比特币接近 10 万美元：稳定性经受考验

比特币创下 97,777 美元的历史新高，在市场的强劲乐观情绪中巩固了其作为领先数字资产的地位。

Bitcoin (BTC) has set a new all-time high of $97,777, continuing its remarkable ascent in 2021. The world’s leading digital asset has been rallying amid strong market optimism, fueled by rising demand and record open interest in the derivatives markets.

比特币 (BTC) 创下 97,777 美元的历史新高，并在 2021 年继续大幅上涨。在衍生品市场需求不断增长和创纪录的未平仓合约的推动下，全球领先的数字资产在市场强劲乐观情绪的推动下一直在上涨。

This behavior is highlighting a shift in market dynamics, as previously reported by CoinGlass and other industry sources. The total open interest in Bitcoin derivatives has reached $60 billion, marking a significant increase in leverage compared to previous years.

正如 CoinGlass 和其他行业消息人士之前报道的那样，这种行为凸显了市场动态的转变。比特币衍生品的未平仓合约总额已达到600亿美元，标志着杠杆率较往年大幅上升。

Meanwhile, data from other industry sources shows a continued decline in Bitcoin reserves on exchanges, a phenomenon that is closely linked to the behavior of long-term holders, who are transferring large amounts of their BTC holdings from exchanges to hardware wallets or other "cold" storage solutions.

与此同时，其他行业来源的数据显示，交易所的比特币储备持续下降，这一现象与长期持有者的行为密切相关，他们将大量持有的比特币从交易所转移到硬件钱包或其他“冷钱包”。 “存储解决方案。

As a result of these large withdrawals, the total exchange reserve has dropped below 2.6 million BTC, the lowest level since the bull market of 2017. This behavior by long-term holders is expected to create a supply shortage as the liquid supply of Bitcoin continues to shrink, which could further amplify price increases.

由于这些大额提款，总外汇储备已降至 260 万比特币以下，这是自 2017 年牛市以来的最低水平。随着比特币流动性供应的持续，长期持有者的这种行为预计将造成供应短缺收缩，这可能会进一步放大价格上涨。

However, the market is also seeing some stability, as selling pressure from traders looking to realize their profits is balancing the market movements at this stage.

然而，市场也出现了一定程度的稳定，因为寻求实现利润的交易商的抛售压力正在平衡现阶段的市场走势。

Bitcoin derivatives activity central to new highs

比特币衍生品活动创下新高

As Bitcoin approaches the $100,000 mark, activity in the derivatives markets has played a central role in the recent rally. Major derivatives platforms, including Binance, CME and Bybit, have seen the highest participation.

随着比特币逼近 10 万美元大关，衍生品市场的活动在近期的反弹中发挥了核心作用。币安、CME、Bybit 等主要衍生品平台的参与度最高。

According to data from Skew, the ratio of open interest to market cap has reached 3.3%, increasing from the 2.2% observed at Bitcoin’s previous all-time high of $69,000. This growth in leverage could heighten the risk of mass liquidations in the event of substantial price corrections.

根据 Skew 的数据，未平仓合约与市值的比率已达到 3.3%，高于比特币此前历史高点 69,000 美元时观察到的 2.2%。如果价格大幅调整，杠杆率的增长可能会增加大规模清算的风险。

Bitcoin price movements are also being influenced by the record volumes in the options markets, which have reached $9.3 billion. This activity is centered on the December expiration, with a large concentration of open interest at the $100,000 strike price, both for calls and puts.

比特币价格走势也受到期权市场创纪录交易量的影响，期权市场交易量已达到 93 亿美元。该活动以 12 月到期为中心，看涨期权和看跌期权的未平仓合约大量集中在 100,000 美元的执行价格。

As Bitcoin approaches $100,000, market stability under test

比特币逼近10万美元，市场稳定性面临考验

Bitcoin price movements have slowed as the world’s leading cryptocurrency approaches the psychological threshold of $100,000. After setting a new all-time high, the market is facing a crucial moment in its trajectory.

随着世界领先的加密货币接近 10 万美元的心理门槛，比特币的价格走势已经放缓。在创下历史新高后，市场正面临其轨迹的关键时刻。

As previously reported, some analysts anticipate that profit-taking by investors might lead to a temporary setback in the rally. In such a scenario, the price of Bitcoin could drop to the $78,000 range if demand fails to absorb the selling pressure.

正如之前报道的那样，一些分析师预计投资者的获利了结可能会导致涨势暂时受挫。在这种情况下，如果需求无法吸收抛售压力，比特币的价格可能会跌至 78,000 美元的区间。

Despite this possibility, the behavior of long-term holders is indicating confidence in the continued growth of Bitcoin. The declining exchange reserves are creating a favorable environment for price appreciation, as less supply is available for trading.

尽管存在这种可能性，但长期持有者的行为表明他们对比特币的持续增长充满信心。外汇储备的下降为价格升值创造了有利的环境，因为可供交易的供应量减少。

This phenomenon has been observed in previous Bitcoin cycles, but the current systematic decline in exchange reserves is more pronounced, highlighting a different dynamic in this bull market.

这种现象在之前的比特币周期中已经观察到，但当前外汇储备的系统性下降更为明显，凸显了本次牛市的不同动态。

On the technical charts, Bitcoin is showing consolidation in the range of $90,366 to $92,500, as analyzed by的技术分析师. Indicators such as the MACD and the Money Flow Index are signaling a pause in the bullish momentum on smaller time frames.

根据技术分析师的分析，在技术图表上，比特币显示出在 90,366 美元至 92,500 美元之间的盘整。 MACD 和资金流量指数等指标表明较小时间范围内看涨势头的暂停。

Still, the market sentiment remains positive overall, and any correction in the price of Bitcoin could be viewed as a buying opportunity by traders who are confident in its ability to reach new heights if demand continues to balance the selling pressure.

尽管如此，市场情绪总体上仍然乐观，比特币价格的任何调整都可能被交易者视为买入机会，他们相信，如果需求继续平衡抛售压力，比特币有能力达到新的高度。