比特幣接近 10 萬美元：穩定性經受考驗

比特幣創下 97,777 美元的歷史新高，在市場的強勁樂觀情緒中鞏固了其作為領先數位資產的地位。

Bitcoin (BTC) has set a new all-time high of $97,777, continuing its remarkable ascent in 2021. The world’s leading digital asset has been rallying amid strong market optimism, fueled by rising demand and record open interest in the derivatives markets.

比特幣(BTC) 創下97,777 美元的歷史新高，並在2021 年繼續大幅上漲。推動下一直在上漲。

This behavior is highlighting a shift in market dynamics, as previously reported by CoinGlass and other industry sources. The total open interest in Bitcoin derivatives has reached $60 billion, marking a significant increase in leverage compared to previous years.

正如 CoinGlass 和其他行業消息人士先前報導的那樣，這種行為凸顯了市場動態的轉變。比特幣衍生性商品的未平倉合約總額已達600億美元，標誌著槓桿率較往年大幅上升。

Meanwhile, data from other industry sources shows a continued decline in Bitcoin reserves on exchanges, a phenomenon that is closely linked to the behavior of long-term holders, who are transferring large amounts of their BTC holdings from exchanges to hardware wallets or other "cold" storage solutions.

同時，其他行業來源的數據顯示，交易所的比特幣儲備持續下降，這一現象與長期持有者的行為密切相關，他們將大量持有的比特幣從交易所轉移到硬體錢包或其他「冷錢包」。

As a result of these large withdrawals, the total exchange reserve has dropped below 2.6 million BTC, the lowest level since the bull market of 2017. This behavior by long-term holders is expected to create a supply shortage as the liquid supply of Bitcoin continues to shrink, which could further amplify price increases.

由於這些大額提款，總外匯儲備已降至260 萬比特幣以下，這是自2017 年牛市以來的最低水平。造成供應短缺收縮，這可能會進一步放大價格上漲。

However, the market is also seeing some stability, as selling pressure from traders looking to realize their profits is balancing the market movements at this stage.

然而，市場也出現了一定程度的穩定，因為尋求利潤的交易商的拋售壓力正在平衡現階段的市場走勢。

Bitcoin derivatives activity central to new highs

比特幣衍生性商品活動創下新高

As Bitcoin approaches the $100,000 mark, activity in the derivatives markets has played a central role in the recent rally. Major derivatives platforms, including Binance, CME and Bybit, have seen the highest participation.

隨著比特幣逼近 10 萬美元大關，衍生性商品市場的活動在近期的反彈中發揮了核心作用。幣安、CME、Bybit 等主要衍生性商品平台的參與度最高。

According to data from Skew, the ratio of open interest to market cap has reached 3.3%, increasing from the 2.2% observed at Bitcoin’s previous all-time high of $69,000. This growth in leverage could heighten the risk of mass liquidations in the event of substantial price corrections.

根據 Skew 的數據，未平倉合約與市值的比率已達到 3.3%，高於比特幣先前歷史高點 69,000 美元時觀察到的 2.2%。如果價格大幅調整，槓桿率的成長可能會增加大規模清算的風險。

Bitcoin price movements are also being influenced by the record volumes in the options markets, which have reached $9.3 billion. This activity is centered on the December expiration, with a large concentration of open interest at the $100,000 strike price, both for calls and puts.

比特幣價格走勢也受到選擇權市場創紀錄交易量的影響，選擇權市場交易量已達 93 億美元。該活動以 12 月到期為中心，看漲期權和看跌期權的未平倉合約大量集中在 100,000 美元的執行價格。

As Bitcoin approaches $100,000, market stability under test

比特幣逼近10萬美元，市場穩定性面臨考驗

Bitcoin price movements have slowed as the world’s leading cryptocurrency approaches the psychological threshold of $100,000. After setting a new all-time high, the market is facing a crucial moment in its trajectory.

隨著世界領先的加密貨幣接近 10 萬美元的心理門檻，比特幣的價格走勢已經放緩。在創下歷史新高後，市場正面臨其軌跡的關鍵時刻。

As previously reported, some analysts anticipate that profit-taking by investors might lead to a temporary setback in the rally. In such a scenario, the price of Bitcoin could drop to the $78,000 range if demand fails to absorb the selling pressure.

正如先前報導的那樣，一些分析師預計投資者的獲利了結可能會導致漲勢暫時受挫。在這種情況下，如果需求無法吸收拋售壓力，比特幣的價格可能會跌至 78,000 美元的範圍。

Despite this possibility, the behavior of long-term holders is indicating confidence in the continued growth of Bitcoin. The declining exchange reserves are creating a favorable environment for price appreciation, as less supply is available for trading.

儘管存在這種可能性，但長期持有者的行為表明他們對比特幣的持續增長充滿信心。外匯存底的下降為價格升值創造了有利的環境，因為可供交易的供應量減少。

This phenomenon has been observed in previous Bitcoin cycles, but the current systematic decline in exchange reserves is more pronounced, highlighting a different dynamic in this bull market.

這種現像在先前的比特幣週期中已經觀察到，但當前外匯存底的系統性下降更為明顯，凸顯了本次牛市的不同動態。

On the technical charts, Bitcoin is showing consolidation in the range of $90,366 to $92,500, as analyzed by的技术分析师. Indicators such as the MACD and the Money Flow Index are signaling a pause in the bullish momentum on smaller time frames.

根據技術分析師的分析，在技術圖表上，比特幣顯示出在 90,366 美元至 92,500 美元之間的盤整。 MACD 和資金流量指數等指標顯示較小時間範圍內看漲勢頭的暫停。

Still, the market sentiment remains positive overall, and any correction in the price of Bitcoin could be viewed as a buying opportunity by traders who are confident in its ability to reach new heights if demand continues to balance the selling pressure.

儘管如此，市場情緒總體上仍然樂觀，比特幣價格的任何調整都可能被交易者視為買入機會，他們相信，如果需求繼續平衡拋售壓力，比特幣有能力達到新的高度。