<h2>比特币</h2>
<p><strong>富达：比特币寒冬可能持续一年，支撑位在 65,000 到 75,000 美元之间</strong></p>
<p>富达全球宏观总监 Juren Timmer 在 X 平台上写道，尽管他对比特币的长期前景持乐观态度，但它可能已经结束了另一个四年减半周期，无论是从价格还是时间来看：在 145 个月的上涨后，今年 10 月达到的 125,000 美元高位基本符合预期。比特币寒冬通常持续约一年，因此 2026 年可能是比特币的 “假期年”，支撑位在 65,000 到 75,000 美元之间。此外，Juren Timmer 还强调了黄金在 2025 年的强劲表现，与比特币的负面表现形成对比，并预测这两种资产在短期内都不会经历均值回归。</p>
<p>他指出，黄金目前处于强劲的牛市中，今年迄今已上涨约 65%，表现优于全球货币供应的增长。在最近的回调中，黄金保持了大部分涨幅，这是牛市的典型特征。Arthur Hayes：美联储推出新版本的量化宽松，比特币可能回到 124,000 美元。在他今天发布的最新文章《爱情语言》中，Arthur Hayes 表示，美联储的 RMP（储备管理购买）本质上相当于新版本的量化宽松（QE），这意味着流动性将再次释放，长期法币贬值的风险将增加，尤其是比特币在加密市场中将显著受益。他预测 BTC 在短期内可能在 80,000 到 100,000 美元之间波动；一旦市场认识到 “RMP = QE”，比特币可能会回到 124,000 美元，并迅速飙升至 200,000 美元；预计明年 3 月会出现一次短暂的情绪高峰，随后会回调，但整体底部仍可能高于 124,000 美元。值得注意的是，尽管 Arthur Hayes 继续看好加密市场，他在昨天的反弹中将 508.647 个 ETH（价值 150 万美元）转移给了 Galaxy Digital，可能是为了出售。数据显示，如果比特币达到 93,000 美元，超过 40 亿美元的杠杆空头头寸将被清算。Coinbase 比特币溢价指数已经连续五天处于负值，目前为-0.065%。根据 Coinglass 的数据，Coinbase 比特币溢价指数已经连续五天处于负值，目前为-0.065%。Coinbase 比特币溢价指数衡量的是 Coinbase（一个主要的美国交易平台）上的比特币价格与全球市场平均价格之间的差异。该指数是观察资金流动、机构投资活动和美国市场情绪变化的重要指标。正溢价表明 Coinbase 价格高于全球平均水平，通常意味着：美国市场有强劲的买入压力，机构或合规资金积极进入，美元流动性充足，投资情绪乐观。负溢价则表明 Coinbase 价格低于全球平均水平，通常反映出：美国市场有显著的卖出压力，投资者风险偏好下降，市场风险厌恶增加，或资本外流。</p>
<p><strong>一家比特币矿业公司 American Bitcoin Corp 董事会成员购买了 290,500 美元的$ABTC 股票</strong></p>
<p>根据市场消息：比特币矿业公司 American Bitcoin Corp 的董事会成员 Richard Busch 以平均价格 1.66 美元购买了 175,000 股$ABTC 股票，总计 290,500 美元。</p>
<h2>以太坊</h2>
<p><strong>以太坊交易所持有量降至 2016 年以来的最低水平</strong></p>
<p>根据 CryptoQuant 的数据，以太坊交易所持有量降至 2016 年以来的最低水平，表明交易者的谨慎情绪增加，市场短期卖压有所缓解。</p>
<p>以太坊创始人 Vitalik Buterin 在 X 平台上发表帖子，赞扬 Wonderland，称该加密基金是一个优秀的团队，在以太坊生态系统中发挥着至关重要的作用，提供了大量支持，包括对以太坊基金会（EF）在互操作性和 Kohaku 方面的帮助，以及对众多以太坊项目的支持。他进一步表示，提高协议的可理解性是无信任的关键方向，并认为一种重要但长期被低估的无信任形式是让尽可能多的人真正理解整个协议的工作原理。如果只有极少数人对其有全面的理解，系统仍然存在集中信任的隐患。Vitalik 指出，以太坊在这方面仍有改进的空间，未来需要通过简化协议设计和降低系统复杂性来提高整体可理解性。这不仅有助于扩大能够参与和审计协议的人群，还能增强以太坊生态系统的透明度、安全性和长期韧性。本周，美国现货以太坊 ETF 净流出 2.2494 亿美元。根据 TraderT 的监测，本周美国现货以太坊 ETF 净流出 2.2494 亿美元。黑石向 Coinbase Prime 地址存入 36,579 个以太坊，价值 1.084 亿美元。根据 OnchainLens 的监测，黑石向 Coinbase Prime 地址存入 36,579 个以太坊，价值 1.084 亿美元。Arthur Hayes 向 Galaxy Digital 转移 508.647 个以太坊。根据 Lookonchain，Arthur Hayes 向 Galaxy Digital 转移了 508.647 个以太坊，价值约 150 万美元，暗示可能进行出售。其他项目方面，稳定币支付公司 RedotPay 完成了 1.07 亿美元的 B 轮融资。RedotPay 是一家总部位于香港的金融科技公司，专注于稳定币支付，宣布完成 1.07 亿美元的 B 轮融资，由 Goodwater Capital 领投，Pantera Capital、Blockchain Capital、Circle Ventures 和现有投资者 HSG（前身为红杉资本中国）参与。巴西主要证券交易所 B3 计划明年推出自己的代币化平台和稳定币，进一步加深其在加密货币领域的参与。该稳定币将促进代币化资产的交易，并预计将与巴西雷亚尔挂钩。代币化平台将允许资产在交易所进行代币化和交易。B3 的产品与客户副总裁 Luiz Masagao 表示，这两个系统将共享同一流动性池。B3 还在扩大其加密货币衍生品的产品，包括与加密货币价格挂钩的新期权和合约。Visa 推出稳定币咨询服务以跟上加密潮流。根据《财富》杂志，Visa 宣布推出其稳定币咨询服务，旨在帮助金融科技公司、银行和其他企业开发和实施稳定币战略。自特朗普总统在 7 月签署《天才法案》以来，许多传统金融公司已开始接受稳定币。Visa 目前拥有数十个客户，包括海军联邦信用合作社、VyStar 信用合作社和 Pathward 金融机构。Visa 表示，该服务将支持客户的战略、技术和运营，共同推动稳定币在跨境和企业间交易中的应用。支付基础设施公司 Speed1 获得 800 万美元融资，由 Tether 领投，Ego Death Capital 参与。该公司专注于利用比特币的闪电网络和稳定币构建即时全球结算渠道。基于 Solana 的 DePIN 项目 Fuse Energy 完成 7000 万美元的 B 轮融资。根据 SolanaFloor，Fuse Energy 是一个建立在 Solana 区块链上的 DePIN 项目，已宣布完成 7000 万美元的 B 轮融资。该轮融资由 Lowercarbon Capital 和 Balderton Capital 领投，公司估值为 50 亿美元。</p>

