隨著市場情緒改善，粉絲代幣人氣飆升

OG Fan Token（$OG）是與歐洲電競組織 OG 相關的加密貨幣，在過去一周經歷了大幅價格波動。

OG Fan Token ($OG), a cryptocurrency linked to European esports organisation OG, displayed remarkable price movements last week. The token's value surged rapidly from $2.6 to a peak of $14.3 within just four days, before plummeting by over 50% to $6.6 in a single day. Despite this volatility, the token still managed to secure an impressive seven-day return of 178%. During this period, trading volume on Convert surged by over 350 times, as traders utilised the platform to execute large trades while mitigating market risks.

OG Fan Token（$OG）是一種與歐洲電競組織 OG 相關的加密貨幣，上週顯示出顯著的價格走勢。該代幣的價值在短短四天內從 2.6 美元迅速飆升至 14.3 美元的峰值，然後在一天內暴跌超過 50% 至 6.6 美元。儘管存在這種波動，該代幣仍然成功實現了 178% 的令人印象深刻的 7 天回報率。在此期間，Convert 的交易量激增了 350 多倍，因為交易者利用該平台執行大額交易，同時降低了市場風險。

Similarly, Santos FC Fan Token ($SANTOS) experienced a notable surge in trading activity on Convert, with trading volume increasing twelvefold compared to the previous week. The rise in demand for Fan tokens on the Chiliz blockchain was largely influenced by the activity surrounding the OG Fan Token.

同樣，桑托斯足球俱樂部球迷代幣 ($SANTOS) 在 Convert 上的交易活動顯著激增，交易量比前一周增加了 12 倍。 Chiliz 區塊鏈上粉絲代幣需求的成長很大程度上受到 OG 粉絲代幣相關活動的影響。

decentralised lending platform Wing Finance ($WING) also saw a significant uptick in interest. The platform's partnerships have allowed it to explore various lending markets, including under-collateralized and synthetic token lending. Last week, WING's trading volume skyrocketed by 33 times on Convert, resulting in a weekly gain of 20.3%.

去中心化借貸平台 Wing Finance ($WING) 的興趣也顯著上升。該平台的合作夥伴關係使其能夠探索各種借貸市場，包括抵押不足和合成代幣借貸。上週，WING在Convert上的交易量飆升33倍，週漲幅達20.3%。

Prosper ($PROS) experienced a remarkable surge in value following an announcement from Animoca Brands, a blockchain and game software company, regarding its intention to acquire additional native tokens of the platform. This news captured the market's attention, leading to a price increase of over 55% within a week, accompanied by an 89.9% rise in trading volume on Convert.

在區塊鏈和遊戲軟體公司 Animoca Brands 宣布有意收購該平台的額外原生代幣後，Prosper ($PROS) 的價值大幅飆升。這項消息引起了市場的關注，一週內價格上漲超過 55%，Convert 交易量上漲 89.9%。

Overall Market

整體市場

The above chart showcases BTC's price movement in the 8-hour time frame.

上圖展示了 BTC 在 8 小時時間範圍內的價格走勢。

Last week, the overall risk sentiment in the financial markets showed signs of improvement, primarily driven by positive developments in both the China A-share market and the Hong Kong stock market. This uptick in sentiment was particularly evident during the closure of the China A-share market for the National Holiday, a period during which our team observed a significant influx of capital into the cryptocurrency sector. This surge in investment led to a remarkable increase in Bitcoin's price, which rose from $60,000 to over $64,000 over the weekend, reflecting heightened investor interest and optimism in the crypto space.

上週，金融市場整體風險情緒出現改善跡象，主要受到中國A股市場和香港股市積極發展的推動。這種情緒的上昇在中國 A 股市場因國慶假期休市期間尤為明顯，在此期間我們的團隊觀察到大量資金湧入加密貨幣領域。投資激增導致比特幣價格顯著上漲，週末從 6 萬美元上漲至 6.4 萬美元以上，反映出投資者對加密貨幣領域的興趣和樂觀情緒增強。

However, this bullish momentum was short-lived. On the first trading day following the reopening of the China A-share market, a significant drop in stock prices cast a shadow of bearish sentiment over the cryptocurrency market. The decline in the A-share market raised concerns among investors, leading to a cautious approach towards riskier assets like cryptocurrencies. Compounding this bearish sentiment was the release of robust labour market data from the United States, which indicated a strong economy and reduced expectations for aggressive interest rate cuts by the Federal Reserve. This development contributed to a strengthening of the US dollar, further pressuring Bitcoin and other cryptocurrencies.

