比特币再次超过$ 93,000

自2月以来，比特币已定居为一个无尽的，几乎吱吱作响的巩固阶段，在技术疲劳和战略等待之间振荡。

Since February, bitcoin has been floundering in an endless, almost creaky consolidation phase, juggling technical fatigue and strategic waiting. While some were beginning to tire of this crabwise movement, sawing through the mythical $90,000 mark without managing to pierce it, the king of cryptocurrencies seems to have finally claimed back its scepter.

自2月以来，比特币在一个无尽的，几乎吱吱作响的巩固阶段一直在挣扎，杂耍技术疲劳和战略等待。尽管有些人开始厌倦了这种狂热的运动，但在神话般的90,000美元的景象却不设法刺穿它时，加密货币之王似乎终于夺回了其权杖。

This comeback did not happen out of nowhere. It fits into a context of geopolitical easing, latent monetary euphoria, and institutional flows which, if not spectacular, are now constant. In short, the planets are realigning, and bitcoin, like a digital Phoenix, is rising again.

这种复出并非无处不在。它适合地缘政治宽松，潜在的货币欣快和机构流动的背景，即使不是壮观，现在是不变的。简而言之，行星是重新调整的，比特币像数字凤凰一样，再次上升。

Bitcoin Surpasses $93,000 Again

比特币再次超过$ 93,000

It did it. Yesterday, bitcoin managed to pierce again the symbolic $90,000 mark, even reaching a peak of $93,573 this morning in New York. A spectacular rise of 4.7% during the day, which comes after a long slump.

做到了。昨天，比特币设法再次刺穿了象征性的90,000美元，甚至今天早上在纽约达到了93,573美元的高峰。白天的壮观上升为4.7％，这是在长期低迷之后。

Sticking to the facts, this new high coincides with renewed optimism about trade tensions between the United States and China. On one hand, Trump’s belligerent rhetoric against the Fed is softening. On the other, markets glimpse a breath of tariff peace. Result: the appetite for risk assets is revived, and bitcoin benefits from it.

坚持事实，这一新的高级与对美国和中国之间的贸易紧张局势的乐观情绪相吻合。一方面，特朗普对美联储的好战言论正在减轻。另一方面，市场瞥见了关税和平的呼吸。结果：恢复了风险资产的胃口，比特币受益。

According to Ryan McMillin, Chief Investment Officer at Merkle Tree Capital: “Gold reacts immediately to global monetary growth (M2), while bitcoin follows with a 90-day lag.” In other words: when gold jumps, get ready to see bitcoin explode shortly after. Now, gold dipped last night after a spectacular rise to $3,500 — an indicator, according to McMillin, of a possible capital transfer to cryptos.

默克尔树资本（Merkle Tree Capital）首席投资官瑞安·麦克米林（Ryan McMillin）表示：“黄金对全球货币增长（M2）立即做出反应，而比特币则以90天的滞后作出反应。”换句话说：当黄金跳跃时，准备好查看比特币后不久就会爆炸。现在，昨晚，金在巨大的上涨至3500美元之后，吉尔（Gold）下降了 - 根据麦克米林（McMillin）的说法，这是一个可能的资本转移到加密货币的指标。

ETFs and Whales Wake the Market

ETF和鲸鱼唤醒市场

But this push doesn’t come out of nowhere. The main catalyst for this bullish rebound remains the inflows into spot Bitcoin ETFs, which recorded $381 million of net inflows just on April 21 — a record since January.

但是这种推动并非无处不在。这种看涨反弹的主要催化剂仍然流入了现货比特币ETF，该币在4月21日的净流入量为3.81亿美元，这是自1月以来的记录。

This renewed institutional interest is all the more crucial as it offsets the relative disengagement of small investors, who remain cautious. However, the numbers reveal another truth: this rally is mostly fueled by derivatives products, not by the spot market.

这种新的机构利益更为重要，因为它抵消了谨慎的小型投资者的相对脱离接触。但是，数字揭示了另一个事实：这次集会主要是由衍生产品产品推动的，而不是由现货市场推动。

Indeed, futures open interest climbed by $2.4 billion in less than 36 hours, suggesting that leverage is running at full throttle. A potentially explosive setup — in either direction.

确实，未来的未来利息在不到36小时的时间内攀升了24亿美元，这表明杠杆率正在全力以赴。一个潜在的爆炸性设置 - 在任一方向上。

On the on-chain fundamentals side, the MVRV ratio (Market Value to Realized Value) attempts to stabilize above 2, a historically favorable level for sustainable gains. If this dynamic holds, Hitesh Malviya, founder of DYOR Crypto, estimates that “Bitcoin could rise an additional 70% to 80% in the next six weeks”.

在链基本面上，MVRV比率（市场价值与实现价值）试图稳定在2以上，这是历史上有利的可持续增长水平。如果这种动态成立，Dyor Crypto的创始人Hitesh Malviya估计“比特币在接下来的六周内可能会增加70％至80％”。

A Global Signal in a Sea of Doubts

疑问中的全球信号

The current momentum is not limited to a sharp rise in prices. It marks a psychological turning point. Bitcoin is no longer simply seen as an eccentric safe haven or a speculative bet, but as a strategic tool at the heart of major monetary games.

目前的势头不仅限于价格急剧上涨。它标志着心理转折点。比特币不再仅仅被视为怪异的避风港或投机性赌注，而是主要货币游戏核心的战略工具。

As the global money printing presses run wild — and inflation threatens to take hold long-term — eyes turn to alternatives like bitcoin. This turnaround also happens in a context where geopolitical tensions, although still present, seem less explosive. The possible cooling of the tariff war between China and the United States is a signal investors could not ignore.

随着全球货币印刷机的疯狂 - 通货膨胀可能会长期持续 - 眼睛转向比特币等替代品。这种转变也发生在地缘政治紧张局势（尽管仍然存在，但似乎都没有爆炸性）。中国与美国之间关税战争的可能冷却是投资者无法忽视的信号。

That said, caution is the best policy. Bitcoin has shown it can derail just as quickly as it heats up. Volumes on retail platforms are still timid, and arbitrages between gold, stocks, and cryptos remain highly volatile. Just this week, $60 billion flooded the crypto market, while Wall Street suffered a sharp loss of $1.5 trillion in one day. The tectonic plates of finance are in motion. And bitcoin, once again, seems to be the epicenter.

也就是说，谨慎是最好的政策。比特币表明，它可能会像加热一样快速出轨。零售平台上的数量仍然很胆小，黄金，股票和加密货币之间的套利仍然高度波动。就在本周，600亿美元淹没了加密货币市场，而华尔街一天却亏损了1.5万亿美元。财务的构造板正在运动中。比特币再次成为中心。