could push inflation back up, warned Wintermute.

但是不要太舒适。 Wintermute警告说，全球贸易紧张局势不断上升，尤其是来自新的美国关税，可能会推动通货膨胀率恢复。

Public Companies Boost Bitcoin Holdings

上市公司增强比特币持有

In other news, public companies are boosting their Bitcoin presence. According to Bitwise, 12 new firms added Bitcoin in Q1, pushing total corporate holdings up 16% to 688,000 BTC.

在其他新闻中，上市公司正在促进其比特币的存在。根据Bitwise的数据，有12家新公司在第1季度增加了比特币，将总公司持有量提高了16％至688,000 BTC。

This stash is now worth around $57 billion. Among them, 10 firms held at least 10,000 BTC by the end of March.

现在，这个藏匿处的价值约为570亿美元。在其中，到3月底，有10家公司至少拥有10,000 BTC。

Michael Saylor’s Strategy (MSTR) led the charge with another $285 million Bitcoin purchase last week. The firm now holds a staggering 531,644 BTC, acquired at an average cost of $67,556.

迈克尔·塞勒（Michael Saylor）的策略（MSTR）上周以另外2.85亿美元的比特币购买领先。该公司现在拥​​有惊人的531,644 BTC，平均成本为67,556美元。

This puts them deep in the green—sitting on billions in unrealized gains, according to Saylortracker. Only a 30% drop from peak prices would wipe out all of Saylor’s firm’s profit from its seven-year crypto journey.

据Saylortracker说，这使他们深入绿色，这是数十亿个未实现的收益。高峰价格只有30％的跌幅可以从其七年的加密货币之旅中消除Saylor公司的所有利润。

One standout? Hong Kong’s Ming Shing Group (HKG:8498) grabbed 833 BTC through its subsidiary.

一个杰出的？香港的明星小组（HKG：8498）通过其子公司抓住了833 BTC。

And in Japan, Metaplanet (JP:3350) scooped up 319 more BTC this week—taking its total to over 4,500 coins. It now ranks 10th among public holders.

在日本，Metaplanet（JP：3350）本周又增加了319个BTC，将其总计超过4,500枚硬币。现在，它在公共持有人中排名第十。