Bitcoin Surges as Institutional Demand, Short Covering, Clarity Act Progress ConvergeBitcoin rebounded sharply after weeks of low volatility and narrow range-bound trading as institutional demand for the cryptocurrency strengthened.在经历数周的低波动和窄幅震荡交易后，随着机构对这种加密货币的需求增强，比特币出现强劲反弹。The cryptocurrency climbed more than 9% to reach a peak of $79,455 on Friday, its highest level since late May, according to LSEG data. It was last trading at $76,679.根据LSEG的数据，这种加密货币周五上涨超过9%，最高触及79,455美元，为5月底以来的最高水平。最新交易价格为76,679美元。The sharp gains came as several catalysts converged. According to Naeem Aslam of Zaye Capital Markets, a surge in institutional spot demand, combined with growing expectations for lower Treasury yields and forced buying by some traders closing losing positions, helped trigger the rally.此次大幅上涨是多项推动因素同时出现的结果。Zaye Capital Markets的Naeem Aslam表示，机构现货需求激增，加上市场对美国国债收益率下降的预期升温，以及部分交易者为平仓亏损头寸而被迫买入，共同推动了此次上涨。Bitcoin, along with gold and silver, has also benefited from the U.S. Treasury’s announcement Wednesday that it would increase purchases of longer-term securities to at least $4 billion per operation, up from $2 billion, said David Morrison, senior market analyst at Trade Nation.Trade Nation高级市场分析师David Morrison表示，比特币与黄金和白银一样，也受益于美国财政部周三宣布将把每次对长期证券的购买规模从20亿美元提高至至少40亿美元。“The story here is that investors are looking for long-term safety as government debt across the developed world continues to grow,” Trade Nation said. This became especially clear after U.S. federal debt surpassed $40 trillion earlier this week, it added.Trade Nation表示：“这里的核心故事是，随着发达国家政府债务持续增加，投资者正在寻找长期的安全资产。”该机构补充称，本周早些时候美国联邦政府债务突破40万亿美元，更加突显了这一趋势。According to Zaye Capital, U.S. spot bitcoin products attracted nearly $520 million in net inflows on Wednesday, their largest single-day inflow in roughly three and a half months.据Zaye Capital称，美国比特币现货产品周三吸引了近5.2亿美元的净资金流入，创下约三个半月以来最大的单日资金流入。Dominic Weibel, head of research at Bitcoin Suisse, said the market has made it clear that $4 billion in buybacks “is not a particularly strong hand when it comes to the long end of the curve.”Bitcoin Suisse研究主管Dominic Weibel表示，市场已经明确表明，40亿美元的回购规模“对于收益率曲线的长期端而言，并不是特别强的力量”。“Gold and bitcoin immediately grasped this message and rallied in tandem.”“While Bessent sought to calm the bond market, he may instead have fired the starting gun for the next leg of the ‘hard money’ trade,” Weibel said.Weibel表示：“虽然Bessent试图稳定债券市场，但他可能反而为下一阶段的‘硬通货’交易打响了发令枪。”Moreover, U.S. President Trump’s call for lawmakers to pass a “fair version” of the proposed Clarity Act regulating digital assets, which is currently being considered by Congress and has received support from Wall Street and crypto groups, signals that the U.S. government may be open to accumulating additional bitcoin and other digital assets if regulators approve, Aslam said.Aslam表示，美国总统特朗普呼吁国会通过一份监管数字资产的《Clarity Act》的“公平版本”。该法案目前正在国会审议，并得到华尔街和加密货币行业团体的支持。这一立场表明，如果监管机构批准，美国政府可能愿意进一步持有比特币和其他数字资产。“[The Trump administration’s stance] materially changes the regulatory risk premium surrounding bitcoin because clearer rules can make banks, asset managers and corporations more comfortable allocating capital to the sector,” he said.他说：“[特朗普政府的立场]实质性改变了围绕比特币的监管风险溢价，因为更加明确的规则可以让银行、资产管理公司和企业更加放心地向这一行业配置资本。”Traders are also reassessing the broader macroeconomic environment, which is becoming increasingly supportive of bitcoin.交易员也正在重新评估整体宏观经济环境，而当前的宏观环境正变得越来越有利于比特币。“Corporate and economic growth are strong by most measures, but the inflation and rates overhang is real, and companies will have to reassess how they grow in a sustained higher-rate environment,” Jeffrey O’Connor, U.S. head of market structure and sell-side ATS strategy at Liquidnet, said in a note.Liquidnet美国市场结构及卖方ATS策略负责人Jeffrey O’Connor在一份报告中表示：“从大多数指标来看，企业和经济增长都很强劲，但通胀和利率带来的压力确实存在，企业将不得不重新评估如何在长期较高利率的环境下实现增长。”The Treasury’s announcement about buying back long-dated securities was not particularly significant on its own, but the narrative surrounding it raises a genuine question about whether the Federal Reserve or the Treasury is ultimately setting the direction of interest rates, he said.他说，美国财政部宣布回购长期证券本身的影响并不是特别大，但围绕这一举措形成的市场叙事提出了一个真正值得关注的问题：最终究竟是美联储还是财政部在决定利率的方向。Thursday’s U.S. economic data, including falling jobless claims, stronger manufacturing activity and a stable outlook for business inflation over the coming year, point to resilient economic growth without evidence of a new inflation surge.周四公布的美国经济数据，包括初请失业救济人数下降、制造业活动增强，以及未来一年企业通胀预期保持稳定，都表明美国经济增长依然具有韧性，同时没有出现新一轮通胀飙升的迹象。“For bitcoin, that macro mix is important because it supports the possibility of easing financial conditions without signaling an outright economic downturn,” Zaye Capital Markets said.Zaye Capital Markets表示：“对于比特币而言，这种宏观经济组合非常重要，因为它支持金融环境可能逐渐宽松的可能性，同时又没有显示出经济将陷入明显衰退的信号。”News that U.S. government debt has reached $40 trillion also contributed to the rally, as investors become increasingly concerned that higher debt-servicing costs could eventually put pressure on the dollar and force policymakers to pursue looser monetary policy, said Matthew Sigel, head of digital-assets research at VanEck.VanEck数字资产研究主管Matthew Sigel表示，美国政府债务达到40万亿美元的消息也推动了此次上涨。随着投资者越来越担心不断增加的债务偿付成本最终可能给美元带来压力，并迫使政策制定者采取更加宽松的货币政策，比特币因此获得支撑。The prospect of a weaker dollar is pushing bitcoin higher as investors increasingly view the cryptocurrency as one of the best hedges against the dollar, Sigel added.Sigel补充称，美元走弱的预期正在推动比特币上涨，因为投资者开始越来越多地将这种加密货币视为对冲美元风险的最佳资产之一。Bitcoin’s rise comes as the DXY dollar index fell 0.2% to 98.798, remaining just above Thursday’s three-month low of 98.557. Gold was last trading 1.5% higher at $4,585 a troy ounce, while silver rose 2.1% to $69.48.比特币上涨之际，DXY美元指数下跌0.2%，至98.798，略高于周四创下的三个月低点98.557。黄金最新上涨1.5%，报每金衡盎司4,585美元；白银上涨2.1%，报69.48美元。
