5 Reasons Why Bitcoin Rallied 10% In 7 Days To $63K: Bernstein
5 Reasons Why Bitcoin Rallied 10% In 7 Days To $63K: Bernstein
Bitcoin's (CRYPTO: BTC) breakout to $64,000 has been fueled by several reasons, according to a new Bernstein analyst note.
比特币（CRYPTO: BTC）涨至$64,000的原因有几个，根据一份新的Bernstein分析师报告。
What Happened: The analysts cite rate cuts, bipartisan crypto support, Bitcoin ETF momentum, miner stability post-halving, and reduced selling pressure as catalysts for Bitcoin's 9% seven-day spike. Ethereum (CRYPTO: ETH) has shown even stronger performance, up 17% on the week.
事件经过：分析师指出利率削减、两党支持加密货币、比特币ETF势头、挖矿稳定性后半减产、减少卖盘压力等因素是比特币上涨9%七天的推动力。以太坊（CRYPTO: ETH）表现更强劲，一周上涨17%。
- Rate cuts and fiscal policy: The 50-basis point rate cut, and record-high gold prices have bolstered Bitcoin as an alternative asset. Bernstein notes that "Any signal of loose monetary policy and potentially weaker dollar, is positive for Bitcoin." Year-to-date (YTD), Bitcoin is up 45%, compared to gold's 27%.
- Bipartisan crypto support: Both Kamala Harris and Donald Trump have signalled support for digital assets, though the crypto community seeks more policy clarity from Harris given the current administration's mixed track record.
- Bitcoin ETF momentum: Despite price volatility, Bitcoin ETF inflows remain positive, totalling $17 billion to date. Bernstein expects "re-acceleration of inflows" as more wirehouses approve the products.
- Miner stability post-halving: Bitcoin network hash power has rebounded to pre-halving levels around 630 EH/s, indicating miners have adjusted to reduced block rewards.
- Reduced selling pressure: Major bitcoin sales by the German and U.S. governments have concluded, while MicroStrategy raised $2.1 billion to acquire more Bitcoin taking its holdings to 252,220 BTC (~1.3% of Bitcoin's total supply).
- 利率削减和财政政策：50个基点的利率削减，以及创纪录的黄金价格使比特币作为替代资产得到加强。Bernstein指出“任何宽松货币政策的信号，以及可能的美元走弱，对比特币是利好”。今年以来，比特币上涨45%，相比黄金的27%。
- 两党支持加密货币：卡玛拉·哈里斯和唐纳德· 特朗普都表示支持数字资产，尽管加密社区希望哈里斯给出更多政策的明确性，考虑到当前政府的政策记录不一。
- 比特币ETF势头：尽管价格波动，比特币ETF流入仍保持积极，至今总计170亿美元。Bernstein预计随着更多券商批准这些产品，ETF的资金流入将“重新加速”。
- 挖矿稳定性后半减产：比特币网络算力已反弹至半减产前的水平，约为每秒630亿赫/秒，表明矿工已适应减少的区块奖励。
- 减少卖盘压力：德国和美国政府的大规模比特币出售已经结束，而MicroStrategy筹集了21亿美元用于收购更多比特币，使其持有量达到252,220 BTC（约为比特币总供应的1.3%）。
Also Read: Bitcoin's On-Chain Metrics Are Turning Bullish: What Is Going On?
另请阅读：比特币的链上指标正转为看好：到底发生了什么？
Why It Matters: Bernstein sees potential upside for Bitcoin mining stocks, which have underperformed year-to-date. The analysts highlight opportunities in pure-play Bitcoin miners like Core Scientific (NASDAQ:CORZ), Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK) and Marathon Holdings (NASDAQ:MARA) that may be poised for a rebound.
为什么这很重要：伯恩斯坦看好比特币挖矿股，今年表现不佳。分析师们重点关注纯比特币矿工投资机会，如Core Scientific（纳斯达克股票代码：CORZ）、Riot Platforms（纳斯达克股票代码：RIOT）、cleanspark（纳斯达克股票代码：CLSK）和Marathon Holdings（纳斯达克股票代码：MARA），可能会迎来反弹。
The report also notes continued strength in crypto-exposed stocks like MicroStrategy (NASDAQ:MSTR) is noted as "the most direct and largest market cap – leveraged equity proxy on Bitcoin price," while Robinhood (NASDAQ:HOOD) is benefiting from increased crypto trading revenues.
报告还指出，像MicroStrategy（纳斯达克股票代码：MSTR）这样的加密货币相关股票继续保持强劲，被认为是“比特币价格最直接、最大市值的杠杆权益代理人”，而Robinhood（纳斯达克股票代码：HOOD）则受益于加密货币交易收入的增加。
As the crypto market digests these bullish factors, Bernstein's analysis suggests the rally may have room to run, particularly if institutional adoption continues to grow through ETFs and other investment vehicles.
随着加密货币市场消化这些看好因素，伯恩斯坦的分析表明，如果机构采用继续增长通过etf和其他投资工具，这波行情可能会有进一步上涨的空间。
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
接下来：比特币作为机构资产类别的影响力预计将在Benzinga即将到来的数字资产未来活动中得到彻底探讨。日期是11月19日。
- Raoul Pal's Chief Crypto Analyst Says The Bull Market Is Back When This Indicator Hits 45% (It's Now At 11%)
- 雷奥尔·帕尔的首席加密货币分析师表示，当这一指标达到45%时，牛市回归（目前为11%）。
Image: Shutterstock
图片：shutterstock