比特幣 (BTC) 飆升至 65,500 美元大關，達到近兩個月未見的水平

上週聯準會實施自 COVID-19 大流行以來的首次降息後，比特幣開始上漲

Bitcoin (BTC) price surged past the $65,500 mark on Thursday morning in the U.S., reaching levels not seen in nearly two months as traders begin to feel bullish once again.

週四上午，隨著交易員開始再次看漲，比特幣 (BTC) 價格在美國飆升至 65,500 美元大關，達到近兩個月來的最高水平。

Bitcoin’s price rally began last week after the U.S. Federal Reserve implemented its first interest rate cut since the COVID-19 pandemic, reducing rates by 50 basis points — double the expected 25 basis point cut. Now, traders are speculating that another 50 basis point cut will follow at the Fed’s upcoming meeting on November 7, as indicated by the CME FedWatch Tool.

上週，聯準會實施自 COVID-19 大流行以來的首次降息，降息 50 個基點，是預期降息 25 個基點的兩倍，比特幣價格開始上漲。現在，正如 CME FedWatch 工具所示，交易員猜測聯準會將在 11 月 7 日舉行的會議上再次降息 50 個基點。

The rally in Bitcoin has also reignited interest in U.S.-based spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) saw significant inflows on Wednesday, with investors adding nearly $185 million to the fund, following an influx of $98.9 million the previous day. These upticks come after weeks of flat or negative inflows, coinciding with Bitcoin’s earlier price struggles.

比特幣的上漲也重新激發了人們對美國現貨比特幣 ETF 的興趣。貝萊德旗下的 iShares 比特幣信託基金 (IBIT) 週三出現大量資金流入，繼前一天流入 9,890 萬美元之後，投資者又向該基金增資近 1.85 億美元。這些上漲是在幾週的資金流入持平或負數之後發生的，與比特幣早期的價格掙扎相吻合。

The broader market also reacted to economic developments in China, where reports suggest that authorities are considering injecting up to 1 trillion yuan ($142 billion) into the country’s largest state banks to stimulate the faltering economy. The Shanghai Composite Index jumped 3.6% on Thursday, setting it on course for its best week in a decade. European and U.S. markets also saw gains, though U.S. stocks pulled back slightly from their highs earlier in the day.

更廣泛的市場也對中國的經濟發展做出了反應，有報道稱，當局正在考慮向中國最大的國有銀行注入高達 1 萬億元人民幣（合 1,420 億美元），以刺激搖搖欲墜的經濟。上證綜指週四上漲 3.6%，有望創下十年來表現最好的一周。歐洲和美國市場也出現上漲，儘管美國股市從當天稍早的高點小幅回落。

China’s move followed a decision by the People’s Bank of China (PBOC) earlier this week to lower the reserve requirement ratio for mainland banks by 50 basis points and reduce the seven-day reverse repo rate by 20 basis points to 1.5%.

在此之前，中國人民銀行（PBOC）本週稍早決定將內地銀行存款準備率降低 50 個基點，並將 7 天逆回購利率降低 20 個基點至 1.5%。

Bitcoin accumulation reaches 88,000 BTC in 30 days, retail investors lead the way

30天比特幣累積達88,000 BTC，散戶領先

Over the past 30 days, the Bitcoin (BTC) ecosystem has experienced a notable surge in accumulation, with around 88,000 BTC being acquired on a net basis. This strong accumulation, sustained throughout much of September, is approximately seven times the monthly issuance of Bitcoin, which stands at about 13,500 BTC. This level of intense buying has not been seen since Q4 2023, a period marked by a rapid increase in Bitcoin’s price, according to on-chain analysts, Glassnode.

在過去的 30 天裡，比特幣（BTC）生態系統的累積量顯著激增，淨購買量約為 88,000 BTC。這種強勁的累積持續了整個 9 月的大部分時間，大約是比特幣每月發行量（約 13,500 BTC）的七倍。據鏈上分析師 Glassnode 稱，自 2023 年第四季以來，從未出現過這種程度的強烈購買，這段時期比特幣價格快速上漲。

A closer look at this net accumulation shows that retail investors, particularly smaller holders, are driving much of the activity. Investors with less than 10 BTC, commonly referred to as “crabs” (holding 1 to 10 BTC) and “shrimps” (holding less than 1 BTC), have collectively accumulated 35,000 BTC in the past month. This trend of retail accumulation, ongoing since May, highlights the increasing confidence and participation of smaller investors in the market.

