<p>自 10 月 10 日的崩盘以来，加密市场并未出现强劲的重新看涨情绪。事实上，比特币 [BTC] 在去杠杆事件后与黄金脱钩，并在 2025 年和 2026 年初表现不佳。</p>
<p>尽管黄金和白银的价格分别突破了 5000 美元和 110 美元，比特币却下跌至 86000 美元，如果疲软持续，可能会重新测试其近期低点 80600 美元。</p>
<p>自 11 月以来，以太坊 [ETH] 也一直在 2800 美元和 3200 美元之间震荡，在最近的比特币下跌后重新测试了 2800 美元。</p>
<p>对于加密市场的疲软，Fundstrat 的创始人兼研究主管汤姆·李指出，最后一次清算潮和贵金属的反弹是导致价格行动疲软的原因。</p>
<blockquote>
<p>“贵金属的上涨吸走了很多市场的活力。因此，加密价格未能跟上基本面。但当基本面向好时，价格也会随之上涨。”</p>
</blockquote>
<p>李同时也是全球最大的以太坊财库公司 Bitmine Immersion 的董事长，他总结道，</p>
<blockquote>
<p>“只要黄金和白银上涨，就会出现对购买这些而非比特币的 FOMO。但当黄金和白银休整时，这将导致比特币和以太坊随后上涨。”</p>
</blockquote>
<h2><strong>Bitmine 质押超过一半的以太坊持有量</strong></h2>
<p>也就是说，Bitmine 已经质押了超过其 400 万以太坊持有量的一半。在过去几个小时内，该公司又购买了 2 万以太坊，并质押了价值 6.1 亿美元的以太坊（209,540 个币）。</p>
<p>这使其整体质押资产超过 220 万以太坊，价值 65 亿美元，占其整体持有量的 52%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitmine-Ethereum-Fundstrat-Tom-Lee.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitmine-Ethereum-Fundstrat-Tom-Lee.jpg"/></p>
<p>来源：X/Lookonchain</p>
<p>有趣的是，以太坊质押需求在超过总以太坊供应的 30% 后达到了新高，多个美国现货以太坊 ETF 正在排队寻求其持有资产的收益。</p>
<p>但这并不是以太坊不断攀升的唯一积极基本面。每日交易量达到了新高，而链上的平均转账成本已降至相对较低、具有竞争力的水平。</p>
<h2><strong>以太坊价格会保持震荡吗？</strong></h2>
<p>尽管以太坊的价格滞后，李相信它最终会赶上基本面。</p>
<p>在每周的清算图上，关注美联储利率决策前的关键水平是 2980 美元和 2850 美元，这些是杠杆空头和多头的重要流动性池。</p>
<p>在大多数情况下，由流动性抓取引发的波动性波动总是会将价格行动推向这些关键流动性池。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-27-150906.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-27-150906.png"/></p>
<p>来源：Coinglass</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>Fundstrat 的李认为，持续的黄金和白银繁荣将继续使交易者远离加密市场。</em></li>
<li><em>Bitmine 已将其质押的以太坊规模扩大至 220 万，占其整体持有量的 52%。</em></li>
</ul>

<p>Fundstrat 创始人兼 Bitmine 主席 Tom Lee 表示，由于近期黄金和白银价格的飙升，加密货币市场目前处于低迷状态。比特币表现不佳，跌至 86,000 美元，而以太坊则保持在区间波动。Lee 认为，一旦黄金和白银价格稳定，加密货币可能会迎来复苏。Bitmine 已质押超过 220 万个 ETH，占其持有资产的 52%，这与日益增长的 ETH 质押需求和交易量有关。Lee 预计，尽管当前价格滞后，以太坊最终将与其基本面保持一致</p>

<p>Since the crash on the 10th of October, the crypto market has not seen a strong renewed bullish sentiment. In fact, Bitcoin [BTC] decoupled from gold after the deleveraging event and has underperformed it in 2025 and early 2026.</p>
<div class="lb-trans"><p>自 10 月 10 日的崩盘以来，加密市场并未出现强劲的重新看涨情绪。事实上，比特币 [BTC] 在去杠杆事件后与黄金脱钩，并在 2025 年和 2026 年初表现不佳。</p>
</div><p>While gold and silver printed new highs above $5K and $110, Bitcoin dropped to $86k and may retest its recent low of $80.6k if the weakness persists.</p>
<div class="lb-trans"><p>尽管黄金和白银的价格分别突破了 5000 美元和 110 美元，比特币却下跌至 86000 美元，如果疲软持续，可能会重新测试其近期低点 80600 美元。</p>
