U.S. President Donald Trump’s proposal to raise tariffs on European imports sparked a volatile session for crypto markets last week, but the episode also brought a surprising resilience to digital assets as Trump later announced a delay to the new levies.

美國總統唐納德·特朗普（Donald Trump）提出對歐洲進口的關稅的提議引發了上週的加密貨幣市場的動盪，但由於特朗普後來宣布延遲新稅款，這一集也給數字資產帶來了令人驚訝的彈性。

The Trump administration announced Friday it was increasing tariffs on European goods to 50%, compared to the 20% tariffs previously discussed. The move, in retaliation for what the U.S. says is unfair trade practices by the European Union, sparked a weekend selloff in risk assets, including cryptocurrencies.

特朗普政府週五宣布，將歐洲商品的關稅提高到50％，而先前討論的20％的關稅。此舉是為了報復美國所說的是歐盟不公平的貿易行為，引發了周末的風險資產，包括加密貨幣。

However, the White House later announced the new tariffs would be postponed until July 9 following a “constructive call” between Trump and European Commission President Ursula von der Leyen.

但是，白宮後來宣布，在特朗普和歐洲委員會主席烏蘇拉·馮·德·萊恩（Ursula von der Leyen）之間的“建設性電話”之後，新的關稅將被推遲到7月9日。

“Bitcoin's rebound came after Trump decided to delay imposing new EU tariffs, which had initially sparked a market downturn over the weekend,” Jeffrey Ding, chief analyst at HashKey Group, told CoinDesk in a Telegram message.

Hashkey Group的首席分析師Jeffrey Ding在一份電報消息中告訴Coindesk。

“Traders see these macroeconomic events as a welcome stability boost, encouraging a risk-on sentiment, especially as MicroStrategy (NASDAQ:MSTR)‘s Michael Saylor hinted at upcoming bitcoin purchases,” Ding added.

丁補充說：“交易者將這些宏觀經濟事件視為受歡迎的穩定性提高，鼓勵風險持續的情緒，尤其是當MicroStrategy（NASDAQ：MSTR）的Michael Saylor暗示即將進行的比特幣購買暗示。”

Markets calmed somewhat on Monday after Trump announced he would delay the implementation of new tariffs until July 9, citing a “constructive call” with European Commission President Ursula von der Leyen.

在特朗普宣布將新關稅的實施推遲到7月9日之後，市場在周一有些平靜，並以歐洲委員會主席厄休拉·馮·德·萊恩（Ursula Von der Leyen）為“建設性電話”。

Still, Singapore-based QCP Capital warned in a market broadcast message late Monday that the episode is a reminder of how quickly policy shocks can unwind market calm.

儘管如此，總部位於新加坡的QCP Capital在周一晚些時候在市場廣播消息中警告說，這一集提醒人們政策衝擊能夠使市場平靜下來。

The BTC July-to-June implied volatility spread, which spiked above 2 vols last week, has now compressed to below 1 — suggesting traders are watching closely for another pivot ahead of the new deadline.

BTC 7月至6月暗示的波動率上週在2卷以上的波動性傳播現已壓縮至1次以下 - 這表明交易者正在密切關注新的截止日期之前的另一個樞紐。

The vol spread refers to the difference in expected volatility between July and June bitcoin options, showing how much more (or less) traders expect price swings in July compared to June.

VOL點差是指7月和6月比特幣選項之間的預期波動率差異，這表明與6月相比，交易者預計7月的價格波動更多。

All eyes are now on this Friday’s Core PCE print, a key inflation gauge for the Federal Reserve, the firm noted. The index is a measure of inflation that excludes the volatile prices of food and energy — and is considered a key indicator used by the Fed to assess inflation and make policy decisions.

該公司指出，現在所有人的目光都集中在這個星期五的核心PCE印刷品上，這是美聯儲的關鍵通貨膨脹量表。該指數是通貨膨脹量的衡量標準，不包括食品和能源的波動價格 - 被認為是美聯儲評估通貨膨脹和做出政策決策的關鍵指標。

Despite the uncertainty, spot ETF inflows remain steady, with BlackRock’s IBIT logging 30 consecutive days of net inflows — a rare streak that underscores sticky institutional interest.

儘管存在不確定性，但現場ETF的流入仍然穩定，貝萊德的IBIT記錄連續30天的淨流入 - 這種罕見的條紋突顯了機構的興趣。

Still, crypto’s resilience has been relative, not absolute. QCP noted a divergence between digital assets and traditional tech as flows have turned cautious in products like the TQQQ NASDAQ ETF, even as crypto held its ground.

儘管如此，加密的彈性仍然是相對的，不是絕對的。 QCP指出，數字資產與傳統技術之間的分歧是因為Crypto持有地面，在TQQQ NASDAQ ETF等產品中的流量已經謹慎。

“In a world of erratic policymaking,” QCP wrote, “crypto increasingly looks like the grown-up at the table.”

QCP寫道：“在一個不穩定的決策世界中，加密貨幣越來越像桌子上的成年人。”