比特幣掙扎在 10 萬美元以下，山寨幣提供了交易機會

11 月 20 日星期五，比特幣距離 10 萬美元目標僅差不到 500 美元。

Bitcoin’s failure to breach the psychologically critical $100,000 threshold has shifted institutional investor focus from BTC to altcoins. Notably, tokens that surged during the 2021 bull run, such as Decentraland and Sandbox, witnessed a resurgence in trade volume on centralized exchanges like Upbit.

比特幣未能突破 10 萬美元的心理門檻，導致機構投資者的注意力從 BTC 轉向山寨幣。值得注意的是，在 2021 年牛市期間飆升的代幣（例如 Decentraland 和 Sandbox）見證了 Upbit 等中心化交易所交易量的復甦。

Meanwhile, Ethereum (ETH) saw a spike in open interest driven by surging demand among derivatives traders, which is supported by metrics indicating growing bullish sentiment among market participants. A short-term rally in Ethereum is likely as institutional interest broadens, leading traders to diversify their portfolios with tokens poised for gains this market cycle.

同時，在衍生性商品交易者需求激增的推動下，以太坊（ETH）的未平倉合約激增，而市場參與者看漲情緒的指標也支持了這一點。隨著機構興趣的擴大，以太坊可能會出現短期反彈，導​​致交易者透過在本市場週期中預計獲利的代幣來實現投資組合多元化。

Bitcoin struggles under $100,000, altcoins offer an opportunity for trade

比特幣在 10 萬美元以下苦苦掙扎，山寨幣提供了交易機會

Bitcoin’s first attempt to breach the $100,000 target failed by less than $500 on Friday, November 20. Since then, Bitcoin slipped nearly 5% lower to hit $95,719 on Thursday, November 28.

11 月 20 日星期五，比特幣首次嘗試突破 10 萬美元目標，但以不到 500 美元的價格失敗。

This week, institutional investors withdrew capital from Bitcoin ETFs, with Farside Investors data showing an outflow of $435.30 million on Monday and $122.80 million on Tuesday.

本週，機構投資者從比特幣 ETF 撤資，Farside Investors 的數據顯示，週一資金流出 4.353 億美元，週二資金流出 1.228 億美元。

As Bitcoin consolidates and altcoins from previous bull markets rally, institutional investors are shifting their focus to Ethereum and other alternatives that could yield higher returns in the coming weeks.

隨著比特幣的整合和山寨幣從先前牛市的反彈，機構投資者正在將注意力轉向以太坊和其他可能在未來幾週內產生更高回報的替代品。

Altcoins like Cardano (ADA), Ripple (XRP), Stellar (XLM), and metaverse tokens like Decentraland (MANA) and Sandbox (SAND) saw a spike in trade volume this week on centralized exchanges. South Korean cryptocurrency exchange Upbit recorded several consecutive days of increasing trade volume in the fiat pairs of metaverse tokens and altcoins from the 2021 bull run.

Cardano (ADA)、Ripple (XRP)、Stellar (XLM) 等山寨幣以及 Decentraland (MANA) 和 Sandbox (SAND) 等 Metaverse 代幣本週在中心化交易所的交易量激增。自 2021 年多頭市場以來，韓國加密貨幣交易所 Upbit 的 Metaverse 代幣和山寨幣法定貨幣對的交易量連續幾天增長。

Data from 10xResearch captured the spike and identified the altcoins in the chart below.

10xResearch 的數據捕獲了峰值並確定了下圖中的山寨幣。

Typically, trade activity on South Korean exchanges is a precursor to spot trading across centralized exchanges globally. Altcoins like Sei, Polkadot (DOT), and Dogecoin (DOGE) are gaining relevance among market participants.

通常，韓國交易所的交易活動是全球集中交易所現貨交易的先兆。 Sei、Polkadot (DOT) 和 Dogecoin (DOGE) 等山寨幣正在市場參與者中獲得越來越多的關注。

Ethereum derivatives traders turn bullish on ETH

以太坊衍生性商品交易商轉而看好 ETH

Among the altcoins that rallied in the past week as Bitcoin consolidated, Ethereum topped the list. Derivatives traders have become increasingly bullish on Ether, and there is a shift in institutional investor sentiment.

在過去一周隨著比特幣整合而上漲的山寨幣中，以太坊位居榜首。衍生性商品交易員越來越看好以太幣，機構投資者的情緒也改變了。

Farside Investor data showed that institutional investors’ interest in Ethereum ETFs is slowly recovering with moderate inflows into the asset. This week, Ethereum ETFs recorded $133.60 million in inflows.

