2025加密年终回顾：币价上涨131%，涨幅小于去年，TVL飙升21倍至逾67亿美元

由于本次牛市周期从 2024 年开始，到目前为止的周期是：1 月 10 日推出 BTC ETF → 直到比特币创下历史新高

As the new presidential term begins, all eyes will be on what Trump says and does. While the upside for Bitcoin is there, it would be quite bearish if Trump completely ignores the reserve plan. A more likely scenario is that the reserve plan does not happen/is delayed by something.

随着新总统任期的开始，所有人的目光都将集中在特朗普的言行上。虽然比特币的上涨空间存在，但如果特朗普完全无视储备计划，那将是相当悲观的。更可能的情况是储备计划没有发生/因某些事情而延迟。

In the latter case: as long as it is in favor of Bitcoin, it is initially a bearish, but ultimately a bullish event.

在后一种情况下：只要有利于比特币，最初就是看跌，但最终是看涨事件。

TLDR: Bullish signal = cycle continues. Bearish signal = plans must be revised. The cycle may continue, but the chances are lower.

TLDR：看涨信号=周期继续。看跌信号=计划必须修改。这个循环可能会持续下去，但可能性较低。