比特幣歷史性上漲至 108,000 美元背後的原因是什麼？從川普的演講到 ETF 和 MicroStrategy 的大規模購買，機構供應是否會出現重大緊縮？

比特幣（BTC）再次成為人們關注的焦點。 12 月 17 日，BTC 攀升至 108,260 美元的歷史新高，推動其在美國大選後的漲幅超過 50%。

Bitcoin (BTC) price hit a new all-time high of $108,260 on Dec. 17, continuing its impressive rally following the U.S. election. As of this writing, BTC price is trading around $106,663. Several factors are driving Bitcoin's new highs, including President-elect Donald Trump's proposal to establish a U.S. Bitcoin strategic reserve. During his speech at the New York Stock Exchange on December 12, Trump outlined his vision for America to "do something great with crypto" and build reserves similar to the existing strategic oil stockpile.

比特幣 (BTC) 價格於 12 月 17 日創下 108,260 美元的歷史新高，延續了美國大選後令人印象深刻的漲勢。截至撰寫本文時，BTC 價格約為 106,663 美元。有幾個因素推動比特幣創下新高，其中包括當選總統川普提出建立美國比特幣戰略儲備的提議。 12 月 12 日，川普在紐約證券交易所發表演講時概述了他對美國的願景，即“利用加密貨幣做一些偉大的事情”，並建立類似於現有戰略石油庫存的儲備。

Another key factor is the increasing institutional activity, particularly from MicroStrategy, which is known for its aggressive Bitcoin accumulation strategy. In the past week alone, MicroStrategy announced that it had purchased $1.5 billion worth of BTC at an average price of $100,386 per coin. This recent acquisition brings the company's total Bitcoin holdings to 439,000 BTC, valued at around $47 billion. MicroStrategy's Bitcoin strategy has paid off immensely, catapulting its market cap from $1.1 billion in 2020 to nearly $100 billion today. Furthermore, MicroStrategy's inclusion in the Nasdaq 100 index, effective next week, is also expected to boost further demand for its stock as funds and ETFs rebalance their portfolios.

另一個關鍵因素是機構活動的增加，特別是來自 MicroStrategy 的活動，該公司以其激進的比特幣累積策略而聞名。光是過去一周，MicroStrategy 就宣布以每枚代幣 100,386 美元的平均價格購買了價值 15 億美元的 BTC。最近的這項收購使該公司的比特幣總持有量達到 43.9 萬 BTC，價值約 470 億美元。 MicroStrategy 的比特幣策略取得了巨大回報，其市值從 2020 年的 11 億美元躍升至如今的近 1,000 億美元。此外，隨著基金和 ETF 重新平衡其投資組合，MicroStrategy 將於下週生效納入納斯達克 100 指數，預計也將進一步提振對其股票的需求。

Meanwhile, Ethereum (ETH) price also showed strong signs of life after a period of stagnation, climbing to a seven-day high of $4,106 on December 16—a 6% weekly gain. While ETH faced some minor retracement due to profit booking, it remains around the $3,950 mark as of this writing.

同時，以太幣 (ETH) 價格在經歷了一段時間的停滯後也顯示出強勁的復甦跡象，於 12 月 16 日攀升至 7 天高點 4,106 美元，週漲幅為 6%。儘管 ETH 由於利潤預訂而面臨一些小幅回調，但截至本文撰寫時，仍保持在 3,950 美元大關附近。

Let’s dive deeper into the key developments impacting Bitcoin and Ethereum, analyze the macroeconomic indicators shaping this bull run, and see what experts have to say about what could happen in the coming days.

讓我們更深入研究影響比特幣和以太坊的關鍵發展，分析影響本次多頭市場的宏觀經濟指標，並看看專家對未來幾天可能發生的情況有何看法。

Bitcoin price hits new highs, institutional demand fuels the rally

比特幣價格再創新高，機構需求助推漲勢

Both Bitcoin and Ethereum are displaying strong momentum, but the underlying story becomes clearer when we look at ETF inflows, liquidations, and futures open interest. Spot Bitcoin ETFs have seen consistent inflows this month. Since December began, they’ve seen daily inflows every single day, adding over $5.16 billion as of Dec. 16. These inflows have pushed the total assets under management for Bitcoin ETFs to $123 billion — a strong signal of confidence, especially from institutional investors.