仔細觀察這種淨累積就會發現，散戶投資者，尤其是小股東，正在推動大部分活動。持有量低於10 BTC的投資者，通常被稱為「螃蟹」（持有1至10 BTC）和「蝦」（持有不到1 BTC），在過去一個月裡總共累積了35,000 BTC。這種散戶累積趨勢自五月以來一直持續，凸顯出中小投資者對市場的信心和參與度不斷增強。

A significant outflow of Bitcoin from exchanges is providing further support for Bitcoin’s price. Over the past 30 days, around 40,000 BTC have been withdrawn from exchanges, reducing liquidity. When bitcoin is moved off exchanges, it often suggests that holders intend to keep it for the long term, reducing selling pressure. With 74% of the circulating supply considered illiquid, this creates a bullish environment for potential future price increases. The combination of retail accumulation and reduced exchange liquidity signals that Bitcoin’s upward momentum could continue to build in the months ahead.

比特幣從交易所大量流出，為比特幣的價格提供了進一步的支撐。過去 30 天，約 40,000 BTC 從交易所撤出，流動性減少。當比特幣被移出交易所時，通常表示持有者打算長期保留它，從而減少拋售壓力。由於 74% 的流通供應被認為缺乏流動性，這為未來潛在的價格上漲創造了一個看漲環境。散戶累積和交易所流動性減少相結合，表明比特幣的上漲勢頭可能在未來幾個月繼續增強。

While September is traditionally one of the most bearish months for Bitcoin, this year is bucking the trend. With just days remaining until the end of the month, Bitcoin is up 9.34% this month, its best September on record, and a good sign of growing momentum going into Q4.

雖然九月傳統上是比特幣最悲觀的月份之一，但今年卻逆勢而上。距離月底僅剩幾天，比特幣本月上漲了 9.34%，這是有史以​​來最好的 9 月漲幅，也是進入第四季度勢頭增長的好跡象。

A gamma squeeze once IBIT options launch?

IBIT 選擇權推出後會出現伽瑪擠壓嗎？

The U.S. Securities and Exchange Commission (SEC) has approved the listing of physically settled options tied to BlackRock’s spot Bitcoin (BTC) ETF, the iShares Bitcoin Trust (IBIT). While the IBIT options still require approval from the Options Clearing Corporation (OCC) and the Commodity Futures Trading Commission (CFTC), there is a consensus that this could attract more institutional investors to the crypto market. However, the crypto community is divided on how this move might impact Bitcoin market volatility. According to Bitwise Asset Management, a gamma squeeze—a rapid price rally driven by options market dynamics—could become a significant factor in the Bitcoin market once IBIT options launch.

美國證券交易委員會 (SEC) 已批准與貝萊德現貨比特幣 (BTC) ETF、iShares 比特幣信託 (IBIT) 相關的實物結算選擇權上市。儘管 IBIT 選擇權仍需獲得選擇權清算公司 (OCC) 和商品期貨交易委員會 (CFTC) 的批准，但人們一致認為，這可能會吸引更多機構投資者進入加密貨幣市場。然而，加密貨幣社群對於此舉可能如何影響比特幣市場波動存在分歧。據 Bitwise Asset Management 稱，一旦 IBIT 選擇權推出，伽馬擠壓（由選擇權市場動態驅動的價格快速上漲）可能會成為比特幣市場的一個重要因素。

Bitcoin is not a “risk-on” asset, it's an emerging global money alternative: BlackRock

貝萊德：比特幣不是一種「風險」資產，而是一種新興的全球貨幣替代品

Bitcoin has been incorrectly labeled as a “risk-on” asset, according to Robbie Mitchnick, BlackRock’s head of digital assets. In a Sept. 24 interview with Bloomberg, Mitchnick explained, “There’s been a bit of an own goal

貝萊德數位資產主管羅比·米奇尼克 (Robbie Mitchnick) 表示，比特幣被錯誤地標記為「風險資產」。在 9 月 24 日接受彭博社採訪時，米奇尼克解釋道：「有一些烏龍球