美國通膨數據重燃風險偏好，比特幣再次突破 10 萬美元

過去四個星期，原始數位資產的交易價格大約在 9 萬美元到 10 萬美元之間。

Bitcoin rose above $100,000 again on Wednesday, tracking a gauge of US technology stocks and pausing a recent downturn in crypto markets as softer-than-expected US inflation data helped spur demand for riskier assets.

週三，比特幣再次升至 10 萬美元以上，追隨美國科技股的走勢，並暫停了近期加密貨幣市場的低迷，因為美國通膨數據低於預期，刺激了對風險資產的需求。

The original digital asset was trading as high as $100,222 at about 9:45 a.m. in New York, up as much as 3.9%. It last reached the $100,000 level on Jan. 7, or around $8,000 below a record high set on Dec. 17.

紐約上午 9:45 左右，原始數位資產交易價格高達 100,222 美元，漲幅高達 3.9%。最後一次觸及 10 萬美元水準是在 1 月 7 日，比 12 月 17 日創下的歷史高點低約 8,000 美元。

Bitcoin has been trading roughly within a range of $90,000 to $100,000 over the past four weeks. The token began 2025 with a brisk rally, climbing above $40,000 in the first week of January. But crypto markets have been volatile since then, largely tracking movements in US equities.

過去 4 週，比特幣的交易價格大致在 90,000 美元至 100,000 美元之間。該代幣在 2025 年開始了強勁反彈，在 1 月第一周攀升至 40,000 美元以上。但自那時以來，加密貨幣市場一直波動較大，主要跟隨美國股市的走勢。

The correlation between Bitcoin and US technology stocks hit a two-year high on Wednesday, as the equity market's reaction to US inflation data helped set a stronger tone for digital tokens.

週三，比特幣與美國科技股之間的相關性觸及兩年高點，股市對美國通膨數據的反應為數位代幣奠定了更強勁的基調。

A 30-day correlation coefficient for the largest cryptocurrency and the Nasdaq 100 Index stood at about 0.70, according to data compiled by Bloomberg. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie.

根據彭博社彙編的數據，最大的加密貨幣與納斯達克 100 指數的 30 天相關係數約為 0.70。讀數為 1 表示資產正在同步移動，而負 1 則表示反向平手。

The inflation report showed a 2.9% increase year-over-year in prices, meeting expectations, and saw month-over-month core inflation at 0.2%, below analyst expectations. Markets had been fretting about the Federal Reserve’s scope for further interest-rate cuts amid a robust US economy and uncertainty over the impact of Donald Trump’s agenda.

通膨報告顯示，物價年增 2.9%，符合預期；月核心通膨率為 0.2%，低於分析師預期。在美國經濟強勁以及唐納德·川普議程影響的不確定性的情況下，市場一直對聯準會進一步降息的範圍感到擔憂。

The softer core price index helped lift stocks and crypto. The S&P 500 and Nasdaq 100 indexes were up over 1% after the inflation report.

核心物價指數走軟幫助提振了股票和加密貨幣。通膨報告發布後，標準普爾 500 指數和那斯達克 100 指數上漲超過 1%。

Trump Inauguration

川普就職典禮

President-elect Trump will be sworn in on Jan. 20 and may unleash a policy blitz. Speculators are weighing up the risk of inflationary tariff and immigration policies against his pledge to make the US the global home of crypto.

當選總統川普將於 1 月 20 日宣誓就職，可能會發動政策閃電戰。投機者正在權衡通膨關稅和移民政策的風險與他讓美國成為全球加密貨幣之家的承諾。

“The overall sensitivity to interest rates over the past month suggests increased importance of Wednesday’s CPI print,” K33 Research analysts Vetle Lunde and David Zimmerman wrote in a note. “Additionally, notable Trump momentum may still form in the days leading into the inauguration.”

K33 Research 分析師 Vetle Lunde 和 David Zimmerman 在一份報告中寫道：“過去一個月對利率的總體敏感度表明，週三公佈的消費者物價指數 (CPI) 的重要性有所增加。” “此外，川普就職前的幾天可能仍會形成顯著的勢頭。”

Hedging activity is picking up in the options market, signaling that investors are positioning for increased volatility, according to trading platform Derive.xyz.

交易平台 Derive.xyz 表示，期權市場的對沖活動正在增加，這表明投資者正在為波動性增加做好準備。

The proportion of bearish bets has climbed, pointing to “hedging against potential downside risks as we approach the inauguration,” said Derive.xyz’s Head of Research Sean Dawson.

Derive.xyz 的研究主管 Sean Dawson 表示，看跌押注的比例有所上升，表明「隨著就職典禮臨近，對沖潛在的下行風險」。

©2025 Bloomberg L.P.

©2025 彭博社