美国债务上限谈判、Mt. Gox 担忧和年终市场波动，虚拟资产市场表现不稳定

12月23日至27日，受美国责任上限谈判困难，虚拟资产市场出现大幅波动

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.

受美国债务上限谈判困难、Mt. Gox 抛售担忧以及年底供需不稳定等因素影响，虚拟资产市场在 12 月 23 日至 27 日出现大幅波动。在当选总统唐纳德·特朗普任命比特币支持者史蒂文·米兰为经济顾问委员会主席的消息传出后，比特币试图反弹，但由于现货交易所交易基金（ETF）仓位的制度调整以及流动性低下而继续下跌。假期期间。

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.

比特币交易价格约为 95,000 美元，较前一周下跌 1.9%，而以太坊交易价格约为 3,300 美元，下跌 2.55%。继上周，Bitget Token（BGB）在与 Bitget Wallet 合并的消息传出后，大幅上涨 60.65%，而人工智能代理领域领军的虚拟协议（VIRTUAL）也表现强势，涨幅达 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."

该研究所的崔承浩指出，“继鲍威尔主席上周发表强硬言论后，短期上涨动力减弱，由于年底停业和机构停止交易，市场显得不稳定。然而，年末波动性加大——结束是一种每年都会重复的典型模式。”

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

◇ 比特币战略储备，美国责任解决方案浮现

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 提出通过比特币战略储备解决美国责任的方案，引起了人们的关注。 VanEck 分析称，如果美国战略性地积累 100 万枚比特币，到 2049 年可以将国家责任减少约 35%。这一假设是基于比特币价格年均增长率 25% 和美国目前的负债 37 万亿美元计算的。预计每年增长5%。

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.

这一提议之所以引起关注，是因为美国此前曾利用战略石油储备来改善财政状况。自2015年初《两党预算法案》（BBA）通过以来，美国多次出售战略储备以确保财政。值得注意的是，人们越来越期待通过比特币的战略储备来解决这一责任，特别是一些人猜测特朗普可能会在上任第一天发布行政命令，将比特币指定为战略储备资产。

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，战略储备的本质目的似乎需要反思。虽然储备石油的明确目的是为了应对能源安全危机，但就比特币而言，减少责任的财务目标变得更加突出。这可能代表了战略储备资产的新范式，但它也不同于传统的战略储备概念。展望未来，有关比特币被指定为战略储备资产的讨论预计将在考虑到这一目的的有效性的情况下进行。

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

◇ 由于与朝鲜有关的黑客攻击，Hyperliquid 面临增长挑战

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.

链上衍生品交易所Hyperliquid因被指遭到朝鲜黑客组织的黑客攻击以及大量资金外流而陷入混乱。 23日，安全专家泰勒·莫纳汉在社交媒体平台X上声称，朝鲜黑客组织正在测试Hyperliquid的安全漏洞，导致约1.1亿美元的美元币（USDC）从该平台泄露事件。

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 特别透露，疑似与朝鲜有关的钱包在 Hyperliquid 上的损失超过 70 万美元，这表明这很可能是为了了解该平台的结构而不是实际交易的测试。 Hyperliquid采用了将中心化交易所的速度与去中心化交易所的透明度相结合的混合模型，但由于其结构特征（例如少量的区块验证器和管理区块链的开发人员数量有限）而引发了对安全性的担忧。

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维持立场，表示“没有发生包括朝鲜黑客在内的黑客企图，用户资金是安全的”，但市场参与者反应敏感。争议发生后，Hyperliquid 自有代币 HYPE 上线后曾录得高增长率，但随后下跌了约 20%，而最近才成为去中心化金融（DeFi）领域最大交易所的 Hyperliquid 的增长也受到了影响。日均交易额为88亿美元，出现放缓迹象。

☞ 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 为采用 Web3 的公司和基金会提供必要的运营解决方案和基于信任的社区建设服务。它运营着加密数据智能平台Jangle，Jangle研究团队正在根据全球虚拟资产信息和数据创建内容来展示虚拟资产投资行业的趋势。