美国通胀数据重燃风险偏好，比特币再次突破 10 万美元

过去四个星期，原始数字资产的交易价格大约在 90,000 美元到 100,000 美元之间。

Bitcoin rose above $100,000 again on Wednesday, tracking a gauge of US technology stocks and pausing a recent downturn in crypto markets as softer-than-expected US inflation data helped spur demand for riskier assets.

周三，比特币再次升至 10 万美元以上，追随美国科技股的走势，并暂停了近期加密货币市场的低迷，因为美国通胀数据低于预期，刺激了对风险资产的需求。

The original digital asset was trading as high as $100,222 at about 9:45 a.m. in New York, up as much as 3.9%. It last reached the $100,000 level on Jan. 7, or around $8,000 below a record high set on Dec. 17.

纽约上午 9:45 左右，原始数字资产交易价格高达 100,222 美元，涨幅高达 3.9%。最后一次触及 10 万美元水平是在 1 月 7 日，比 12 月 17 日创下的历史高点低约 8,000 美元。

Bitcoin has been trading roughly within a range of $90,000 to $100,000 over the past four weeks. The token began 2025 with a brisk rally, climbing above $40,000 in the first week of January. But crypto markets have been volatile since then, largely tracking movements in US equities.

过去 4 周，比特币的交易价格大致在 90,000 美元至 100,000 美元之间。该代币在 2025 年伊始就出现了强劲反弹，在 1 月第一周攀升至 40,000 美元以上。但自那时以来，加密货币市场一直波动较大，主要跟随美国股市的走势。

The correlation between Bitcoin and US technology stocks hit a two-year high on Wednesday, as the equity market's reaction to US inflation data helped set a stronger tone for digital tokens.

周三，比特币与美国科技股之间的相关性触及两年高点，股市对美国通胀数据的反应为数字代币奠定了更强劲的基调。

A 30-day correlation coefficient for the largest cryptocurrency and the Nasdaq 100 Index stood at about 0.70, according to data compiled by Bloomberg. A reading of 1 indicates assets are moving in lockstep, while minus 1 signals an inverse tie.

根据彭博社汇编的数据，最大的加密货币与纳斯达克 100 指数的 30 天相关系数约为 0.70。读数为 1 表示资产正在同步移动，而负 1 则表示反向平局。

The inflation report showed a 2.9% increase year-over-year in prices, meeting expectations, and saw month-over-month core inflation at 0.2%, below analyst expectations. Markets had been fretting about the Federal Reserve’s scope for further interest-rate cuts amid a robust US economy and uncertainty over the impact of Donald Trump’s agenda.

通胀报告显示，物价同比上涨 2.9%，符合预期；月度核心通胀率为 0.2%，低于分析师预期。在美国经济强劲以及唐纳德·特朗普议程影响的不确定性的情况下，市场一直对美联储进一步降息的范围感到担忧。

The softer core price index helped lift stocks and crypto. The S&P 500 and Nasdaq 100 indexes were up over 1% after the inflation report.

核心价格指数走软帮助提振了股票和加密货币。通胀报告发布后，标准普尔 500 指数和纳斯达克 100 指数上涨超过 1%。

Trump Inauguration

特朗普就职典礼

President-elect Trump will be sworn in on Jan. 20 and may unleash a policy blitz. Speculators are weighing up the risk of inflationary tariff and immigration policies against his pledge to make the US the global home of crypto.

当选总统特朗普将于 1 月 20 日宣誓就职，可能会发动政策闪电战。投机者正在权衡通胀关税和移民政策的风险与他让美国成为全球加密货币之家的承诺。

“The overall sensitivity to interest rates over the past month suggests increased importance of Wednesday’s CPI print,” K33 Research analysts Vetle Lunde and David Zimmerman wrote in a note. “Additionally, notable Trump momentum may still form in the days leading into the inauguration.”

K33 Research 分析师 Vetle Lunde 和 David Zimmerman 在一份报告中写道：“过去一个月对利率的总体敏感度表明，周三公布的消费者物价指数 (CPI) 的重要性有所增加。” “此外，特朗普就职前的几天可能仍会形成显着的势头。”

Hedging activity is picking up in the options market, signaling that investors are positioning for increased volatility, according to trading platform Derive.xyz.

交易平台 Derive.xyz 表示，期权市场的对冲活动正在增加，这表明投资者正在为波动性增加做好准备。

The proportion of bearish bets has climbed, pointing to “hedging against potential downside risks as we approach the inauguration,” said Derive.xyz’s Head of Research Sean Dawson.

Derive.xyz 的研究主管肖恩·道森 (Sean Dawson) 表示，看跌押注的比例有所上升，表明“随着就职典礼临近，对冲潜在的下行风险”。

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