本周最热门的话题

Gifto ($GFT) 上周经历了大幅价格波动，其价值从 0.07 美元飙升至 0.21 美元，飙升三倍，但在 12 月 2 日退市截止日期后暴跌 99%。这种波动导致该代币的交易活动大幅增加。转换，导致交易量比平常高出 25 倍。

Top Interest of the Week

本周最热门的话题

Gifto ($GFT) experienced significant price fluctuations last week, with its value soaring threefold from $0.07 to $0.21, only to plummet by 99% following the delisting deadline on December 2. This volatility led to a substantial increase in trading activity for the token on Convert, resulting in a trading volume that was 25 times higher than usual.

Gifto ($GFT) 上周经历了大幅价格波动，其价值从 0.07 美元飙升至 0.21 美元，飙升三倍，但在 12 月 2 日退市截止日期后暴跌 99%。这种波动导致该代币的交易活动大幅增加。转换，导致交易量比平常高出 25 倍。

IOTA ($IOTA), a prominent player in the DePin sector, saw its price double last week, coinciding with a governance vote to upgrade the IOTA L1 Mainnet to the Rebased protocol. By supporting this proposal, token holders are facilitating the transition, which is already active on the IOTA Rebased Testnet. The upgrade promises major enhancements, including move-based smart contracts, a delegated proof-of-stake consensus, and the Mysticeti protocol for scalability, enabling over 50,000 transactions per second with sub-second finality. Additional improvements include lower transaction fees, adaptive fee burn, sponsored transactions, staking rewards, and a target annual inflation rate of 6-7%. This excitement among investors contributed to the price surge.

DePin 领域的知名参与者 IOTA ($IOTA) 上周其价格翻了一番，恰逢治理投票将 IOTA L1 主网升级为 Rebased 协议。通过支持这一提案，代币持有者正在促进过渡，该过渡已经在 IOTA Rebased 测试网上活跃起来。此次升级承诺进行重大增强，包括基于移动的智能合约、委托权益证明共识以及用于可扩展性的 Mysticeti 协议，从而实现每秒超过 50,000 笔交易，并具有亚秒级的最终确定性。其他改进包括降低交易费用、自适应费用消耗、赞助交易、质押奖励以及 6-7% 的目标年通胀率。投资者的兴奋情绪导致了价格飙升。

Ripple ($XRP) saw its value quadruple following Donald Trump's victory in the US presidential election. This surge was largely fueled by optimism regarding the potential easing of cryptocurrency regulations over the next four years. With Trump appointing crypto advocate Paul Atkins as the new chair of the Securities and Exchange Commission, and the current SEC chair Gary Gensler set to step down on January 20, 2025, investors are hopeful that the SEC will soon dismiss the lawsuit against Ripple after Atkins assumes office. Furthermore, Ripple announced the launch of a US-dollar stablecoin on its network, which is expected to stimulate increased on-chain activity. Amidst this bullish sentiment, XRP's market capitalization briefly surpassed that of Solana and USDT, positioning it as the third-largest cryptocurrency by market cap.

唐纳德·特朗普在美国总统大选中获胜后，瑞波币（XRP）的价值翻了两番。这种激增很大程度上是由于对未来四年可能放松加密货币监管的乐观情绪推动的。随着特朗普任命加密货币倡导者保罗·阿特金斯 (Paul Atkins) 担任美国证券交易委员会新任主席，以及现任 SEC 主席加里·詹斯勒 (Gary Gensler) 将于 2025 年 1 月 20 日辞职，投资者希望 SEC 在阿特金斯之后很快驳回针对 Ripple 的诉讼就职。此外，Ripple 宣布在其网络上推出美元稳定币，预计这将刺激链上活动的增加。在这种看涨情绪中，XRP 的市值短暂超过了 Solana 和 USDT，成为按市值计算的第三大加密货币。

Overall Market

整体市场

The above chart is the BTC daily K-line chart.

上图为BTC日K线图。

Bitcoin ($BTC) has successfully crossed the significant $100,000 mark during the Asian trading session, marking a historic milestone in the cryptocurrency realm. When Bitcoin was first introduced, few could have envisioned reaching this price level. Now that this landmark has been achieved, it is set for further expansion, attracting more capital and expertise within the Web3 space.

