美國債務上限談判、Mt. Gox 擔憂和年終市場波動，虛擬資產市場表現不穩定

12月23日至27日，受美國責任上限談判困難，虛擬資產市場大幅波動

The virtual asset market exhibited significant volatility from December 23 to 27 due to difficulties in the U.S. liability ceiling negotiations, concerns over sales stemming from Mt. Gox, and year-end supply and demand instability. It attempted to rebound following the news that President-elect Donald Trump appointed Bitcoin supporter Steven Miran as head of the economic advisory council, but continued to decline due to institutional adjustments in their spot exchange-traded fund (ETF) positions and low liquidity caused by the holiday season.

受美國債務上限談判困難、Mt. Gox 拋售擔憂以及年底供需不穩定等因素影響，虛擬資產市場在 12 月 23 日至 27 日大幅波動。在當選總統唐納德·川普任命比特幣支持者史蒂文·米蘭為經濟顧問委員會主席的消息傳出後，比特幣試圖反彈，但由於現貨交易所交易基金（ETF）倉位的製度調整以及流動性低下而繼續下跌。

Bitcoin is trading around $95,000, down 1.9% from the previous week, while Ethereum is trading around $3,300, a 2.55% decrease. Continuing from last week, the Bitget Token (BGB) recorded a significant increase of 60.65% following the news of its merger with Bitget Wallet, and the Virtual Protocol (VIRTUAL), leading the AI agent sector, also showed strength with a 32.26% increase.

比特幣交易價格約為 95,000 美元，較前一周下跌 1.9%，以太坊交易價格約為 3,300 美元，下跌 2.55%。繼上週，Bitget Token（BGB）在與 Bitget Wallet 合併的消息傳出後，大幅上漲 60.65%，而人工智慧代理領域領軍的虛擬協定（VIRTUAL）也表現強勢，漲幅達 32.26% 。

Choi Seung-ho, from the Research Institute, noted, "Amid weakened short-term upward momentum following Chairman Powell's hawkish remarks last week, the market appears unstable due to year-end closures and institutions halting transactions. However, increasing volatility at year-end is a typical pattern that has been repeated annually."

該研究所的崔承浩指出，「繼鮑威爾主席上週發表強硬言論後，短期上漲動力減弱，由於年底停業和機構停止交易，市場顯得不穩定。然而，年末波動性加大——結束是一種每年都會重複的典型模式。

◇ Bitcoin strategic reserves, U.S. liability solution emerges

◇ 比特幣戰略儲備，美國責任解決方案浮現

VanEck is drawing attention by proposing a solution for U.S. liability through Bitcoin strategic reserves. VanEck analyzed that if the U.S. strategically accumulates 1 million Bitcoins, it could reduce the national liability by about 35% by 2049. This assumption is based on an annual average Bitcoin price increase rate of 25% and a current U.S. liability of $37 trillion, which is expected to grow by 5% annually.

VanEck 提出透過比特幣戰略儲備解決美國責任的方案，引起了人們的關注。 VanEck 分析稱，如果美國戰略性地累積100 萬枚比特幣，到2049 年可以將國家責任減少約35%。美元計算的。

This proposal is attracting attention because the U.S. has previously used strategic petroleum reserves for fiscal improvement. Since the Bipartisan Budget Act (BBA) in early 2015, the U.S. has sold strategic reserves multiple times to secure finances. Notably, there is growing anticipation for a solution to the liability through Bitcoin’s strategic reserves, especially as some speculate that Trump could issue an executive order designating Bitcoin as a strategic reserve asset on his first day in office.