富达国民信息服务

ETHE

<p>富达的 Juren Timmer 预测，比特币的寒冬可能会持续一年，支撑位在 65,000 美元到 75,000 美元之间。Arthur Hayes 建议，由于美联储的新量化宽松政策，比特币可能会回升至 124,000 美元。以太坊的交易所持有量降至 2016 年以来的最低水平。Vitalik Buterin 赞扬 Wonderland 对以太坊生态系统的支持。美国现货以太坊 ETF 的净流出为 2.2494 亿美元</p>

<h2>Bitcoin</h2>
<div class="lb-trans"><h2>比特币</h2>
</div><p><strong>Fidelity: Bitcoin Winter May Last a Year, Support Level Between $65,000 and $75,000</strong></p>
<div class="lb-trans"><p><strong>富达：比特币寒冬可能持续一年，支撑位在 65,000 到 75,000 美元之间</strong></p>
</div><p>Juren Timmer, Global Macro Director at Fidelity, wrote on the X platform that while he remains bullish on Bitcoin in the long term, it may have ended another four-year halving cycle, both in terms of price and time: after 145 months of gains, the high of $125,000 reached in October this year was largely in line with expectations. Bitcoin winters typically last about a year, so 2026 could be a &#34;holiday year&#34; for Bitcoin, with support between $65,000 and $75,000. Furthermore, Juren Timmer also highlighted the strong performance of gold in 2025, contrasting it with Bitcoin's negative performance, and predicting that neither asset will experience mean reversion in the short term.</p>
<div class="lb-trans"><p>富达全球宏观总监 Juren Timmer 在 X 平台上写道，尽管他对比特币的长期前景持乐观态度，但它可能已经结束了另一个四年减半周期，无论是从价格还是时间来看：在 145 个月的上涨后，今年 10 月达到的 125,000 美元高位基本符合预期。比特币寒冬通常持续约一年，因此 2026 年可能是比特币的 “假期年”，支撑位在 65,000 到 75,000 美元之间。此外，Juren Timmer 还强调了黄金在 2025 年的强劲表现，与比特币的负面表现形成对比，并预测这两种资产在短期内都不会经历均值回归。</p>
</div><p>He pointed out that gold is currently in a strong bull market, having risen about 65% so far this year, outperforming the growth of global money supply. During the recent pullback, gold held onto most of its gains, a typical characteristic of a bull market. Arthur Hayes: Fed Launches New Version of Quantitative Easing, Bitcoin May Return to $124,000 In his latest article, &#34;Love Language,&#34; published today, Arthur Hayes stated that the Fed's RMP (Reserve Management Purchases) is essentially equivalent to a new version of quantitative easing (QE), meaning that liquidity will be released again, the risk of long-term fiat currency devaluation will increase, and the crypto market, especially Bitcoin, will benefit significantly. He predicts that BTC may fluctuate between $80,000 and $100,000 in the short term; once the market recognizes that &#34;RMP = QE,&#34; Bitcoin may return to $124,000 and quickly surge to $200,000; a temporary emotional peak is expected around March next year, followed by a pullback, but the overall bottom is still likely to be above $124,000. It is worth noting that although Arthur Hayes continues to be bullish on the crypto market, he transferred 508.647 ETH (worth $1.5 million) to Galaxy Digital during yesterday's rebound, possibly for sale. Data shows that if Bitcoin reaches $93,000, over $4 billion in leveraged short positions will be liquidated. The Coinbase Bitcoin Premium Index has been in negative territory for five consecutive days, currently at -0.065%. According to Coinglass data, the Coinbase Bitcoin Premium Index has been in negative territory for five consecutive days, currently at -0.065%. The Coinbase Bitcoin Premium Index measures the difference between the price of Bitcoin on Coinbase (a major US trading platform) and the global market average price. This index is an important indicator for observing fund flows, institutional investment activity, and market sentiment changes in the US market. A positive premium indicates that the Coinbase price is higher than the global average, usually meaning: strong buying pressure in the US market, active entry of institutional or compliant funds, ample dollar liquidity, and optimistic investment sentiment. A negative premium indicates that the Coinbase price is lower than the global average, usually reflecting: significant selling pressure in the US market, decreased investor risk appetite, increased market risk aversion, or capital outflow.</p>
<div class="lb-trans"><p>他指出，黄金目前处于强劲的牛市中，今年迄今已上涨约 65%，表现优于全球货币供应的增长。在最近的回调中，黄金保持了大部分涨幅，这是牛市的典型特征。Arthur Hayes：美联储推出新版本的量化宽松，比特币可能回到 124,000 美元。在他今天发布的最新文章《爱情语言》中，Arthur Hayes 表示，美联储的 RMP（储备管理购买）本质上相当于新版本的量化宽松（QE），这意味着流动性将再次释放，长期法币贬值的风险将增加，尤其是比特币在加密市场中将显著受益。他预测 BTC 在短期内可能在 80,000 到 100,000 美元之间波动；一旦市场认识到 “RMP = QE”，比特币可能会回到 124,000 美元，并迅速飙升至 200,000 美元；预计明年 3 月会出现一次短暂的情绪高峰，随后会回调，但整体底部仍可能高于 124,000 美元。值得注意的是，尽管 Arthur Hayes 继续看好加密市场，他在昨天的反弹中将 508.647 个 ETH（价值 150 万美元）转移给了 Galaxy Digital，可能是为了出售。数据显示，如果比特币达到 93,000 美元，超过 40 亿美元的杠杆空头头寸将被清算。Coinbase 比特币溢价指数已经连续五天处于负值，目前为-0.065%。根据 Coinglass 的数据，Coinbase 比特币溢价指数已经连续五天处于负值，目前为-0.065%。Coinbase 比特币溢价指数衡量的是 Coinbase（一个主要的美国交易平台）上的比特币价格与全球市场平均价格之间的差异。该指数是观察资金流动、机构投资活动和美国市场情绪变化的重要指标。正溢价表明 Coinbase 价格高于全球平均水平，通常意味着：美国市场有强劲的买入压力，机构或合规资金积极进入，美元流动性充足，投资情绪乐观。负溢价则表明 Coinbase 价格低于全球平均水平，通常反映出：美国市场有显著的卖出压力，投资者风险偏好下降，市场风险厌恶增加，或资本外流。</p>
</div><p><strong>A Bitcoin mining company American Bitcoin Corp board member buys $290,500 $ABTC stock</strong></p>
<div class="lb-trans"><p><strong>一家比特币矿业公司 American Bitcoin Corp 董事会成员购买了 290,500 美元的$ABTC 股票</strong></p>
</div><p>According to market news: Richard Busch, a board member of American Bitcoin Corp, a Bitcoin mining company backed by the Trump family, bought 175,000 shares of $ABTC stock at an average price of $1.66, totaling $290,500.</p>
<div class="lb-trans"><p>根据市场消息：比特币矿业公司 American Bitcoin Corp 的董事会成员 Richard Busch 以平均价格 1.66 美元购买了 175,000 股$ABTC 股票，总计 290,500 美元。</p>
</div><h2>Ethereum</h2>
<div class="lb-trans"><h2>以太坊</h2>
</div><p><strong>Ethereum exchange holdings have fallen to their lowest level since 2016</strong></p>
<div class="lb-trans"><p><strong>以太坊交易所持有量降至 2016 年以来的最低水平</strong></p>
