特朗普代币成为第 21 大加密资产，但关键指标警告潜在的市场逆转

当选总统唐纳德·特朗普的 TRUMP 代币在加密货币市场引起了不小的轰动，在短短两天内迅速成为第 21 大数字资产，市值达到 110 亿美元。

U.S. President-elect Donald Trump's cryptocurrency, known as the TRUMP token, has quickly ascended the ranks of digital assets, becoming the 21st largest with a market capitalization of $11 billion in just two days following its launch.

美国当选总统唐纳德·特朗普的加密货币（即特朗普代币）迅速跻身数字资产行列，推出后短短两天内市值就达到 110 亿美元，位列第 21 位。

The TRUMP/USDT pair has also emerged as the most-traded pair over the past 24 hours on the leading cryptocurrency exchange, Binance, accounting for 13.3% of the total exchange volume, as reported by Coingecko.

据 Coingecko 报道，TRUMP/USDT 货币对也成为过去 24 小时内领先的加密货币交易所 Binance 交易量最大的货币对，占总交易量的 13.3%。

This rapid market activity has attracted the attention of both bulls and those seeking to enter the market ahead of Trump's inauguration. However, a key derivatives market indicator has shown a bearish divergence from the token's rising futures open interest, potentially signaling caution.

这种快速的市场活动吸引了多头和那些寻求在特朗普就职前进入市场的人的注意力。然而，一项关键的衍生品市场指标显示出与该代币不断上升的期货未平仓合约的看跌背离，这可能预示着谨慎。

According to data from Velo Data, open interest in TRUMP perpetual futures has increased by 6% over the past 24 hours. While prices have retraced from $70 to $58 since the Asian hours, they remain up by 3%.

根据Velo Data的数据，特朗普永续期货的未平仓合约在过去24小时内增加了6%。尽管自亚洲时段以来价格已从 70 美元回落至 58 美元，但仍上涨 3%。

However, the perpetual futures cumulative volume delta, which reflects the difference between buying and selling volume, has decreased by over 1%, indicating a relative increase in selling volume. This suggests that traders are either taking outright shorts or bearish bets or closing long positions.

然而，反映买卖量差值的永续合约累计成交量Delta却下降了1%以上，表明卖出量相对增加。这表明交易者要么直接做空，要么做空或平仓多头头寸。

Moreover, the market for TRUMP appears to be overheating, with those holding long positions paying an annualized funding rate of over 170% to shorts to keep their positions open. If the market stops rallying, holding longs will become burdensome, potentially leading to an unwinding of the bullish bets, which could, in turn, amplify the price slide.

此外，特朗普的市场似乎过热，持有多头头寸的人向空头支付超过 170% 的年化资金费率以保持其持仓。如果市场停止反弹，持有多头将成为负担，可能导致看涨押注平仓，进而加剧价格下滑。

Velo Data's chart also reveals that most major cryptocurrencies have experienced a net selling in perpetual futures over the past 24 hours, suggesting that market participants might be anticipating market-wide price declines in a classic "sell the fact" action following Trump's inauguration.

Velo Data 的图表还显示，过去 24 小时内，大多数主要加密货币的永续期货都经历了净抛售，这表明市场参与者可能预计特朗普就职后的经典“抛售事实”行动将导致整个市场价格下跌。