這項提議之所以引起關注，是因為美國先前曾利用戰略石油儲備來改善財政狀況。自2015年初《兩黨預算法案》（BBA）通過以來，美國多次出售戰略儲備以確保財政。值得注意的是，人們越來越期待透過比特幣的戰略儲備來解決這一責任，特別是一些人猜測川普可能會在上任第一天發布行政命令，將比特幣指定為戰略儲備資產。

However, there seems to be a need for reflection on the essential purpose of strategic reserves. While oil has been stocked with a clear purpose of preparing for energy security crises, the financial objective of reducing liability is becoming more prominent in the case of Bitcoin. This could represent a new paradigm for strategic reserve assets, but it also differs from the traditional concept of strategic reserves. Going forward, discussions about Bitcoin being designated as a strategic reserve asset are expected to proceed with the validity of that purpose in mind.

然而，戰略儲備的本質目的似乎需要反思。雖然儲備石油的明確目的是為了應對能源安全危機，但就比特幣而言，減少責任的財務目標變得更加突出。這可能代表了策略儲備資產的新範式，但它也不同於傳統的策略儲備概念。展望未來，有關比特幣被指定為戰略儲備資產的討論預計將在考慮到這一目的的有效性的情況下進行。

◇ Hyperliquid faces growth challenges amid hacking concerns linked to North Korea

◇ 由於與北韓有關的駭客攻擊，Hyperliquid 面臨成長挑戰

On-chain derivatives exchange Hyperliquid is experiencing turmoil due to accusations of hacking attempts by North Korean hacker groups and a large outflow of funds. On the 23rd, security expert Taylor Monahan claimed on social media platform X that North Korean hacker groups were testing Hyperliquid's security vulnerabilities, leading to an incident where approximately $110 million in USD Coin (USDC) was leaked from the platform.

鏈上衍生性商品交易所Hyperliquid因被指遭到北韓駭客組織的駭客攻擊以及大量資金外流而陷入混亂。 23日，安全專家泰勒·莫納漢在社群媒體平台X上聲稱，北韓駭客組織正在測試Hyperliquid的安全漏洞，導致約1.1億美元的美元幣（USDC）從該平台洩漏事件。

In particular, Monahan revealed that wallets suspected to be linked to North Korea recorded losses exceeding $700,000 on Hyperliquid, indicating that it was likely a test to understand the platform's structure rather than actual transactions. Hyperliquid adopts a hybrid model combining the speed of centralized exchanges with the transparency of decentralized exchanges, but concerns over security have been raised due to its structural features, such as a small number of block validators and a limited group of developers managing the blockchain.

Monahan 特別透露，疑似與北韓有關的錢包在 Hyperliquid 上的損失超過 70 萬美元，這表明這很可能是為了了解該平台的結構而不是實際交易的測試。 Hyperliquid採用了將中心化交易所的速度與去中心化交易所的透明度相結合的混合模型，但由於其結構特徵（例如少量的區塊驗證器和管理區塊鏈的開發人員數量有限）而引發了對安全性的擔憂。

Hyperliquid maintained its position, stating, "There have been no hacking attempts, including those from North Korean hackers, and users' funds are safe," but market participants reacted sensitively. Following the controversy, Hyperliquid's own token, HYPE, which had recorded high growth rates after its launch, fell by about 20%, and the growth of Hyperliquid, which had recently been established as the largest exchange in the decentralized finance (DeFi) field with an average daily transaction volume of $8.8 billion, showed signs of slowing down.

Hyperliquid維持立場，表示“沒有發生包括北韓駭客在內的駭客企圖，用戶資金是安全的”，但市場參與者反應敏感。爭議發生後，Hyperliquid 自有代幣HYPE 上線後曾錄得高成長率，但隨後下跌了約20%，而最近才成為去中心化金融（DeFi）領域最大交易所的Hyperliquid 的成長也受到了影響。

☞ CrossAngle provides essential operational solutions and trust-based community building services for companies and foundations adopting Web3. It operates the crypto data intelligence platform, Janggle, and the Janggle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.

☞ CrossAngle 為採用 Web3 的公司和基金會提供必要的營運解決方案和基於信任的社區建設服務。它經營加密資料智慧平台Jangle，Jangle研究團隊正在根據全球虛擬資產資訊和資料創建內容來展示虛擬資產投資產業的趨勢。