川普代幣成為第 21 大加密資產，但關鍵指標警告潛在的市場逆轉

當選總統川普的 TRUMP 代幣在加密貨幣市場引起了不小的轟動，在短短兩天內迅速成為第 21 大數字資產，市值達到 110 億美元。

U.S. President-elect Donald Trump's cryptocurrency, known as the TRUMP token, has quickly ascended the ranks of digital assets, becoming the 21st largest with a market capitalization of $11 billion in just two days following its launch.

美國當選總統川普的加密貨幣（即川普代幣）迅速躋身數位資產行列，推出後短短兩天內市值就達到 110 億美元，位列第 21 位。

The TRUMP/USDT pair has also emerged as the most-traded pair over the past 24 hours on the leading cryptocurrency exchange, Binance, accounting for 13.3% of the total exchange volume, as reported by Coingecko.

根據 Coingecko 報導，TRUMP/USDT 貨幣對也成為過去 24 小時內領先的加密貨幣交易所 Binance 上交易量最大的貨幣對，佔總交易量的 13.3%。

This rapid market activity has attracted the attention of both bulls and those seeking to enter the market ahead of Trump's inauguration. However, a key derivatives market indicator has shown a bearish divergence from the token's rising futures open interest, potentially signaling caution.

這種快速的市場活動吸引了多頭和那些尋求在川普就職前進入市場的人的注意。然而，一項關鍵的衍生性商品市場指標顯示出與該代幣不斷上升的期貨未平倉合約的看跌背離，這可能預示著謹慎。

According to data from Velo Data, open interest in TRUMP perpetual futures has increased by 6% over the past 24 hours. While prices have retraced from $70 to $58 since the Asian hours, they remain up by 3%.

根據Velo Data的數據，川普永續期貨的未平倉合約在過去24小時內增加了6%。儘管自亞洲時段以來價格已從 70 美元回落至 58 美元，但仍上漲 3%。

However, the perpetual futures cumulative volume delta, which reflects the difference between buying and selling volume, has decreased by over 1%, indicating a relative increase in selling volume. This suggests that traders are either taking outright shorts or bearish bets or closing long positions.

然而，反映買賣量差值的永續合約累計成交量Delta卻下降了1%以上，顯示賣出量相對增加。這表示交易者要么直接做空，要么做空或平倉多頭部位。

Moreover, the market for TRUMP appears to be overheating, with those holding long positions paying an annualized funding rate of over 170% to shorts to keep their positions open. If the market stops rallying, holding longs will become burdensome, potentially leading to an unwinding of the bullish bets, which could, in turn, amplify the price slide.

此外，川普的市場似乎過熱，持有多頭頭寸的人向空頭支付超過 170% 的年化資金費率以保持其持股。如果市場停止反彈，持有多頭將成為負擔，可能導致看漲押注平倉，進而加劇價格下滑。

Velo Data's chart also reveals that most major cryptocurrencies have experienced a net selling in perpetual futures over the past 24 hours, suggesting that market participants might be anticipating market-wide price declines in a classic "sell the fact" action following Trump's inauguration.

Velo Data 的圖表還顯示，過去24 小時內，大多數主要加密貨幣的永續期貨都經歷了淨拋售，這表明市場參與者可能預計川普就職後的經典「拋售事實」行動將導致整個市場價格下跌。