</div><p>According to CryptoQuant data, Ethereum exchange holdings have fallen to their lowest level since 2016, indicating that traders' cautious sentiment has increased and short-term selling pressure in the market has eased.</p>
<div class="lb-trans"><p>根据 CryptoQuant 的数据，以太坊交易所持有量降至 2016 年以来的最低水平，表明交易者的谨慎情绪增加，市场短期卖压有所缓解。</p>
</div><p>Ethereum founder Vitalik Buterin, in a post on the X platform, praised Wonderland, stating that the crypto fund is an excellent team that plays a vital role in the Ethereum ecosystem, providing substantial support, including assistance to the Ethereum Foundation (EF) on interoperability and Kohaku, and support for numerous Ethereum projects. He further stated that improving protocol understandability is a key direction for trustlessness, arguing that an important but long-underestimated form of trustlessness is enabling as many people as possible to truly understand how the entire protocol works from start to finish. If only a very small number of people have a complete understanding, the system still carries a hidden risk of centralized trust. Vitalik pointed out that Ethereum still has room for improvement in this regard, and in the future, it needs to improve overall understandability by simplifying protocol design and reducing system complexity. This will not only help expand the population that can participate in and audit the protocol, but also enhance the transparency, security, and long-term resilience of the Ethereum ecosystem. This week, US spot Ethereum ETFs saw a net outflow of $224.94 million. According to TraderT monitoring, US spot Ethereum ETFs saw a net outflow of $224.94 million this week. BlackRock deposited 36,579 ETH, worth $108.4 million, into a Coinbase Prime address. According to OnchainLens monitoring, BlackRock deposited 36,579 ETH, worth $108.4 million, into a Coinbase Prime address. Arthur Hayes Transfers 508.647 ETH to Galaxy Digital According to Lookonchain, Arthur Hayes transferred 508.647 ETH, worth approximately $1.5 million, to Galaxy Digital, suggesting a possible sale. Other Projects Stablecoin Payments Company RedotPay Completes $107 Million Series B Funding Round RedotPay, a Hong Kong-based fintech company focused on stablecoin payments, announced the completion of a $107 million Series B funding round, led by Goodwater Capital, with participation from Pantera Capital, Blockchain Capital, Circle Ventures, and existing investor HSG (formerly Sequoia Capital China). Brazil's major stock exchange, B3, plans to launch its own tokenization platform and stablecoin next year, deepening its involvement in the cryptocurrency space. This stablecoin will facilitate trading in tokenized assets and is expected to be pegged to the Brazilian real. The tokenization platform will allow assets to be tokenized and traded on the exchange. Luiz Masagao, B3's VP of Product and Clients, stated that the two systems will share the same liquidity pool. B3 is also expanding its cryptocurrency derivatives offerings, including new options and contracts pegged to cryptocurrency