加密貨幣政策將使比特幣成為儲備貨幣output_title：比特幣市場和挖礦數據

觀點：1月13日至1月19日，比特幣價格走勢呈現一定波動。這段時期的主要變化如下：

s economic policies may support Bitcoin prices above $100,000 for an extended period of time

經濟政策可能會在較長一段時間內支持比特幣價格超過 10 萬美元

On January 16, according to CryptoQuant, Trump's economic policies may support Bitcoin prices above $100,000 for an extended period of time.

1 月 16 日，根據 CryptoQuant 報道，川普的經濟政策可能會在較長時間內支撐比特幣價格在 10 萬美元以上。

The analysis firm pointed out that Bitcoin prices soared above $100,000 on December 15, 2024, and maintained this level for 12 days before falling below $90,000 on January 4, 2025. However, Bitcoin prices quickly rebounded and returned to the six-figure mark on January 14, 2025.

該分析公司指出，比特幣價格於2024年12月15日飆升至10萬美元以上，並維持這一水平12天，然後於2025年1月4日跌破9萬美元。反彈，並於1月重回六位數大關2025 年 14 日。

CryptoQuant stated that the key factor behind this sustained bullish momentum is Trump's economic policies. These policies include cutting taxes, reducing regulations and increasing government spending, which are generally favorable to risky assets such as Bitcoin. In addition, Trump's policies also focus on energy independence and reducing reliance on foreign energy, which may further support Bitcoin mining.

CryptoQuant表示，這種持續看漲勢頭背後的關鍵因素是川普的經濟政策。這些政策包括減稅、減少監管和增加政府支出，這些政策通常有利於比特幣等風險資產。此外，川普的政策也注重能源獨立，減少對外國能源的依賴，這可能會進一步支持比特幣挖礦。

CryptoSlate: Bitcoin's realized price is approaching all-time highs and may provide support for further price increases

CryptoSlate：比特幣已實現價格接近歷史高位，可能為價格進一步上漲提供支撐

On January 17, according to CryptoSlate, Bitcoin's realized price has risen sharply in recent months, approaching all-time highs and providing support for further price increases.

1月17日，根據CryptoSlate報道，近幾個月比特幣的變現價格大幅上漲，逼近歷史高位，為價格進一步上漲提供支撐。

The realized price is calculated by dividing the market capitalization by the total number of circulating coins. It represents the average price at which all coins were last moved on-chain. As a key metric, realized price is often used to assess whether a coin is overvalued or undervalued.

實現價格是透過市值除以流通幣總數來計算的。它代表所有代幣最後一次在鏈上移動的平均價格。作為一個關鍵指標，已實現價格通常用於評估代幣是否被高估或低估。

Currently, Bitcoin's realized price is around $23,000, approaching its all-time high of $24,000 set in December 2024. This indicates that most Bitcoin holders are in profit, which may provide support for further price increases.

目前，比特幣的變現價格約為23,000美元，接近2024年12月創下的24,000美元的歷史新高。

output: Author: Monchi | Editor: Monchi

輸出：作者：Monchi |編輯：蒙奇

2. Ethereum market and mining data

2. 以太坊市場與挖礦數據

From January 13 to January 19, the price of Ethereum showed a certain volatility. The main changes during this period are as follows:

1月13日至1月19日，以太坊價格呈現一定波動。期間主要變化如下：

On January 13, Ethereum opened at $4,160.8, rose to a high of $4,229.1, and reached a low of $4,098.6. The trading volume soared during US trading hours. After a sharp drop, it quickly rebounded and pulled back after falling below $4,000 for a short time. The panic greed index rose. On January 14, after opening at $4,233.2, it rebounded across the board and rose strongly to $4,338.6. On January 15, it remained around $4,330 and continued to fluctuate, showing an upward trend. In the evening of the 15th, it quickly rose to $4,400 and continued to successfully break through the psychological barrier of $4,500. The intraday high reached $4,596.9 and closed at $4,588.7. The sharp increase in trading volume showed that the market was strong in buying. On January 16, after a continuous small fluctuation and rise, the price slightly corrected due to profit-taking, reaching a low of $4,438.3 and closing at $4,596.7, but the market sentiment remained optimistic. From January 17 to 19, the price of Ethereum continued to rise, showing a steady upward trend. On January 17, after opening at $4,603.3, Ethereum stood firm at the psychological barrier of $4,600 and fluctuated slightly, continuing to rise, showing that the bullish force was still accumulating. On January 18, it briefly corrected to around $4,482.8 due to profit-taking, but the market quickly pulled back to $4,568.1, reflecting strong buying intentions. On January 19, the price of Ethereum continued to fluctuate and rise. As of the time of writing, Ethereum remained around $4,630, and the market sentiment remained optimistic, consolidating the bullish pattern.

1 月 13 日，以太坊開盤價 4,160.8 美元，最高升至 4,229.1 美元，最低探至 4,098.6 美元。美國交易時段交易量飆升。大幅下跌後，短暫跌破4000美元後迅速反彈回調。恐慌貪婪指數上升。 1月14日開盤於4,233.2美元後，全線反彈，強勢上漲至4,338.6美元。 1月15日維持在4,330美元附近，持續波動，呈上漲趨勢。 15日晚間迅速上漲至4,400美元，並持續成功突破4,500美元心理關口。盤中最高觸及4,596.9美元，收盤於4,588.7美元。成交量的大幅增加表明市場買盤強勁。 1月16日，在連續小幅波動上漲後，價格因獲利了結而小幅回調，最低觸及4,438.3美元，收盤於4,596.7美元，但市場情緒依然樂觀。 1月17日至19日，以太坊價格持續上漲，呈現穩定上漲趨勢。 1月17日，以太坊開盤於4,603.3美元後，站穩4,600美元心理關口，小幅波動，持續上漲，顯示看漲力量仍在累積。 1月18日，因獲利了結而短暫回調至4,482.8美元附近，但市場迅速回調至4,568.1美元，反映出強勁的買盤意願。 1月19日，以太幣價格持續震盪上漲。截至發稿，以太坊維持在4,630美元附近，市場情緒依然樂觀，鞏固看漲格局。

Market dynamics and macro background

市場動態及宏觀背景

1. Capital Flow

1、資金流向

According to the latest data from TheBlock, as of January 19, 2025, the total amount of ETH pledged by users in the Ethereum 2.0 deposit contract has reached 17.29 million ETH. At the current price of about $4,630, the total value of the pledged ETH is about 81.3 billion U.S. dollars.

根據TheBlock最新數據，截至2025年1月19日，用戶在以太坊2.0儲值合約中質押的ETH總量已達到1729萬枚ETH。以目前約4630美元的價格計算，質押的ETH總價值約為813億美元。

2. Technical pressure

2、技術壓力

On Friday afternoon, Ethereum was trading around $4,680, having hit a new 2025 high of

週五下午，以太坊交易價格約為 4,680 美元，創下 2025 年新高