亲克莱普托·唐纳德·特朗普（Pro-Crypto Donald Trump）在四个月前赢得了美国总统大选，此后，该时期的特征是金融市场动荡和围绕关税的全球不确定性

自11月5日大选以来，比特币（BTC）飙升了23％以上，在1月底达到了历史最高的10.9万美元。尽管其高峰下降了30％，但它仍然是表现最好的资产之一。

Pro-crypto Donald Trump won the U.S. presidential election over four months ago, and since then, the period has been characterized by financial market turbulence and global uncertainties surrounding tariffs, geopolitical tensions, and ongoing conflicts in the Middle East and between Ukraine and Russia.

亲克赖普托·唐纳德·特朗普（Pro-Crypto Donald Trump）在四个月前赢得了美国总统大选，此后，该时期的特点是金融市场动荡和全球不确定性，围绕关税，地缘政治紧张局势以及中东以及乌克兰和俄罗斯之间的持续冲突。

Bitcoin (BTC) has surged over 23% since the Nov. 5 election, reaching an all-time high of over $109K at the end of January. Despite a subsequent 30% decline from its peak, it remains one of the best-performing assets. Strategy (MSTR), often considered a bitcoin proxy, has gained 34%, recovering well under the Trump administration.

自11月5日大选以来，比特币（BTC）飙升了23％以上，在1月底达到了历史最高的10.9万美元。尽管其高峰下降了30％，但它仍然是表现最好的资产之一。战略（MSTR）通常被认为是比特币代理，在特朗普政府的领导下恢复了34％。

Ethereum's ether token (ETH) has fallen by as much as 18%, alongside disappointing action in the broader crypto market. The Valkyrie Bitcoin Mining ETF has also struggled, dropping almost 30%.

以太坊的以太代币（ETH）下跌了多达18％，同时在更广泛的加密货币市场中的动作令人失望。 Valkyrie比特币采矿ETF也在挣扎，下降了近30％。

Meanwhile, investors have rotated money into BTC, pushing its dominance rate higher by 2% to over 61%. European equities have done well, outshining their U.S. counterparts. The German DAX index is up 20%, and the UK's FTSE 100 has gained 6%, alongside weaker performances in the U.S. stock market, where the Nasdaq and S&P 500 are both down approximately 2%. A recent report from Bank of America highlights a record drop in U.S. stock allocations.

同时，投资者已将资金旋转到BTC，将其优势率提高了2％，至61％以上。欧洲股票表现不错，超过了他们的美国。德国DAX指数增长了20％，英国的FTSE 100上涨了6％，在美国股票市场的表现较弱，纳斯达克和标准普尔500指数都下跌了约2％。美国银行最近的一份报告强调了美国股票分配记录下降。

Gold, benefiting from uncertainty, has continued to set new all-time highs, surpassing $3,030—an 11% increase. The U.S. Dollar Index (DXY), which measures the dollar's strength against a basket of major currencies, remains flat. However, under Trump, the dollar has weakened significantly, providing some relief to risk assets and major currencies such as the Euro and the Great British Pound.

从不确定性中受益的黄金一直在创造新的历史最高点，超过3,030美元，增长了11％。美元指数（DXY）衡量美元对一篮子主要货币的强度，仍然是平坦的。但是，在特朗普的领导下，美元大大削弱了，为风险资产和主要货币（例如欧元和英镑）提供了一些缓解。

The U.S. 10-year Treasury yield has slightly declined to 4.2%, a key metric the administration is closely monitoring. Oil prices have plummeted by around 7% as the U.S. maintains its stance on energy dominance to reduce energy costs. Some of the so-called "Magnificent 7" stocks have struggled, with NVIDIA (NVDA) down 16% and Tesla (TSLA) declining 6%.

美国10年的财政收益率略有下降至4.2％，这是政府密切监视的关键指标。由于美国对能源优势保持降低能源成本的立场，石油价格下降了约7％。一些所谓的“宏伟的7”股在挣扎中，NVIDIA（NVDA）下跌了16％，特斯拉（TSLA）下降了6％。

Detox underway?

排毒正在进行？

Recent losses on Wall Street and in the crypto market have ignited hopes for the "Trump put," or potential policy support. However, the administration appears willing to endure short-term pain for long-term benefits, believing that this approach will cleanse the markets of the fiscal spending excesses of the Biden era.

最近在华尔街和加密货币市场上的损失引起了人们对“特朗普证券”或潜在政策支持的希望。但是，政府似乎愿意承受长期福利的短期痛苦，认为这种方法将清理拜登时代的财政支出的市场。

This reset is expected to be characterized lower inflation, improved energy security, and a lower 10-year Treasury yield.

预计该重置将被表征较低的通货膨胀，改善能源安全和较低的10年国库收益率。

"Scott Bessent’s talk of a ‘detox period’ suggests a controlled downturn might be ahead. If that’s the case, Trump’s playbook seems clear: blame the recession on Biden, use tariffs and crypto narratives to manage costs, and push for lower interest rates to fuel tech and AI growth. Short-term pain, long-term gain—that’s the strategy," Gracy Chen, CEO of Bitget, said in an email to CoinDesk this week.

"Scott Bessent's talk of a 'detox period' suggests a controlled downturn might be ahead. If that's the case, Trump's playbook seems clear: blame the recession on Biden, use tariffs and crypto narratives to manage costs, and push for lower interest rates to fuel tech and AI growth. Short-term pain, long-term gain—that's the strategy," Gracy Chen, CEO of Bitget, said in an email to CoinDesk this week.

"Regardless, I don't see BTC falling below 70k, possibly 73-78k which is a solid time to enter for any buyers on the fence. In the next 1-2 years, BTC at 200k isn’t as far-fetched as most would think."

“无论如何，我看不到BTC以低于70k的速度，可能是73-78K，这是围栏上任何买家进入的稳定时机。在接下来的1 - 2年中，BTC的200k不如大多数人想象的那样牵强。”