隨著穩定幣流入激增，比特幣 (BTC) 一周內上漲 17%，預計將突破 10 萬美元

比特幣在過去 7 天內上漲了 17%，與此同時，穩定幣大量湧入加密貨幣交易所。

Bitcoin (CRYPTO: BTC) price pulled back slightly on Monday, a move that comes after a 17% uptick last week.

比特幣 (CRYPTO: BTC) 價格在上週上漲 17% 後於週一小幅回落。

The world’s largest cryptocurrency was trading down 0.5% at $89,077.24 over the last 24 hours, according to data from CoinMarketCap.

根據 CoinMarketCap 的數據，過去 24 小時內，全球最大的加密貨幣交易價格下跌 0.5%，至 89,077.24 美元。

Bitcoin price reached a high of $93,434.4 on Nov. 13.

11 月 13 日，比特幣價格達到 93,434.4 美元的高點。

Despite the pullback, optimism around a possible crypto-friendly Donald Trump administration, rising stablecoin inflows into exchanges, steady inflows into the spot Bitcoin exchange-traded funds (ETFs) and several onchain indicators suggest that the bull market is not over.

儘管出現回調，但圍繞著可能對加密貨幣友好的唐納德·特朗普政府的樂觀情緒、流入交易所的穩定幣不斷增加、流入現貨比特幣交易所交易基金（ETF）的穩定資金以及一些鏈上指標表示牛市尚未結束。

Here are four signs that Bitcoin’s bull run could continue:

以下四個跡象顯示比特幣的牛市可能會持續：

High stablecoin inflows to fuel Bitcoin rallyBitcoin’s uptick last week was accompanied by an influx of stablecoins into cryptocurrency exchanges, according to data from market intelligence firm CryptoQuant.

穩定幣大量流入推動比特幣上漲 根據市場情報公司 CryptoQuant 的數據，上週比特幣的上漲伴隨著穩定幣湧入加密貨幣交易所。

“Stablecoins entering spot exchanges act as fuel in the market,” said pseudonymous CryptoQuant analyst theKriptolik in an insight note on Nov. 15.

「進入現貨交易所的穩定幣充當了市場的燃料，」化名 CryptoQuant 分析師 theKriptolik 在 11 月 15 日的洞察報告中表示。

To confirm whether Bitcoin’s bull run will continue, the analyst examined the number of stablecoins entering spot exchanges and found that “there is a continuation of a higher-than-normal influx of stablecoins.”

為了確認比特幣的多頭市場是否會持續，分析師檢查了進入現貨交易所的穩定幣數量，發現「穩定幣的流入量持續高於正常水平」。

Historically, price rallies have been preceded by large-scale inflows of stablecoins to exchanges. For example, the 2021 bull run was preceded by an influx of stablecoins that occurred between September 2020 and February 2021.

從歷史上看，價格上漲之前都會有穩定幣大規模流入交易所。例如，在 2021 年多頭市場之前，2020 年 9 月至 2021 年 2 月之間發生了穩定幣的湧入。

Most recently, high stablecoin inflows into spot exchanges occurred between January and early March this year, resulting in a rally that saw Bitcoin’s price break previous all-time highs before the Bitcoin halving.

最近，今年 1 月至 3 月初期間，大量穩定幣流入現貨交易所，導致比特幣價格在比特幣減半之前突破歷史新高。

If stablecoins continue flooding exchanges, it would indicate investors’ intention to buy, adding to BTC’s demand-side pressure.

如果穩定幣持續湧入交易所，將顯示投資者有購買意願，從而增加比特幣的需求面壓力。

Demand for Bitcoin remains highThe crypto community believes that Trump’s second term as president of the United States could usher in a new era for the crypto market.

對比特幣的需求仍然很高加密社群認為，川普身為美國總統的第二個任期可能會迎來加密市場的新時代。

In a note to investors, QCP Capital expressed confidence that the underlying strength in Bitcoin represents a “systematic shift in the market in anticipation of Trump’s return to office.”

QCP Capital 在給投資者的報告中表示，相信比特幣的潛在強勢代表著「市場因川普重返辦公室而發生的系統性轉變」。

The crypto community is now looking forward to Trump’s fulfillment of his campaign promises and their possible implications, QCP Capital added.

QCP Capital 補充說，加密貨幣社群現在期待川普兌現其競選承諾及其可能的影響。

Meanwhile, the Coinbase Premium Index, a metric that tracks the Bitcoin price difference between Coinbase (NASDAQ:COIN) and Binance, has hit its highest level since April, indicating strong US demand.

