比特币 (BTC) 市场显示出看涨潜力，未平仓合约触及两个月低点

加密货币市场显示出令人鼓舞的迹象，比特币的未平仓合约触及两个月来的最低水平，表明抛售压力有所减轻。

The crypto market is showing encouraging signs. Open interest in bitcoin has hit its lowest level in two months, indicating a decrease in selling pressure. This development comes as BTC has been fluctuating around $95,000 since late December 2024.

加密货币市场正在显示出令人鼓舞的迹象。比特币的未平仓头寸已降至两个月来的最低水平，表明抛售压力有所减轻。这一进展正值 BTC 自 2024 年 12 月下旬以来一直在 95,000 美元左右波动之际。

Bearish traders are retreating in the face of BTC’s resilience

面对比特币的弹性，看空交易者正在撤退

On December 28, the bitcoin market experienced massive liquidations, with long positions being liquidated to the tune of $470 million.

12 月 28 日，比特币市场出现大规模清算，多头头寸清算金额高达 4.7 亿美元。

Open interest on futures contracts has dropped by 11% since peaking on December 20, falling from 668,100 BTC to 595,700 BTC. This decrease in bearish trader activity suggests limited confidence in their ability to push prices lower.

自 12 月 20 日达到峰值以来，期货合约的未平仓合约已下降 11%，从 668,100 BTC 降至 595,700 BTC。看跌交易者活动的减少表明他们对压低价格的能力信心有限。

The futures contracts premium is reflecting this dynamic, with a rapid rebound above 10% after briefly touching 9.5% at the end of December. More revealingly, this premium is now at 15%, signaling renewed confidence from bullish investors. This premium hit its highest level on December 20.

期货合约溢价反映了这一动态，继 12 月底短暂触及 9.5% 后迅速反弹至 10% 以上。更能说明问题的是，这一溢价目前为 15%，表明看涨投资者重燃信心。该溢价在12月20日达到最高水平。

The funding rate for perpetual futures contracts, a key indicator of retail trader sentiment, remains at 1.3% monthly, its highest level in over two weeks. This funding rate still remains in a zone considered neutral.

永续期货合约的融资利率是零售交易者情绪的关键指标，每月仍保持在 1.3%，为两周多来的最高水平。该融资利率仍处于中性区域。

U.S. budget impasse boosts bitcoin’s safe-haven appeal

美国预算僵局增强了比特币的避险吸引力

A warning from Janet Yellen regarding the ceiling of the U.S. debt, which could be reached as early as January 14, is creating a favorable context for bitcoin.

珍妮特·耶伦 (Janet Yellen) 关于美国债务上限的警告（最早可能在 1 月 14 日达到）为比特币创造了有利的环境。

The political deadlock surrounding the increase in the debt ceiling, fueled by the opposition from some Republicans, is boosting bitcoin’s appeal as a safe haven.

由于一些共和党人的反对，围绕提高债务上限的政治僵局正在增强比特币作为避风港的吸引力。

The growing presence of bitcoin ETFs, which now hold $105 billion in assets under management, is helping to establish crypto as a credible alternative to traditional assets during periods of economic uncertainty. This institutionalization of the market is contributing to greater stability, despite short-term volatility.

比特币 ETF 的不断增长，目前管理着 1050 亿美元的资产，正在帮助将加密货币确立为经济不确定时期传统资产的可靠替代品。尽管存在短期波动，但市场的制度化有助于提高稳定性。

In conclusion, the current market configuration—with bearish positions largely disengaged at levels below $95,000 and technical indicators pointing to bullish potential—suggests a promising outlook for bitcoin. U.S. political uncertainty is also paradoxically strengthening its status as a safe-haven asset.

总之，当前的市场格局——看跌头寸在 95,000 美元以下的水平上基本解除​​，技术指标显示看涨潜力——表明比特币前景光明。矛盾的是，美国政治的不确定性也强化了其作为避险资产的地位。

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