#阿布扎比稳定币 Macro Risk Mitigation, Market Sentiment Recovers

As signs of easing in US-China trade tensions emerge, market risk appetite has significantly rebounded. US President Trump has recently sent positive signals, suggesting a willingness to resume negotiations with China, which has alleviated investors' concerns about an escalation of the 'tariff war.' Although the complete restoration of relations between the two countries will take time, short-term policy adjustments have created a favorable environment for risk assets. Last week, Bitcoin surged rapidly from $85,000 to $95,000, while safe-haven assets like gold saw a pullback.

This week, the market's focus shifts to US economic data, including non-farm employment, GDP, and PCE inflation indicators. If the data is weak, it may reinforce expectations for a rate cut by the Federal Reserve in June, further benefiting risk assets. However, caution is needed regarding the potential impact of the Bank of Japan's interest rate decision on global liquidity.

2. Bitcoin Breaks $95,000, ETF Funds Become Key Support

Bitcoin strongly broke through $95,000 last week, reaching a six-week high, but then faced resistance and fell back to $94,861, with a 24-hour increase of 1.44%. This round of increases is closely related to the influx of spot ETF funds: on April 22, a single day inflow reached $912 million, 500 times the average for 2025, with BlackRock's iShares Bitcoin Trust (IBIT) contributing over $600 million.

Market Dynamics Analysis:

Institution-led Buying: ETFs continue to absorb Bitcoin supply, creating strong support. Currently, the total holdings of 11 US Bitcoin ETFs exceed 580,000 coins, valued at over $54 billion, making them the main 'marginal buyers.'

Liquidation Wave and Long-Short Struggle: In the past 24 hours, over 110,000 people were liquidated, with an amount reaching $275 million, of which long positions accounted for 62%. Despite the funding rate for shorts remaining negative, the selling pressure at highs was quickly absorbed by buying, demonstrating market resilience.

Policy Catalysts Favorable: Arizona has passed a bill allowing 10% of public funds to be invested in Bitcoin, becoming the first state to use cryptocurrency as a strategic reserve. Several other states and the federal government are also following suit, promoting optimistic expectations for long-term demand.