比特幣和以太坊都表現出強勁的勢頭，但當我們觀察 ETF 流入、清算和期貨未平倉合約時，潛在的情況就會變得更加清晰。現貨比特幣 ETF 本月持續流入。自12 月開始以來，每天都有資金流入，截至12 月16 日增加超過51.6 億美元。 這些資金流入將比特幣ETF 管理的總資產推至1,230 億美元——這是一個強烈的信心信號，尤其是機構投資人的信心。

Ethereum ETFs, however, tell a different story. Between their launch on Jul. 23 and Dec. 3, inflows were modest, reaching just $733.6 million. Compared to Bitcoin’s performance, this figure looks miniscule. But momentum has clearly shifted. Since Dec. 4, Ethereum ETFs have seen consistent inflows, adding $1.58 billion in a matter of days, suggesting that investors are warming up to Ethereum, likely encouraged by its price performance and Bitcoin’s strong market lead.

然而，以太坊 ETF 卻講述了一個不同的故事。從 7 月 23 日推出到 12 月 3 日，資金流入量不大，僅 7.336 億美元。與比特幣的表現相比，這個數字顯得微不足道。但勢頭明顯發生了變化。自12 月4 日以來，以太坊ETF 資金持續流入，幾天之內就增加了15.8 億美元，這表明投資者正在對以太坊升溫，這可能是受到其價格表現和比特幣強勁的市場領先地位的鼓舞。

Now, let’s take a look at the liquidation data to add more context to what's happening in the market. Over the last 24 hours, as of Dec. 17, $339 million worth of positions were liquidated across the crypto market, with $205 million in longs and $134 million in shorts wiped out. For Bitcoin, total liquidations have been around $60 million, with short positions making up the majority at $30 million, compared to $29 million from longs, suggesting that many traders betting against Bitcoin’s rally were forced out of their positions as BTC climbed past $108,000. Ethereum saw even heavier liquidations, totaling $78.5 million, with shorts again taking a larger hit at $52 million, reflecting how ETH's recent price push to $4,100 surprised many bearish traders.

現在，讓我們來看看清算數據，為市場上正在發生的事情添加更多背景資訊。截至 12 月 17 日，在過去 24 小時內，整個加密貨幣市場價值 3.39 億美元的頭寸被清算，其中 2.05 億美元的多頭頭寸和 1.34 億美元的空頭頭寸被清空。就比特幣而言，清算總額約為6,000 萬美元，其中空頭頭寸佔多數，為3,000 萬美元，而多頭頭寸為2,900 萬美元，這表明，隨著BTC 攀升至108,000 美元以上，許多看空比特幣上漲的交易者被迫平倉。以太坊的清算量甚至更大，總計 7,850 萬美元，空頭再次遭受更大打擊，達到 5,200 萬美元，這反映出 ETH 最近的價格上漲至 4,100 美元讓許多看跌交易者感到驚訝。

Bitcoin futures open interest — the total value of outstanding futures contracts — has also seen monumental growth. Back in early October, open interest sat at $32 billion. Following Trump’s election victory and the resulting bullish sentiment, that figure grew rapidly, reaching $55 billion by mid-November. Since then, open interest has continued to climb, hitting a massive $70 billion as of December 17. Rising open interest paired with increasing prices is a bullish signal, as it shows new money flowing into the market and traders placing bets on further upside.

比特幣期貨未平倉合約——未平倉期貨合約的總價值——也出現了巨大的增長。早在 10 月初，未平倉合約就達 320 億美元。隨著川普當選以及由此產生的看漲情緒，這一數字迅速增長，到 11 月中旬達到 550 億美元。此後，未平倉合約持續攀升，截至12 月17 日已達到700 億美元。 未平倉合約的增加與價格上漲相結合是一個看漲信號，因為它表明有新資金流入市場，交易者押注進一步上漲。

Put simply, Bitcoin’s rally isn’t running on fumes. ETF inflows are strong, futures activity is rising, and short sellers are being squeezed out of their positions. Ethereum, while slower to catch up, is now benefiting from the same momentum, with growing ETF inflows and shorts being liquidated. Both assets appear to have solid footing for their current uptrends, with institutional money and futures markets aligning to paint a bullish picture.

簡而言之，比特幣的反彈並非無功而返。 ETF 資金流入強勁，期貨活動增加，賣空者被擠出部位。以太坊雖然追趕速度較慢，但現在正受益於同樣的勢頭，ETF 流入不斷增加，空頭被清算。這兩種資產似乎都為當前的上漲趨勢奠定了堅實的基礎，機構資金和期貨市場正在共同描繪出一幅看漲的圖景。