比特币（$BTC）在亚洲交易时段成功突破 100,000 美元大关，标志着加密货币领域的历史性里程碑。当比特币首次推出时，很少有人能想到会达到这个价格水平。既然已经实现了这一里程碑，它将进一步扩张，在 Web3 领域吸引更多的资本和专业知识。

The rise above the $100,000 threshold was bolstered by significant capital inflows into the ETF market following November 5, along with MicroStrategy's continued Bitcoin accumulation, increasing demand for Bitcoin on the market. Furthermore, many publicly traded companies are now adding Bitcoin to their balance sheets, indicating a trend of mainstream adoption that is likely to create positive momentum for the cryptocurrency sector and encourage further developments.

11 月 5 日之后大量资金流入 ETF 市场，加上 MicroStrategy 持续积累比特币，市场上对比特币的需求不断增加，推动了比特币价格突破 10 万美元门槛。此外，许多上市公司现在正在将比特币添加到其资产负债表中，这表明主流采用的趋势可能会为加密货币行业创造积极动力并鼓励进一步发展。

Federal Reserve Chair Jerome Powell hinted at the possibility of another interest rate cut during the December meeting at the DealBook Summit today. He also shared his views on Bitcoin, gold, and the US dollar, noting that Bitcoin's main competitor is gold rather than the US dollar. This statement marks a notable shift in how Bitcoin is viewed as an asset class within traditional finance. As Bitcoin gains recognition as a reliable store of value similar to gold, we expect a rapid increase in its market capitalization and a significant reduction in price volatility over the next decade.

美联储主席杰罗姆·鲍威尔今天在 DealBook 峰会 12 月会议上暗示可能再次降息。他还分享了他对比特币、黄金和美元的看法，指出比特币的主要竞争对手是黄金而不是美元。这一声明标志着传统金融中比特币被视为资产类别的显着转变。随着比特币被认可为类似于黄金的可靠价值储存手段，我们预计未来十年其市值将快速增长，价格波动将大幅减少。

However, we advise traders to exercise caution, as the market currently shows signs of greed, with a fear-and-greed index reading of 78. A pullback may be anticipated as the market continues to rise. Effective risk management is crucial for traders navigating this environment, and it is important to consistently evaluate one's risk tolerance in this market.Options Market

不过，我们建议交易者谨慎行事，因为市场目前显示出贪婪的迹象，恐惧与贪婪指数为78。随着市场继续上涨，预计可能会出现回调。有效的风险管理对于交易者在这种环境中航行至关重要，并且持续评估自己在这个市场中的风险承受能力也很重要。 期权市场

The above is the 25-delta skew table for BTC and ETH options.

以上是BTC和ETH期权的25-delta偏斜表。

Following Bitcoin's price surpassing the $100,000 mark, the short-term sentiment indicates strong bullish momentum, as evidenced by the 25-delta risk reversal reflecting an 8.27 premium on call options compared to put options. This risk reversal premium remains above 5 for longer-dated options, indicating that the market maintains a positive outlook on Bitcoin's price over the coming months.

在比特币价格突破 10 万美元大关后，短期情绪显示出强劲的看涨势头，25 三角风险反转就证明了这一点，反映出看涨期权与看跌期权相比有 8.27 的溢价。对于较长期期权，这一风险逆转溢价仍高于 5，表明市场对未来几个月比特币价格保持乐观前景。

In contrast, Ethereum is also displaying bullish indicators in the 180-day expiry options, with a 7.08 premium on calls over puts. The 25-delta risk reversal premiums for shorter-dated options are above 4, suggesting that options traders are increasingly optimistic about Ethereum's performance in the long term.

相比之下，以太坊的 180 天到期期权也显示出看涨指标，看涨期权比看跌期权溢价 7.08。短期期权的 25 delta 风险逆转溢价高于 4，表明期权交易者对以太坊的长期表现越来越乐观。

This trend in the options market aligns with our analysis that Bitcoin is likely to spearhead the upward movement, followed by Ethereum as capital rotation from Bitcoin to Ethereum and other altcoins. The data indicates that the market is projecting a six-month phase where Bitcoin will lead the price increase before funds are redirected into altcoins, led by Ethereum.

期权市场的这一趋势与我们的分析一致，即比特币可能会带头上涨，随后以太坊作为资本从比特币转向以太坊和其他山寨币的货币。数据表明，市场预计在六个月的阶段中，比特币将引领价格上涨，然后资金将转向以以太坊为首的山寨币。

It is important to note that the 25-

值得注意的是，25-