比特币挣扎在 10 万美元以下，山寨币提供了交易机会

11 月 20 日星期五，比特币距离 10 万美元目标仅差不到 500 美元。自首次尝试触及该门槛以来，比特币已下跌近 5%

Bitcoin’s failure to breach the psychologically critical $100,000 threshold has shifted institutional investor focus from BTC to altcoins. Notably, tokens that surged during the 2021 bull run, such as Decentraland and Sandbox, witnessed a resurgence in trade volume on centralized exchanges like Upbit.

比特币未能突破 10 万美元的心理门槛，导致机构投资者的注意力从 BTC 转向山寨币。值得注意的是，Decentraland 和 Sandbox 等在 2021 年牛市期间飙升的代币见证了 Upbit 等中心化交易所交易量的复苏。

Meanwhile, Ethereum (ETH) saw a spike in open interest driven by surging demand among derivatives traders, which is supported by metrics indicating growing bullish sentiment among market participants. A short-term rally in Ethereum is likely as institutional interest broadens, leading traders to diversify their portfolios with tokens poised for gains this market cycle.

与此同时，在衍生品交易者需求激增的推动下，以太坊（ETH）的未平仓合约激增，而市场参与者看涨情绪的指标也支持了这一点。随着机构兴趣的扩大，以太坊可能会出现短期反弹，导致交易者通过在本市场周期中有望获利的代币来实现投资组合多元化。

Bitcoin struggles under $100,000, altcoins offer an opportunity for trade

比特币在 10 万美元以下苦苦挣扎，山寨币提供了交易机会

Bitcoin’s first attempt to breach the $100,000 target failed by less than $500 on Friday, November 20. Since then, Bitcoin slipped nearly 5% lower to hit $95,719 on Thursday, November 28.

11 月 20 日星期五，比特币首次尝试突破 10 万美元目标，但以不到 500 美元的价格失败。此后，比特币下跌近 5%，于 11 月 28 日星期四触及 95,719 美元。

This week, institutional investors withdrew capital from Bitcoin ETFs, with Farside Investors data showing an outflow of $435.30 million on Monday and $122.80 million on Tuesday.

本周，机构投资者从比特币 ETF 撤资，Farside Investors 的数据显示，周一资金流出 4.353 亿美元，周二资金流出 1.228 亿美元。

As Bitcoin consolidates and altcoins from previous bull markets rally, institutional investors are shifting their focus to Ethereum and other alternatives that could yield higher returns in the coming weeks.

随着比特币的整合和山寨币从之前牛市的反弹，机构投资者正在将注意力转向以太坊和其他可能在未来几周内产生更高回报的替代品。

Altcoins like Cardano (ADA), Ripple (XRP), Stellar (XLM), and metaverse tokens like Decentraland (MANA) and Sandbox (SAND) saw a spike in trade volume this week on centralized exchanges. South Korean cryptocurrency exchange Upbit recorded several consecutive days of increasing trade volume in the fiat pairs of metaverse tokens and altcoins from the 2021 bull run.

Cardano (ADA)、Ripple (XRP)、Stellar (XLM) 等山寨币以及 Decentraland (MANA) 和 Sandbox (SAND) 等元宇宙代币本周在中心化交易所的交易量激增。自 2021 年牛市以来，韩国加密货币交易所 Upbit 的 Metaverse 代币和山寨币法定货币对的交易量连续几天增长。

Data from 10xResearch captured the spike and identified the altcoins in the chart below.

10xResearch 的数据捕获了峰值并确定了下图中的山寨币。

Typically, trade activity on South Korean exchanges is a precursor to spot trading across centralized exchanges globally. Altcoins like Sei, Polkadot (DOT), and Dogecoin (DOGE) are gaining relevance among market participants.

通常，韩国交易所的交易活动是全球集中交易所现货交易的先兆。 Sei、Polkadot (DOT) 和 Dogecoin (DOGE) 等山寨币正在市场参与者中获得越来越多的关注。

Ethereum derivatives traders turn bullish on ETH

以太坊衍生品交易商转而看好 ETH

Among the altcoins that rallied in the past week as Bitcoin consolidated, Ethereum topped the list. Derivatives traders have become increasingly bullish on Ether, and there is a shift in institutional investor sentiment.

