比特币（BTC）期权合约价值$ 7.8B，设定为1月31日到期，鲸鱼进入累积阶段

根据Deribit的数据，比特币将于1月31日到期，价值78亿美元。

Bitcoin price movements are under close observation as options contracts worth $7.8 billion are set to expire on Jan. 31, Deribit data shows. With Bitcoin currently trading above the “max pain” price of $98,000, traders and market makers are anticipating volatile price shifts. The max pain level indicates the price at which option buyers incur maximum losses while market makers gain the most. Deribit CEO Luuk Strijers highlighted the possible market dynamics, adding that “speculation about a Bitcoin strategic reserve announcement adds another layer of market anticipation.”

Deribit数据显示，比特币价格变动正在仔细观察，因为期权合约价值78亿美元将于1月31日到期。由于比特币目前的交易高于98,000美元的“最大痛苦”价格，交易员和做市商预计价格转移。最大疼痛水平表示购买者在哪种期权购买者最大损失的价格，而做市商则获得最大的损失。 Deribit首席执行官Luuk Strijers强调了可能的市场动态，并补充说：“对比特币战略储备公告的猜测增加了另一层市场预期”。

Whales Accumulating Bitcoin Again

鲸鱼再次积累比特币

CryptoQuant data reveals that Bitcoin whales are once again accumulating the cryptocurrency after a pause in early January. Large holders have increased their holdings by 2% between Jan. 14 and Jan. 17, marking the highest monthly growth rate since mid-December. This renewed buying activity coincides with the inauguration of President Donald Trump, whose administration is widely anticipated to introduce pro-crypto policies. According to CoinDesk, market analysts believe this whale activity could create a price floor, stabilizing Bitcoin before its next major price movement.

加密数据表明，比特币鲸在1月初停顿后再次积累了加密货币。在1月14日至1月17日之间，大型持有人的持股量增加了2％，标志着自12月中旬以来的每月增长率最高。这项新的购买活动与唐纳德·特朗普总统的就职典礼相吻合，唐纳德·特朗普总统的就职典礼被广泛期望引入亲克赖特托政策。根据Coindesk的说法，市场分析师认为，这种鲸鱼活动可能会产生价格地面，并在其下一个主要价格转移之前稳定比特币。

Retail Demand Slows Down as Institutions Ramp Up

随着机构的加剧，零售需求减慢

As institutional players increase their activity, retail demand for Bitcoin appears to be cooling off, according to CryptoQuant data. Apparent demand, an indicator of Bitcoin’s production versus inactive inventory, has decreased from 279,000 BTC in early December to 75,000 BTC at present. For Bitcoin prices to rally further, experts say that retail interest must pick up again.

根据加密数据，随着机构参与者的活动增加，对比特币的零售需求似乎正在冷静下来。明显的需求是比特币生产与非活性库存的指标，已从12月初的279,000 BTC减少到目前的75,000 BTC。对于比特币价格要进一步集会，专家说，零售利息必须再次获得。

Bitcoin is trading at $105,546.23 at press time.

发稿时，比特币的交易价格为105,546.23美元。