隨著川普就職典禮的臨近，比特幣觸及 109,588 美元的歷史新高

比特幣價格週一創下歷史新高 109,588 美元，市值突破 2.16 兆美元

Bitcoin price today: $108,300

今日比特幣價格：108,300 美元

Bitcoin (BTC) price reaches a new all-time high of $109,588 on Monday after rallying 7.1% the previous week. The recent rally is fueled by Donald Trump’s upcoming inauguration. The US Bitcoin spot Exchange Traded Funds (ETFs) also supported the BTC’s rally, recording a net inflow of $1.86 billion the previous week. While technical analysis suggests a continuation of the ongoing rally and a target at the $1250K mark. 

比特幣 (BTC) 價格繼上週上漲 7.1% 後，週一創下 109,588 美元的歷史新高。唐納德·川普即將就職，推動了最近的漲勢。美國比特幣現貨交易所交易基金（ETF）也支撐了比特幣的上漲，上週淨流入18.6億美元。技術分析表明，當前的漲勢將持續，目標為 125 萬美元大關。

Bitcoin hits a new all-time high of $109,588 as Trump’s inauguration comes closer

隨著川普就職典禮的臨近，比特幣觸及 109,588 美元的歷史新高

Bitcoin price reaches a new all-time high of $109,588 on Monday and surpasses $2.16 trillion market capitalization, according to CoinGeko. The recent rally in Bitcoin’s price is fueled by Donald Trump’s inauguration on Monday. Moreover, President Trump’s celebratory victory rally speech on Sunday mentioned Bitcoin. 

據 CoinGeko 稱，週一比特幣價格達到 109,588 美元的歷史新高，市值超過 2.16 兆美元。唐納德·川普週一就職典禮推動了近期比特幣價格的上漲。此外，川普總統週日的慶祝勝利集會演講中提到了比特幣。

Trump's speech said, “Since the election, the stock market has surged and small business optimism has soared a record 41 points to a 39-year high. Bitcoin has shattered one record high after another.”

川普的演講稱，「大選以來，股市飆升，小企業樂觀情緒飆升41點，創39年新高。比特幣已經打破了一個又一個歷史新高。

As Donald Trump takes the Oval Office, he may take up crypto-specific legislation and change tax and spending policies that affect broader financial markets and risky assets like Bitcoin. 

隨著唐納德·川普入主橢圓形辦公室，他可能會採取針對加密貨幣的立法，並改變影響更廣泛的金融市場和比特幣等風險資產的稅收和支出政策。

Moreover, the US macroeconomic data released last week has supported this recent rally in Bitcoin price.

此外，上周公布的美國宏觀經濟數據支撐了比特幣價格近期的上漲。

Bitcoin’s institutional demand comeback

比特幣的機構需求捲土重來

Bitcoin’s institutional demand also shows signs of return. According to Coinglass, Bitcoin spot ETF data recorded a total net inflow of $1.86 billion last week, almost sixfold compared to the previous week’s inflow of $312.8 million. For Bitcoin’s price to continue its upward momentum, the magnitude of the ETF inflow must intensify.

比特幣的機構需求也出現了回歸跡象。根據 Coinglass 的數據，比特幣現貨 ETF 數據上週錄得總淨流入 18.6 億美元，幾乎是前一周流入 3.128 億美元的六倍。為了讓比特幣價格持續維持上漲勢頭，ETF 的流入規模必須加大。

Total Bitcoin spot ETF net inflow chart. Source: Coinglass

比特幣現貨ETF淨流入總額圖。來源：Coinglass

Bitcoin could target $145K-$249K in 2025 – CryptoQuant Report

2025 年比特幣的目標可能是 14.5 萬-24.9 萬美元 – CryptoQuant 報告

CryptoQuant’s weekly report highlights that Bitcoin could target a price of $145K-$249k in 2025. The report explains that institutional capital flows could drive this in a favorable regulatory environment, accommodative monetary policy in the US and historical cyclical patterns.

