比特币突破 10 万美元大关：风险与挑战

比特币突破 10 万美元大关，是旗舰加密货币粉丝们充满热情的充满活力的梦想，既带来了希望，也带来了疑问。

The $100,000 mark for Bitcoin (CRYPTO: BTC), this vibrant dream of enthusiasm among fans of the flagship crypto, raises as many hopes as it does questions. While this milestone seems to crown a decade of growing adoption, it also brings challenges within the financial derivatives ecosystem. Institutions and regulations will play a key role in this advance, but their implications, between opportunities and tensions, deserve to be explored. Let’s decrypt together the stakes that lie behind this highly anticipated milestone.

比特币（加密货币：BTC）突破 10 万美元大关，是旗舰加密货币粉丝热情的充满活力的梦想，引发了许多希望，也带来了疑问。虽然这一里程碑似乎为十年来不断增长的采用奠定了基础，但它也给金融衍生品生态系统带来了挑战。制度和法规将在这一进步中发挥关键作用，但它们在机遇和紧张之间的影响值得探讨。让我们一起解密这个备受期待的里程碑背后的利害关系。

The derivatives markets facing the challenge of Bitcoin at $100,000

衍生品市场面临比特币10万美元的挑战

Reaching $100,000 for the BTC price could disrupt the derivatives markets, where current open interest already stands at $58 billion (626,520 BTC). Such a progression could push this indicator to $62.5 billion, or 3.1% of the potential $2 trillion market cap for Bitcoin.

BTC 价格达到 100,000 美元可能会扰乱衍生品市场，目前该市场的未平仓合约已达 580 亿美元（626,520 BTC）。这一进展可能会将这一指标推至 625 亿美元，即比特币潜在 2 万亿美元市值的 3.1%。

This rate surpasses the 1.9% observed in the S&P 500 futures markets.

这一比率超过了标准普尔 500 指数期货市场的 1.9%。

However, the cryptocurrency ecosystem remains largely isolated from traditional financial channels: 65% of trades occur on platforms that are exclusively crypto like Binance, OKX, or Deribit. A major evolution could occur with the arrival of spot Bitcoin ETFs, allowing sophisticated strategies like covered calls or liquidity risk hedging.

然而，加密货币生态系统在很大程度上仍然与传统金融渠道隔离：65% 的交易发生在币安、OKX 或 Deribit 等纯加密平台上。随着现货比特币 ETF 的出现，可能会发生重大演变，允许采用备兑看涨期权或流动性风险对冲等复杂策略。

Still, precedents show that regulation does not always guarantee adoption. For example, Bitcoin futures on the CBOE were abandoned after only two years due to lack of demand.

不过，先例表明，监管并不总能保证采用。例如，芝加哥期权交易所的比特币期货仅仅两年后就因需求不足而被放弃。

To truly anchor Bitcoin at this symbolic level, robust institutional adoption and financial tools that resonate with both bankers and traders will be necessary.

为了真正将比特币锚定在这一象征性水平上，需要强有力的机构采用和与银行家和交易员产生共鸣的金融工具。

Crypto Adoption: When Institutions and Governments Get Involved

加密货币的采用：当机构和政府参与时

Behind the $100,000 symbol lies a broader transformation: the alignment of institutions and even governments on Bitcoin’s potential. Initiatives such as the bill from Senator Cynthia Lummis, aiming to create a strategic reserve of Bitcoin with 5% of the total supply (1 million BTC), show that institutional integration is no longer limited to banks alone.

100,000 美元符号的背后隐藏着更广泛的转变：机构甚至政府就比特币的潜力达成一致。参议员辛西娅·卢米斯 (Cynthia Lummis) 提出的旨在建立占总供应量 5%（100 万比特币）的比特币战略储备等举措表明，机构整合不再仅限于银行。

Adding to this are encouraging signals: Microsoft may soon invest in Bitcoin according to its shareholders, a step that could influence other market giants.

除此之外还有令人鼓舞的信号：据其股东称，微软可能很快就会投资比特币，这一举措可能会影响其他市场巨头。

Meanwhile, investors continue to protect themselves against fiat currency devaluation. Research by Lyn Alden supports this dynamic: the link between the increase in the global money supply (M2) and the price of Bitcoin shows that BTC is becoming a refuge against monetary uncertainties.

与此同时，投资者继续保护自己免受法定货币贬值的影响。 Lyn Alden 的研究支持了这一动态：全球货币供应量 (M2) 的增长与比特币价格之间的联系表明，比特币正在成为应对货币不确定性的避难所。

Thus, when discussing adoption, the CEO of X10 already points to paths: conquering the general public through seduction strategies from exchanges (DEX, CEX, and hybrid). Once the recipe is implemented, an additional 100 million investors could join the crypto universe, giving new momentum to its global growth.

因此，在讨论采用时，X10 的首席执行官已经指出了路径：通过交易所（DEX、CEX 和混合）的诱惑策略来征服公众。一旦该方案得到实施，将有额外的 1 亿投资者加入加密货币领域，为其全球增长带来新的动力。

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

通过我们的“阅读赚钱”计划最大化您的 Cointribune 体验！对于您阅读的每一篇文章，均可赚取积分并获得独家奖励。立即注册并开始赚取福利。

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

区块链和加密革命正在进行中！当世界上最脆弱的经济体感受到影响的那一天，尽管万般希望，我会说我与它有关