同時，追蹤 Coinbase（納斯達克股票代碼：COIN）和幣安之間比特幣價格差異的指標 Coinbase 溢價指數已達到 4 月以來的最高水平，顯示美國需求強勁。

The chart below reveals that as Bitcoin stormed past $90,000 to set a new all-time high at $93,434, United States demand surged, pushing the Coinbase Premium Index to 0.13, levels last seen on April 14.

下圖顯示，隨著比特幣衝破 9 萬美元，創下歷史新高 93,434 美元，美國需求激增，推動 Coinbase 溢價指數升至 0.13，上次達到 4 月 14 日的水平。

Bitcoin Coinbase Premium Index. Source: CryptoQuant

比特幣 Coinbase 溢價指數。來源：CryptoQuant

Increasing demand is evidenced by massive inflows into US-based spot Bitcoin ETFs, with more than $4.7 billion being poured into these investment products after the US presidential election between Nov. 6 and Nov. 13, as per data from SoSoValue.

根據 SoSoValue 的數據，在 11 月 6 日至 13 日美國總統大選後，大量資金流入美國現貨比特幣 ETF，證明需求不斷增長，超過 47 億美元流入這些投資產品。

BlackRock’s (NYSE:BLK) spot Bitcoin ETF (IBIT) accounted for 65.7% of these inflows, seeing more than $3.09 billion in net inflows over the same time period.

貝萊德 (NYSE:BLK) 的現貨比特幣 ETF (IBIT) 佔這些資金流入的 65.7%，同期淨流入超過 30.9 億美元。

Total spot Bitcoin ETF flows. Source: SoSoValue

比特幣 ETF 現貨總流量。資料來源：SoSoValue

Despite more than $400.7 million being withdrawn from spot Bitcoin ETFs on Nov. 14, BlackRock’s IBIT still experienced more than $126.5 million in inflows, suggesting demand for this ETF remains high.

儘管 11 月 14 日有超過 4.007 億美元從現貨比特幣 ETF 撤資，但貝萊德 IBIT 的資金流入仍超過 1.265 億美元，這表明對該 ETF 的需求仍然很高。

Now, traders expect that as Bitcoin price grows, spot BTC ETFs will see more significant inflows in the days to come as the market prepares for a new crypto era under Trump’s administration.

現在，交易員預計，隨著比特幣價格上漲，隨著市場為川普政府領導下的新加密時代做準備，現貨 BTC ETF 將在未來幾天看到更多大量資金流入。

Bitcoin is not “overvalued” at current levelsDespite Bitcoin’s sharp rally over the last seven days, key evaluation metrics indicate that BTC still remains reasonably priced, raising optimism among investors of a continued upward move.

比特幣目前的水平並未「被高估」儘管比特幣在過去 7 天大幅上漲，但關鍵評估指標表明比特幣的定價仍然合理，這增強了投資者對比特幣持續上漲的樂觀情緒。

The market value realized value (MVRV) ratio is a metric used to indicate whether the price is overvalued or not.

市場價值實現價值（MVRV）比率是用來指示價格是否被高估的指標。

Data from CryptoQuant shows that Bitcoin’s MVRV ratio is currently at 2.5, which indicates BTC is not overvalued. This is below the critical overvaluation threshold of 3.5, which signals that the asset might be nearing a peak.

CryptoQuant的數據顯示，比特幣的MVRV比率目前為2.5，這顯示比特幣並未被高估。這低於 3.5 的關鍵高估閾值，這表明該資產可能已接近高峰。

However, Bitcoin has room for growth at its present level before it reaches overbought territory, suggesting that the current rally could be continued.

然而，在達到超買區域之前，比特幣在目前的水平上還有成長空間，這表明當前的漲勢可能會持續下去。

Bitcoin MVRV ratio. Source: CryptoQuant

比特幣 MVRV 比率。來源：CryptoQuant

In addition to the MVRV ratio, the onchain realized price bands add another layer of optimism to Bitcoin’s price trajectory.

除了 MVRV 比率之外，鏈上實現的價格區間也為比特幣的價格軌跡增添了另一層樂觀。

CryptoQuant’s Trader On-chain Realized Price Bands, which track historical price trends

CryptoQuant 的交易者鏈上已實現價格帶，追蹤歷史價格趨勢