CryptoQuant 的每週報告強調，比特幣到2025 年的目標價可能為14.5 萬至24.9 萬美元。下推動這目標。

According to the report, about $520 billion of fresh capital could flow into Bitcoin in 2025. The chart below shows Bitcoin’s realized capitalization (purple area) since 2015. It shows how each bull cycle increases as fresh capital enters Bitcoin. 

根據該報告，到2025 年，大約5,200 億美元的新資本可能流入比特幣。 ，每個牛市週期如何增加。

It is important to note the growth in the flow of new capital (blue text in the chart). From 2018 to 2021, fresh capital flowing into Bitcoin grew by 4.5 times (or $298 billion). However, during this current cycle (end of 2022 to 2025), the growth in the flow of capital has been only $56 billion or 1.1 times, which suggests that it could witness an important amount of flows into Bitcoin during 2025. This expectation also makes sense because there are new sources of demand for Bitcoin in this cycle, such as ETFs and more companies buying Bitcoin like MicroStrategy, Riot Platforms,(...). 

值得注意的是新資本流動的成長（圖表中的藍色文字）。從 2018 年到 2021 年，流入比特幣的新資本增加了 4.5 倍（即 2,980 億美元）。然而，在當前週期（2022 年底至 2025 年）內，資本流量的成長僅為 560 億美元，即 1.1 倍，這表明 2025 年可能會出現大量資金流入比特幣。的，因為在這個週期中出現了新的比特幣需求來源，例如ETF 和更多購買比特幣的公司，例如MicroStrategy、Riot Platforms，(...)。

If the change in the flow of capital into Bitcoin were to behave in this cycle (including 2025) as it did in the previous one (2019-2021), the realized cap would grow by $520 billion in 2025, says the report.

報告稱，如果流入比特幣的資本流量變化在這一週期（包括 2025 年）中表現得像上一週期（2019-2021 年）一樣，那麼到 2025 年，實現的上限將增加 5,200 億美元。

Bitcoin Realized and Market Capitalization chart. Source: CryptoQuant

比特幣已實現和市值圖。來源：CryptoQuant

Additionally, the Bitcoin multiplier (violet dots in the chart below) usually stays between a lower limit of 2 and an upper limit of 6, specifically during bull markets like the current one. This indicates that for every $1 of capital that flows into Bitcoin, the total market value can increase by $2-$6.

此外，比特幣乘數（下圖中的紫點）通常保持在下限 2 和上限 6 之間，特別是在像目前這樣的牛市期間。這表明，每流入比特幣1美元的資本，總市值就可以增加2-6美元。

Bitcoin Realized Capitalization and Multiplier chart. Source: CryptoQuant

比特幣已實現資本化和乘數圖表。來源：CryptoQuant

Assuming that new capital flows in 2025 will total $520 billion, as mentioned in the report, and using the multiplier, it projects a target market capitalization and price for Bitcoin in 2025 as shown in the table below.

假設報告中提到的 2025 年新增資本流動總額為 5,200 億美元，並使用乘數，預計 2025 年比特幣的目標市值和價格如下表所示。

Bitcoin projection for 2025 chart. Source: CryptoQuant

2025 年比特幣預測圖。來源：CryptoQuant

Bitcoin Price Forecast: BTC bulls reach new high of $109,588

比特幣價格預測：BTC多頭觸及109,588美元新高

Bitcoin price bounced after retesting its $90,000 support level at the start of the previous week and rallied 10.6% until Saturday. However, it faced rejection around the $106K level, declining 3.08% on Sunday and retesting its key support

比特幣價格在上周初重新測試 90,000 美元的支撐位後出現反彈，直到週六為止上漲了 10.6%。然而，它在 106,000 美元附近遭遇拒絕，週日下跌 3.08%，並重新測試其關鍵支撐位