随着稳定币流入激增，比特币 (BTC) 一周内上涨 17%，有望突破 10 万美元

比特币在过去 7 天内上涨了 17%，与此同时，稳定币大量涌入加密货币交易所。

Bitcoin (CRYPTO: BTC) price pulled back slightly on Monday, a move that comes after a 17% uptick last week.

比特币 (CRYPTO: BTC) 价格在上周上涨 17% 后于周一小幅回落。

The world’s largest cryptocurrency was trading down 0.5% at $89,077.24 over the last 24 hours, according to data from CoinMarketCap.

根据 CoinMarketCap 的数据，过去 24 小时内，全球最大的加密货币交易价格下跌 0.5%，至 89,077.24 美元。

Bitcoin price reached a high of $93,434.4 on Nov. 13.

11 月 13 日，比特币价格达到 93,434.4 美元的高位。

Despite the pullback, optimism around a possible crypto-friendly Donald Trump administration, rising stablecoin inflows into exchanges, steady inflows into the spot Bitcoin exchange-traded funds (ETFs) and several onchain indicators suggest that the bull market is not over.

尽管出现回调，但围绕可能对加密货币友好的唐纳德·特朗普政府的乐观情绪、流入交易所的稳定币不断增加、流入现货比特币交易所交易基金（ETF）的稳定资金以及一些链上指标表明牛市尚未结束。

Here are four signs that Bitcoin’s bull run could continue:

以下四个迹象表明比特币的牛市可能会持续：

High stablecoin inflows to fuel Bitcoin rallyBitcoin’s uptick last week was accompanied by an influx of stablecoins into cryptocurrency exchanges, according to data from market intelligence firm CryptoQuant.

稳定币大量流入推动比特币上涨 根据市场情报公司 CryptoQuant 的数据，上周比特币的上涨伴随着稳定币涌入加密货币交易所。

“Stablecoins entering spot exchanges act as fuel in the market,” said pseudonymous CryptoQuant analyst theKriptolik in an insight note on Nov. 15.

“进入现货交易所的稳定币充当了市场的燃料，”化名 CryptoQuant 分析师 theKriptolik 在 11 月 15 日的洞察报告中表示。

To confirm whether Bitcoin’s bull run will continue, the analyst examined the number of stablecoins entering spot exchanges and found that “there is a continuation of a higher-than-normal influx of stablecoins.”

为了确认比特币的牛市是否会持续，分析师检查了进入现货交易所的稳定币数量，发现“稳定币的流入量持续高于正常水平”。

Historically, price rallies have been preceded by large-scale inflows of stablecoins to exchanges. For example, the 2021 bull run was preceded by an influx of stablecoins that occurred between September 2020 and February 2021.

从历史上看，价格上涨之前都会有稳定币大规模流入交易所。例如，在 2021 年牛市之前，2020 年 9 月至 2021 年 2 月之间发生了稳定币的涌入。

Most recently, high stablecoin inflows into spot exchanges occurred between January and early March this year, resulting in a rally that saw Bitcoin’s price break previous all-time highs before the Bitcoin halving.

最近，今年 1 月至 3 月初期间，稳定币大量流入现货交易所，导致比特币价格在比特币减半之前突破历史新高。

If stablecoins continue flooding exchanges, it would indicate investors’ intention to buy, adding to BTC’s demand-side pressure.

如果稳定币继续涌入交易所，将表明投资者有购买意愿，从而增加比特币的需求面压力。

Demand for Bitcoin remains highThe crypto community believes that Trump’s second term as president of the United States could usher in a new era for the crypto market.

对比特币的需求仍然很高加密社区认为，特朗普作为美国总统的第二任期可能会迎来加密市场的新时代。

In a note to investors, QCP Capital expressed confidence that the underlying strength in Bitcoin represents a “systematic shift in the market in anticipation of Trump’s return to office.”

QCP Capital 在给投资者的一份报告中表示，相信比特币的潜在强势代表着“市场因特朗普重返办公室而发生的系统性转变”。

The crypto community is now looking forward to Trump’s fulfillment of his campaign promises and their possible implications, QCP Capital added.

QCP Capital 补充说，加密货币社区现在期待特朗普兑现其竞选承诺及其可能的影响。

Meanwhile, the Coinbase Premium Index, a metric that tracks the Bitcoin price difference between Coinbase (NASDAQ:COIN) and Binance, has hit its highest level since April, indicating strong US demand.

