比特币短暂高出$ 92,700，在星期二从低点延长了$ 81,500

在过去的48小时中，传统和加密市场均已稳定，但关键波动指数仍然升高

The crypto market continues to stabilize following recent turbulence, with traditional markets also showing signs of recovery. However, despite the stabilization, key volatility indices remain elevated, a factor that could put a damper on bulls who are expecting a steady move higher.

在最近的动荡之后，加密货币市场继续稳定，传统市场也显示出恢复的迹象。然而，尽管稳定，关键波动指数仍然升高，这一因素可能会给公牛队带来阻碍，他们期望稳定的举动更高。

As of 1 p.m. ET, Bitcoin (CRYPTO: BTC) traded flat on the day at $91,300. The crypto market leader earlier topped $92,700, extending the recovery from lows around $81,500 hit on Tuesday.

截至美国东部时间下午1点，比特币（Crypto：BTC）当天以91,300美元的价格交易。加密市场领导者早些时候高出92,700美元，在周二命中率约为81,500美元。

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.

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。

Moreover, hopes that Trump’s tariffs, which had threatened to spark a global recession, will likely not endure have helped restore the risk sentiment on Wall Street. Additionally, Germany and China's fiscal rockets offered support to Asian and European equities.

此外，希望特朗普的关税威胁要引发全球衰退，可能不会忍受，这有助于恢复华尔街的风险情绪。此外，德国和中国的财政火箭为亚洲和欧洲股票提供了支持。

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。

Now, 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?

现在，传统市场中的粘性卷指数提出了一个重要的问题：市场是仅关税的关注，还是与其他因素（例如潜在的财政巩固）驱动的重大放缓相关的基本担忧？

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 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，“安全避风港”的叙述是在官方支持中获得的“避风港”的叙述，正如白宫的正式转移所获得的积极新闻。”保持警觉！

What To Watch

看什么

Crypto

加密

March 6: Ethereum-based L2 blockchain MegaETH deploys its public testnet, with user onboarding starting on March 10.

3月6日：基于以太坊的L2区块链Megaeth部署了公共测试网，用户将于3月10日开始。

March 6: Quantify Funds’ STKd 100% MSTR & 100% COIN ETF (APED) gets listed on Nasdaq.

3月6日：量化基金的STKD 100％MSTR和100％硬币ETF（APED）在纳斯达克列出。

March 7: President Trump will host the inaugural White House Crypto Summit, bringing together top cryptocurrency founders, CEOs and investors.

3月7日：特朗普总统将主持首届白宫加密峰会，将高级加密货币创始人，首席执行官和投资者汇集在一起​​。

March 11: The Bitcoin Policy Institute and U.S. Senator Cynthia Lummis co-host the invitation-only one-day event "Bitcoin for America" in Washington.

3月11日：比特币政策研究所和美国参议员辛西娅·卢米斯（Cynthia Lummis）在华盛顿共同主持的仅邀请的一日活动“美国比特币”。

March 12: Hemi, an L2 blockchain that operates on both Bitcoin and Ethereum, has its mainnet launch.

3月12日：Hemi是一个在比特币和以太坊上运行的L2区块链，其主网发射。

March 14: Pi Network (PI) transitions from Enclosed Mainnet to Open Mainnet.

3月14日：PI Network（PI）从封闭的Mainnet过渡到Open Mainnet。

March 15: Athene Network (ATH) mainnet launch.

3月15日：Athene Network（ATH）Mainnet发布。

March 16, 6:00 p.m.: CME Group’s solana SOLUSD futures start trading.

3月16日，下午6:00：CME集团的Solana Solusd期货开始交易。

Macro

宏

March 6, 8:15 a.m.: The European Central Bank (ECB) Governing Council will announce its interest rate decision. Press conference (livestream link) at 8:45 a.m. The Monetary policy statement is released at 9:00 a.m. The ECB staff macroeconomic projections are released at 9:45 a.m.

3月6日，上午8:15：欧洲中央银行（欧洲央行）理事会将宣布其利率决定。新闻发布会（Rivestream Link）在上午8:45，货币政策声明在上午9:00发布。欧洲央行员工宏观经济预测于上午9:45发布

Deposit Facility Rate Est. 2.5% vs. Prev. 2.75%

存款设施利率EST。 2.5％与上一条。 2.75％

Main Refinancing Rate Est.

手工再融资脾脏是。