然而，這種看漲勢頭是短暫的。中國A股市場重新開市後的第一個交易日，股價大幅下跌，為加密貨幣市場的悲觀情緒蒙上了陰影。 A股市場的下跌引起了投資者的擔憂，導致對加密貨幣等風險較高的資產持謹慎態度。美國公佈的強勁勞動力市場數據加劇了這種看跌情緒，該數據表明經濟強勁，並降低了聯準會大幅降息的預期。這一發展導緻美元走強，進一步給比特幣和其他加密貨幣帶來壓力。

As a result, we witnessed notable sell-offs in Bitcoin during the US trading sessions in the past three out of four days as investors reacted to the changing economic landscape. Our analysis revealed a consistent pattern: Bitcoin's price typically declined by over 2% during US trading hours, while it tended to stabilise during the Asian and European sessions. This trend suggests that market dynamics and investor behaviour during different trading hours play a crucial role in Bitcoin's price movements.

因此，隨著投資者對不斷變化的經濟狀況做出反應，我們在過去四天的三天美國交易時段中目睹了比特幣的顯著拋售。我們的分析揭示了一個一致的模式：比特幣的價格在美國交易時段通常下跌超過 2%，而在亞洲和歐洲交易時段則趨於穩定。這一趨勢表明，不同交易時段的市場動態和投資者行為對比特幣的價格走勢起著至關重要的作用。

Interestingly, despite the S&P 500 index reaching a new all-time high, Bitcoin faced considerable selling pressure. One potential explanation for this phenomenon is that investors in Bitcoin spot ETFs may be reallocating their capital towards the US stock market, seeking to capitalise on the bullish momentum in equities. This theory is further supported by the ongoing capital outflows observed in 11 Bitcoin spot ETFs, indicating a shift in investor sentiment and strategy. As investors navigate the evolving market landscape, the interplay between traditional equities and cryptocurrencies will continue to shape the dynamics of both asset classes.

有趣的是，儘管標普 500 指數創下歷史新高，但比特幣仍面臨相當大的拋售壓力。對這一現象的一個可能解釋是，比特幣現貨 ETF 的投資者可能會將資金重新配置到美國股市，尋求利用股市的看漲勢頭。 11 隻比特幣現貨 ETF 中觀察到的持續資本外流進一步支持了這個理論，顯示投資者情緒和策略發生了轉變。隨著投資者應對不斷變化的市場格局，傳統股票和加密貨幣之間的相互作用將繼續影響這兩種資產類別的動態。

On Thursday, the US Consumer Price Index (CPI) data indicated a rebound in the declining inflation rate for September, effectively diminishing the prospects of a 50 basis point interest rate cut by the Federal Reserve in November. Following this news, Bitcoin experienced a swift sell-off during the US trading session but managed to recover most of its losses before the Asian markets opened.

週四，美國消費者物價指數（CPI）數據顯示，9月通膨率下降，出現反彈，有效削弱了聯準會11月降息50個基點的前景。此消息發布後，比特幣在美國交易時段經歷了迅速拋售，但在亞洲市場開盤前成功收復了大部分損失。

Our analysis maintains the view that the $58,000 to $59,000 range will serve as a support level, from which we anticipate a rebound in Bitcoin's price. Should this support level be breached, we expect Bitcoin to revisit the $50,000 to $52,000 range. If that scenario plays out, we do not foresee the price reaching the $100,000 mark until the first quarter of 2025.

我們的分析堅持認為 58,000 美元至 59,000 美元區間將作為支撐位，我們預計比特幣價格將在此反彈。如果這一支撐位被突破，我們預計比特幣將重新回到 50,000 美元至 52,000 美元的區間。如果這種情況發生，我們預計價格要到 2025 年第一季才會達到 10 萬美元大關。

Options Market

選擇權市場

The above chart depicts the implied volatility of at-the-money BTC options.

上圖描繪了平值 BTC 選擇權的隱含波動率。