比特幣（BTC）期權合約價值$ 7.8B，設定為1月31日到期，鯨魚進入累積階段

根據Deribit的數據，比特幣將於1月31日到期，價值78億美元。

Bitcoin price movements are under close observation as options contracts worth $7.8 billion are set to expire on Jan. 31, Deribit data shows. With Bitcoin currently trading above the “max pain” price of $98,000, traders and market makers are anticipating volatile price shifts. The max pain level indicates the price at which option buyers incur maximum losses while market makers gain the most. Deribit CEO Luuk Strijers highlighted the possible market dynamics, adding that “speculation about a Bitcoin strategic reserve announcement adds another layer of market anticipation.”

Deribit數據顯示，比特幣價格變動正在仔細觀察，因為期權合約價值78億美元將於1月31日到期。由於比特幣目前的交易高於98,000美元的“最大痛苦”價格，交易員和做市商預計價格轉移。最大疼痛水平表示購買者在哪種期權購買者最大損失的價格，而做市商則獲得最大的損失。 Deribit首席執行官Luuk Strijers強調了可能的市場動態，並補充說：“對比特幣戰略儲備公告的猜測增加了另一層市場預期”。

Whales Accumulating Bitcoin Again

鯨魚再次積累比特幣

CryptoQuant data reveals that Bitcoin whales are once again accumulating the cryptocurrency after a pause in early January. Large holders have increased their holdings by 2% between Jan. 14 and Jan. 17, marking the highest monthly growth rate since mid-December. This renewed buying activity coincides with the inauguration of President Donald Trump, whose administration is widely anticipated to introduce pro-crypto policies. According to CoinDesk, market analysts believe this whale activity could create a price floor, stabilizing Bitcoin before its next major price movement.

加密數據表明，比特幣鯨在1月初停頓後再次積累了加密貨幣。在1月14日至1月17日之間，大型持有人的持股量增加了2％，標誌著自12月中旬以來的每月增長率最高。這項新的購買活動與唐納德·特朗普總統的就職典禮相吻合，唐納德·特朗普總統的就職典禮被廣泛期望引入親克賴特托政策。根據Coindesk的說法，市場分析師認為，這種鯨魚活動可能會產生價格地面，並在其下一個主要價格轉移之前穩定比特幣。

Retail Demand Slows Down as Institutions Ramp Up

隨著機構的加劇，零售需求減慢

As institutional players increase their activity, retail demand for Bitcoin appears to be cooling off, according to CryptoQuant data. Apparent demand, an indicator of Bitcoin’s production versus inactive inventory, has decreased from 279,000 BTC in early December to 75,000 BTC at present. For Bitcoin prices to rally further, experts say that retail interest must pick up again.

根據加密數據，隨著機構參與者的活動增加，對比特幣的零售需求似乎正在冷靜下來。明顯的需求是比特幣生產與非活性庫存的指標，已從12月初的279,000 BTC減少到目前的75,000 BTC。對於比特幣價格要進一步集會，專家說，零售利息必須再次獲得。

Bitcoin is trading at $105,546.23 at press time.

發稿時，比特幣的交易價格為105,546.23美元。