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颜值糕(乞讨版)
颜值糕(乞讨版)
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摩根大通最新观点:比特币上涨潜力已经高于黄金 摩根大通策略团队最新研报提出,当前$BTC的上行空间优于黄金,核心不是看多加密情绪,而是ETF资金与头寸结构带来的结构性机会。 黄金ETF已经完全收回今年前期资金流出,而比特币现货ETF仅修复约一半的资金流失。贝莱德IBIT空头持仓接近年内高点,看跌期权敞口偏高;反观GLD黄金ETF空头处于历史均值下方,市场对黄金的悲观对冲已经很少。 也就是说当下市场对比特币整体偏谨慎,大量空头与避险对冲盘积压。一旦风险偏好回暖,空头回补叠加平仓盘,容易触发逼空行情,带来更强向上弹性;黄金缺少这一层空头挤压的潜在动力。 ⚠️重点:小摩并非判定比特币比黄金更安全,只是相对上涨潜力更强。宏观层面美联储年底仍存在加息可能性,长端美债高位会持续压制风险资产,BTC波动会显著大于黄金。 这是结构性头寸带来的机会,不等于无风险上涨。不能因为机构观点直接追高,依然要留意流动性与监管消息扰动。
颜值糕(乞讨版)
颜值糕(乞讨版)
Will long-term US Treasury bonds at 5% become the new market norm?
Will #美联储10月再加息概率破55% #长端美债5% become the new normal? Global asset pricing anchors are stirring again, with the 10-year US Treasury yield surpassing the 5% mark—this macro data directly affects capital sentiment in the crypto market. US fiscal policy continues to issue large-scale bonds, but the willingness of overseas long-term funds to buy bonds has clearly weakened. With rising opportunity costs, $BTC is under pressure, spot ETF funds keep flowing out, and risk asset valuations are being suppressed. The market is now divided into two camps: some believe that high deficits combined with sticky inflation will make 5% a new central point for long-term interest rates; The other group believes the 5% rate will severely backfire on the US economy, and if the economy weakens, yields will naturally fall. The current high is only a temporary phenomenon. Breaking down the underlying logic, long-term bond yields are determined by fiscal supply, inflation levels, and global funding needs. U.S. Treasuries are risk-free yield assets, and persistently high interest rates will continuously suppress the appeal of non-cash-generating assets like BTC. As long as long-term yields remain high, overall risk appetite in the crypto sector will be difficult to recover quickly. Based on the market situation, here is my view: it is very difficult to maintain a stable 5% yield for the long term, and it is highly likely to fluctuate between 4.75% and 5.25% going forward. Next, focus on two core indicators: the scale of U.S. fiscal bond issuance and the latest inflation data. Macro liquidity is the underlying force that determines whether the market can break the trend. Everyone thinks that if long-term bonds remain stuck around 5%, the crypto market

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