Farside Investor數據顯示，機構投資者對以太坊ETF的興趣正在緩慢恢復，資金流入適度。本週，以太坊 ETF 錄得 1.336 億美元的流入。

Derivatives market data showed that open interest in Ethereum climbed past $24 billion, marking a four-month high. Even as the Ethereum spot market price is yet to catch up with the open interest, derivatives traders are expecting the ETH price to rally.

衍生性商品市場數據顯示，以太坊的未平倉合約攀升至 240 億美元以上，創下四個月新高。儘管以太坊現貨市場價格尚未趕上未平倉合約，但衍生性商品交易商預計以太坊價格將會上漲。

Ethereum recorded a spike in its implied volatility between November 14 and 27, while Bitcoin’s IV is relatively flat. Market participants are expecting a likely movement in Ethereum price as Bitcoin consolidates, supporting the bullish thesis for the altcoin.

11 月 14 日至 27 日期間，以太坊的隱含波動率出現峰值，而比特幣的隱含波動率相對持平。市場參與者預計，隨著比特幣的整合，以太坊價格可能會變動，從而支持了山寨幣的看漲論點。

Over the past eight days, Ethereum whales increased their ETH holdings by 6%, reaching $102.27 million on Thursday. A rise in accumulation by whales is usually considered bullish for a token. Large wallet holders are known to increase their holdings in anticipation of price gains in a token.

在過去的八天裡，以太坊鯨魚的 ETH 持有量增加了 6%，週四達到 1.0227 億美元。鯨魚增持的增加通常被認為對代幣有利。眾所周知，大錢包持有者會因預期代幣價格上漲而增加持有量。

Santiment data showed a spike in Ethereum prices in the weeks and months following accumulation by whales, as recorded by the supply held by whales (excluding exchanges) metric.

Santiment 數據顯示，根據鯨魚持有的供應量（不包括交易所）記錄，以太坊價格在鯨魚累積後的幾週和幾個月內飆升。

Recent events point at major win for the Ethereum ecosystem

最近的事件顯示以太坊生態系統取得了重大勝利

A U.S. court of appeals overturned sanctions against Tornado Cash, a crypto mixer on the Ethereum blockchain. In 2022, a court accused the firm of laundering over $7 billion for North Korean hackers and malicious entities.

美國上訴法院推翻了對以太坊區塊鏈上的加密貨幣混合器 Tornado Cash 的製裁。 2022 年，法院指控該公司為北韓駭客和惡意實體洗錢超過 70 億美元。

Coinbase’s Chief Legal Officer Paul Grewal stated that Tornado Cash’s smart contracts must now be removed from the sanctions list. U.S.-based individuals will now be permitted to use the privacy-protecting protocol.

Coinbase 首席法務官 Paul Grewal 表示，Tornado Cash 的智能合約現在必須從制裁名單中刪除。美國個人現在將被允許使用隱私保護協議。

Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6

隱私獲勝。今天，第五巡迴法院認為 @USTreasury 對 Tornado Cash 智能合約的製裁是非法的。對於加密貨幣和所有關心捍衛自由的人來說，這是一場歷史性的勝利。 @coinbase 很自豪能夠幫助領導這項重要挑戰。 1/6

With Donald Trump’s victory in the recent Presidential elections, U.S.-based traders are hopeful of a shift in the regulatory stance on crypto and policymaking in 2025. The upcoming developments could act as a catalyst for Ethereum’s price.

隨著唐納德·川普在最近的總統選舉中獲勝，美國交易員希望 2025 年加密貨幣和政策制定的監管立場發生轉變。

Long-term Bitcoin holders are selling their BTC

長期比特幣持有者正在出售他們的比特幣

Long-term holders of Bitcoin decreased their BTC holdings by nearly 3% in November, down from 14.09 million to 13.69 million BTC. As the Bitcoin supply held by this category of holders dwindles, it raises concerns regarding selling pressure on the asset.

11 月份，比特幣長期持有者的 BTC 持有量減少了近 3%，從 1,409 萬枚降至 1,369 萬枚。隨著此類持有者持有的比特幣供應量減少，引發了對該資產拋售壓力的擔憂。

However, BTC’s price is yet to see a negative impact from the profit-

然而，比特幣的價格尚未受到利潤的負面影響——