prices. Visa Launches Stablecoin Advisory Service to Keep Pace with Crypto Wave According to Fortune magazine, Visa announced the launch of its stablecoin advisory service, designed to assist fintech companies, banks, and other businesses in developing and implementing stablecoin strategies. Since President Trump signed the Genius Act in July, many traditional financial companies have embraced stablecoins. Visa currently has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and Pathward Financial Institution. Visa stated that the service will support clients' strategies, technology, and operations to jointly promote the application of stablecoins in cross-border and inter-business transactions. Payment infrastructure company Speed1 raises $8 million in funding, led by Tether, with participation from Ego Death Capital. The company focuses on building instant global settlement channels using Bitcoin's Lightning Network and stablecoins. Solana-based DePIN project Fuse Energy raises $70 million in Series B funding. According to SolanaFloor, Fuse Energy, a DePIN project built on the Solana blockchain, has announced the completion of a $70 million Series B funding round. The round was led by Lowercarbon Capital and Balderton Capital, valuing the company at $5 billion.</p>
<div class="lb-trans"><p>以太坊创始人 Vitalik Buterin 在 X 平台上发表帖子，赞扬 Wonderland，称该加密基金是一个优秀的团队，在以太坊生态系统中发挥着至关重要的作用，提供了大量支持，包括对以太坊基金会（EF）在互操作性和 Kohaku 方面的帮助，以及对众多以太坊项目的支持。他进一步表示，提高协议的可理解性是无信任的关键方向，并认为一种重要但长期被低估的无信任形式是让尽可能多的人真正理解整个协议的工作原理。如果只有极少数人对其有全面的理解，系统仍然存在集中信任的隐患。Vitalik 指出，以太坊在这方面仍有改进的空间，未来需要通过简化协议设计和降低系统复杂性来提高整体可理解性。这不仅有助于扩大能够参与和审计协议的人群，还能增强以太坊生态系统的透明度、安全性和长期韧性。本周，美国现货以太坊 ETF 净流出 2.2494 亿美元。根据 TraderT 的监测，本周美国现货以太坊 ETF 净流出 2.2494 亿美元。黑石向 Coinbase Prime 地址存入 36,579 个以太坊，价值 1.084 亿美元。根据 OnchainLens 的监测，黑石向 Coinbase Prime 地址存入 36,579 个以太坊，价值 1.084 亿美元。Arthur Hayes 向 Galaxy Digital 转移 508.647 个以太坊。根据 Lookonchain，Arthur Hayes 向 Galaxy Digital 转移了 508.647 个以太坊，价值约 150 万美元，暗示可能进行出售。其他项目方面，稳定币支付公司 RedotPay 完成了 1.07 亿美元的 B 轮融资。RedotPay 是一家总部位于香港的金融科技公司，专注于稳定币支付，宣布完成 1.07 亿美元的 B 轮融资，由 Goodwater Capital 领投，Pantera Capital、Blockchain Capital、Circle Ventures 和现有投资者 HSG（前身为红杉资本中国）参与。巴西主要证券交易所 B3 计划明年推出自己的代币化平台和稳定币，进一步加深其在加密货币领域的参与。该稳定币将促进代币化资产的交易，并预计将与巴西雷亚尔挂钩。代币化平台将允许资产在交易所进行代币化和交易。B3 的产品与客户副总裁 Luiz Masagao 表示，这两个系统将共享同一流动性池。B3 还在扩大其加密货币衍生品的产品，包括与加密货币价格挂钩的新期权和合约。Visa 推出稳定币咨询服务以跟上加密潮流。根据《财富》杂志，Visa 宣布推出其稳定币咨询服务，旨在帮助金融科技公司、银行和其他企业开发和实施稳定币战略。自特朗普总统在 7 月签署《天才法案》以来，许多传统金融公司已开始接受稳定币。Visa 目前拥有数十个客户，包括海军联邦信用合作社、VyStar 信用合作社和 Pathward 金融机构。Visa 表示，该服务将支持客户的战略、技术和运营，共同推动稳定币在跨境和企业间交易中的应用。支付基础设施公司 Speed1 获得 800 万美元融资，由 Tether 领投，Ego Death Capital 参与。该公司专注于利用比特币的闪电网络和稳定币构建即时全球结算渠道。基于 Solana 的 DePIN 项目 Fuse Energy 完成 7000 万美元的 B 轮融资。根据 SolanaFloor，Fuse Energy 是一个建立在 Solana 区块链上的 DePIN 项目，已宣布完成 7000 万美元的 B 轮融资。该轮融资由 Lowercarbon Capital 和 Balderton Capital 领投，公司估值为 50 亿美元。</p>
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富达国民信息服务：比特币的寒冬可能会持续一年；Vitalik 称赞 Wonderland