与此同时，追踪 Coinbase（纳斯达克股票代码：COIN）和币安之间比特币价格差异的指标 Coinbase 溢价指数已达到 4 月份以来的最高水平，表明美国需求强劲。

The chart below reveals that as Bitcoin stormed past $90,000 to set a new all-time high at $93,434, United States demand surged, pushing the Coinbase Premium Index to 0.13, levels last seen on April 14.

下图显示，随着比特币冲破 90,000 美元，创下历史新高 93,434 美元，美国需求激增，推动 Coinbase 溢价指数升至 0.13，上次达到 4 月 14 日的水平。

Bitcoin Coinbase Premium Index. Source: CryptoQuant

比特币 Coinbase 溢价指数。来源：CryptoQuant

Increasing demand is evidenced by massive inflows into US-based spot Bitcoin ETFs, with more than $4.7 billion being poured into these investment products after the US presidential election between Nov. 6 and Nov. 13, as per data from SoSoValue.

根据 SoSoValue 的数据，在 11 月 6 日至 13 日美国总统大选后，大量资金流入美国现货比特币 ETF，证明需求不断增长，超过 47 亿美元流入这些投资产品。

BlackRock’s (NYSE:BLK) spot Bitcoin ETF (IBIT) accounted for 65.7% of these inflows, seeing more than $3.09 billion in net inflows over the same time period.

贝莱德 (NYSE:BLK) 的现货比特币 ETF (IBIT) 占这些资金流入的 65.7%，同期净流入超过 30.9 亿美元。

Total spot Bitcoin ETF flows. Source: SoSoValue

比特币 ETF 现货总流量。资料来源：SoSoValue

Despite more than $400.7 million being withdrawn from spot Bitcoin ETFs on Nov. 14, BlackRock’s IBIT still experienced more than $126.5 million in inflows, suggesting demand for this ETF remains high.

尽管 11 月 14 日有超过 4.007 亿美元从现货比特币 ETF 中撤资，但贝莱德 IBIT 的资金流入仍超过 1.265 亿美元，这表明对该 ETF 的需求仍然很高。

Now, traders expect that as Bitcoin price grows, spot BTC ETFs will see more significant inflows in the days to come as the market prepares for a new crypto era under Trump’s administration.

现在，交易员预计，随着比特币价格上涨，随着市场为特朗普政府领导下的新加密时代做准备，现货 BTC ETF 将在未来几天看到更多大量资金流入。

Bitcoin is not “overvalued” at current levelsDespite Bitcoin’s sharp rally over the last seven days, key evaluation metrics indicate that BTC still remains reasonably priced, raising optimism among investors of a continued upward move.

比特币目前的水平并未“被高估”尽管比特币在过去 7 天大幅上涨，但关键评估指标表明比特币的定价仍然合理，这增强了投资者对比特币持续上涨的乐观情绪。

The market value realized value (MVRV) ratio is a metric used to indicate whether the price is overvalued or not.

市场价值实现价值（MVRV）比率是用于指示价格是否被高估的指标。

Data from CryptoQuant shows that Bitcoin’s MVRV ratio is currently at 2.5, which indicates BTC is not overvalued. This is below the critical overvaluation threshold of 3.5, which signals that the asset might be nearing a peak.

CryptoQuant的数据显示，比特币的MVRV比率目前为2.5，这表明比特币并未被高估。这低于 3.5 的关键高估阈值，这表明该资产可能已接近峰值。

However, Bitcoin has room for growth at its present level before it reaches overbought territory, suggesting that the current rally could be continued.

然而，在达到超买区域之前，比特币在目前的水平上还有增长空间，这表明当前的涨势可能会持续下去。

Bitcoin MVRV ratio. Source: CryptoQuant

比特币 MVRV 比率。来源：CryptoQuant

In addition to the MVRV ratio, the onchain realized price bands add another layer of optimism to Bitcoin’s price trajectory.

除了 MVRV 比率之外，链上实现的价格区间也为比特币的价格轨迹增添了另一层乐观情绪。

CryptoQuant’s Trader On-chain Realized Price Bands, which track historical price trends

CryptoQuant 的交易者链上已实现价格带，跟踪历史价格趋势