比特币的过山车之旅凸显了特朗普加密货币立场的市场不确定性

尽管希望他的政府支持加密货币的立场能够加速采用并放松监管，但市场的突然波动凸显了投资者对新政府可能以多快的速度颁布以加密货币为重点的行政命令的不确定性。

Investors’ hopes that the Trump administration would swiftly adopt a pro-crypto stance and ease regulation were dashed on Inauguration Day as markets showed little response to the president’s speech. Despite Trump’s campaign pledge to make America the “crypto capital of the planet,” no specific policies for digital assets were mentioned in his inaugural address.

投资者对特朗普政府迅速采取支持加密货币立场并放松监管的希望在就职日当天破灭了，因为市场对总统的讲话没有什么反应。尽管特朗普在竞选时承诺让美国成为“地球的加密之都”，但他的就职演说中没有提到针对数字资产的具体政策。

However, his appointed AI and crypto czar David Sacks declared that “the reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun.” Markets responded with Bitcoin’s momentum initially soaring, then pulling back as traders locked in profits and took a cautious wait-and-see approach.

然而，他任命的人工智能和加密货币沙皇大卫·萨克斯宣称，“针对加密货币的恐怖统治已经结束，美国加密货币创新的开始才刚刚开始。”市场的反应是比特币的势头最初飙升，然后随着交易员锁定利润并采取谨慎观望态度而回落。

Bitcoin’s rapid climb and subsequent dip highlight several catalysts influencing investor behavior. In the early hours of Inauguration Day, major exchanges reported a flurry of buying activity as many traders anticipated an forthcoming executive order establishing a strategic Bitcoin reserve. While no such measure has yet been announced, speculators drove the price up past $109,000. Once Trump finished his speech without revealing immediate policy details, sentiment cooled.

比特币的快速攀升和随后的下跌凸显了影响投资者行为的几个催化剂。就职日凌晨，主要交易所报告称出现了一系列购买活动，因为许多交易员预计即将出台的行政命令将建立比特币战略储备。虽然尚未宣布此类措施，但投机者将价格推高至 109,000 美元以上。特朗普结束演讲但没有透露立即的政策细节后，市场情绪就降温了。

On-chain data suggests that higher Open Interest and reduced spot supply on major platforms like Binance contributed to the rally. This was supported by One research note from Quant, which indicated that when exchange netflow metrics turn negative, it often signals renewed buying interest. In this case, the price gained upward momentum until uncertainty over regulatory actions prompted profit-taking. Some analysts caution that should Trump’s executive orders prove less significant or slower to materialize, the resulting disappointment could further weigh on Bitcoin’s price. Others like Bitwise are more positive, predicting $200,000 for the Bitcoin price in 2025.

链上数据表明，未平仓合约的增加和币安等主要平台现货供应的减少促成了此次涨势。 Quant 的一份研究报告支持了这一点，该报告指出，当交易所净流量指标变为负数时，通常表明购买兴趣重新出现。在这种情况下，价格获得上涨动力，直到监管行动的不确定性引发获利了结。一些分析师警告说，如果事实证明特朗普的行政命令重要性不那么重要或实现速度较慢，由此产生的失望可能会进一步打压比特币的价格。 Bitwise 等其他机构则更为乐观，预测 2025 年比特币价格将达到 20 万美元。

“Investors might be disappointed over the short term,” observed the chief technology officer for Radix, Dan Hughes. “If those executive orders do not come as soon as hoped or carry enough significance, the market will react poorly.”

Radix 首席技术官丹·休斯 (Dan Hughes) 表示：“短期内投资者可能会感到失望。” “如果这些行政命令没有像希望的那样尽快出台或没有足够的意义，市场将会做出不良反应。”

For now, Bitcoin’s performance hinges on the specifics of any upcoming regulatory framework from the Trump White House. Should the administration fulfill its pledge to foster innovation in the crypto sector, renewed optimism could drive the world’s largest cryptocurrency to fresh highs — and solidify America’s position as a global hub for digital assets.

目前，比特币的表现取决于特朗普白宫即将出台的监管框架的具体细节。如果政府兑现其促进加密货币领域创新的承诺，新的乐观情绪可能会推动世界上最大的加密货币达到新的高点，并巩固美国作为全球数字资产中心的地位。