比特幣的過山車之旅凸顯了川普加密貨幣立場的市場不確定性

儘管希望他的政府支持加密貨幣的立場能夠加速採用並放鬆監管，但市場的突然波動凸顯了投資者對新政府可能以多快的速度頒布以加密貨幣為重點的行政命令的不確定性。

Investors’ hopes that the Trump administration would swiftly adopt a pro-crypto stance and ease regulation were dashed on Inauguration Day as markets showed little response to the president’s speech. Despite Trump’s campaign pledge to make America the “crypto capital of the planet,” no specific policies for digital assets were mentioned in his inaugural address.

投資者對川普政府迅速採取支持加密貨幣立場並放鬆監管的希望在就職日當天破滅了，因為市場對總統的演講沒有什麼反應。儘管川普在競選時承諾讓美國成為“地球的加密之都”，但他的就職演說中沒有提到針對數位資產的具體政策。

However, his appointed AI and crypto czar David Sacks declared that “the reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun.” Markets responded with Bitcoin’s momentum initially soaring, then pulling back as traders locked in profits and took a cautious wait-and-see approach.

然而，他任命的人工智慧和加密貨幣沙皇大衛·薩克斯宣稱，“針對加密貨幣的恐怖統治已經結束，美國加密貨幣創新的開始才剛剛開始。”市場的反應是比特幣的勢頭最初飆升，然後隨著交易員鎖定利潤並採取謹慎觀望態度而回落。

Bitcoin’s rapid climb and subsequent dip highlight several catalysts influencing investor behavior. In the early hours of Inauguration Day, major exchanges reported a flurry of buying activity as many traders anticipated an forthcoming executive order establishing a strategic Bitcoin reserve. While no such measure has yet been announced, speculators drove the price up past $109,000. Once Trump finished his speech without revealing immediate policy details, sentiment cooled.

比特幣的快速攀升和隨後的下跌凸顯了影響投資者行為的幾個催化劑。就職日凌晨，主要交易所報告了一系列購買活動，因為許多交易員預計即將出台的行政命令將建立比特幣戰略儲備。雖然尚未宣布此類措施，但投機者將價格推高至 109,000 美元以上。川普結束演講但沒有透露立即的政策細節後，市場情緒就降溫了。

On-chain data suggests that higher Open Interest and reduced spot supply on major platforms like Binance contributed to the rally. This was supported by One research note from Quant, which indicated that when exchange netflow metrics turn negative, it often signals renewed buying interest. In this case, the price gained upward momentum until uncertainty over regulatory actions prompted profit-taking. Some analysts caution that should Trump’s executive orders prove less significant or slower to materialize, the resulting disappointment could further weigh on Bitcoin’s price. Others like Bitwise are more positive, predicting $200,000 for the Bitcoin price in 2025.

鏈上數據表明，未平倉合約的增加和幣安等主要平台現貨供應的減少促成了此次漲勢。 Quant 的一份研究報告支持了這一點，該報告指出，當交易所淨流量指標變為負值時，通常表示購買興趣會重新出現。在這種情況下，價格獲得了上漲動力，直到監管行動的不確定性促使獲利了結。一些分析師警告稱，如果事實證明川普的行政命令重要性不那麼重要或實現速度較慢，由此產生的失望可能會進一步打壓比特幣的價格。 Bitwise 等其他機構則更樂觀，預測 2025 年比特幣價格將達到 20 萬美元。

“Investors might be disappointed over the short term,” observed the chief technology officer for Radix, Dan Hughes. “If those executive orders do not come as soon as hoped or carry enough significance, the market will react poorly.”

Radix 技術長 Dan Hughes 表示：“短期內投資者可能會感到失望。” “如果這些行政命令沒有像希望的那樣盡快出台或沒有足夠的意義，市場將會做出不良反應。”

For now, Bitcoin’s performance hinges on the specifics of any upcoming regulatory framework from the Trump White House. Should the administration fulfill its pledge to foster innovation in the crypto sector, renewed optimism could drive the world’s largest cryptocurrency to fresh highs — and solidify America’s position as a global hub for digital assets.

目前，比特幣的表現取決於川普白宮即將出台的監管框架的具體細節。如果政府兌現其促進加密貨幣領域創新的承諾，新的樂觀情緒可能會推動世界上最大的加密貨幣達到新的高點，並鞏固美國作為全球數位資產中心的地位。