在过去一周随着比特币整合而上涨的山寨币中，以太坊位居榜首。衍生品交易员越来越看好以太币，机构投资者的情绪也发生了变化。

Farside Investor data showed that institutional investors’ interest in Ethereum ETFs is slowly recovering with moderate inflows into the asset. This week, Ethereum ETFs recorded $133.60 million in inflows.

Farside Investor数据显示，机构投资者对以太坊ETF的兴趣正在缓慢恢复，资金流入适度。本周，以太坊 ETF 录得 1.336 亿美元的流入。

Derivatives market data showed that open interest in Ethereum climbed past $24 billion, marking a four-month high. Even as the Ethereum spot market price is yet to catch up with the open interest, derivatives traders are expecting the ETH price to rally.

衍生品市场数据显示，以太坊的未平仓合约攀升至 240 亿美元以上，创下四个月新高。尽管以太坊现货市场价格尚未赶上未平仓合约，但衍生品交易商预计以太坊价格将会上涨。

Ethereum recorded a spike in its implied volatility between November 14 and 27, while Bitcoin’s IV is relatively flat. Market participants are expecting a likely movement in Ethereum price as Bitcoin consolidates, supporting the bullish thesis for the altcoin.

11 月 14 日至 27 日期间，以太坊的隐含波动率出现峰值，而比特币的隐含波动率相对持平。市场参与者预计，随着比特币的整合，以太坊价格可能会出现变动，从而支持了山寨币的看涨论点。

Over the past eight days, Ethereum whales increased their ETH holdings by 6%, reaching $102.27 million on Thursday. A rise in accumulation by whales is usually considered bullish for a token. Large wallet holders are known to increase their holdings in anticipation of price gains in a token.

在过去的八天里，以太坊鲸鱼的 ETH 持有量增加了 6%，周四达到 1.0227 亿美元。鲸鱼增持的增加通常被认为对代币有利。众所周知，大钱包持有者会因预期代币价格上涨而增加持有量。

Santiment data showed a spike in Ethereum prices in the weeks and months following accumulation by whales, as recorded by the supply held by whales (excluding exchanges) metric.

Santiment 数据显示，根据鲸鱼持有的供应量（不包括交易所）记录，以太坊价格在鲸鱼积累后的几周和几个月内飙升。

Recent events point at major win for the Ethereum ecosystem

最近的事件表明以太坊生态系统取得了重大胜利

A U.S. court of appeals overturned sanctions against Tornado Cash, a crypto mixer on the Ethereum blockchain. In 2022, a court accused the firm of laundering over $7 billion for North Korean hackers and malicious entities.

美国上诉法院推翻了对以太坊区块链上的加密货币混合器 Tornado Cash 的制裁。 2022 年，法院指控该公司为朝鲜黑客和恶意实体洗钱超过 70 亿美元。

Coinbase’s Chief Legal Officer Paul Grewal stated that Tornado Cash’s smart contracts must now be removed from the sanctions list. U.S.-based individuals will now be permitted to use the privacy-protecting protocol.

Coinbase 首席法务官 Paul Grewal 表示，Tornado Cash 的智能合约现在必须从制裁名单中删除。美国个人现在将被允许使用隐私保护协议。

Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6

隐私获胜。今天，第五巡回法院认为 @USTreasury 对 Tornado Cash 智能合约的制裁是非法的。对于加密货币和所有关心捍卫自由的人来说，这是一次历史性的胜利。 @coinbase 很自豪能够帮助领导这一重要挑战。 1/6

With Donald Trump’s victory in the recent Presidential elections, U.S.-based traders are hopeful of a shift in the regulatory stance on crypto and policymaking in 2025. The upcoming developments could act as a catalyst for Ethereum’s price.

随着唐纳德·特朗普在最近的总统选举中获胜，美国交易员希望 2025 年加密货币和政策制定的监管立场发生转变。即将到来的事态发展可能会成为以太坊价格的催化剂。

Long-term Bitcoin holders are selling their BTC

长期比特币持有者正在出售他们的比特币

Long-term holders of Bitcoin decreased their BTC holdings by nearly 3% in November, down from 14.09 million to 13.69 million BTC. As the Bitcoin supply held by this category of holders dwindles, it raises concerns regarding selling pressure on the asset.

11 月份，比特币长期持有者的 BTC 持有量减少了近 3%，从 1409 万枚降至 1369 万枚。随着此类持有者持有的比特币供应量减少，引发了对该资产抛售压力的担忧。

However, BTC’s price is yet to see a negative impact from the profit-

然而，比特币的价格尚未受到利润的负面影响——