比特幣跌破10萬美元：分析師稱BTC基於基本面「被低估」
比特幣價格大幅下跌至新低，但分析師指出BTC的基本面顯示該資產正以深度折扣交易。
**市場更新**
比特幣（BTC）在週二的交易中延續下跌，價格跌至100,800美元，本週累計下跌超過10%。這一波跌勢與納斯達克100指數期貨的1.67%下跌相呼應，顯示風險資產面臨壓力。根據Ecoinometrics的數據，歷史上當納斯達克單日跌幅超過1.5%時，比特幣有75%的概率出現負回報，平均跌幅為2.4%。
儘管面對宏觀經濟的壓力，分析師認為比特幣的價格疲軟並未完全由基本面所驅動。金融條件依然寬鬆，而股市最近也創下歷史新高。Ecoinometrics強調：「比特幣相對於宏觀背景被低估」，目前的下跌似乎更多是由市場情緒驅動，而非結構性因素。
然而，自十月初以來，比特幣ETF的現貨流入明顯減少。第四季度的前兩週淨流入超過50億美元，而過去四週則出現約15億美元的累計流出。雖然這一變化顯示需求有所降溫，但整體淨流入仍保持正數，顯示長期投資者對比特幣的需求依然堅韌。
全球範圍內，加密貨幣交易所交易產品（ETP）的流入減少也有所體現。上週所有加密ETP的淨流出達到2.466億美元，主要是由於比特幣流出752億美元。值得注意的是，iShares比特幣信託（IBIT）流出403億美元，而Grayscale的GBTC則流出6800萬美元。
鏈上數據為這一情況增添了更多細節。賣方壓力從上週的8.35億美元減少至4.69億美元，而長期持有者的累積依然強勁。比特幣的巨頭們向交易所發送了約4,900 BTC的溫和流入，這顯示出謹慎的重新配置，而非恐慌性拋售。
交易所持有的比特幣儲備降至285萬BTC，進一步強化了整體累積的趨勢，即使比特幣的交易價格低於其200日移動平均線（108,000美元）和短期持有者的成本基準（113,000美元）。
比特幣流動性信號顯示轉折點
來自CryptoQuant的數據顯示，穩定幣供應比率（SSR）已回落至13-14的範圍，這是比特幣今年早些時候反彈前的同一區域。歷史上，這一水平標誌著流動性轉折點，穩定幣餘額的增加暗示著市場上潛在的「購買力」。
目前，比特幣的交易價格為101,800美元，低SSR暗示穩定幣流動性再次在悄然積累，可能為反彈或本輪周期的最後一波牛市奠定基礎。然而，每次SSR的反彈似乎都在減弱，這表明雖然仍有可能出現另一波上漲，但市場的流動性動能可能正在減弱。
這篇文章不包含投資建議或推薦。每一項投資和交易行為都涉及風險，讀者在做出決策時應進行自己的研究。
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在當前的市場環境中，比特幣的價格波動反映了投資者情緒的變化，而不僅僅是基本面的變化。這提醒我們，市場情緒在加密貨幣的價格形成中扮演著重要角色。隨著穩定幣流動性的增長，市場可能會迎來反彈的機會，但投資者需謹慎，因為流動性動能的減弱可能會影響未來的價格走勢。這也表明，市場的健康狀況需要持續觀察，特別是在面對宏觀經濟變化的背景下。
以上文章由特價GPT API KEY所翻譯及撰寫。而圖片則由FLUX根據內容自動生成。
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![{
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",
"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra performing a sacred night-time royal dance, embodying divine seduction, power, and celestial authority.",
"angle": "Full-body high-fashion editorial portrait captured at a cinematic 3/4 angle, ultra-crisp clarity with no blur.",
"pose": {
"body_position": "She is captured mid-dance inside a temple courtyard at night, her body angled gracefully, hips grounded, torso lifted, creating a powerful and sensual silhouette.",
"movement": "Her arms are raised in slow ceremonial motion while one leg steps forward, fully revealing her feet and lower legs as part of the ritual stance.",
"expression": "A calm, hypnotic, commanding gaze directed toward the camera—quiet dominance wrapped in sensual mystery."
}
},
"appearance": {
"outfit": "An ultra-bongga Cleopatra couture gown with an all-crystal bodice that fits like jeweled armor. Thousands of hand-set crystals, diamonds, and glass stones in gold, champagne, clear, and iridescent tones form sacred Egyptian motifs—cobras, sun disks, lotus symbols—entirely through crystal placement. The neckline is daring yet elegant, supported by invisible illusion mesh. From the waist, the skirt opens into flowing sheer silk and organza panels in ivory and soft gold, designed with a high front opening that intentionally exposes her legs and feet during movement. Crystal chains and beaded fringe sway rhythmically with every step, enhancing sensual motion.",
"accessories": "A dramatic Egyptian ceremonial headpiece with gold and crystal detailing, an oversized layered gold collar necklace, sculpted crystal arm cuffs, finger armor rings, a crystal-and-gold waist belt, and delicate gold anklets accentuating her bare feet.",
"hair": "Her hair is sleek, glossy, and perfectly controlled, styled to balance the weight of the crystal headpiece while allowing elegant movement.",
"makeup": "Ultra-glam, colorful Egyptian night makeup—bold elongated black kohl eyeliner, intense eyeshadow layered in turquoise, emerald, sapphire blue, violet, and metallic gold. Beneath the eyes, intricate ceremonial ink drawings in fine black and gold lines inspired by ancient Egyptian markings. Skin is luminous with molten-gold highlights, brows strong and defined, lips finished in a sensual nude-bronze satin."
},
"props": {
"ritual_elements": [
"Burning incense bowls releasing thick aromatic smoke",
"Golden sistrum placed near the dance space",
"Tall ceremonial torches lining the temple floor"
]
},
"background": {
"macro_environment": "A grand ancient Egyptian temple courtyard at night, reserved for sacred royal rituals.",
"midground_details": "Towering sandstone columns, massive statues of Isis and Hathor, carved temple walls, flowing linen drapes, and ceremonial platforms illuminated by firelight.",
"micro_elements": "Torch flames reflecting off crystal surfaces, fine dust particles glowing in the night air, incense smoke wrapping around her legs and feet, detailed stone floor textures beneath her bare feet, crystal fringe in motion, and sharply defined shadows—everything rendered in extreme detail with zero blur."
},
"lighting": {
"type": "Cinematic night lighting using torches, oil lamps, and subtle moonlight.",
"effect": "Firelight ignites the crystal bodice with prismatic sparkle while moonlight softly outlines her legs and feet, creating a dramatic, sensual, and divine atmosphere."
},
"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "50mm prime lens",
"aperture": "f/8 for full-body and environment sharpness",
"iso": 100,
"shutter_speed": "1/200s to freeze elegant motion clearly",
"focus": "Extreme sharp focus on crystal bodice, facial features, legs, feet, and temple details, no bokeh, no blur"
},
"style": "Ultra high-fashion editorial, night temple ritual, all-crystal couture, sexy yet sacred, ancient Egyptian royalty reimagined, cinematic realism, extremely detailed, sharp, iconic"
}](https://ssfuture.shop/wp-content/uploads/ai_gen_1766006158-167x300.png)
