比特幣突破 10 萬美元大關：風險與挑戰

比特幣突破 10 萬美元大關，是旗艦加密貨幣粉絲們充滿熱情的充滿活力的夢想，既帶來了希望，也帶來了疑問。

The $100,000 mark for Bitcoin (CRYPTO: BTC), this vibrant dream of enthusiasm among fans of the flagship crypto, raises as many hopes as it does questions. While this milestone seems to crown a decade of growing adoption, it also brings challenges within the financial derivatives ecosystem. Institutions and regulations will play a key role in this advance, but their implications, between opportunities and tensions, deserve to be explored. Let’s decrypt together the stakes that lie behind this highly anticipated milestone.

比特幣（加密貨幣：BTC）突破 10 萬美元大關，是旗艦加密貨幣粉絲熱情的充滿活力的夢想，引發了許多希望，也帶來了疑問。雖然這一里程碑似乎為十年來不斷增長的採用奠定了基礎，但它也為金融衍生性商品生態系統帶來了挑戰。制度和法規將在這項進步中發揮關鍵作用，但它們在機會和緊張之間的影響值得探討。讓我們一起解密這個備受期待的里程碑背後的利害關係。

The derivatives markets facing the challenge of Bitcoin at $100,000

衍生性商品市場面臨比特幣10萬美元的挑戰

Reaching $100,000 for the BTC price could disrupt the derivatives markets, where current open interest already stands at $58 billion (626,520 BTC). Such a progression could push this indicator to $62.5 billion, or 3.1% of the potential $2 trillion market cap for Bitcoin.

BTC 價格達到 10 萬美元可能會擾亂衍生性商品市場，目前該市場的未平倉合約已達 580 億美元（626,520 BTC）。這項進展可能會將這項指標推至 625 億美元，即比特幣潛在 2 兆美元市值的 3.1%。

This rate surpasses the 1.9% observed in the S&P 500 futures markets.

這一比率超過了標準普爾 500 指數期貨市場的 1.9%。

However, the cryptocurrency ecosystem remains largely isolated from traditional financial channels: 65% of trades occur on platforms that are exclusively crypto like Binance, OKX, or Deribit. A major evolution could occur with the arrival of spot Bitcoin ETFs, allowing sophisticated strategies like covered calls or liquidity risk hedging.

然而，加密貨幣生態系統在很大程度上仍與傳統金融管道隔離：65% 的交易發生在幣安、OKX 或 Deribit 等純加密平台上。隨著現貨比特幣 ETF 的出現，可能會發生重大演變，允許採用備兌買權或流動性風險對沖等複雜策略。

Still, precedents show that regulation does not always guarantee adoption. For example, Bitcoin futures on the CBOE were abandoned after only two years due to lack of demand.

不過，先例表明，監管並不總是保證採用。例如，芝加哥選擇權交易所的比特幣期貨僅兩年後就因需求不足而被放棄。

To truly anchor Bitcoin at this symbolic level, robust institutional adoption and financial tools that resonate with both bankers and traders will be necessary.

為了真正將比特幣錨定在這一象徵性水平上，需要強有力的機構採用和與銀行家和交易員產生共鳴的金融工具。

Crypto Adoption: When Institutions and Governments Get Involved

加密貨幣的採用：當機構和政府參與時

Behind the $100,000 symbol lies a broader transformation: the alignment of institutions and even governments on Bitcoin’s potential. Initiatives such as the bill from Senator Cynthia Lummis, aiming to create a strategic reserve of Bitcoin with 5% of the total supply (1 million BTC), show that institutional integration is no longer limited to banks alone.

10 萬美元符號的背後隱藏著更廣泛的轉變：機構甚至政府就比特幣的潛力達成一致。參議員辛西婭·盧米斯 (Cynthia Lummis) 提出的旨在建立佔總供應量 5%（100 萬比特幣）的比特幣戰略儲備等舉措表明，機構整合不再僅限於銀行。

Adding to this are encouraging signals: Microsoft may soon invest in Bitcoin according to its shareholders, a step that could influence other market giants.

除此之外還有令人鼓舞的訊號：據其股東稱，微軟可能很快就會投資比特幣，這項舉措可能會影響其他市場巨頭。

Meanwhile, investors continue to protect themselves against fiat currency devaluation. Research by Lyn Alden supports this dynamic: the link between the increase in the global money supply (M2) and the price of Bitcoin shows that BTC is becoming a refuge against monetary uncertainties.

同時，投資者繼續保護自己免受法定貨幣貶值的影響。 Lyn Alden 的研究支持了這一動態：全球貨幣供應量 (M2) 的增長與比特幣價格之間的聯繫表明，比特幣正在成為應對貨幣不確定性的避難所。

Thus, when discussing adoption, the CEO of X10 already points to paths: conquering the general public through seduction strategies from exchanges (DEX, CEX, and hybrid). Once the recipe is implemented, an additional 100 million investors could join the crypto universe, giving new momentum to its global growth.

因此，在討論採用時，X10 的執行長已經指出了路徑：透過交易所（DEX、CEX 和混合）的誘惑策略來征服公眾。一旦該方案實施，將有額外的 1 億投資者加入加密貨幣領域，為其全球成長帶來新的動力。

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