</div><p>Ethereum [ETH] also remained range-bound between $2.8k and $3.2k since November, retesting $2.8k after the recent BTC dip.</p>
<div class="lb-trans"><p>自 11 月以来，以太坊 [ETH] 也一直在 2800 美元和 3200 美元之间震荡，在最近的比特币下跌后重新测试了 2800 美元。</p>
</div><p>Commenting on the crypto market’s weakness, Fundstrat’s founder and head of research, Tom Lee, cited the last liquidation cascade and the metals rally as driving the muted price action.</p>
<div class="lb-trans"><p>对于加密市场的疲软，Fundstrat 的创始人兼研究主管汤姆·李指出，最后一次清算潮和贵金属的反弹是导致价格行动疲软的原因。</p>
</div><blockquote>
<p>“The precious metals’ move has sucked alot of oxygen out of the room. So crypto prices aren’t keeping up with fundamentals. But when fundamentals go to the right, prices do follow.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“贵金属的上涨吸走了很多市场的活力。因此，加密价格未能跟上基本面。但当基本面向好时，价格也会随之上涨。”</p>
</blockquote>
</div><p>Lee, who doubles as chairman of Bitmine Immersion, the world’s largest ETH treasury firm, concluded that,</p>
<div class="lb-trans"><p>李同时也是全球最大的以太坊财库公司 Bitmine Immersion 的董事长，他总结道，</p>
</div><blockquote>
<p>“As long as gold and silver rise, there’s FOMO to buy that instead of BTC. But when gold and silver take a break, that would lead to Bitcoin and Ethereum surge afterward.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“只要黄金和白银上涨，就会出现对购买这些而非比特币的 FOMO。但当黄金和白银休整时，这将导致比特币和以太坊随后上涨。”</p>
</blockquote>
</div><h2><strong>Bitmine stakes over half of its ETH holdings</strong></h2>
<div class="lb-trans"><h2><strong>Bitmine 质押超过一半的以太坊持有量</strong></h2>
</div><p>That said, BitMine has staked over half of its holdings of +4 million ETH. In the past few hours, the firm scooped up an additional 20k ETH and staked another whopping $610 million in ETH (209,540 coins).</p>
<div class="lb-trans"><p>也就是说，Bitmine 已经质押了超过其 400 万以太坊持有量的一半。在过去几个小时内，该公司又购买了 2 万以太坊，并质押了价值 6.1 亿美元的以太坊（209,540 个币）。</p>
</div><p>This brought its overall staking stash to over 2.2 million ETH, worth $6.5 billion, or 52% of its overall holdings.</p>
<div class="lb-trans"><p>这使其整体质押资产超过 220 万以太坊，价值 65 亿美元，占其整体持有量的 52%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Bitmine-Ethereum-Fundstrat-Tom-Lee.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Bitmine-Ethereum-Fundstrat-Tom-Lee.jpg"/></p>
<p>Source: X/Lookonchain</p>
<div class="lb-trans"><p>来源：X/Lookonchain</p>
</div><p>Interestingly, ETH staking demand hit a record after crossing 30% of the total ETH supply, with several U.S. spot ETH ETFs lined up to seek yield on their holdings.</p>
<div class="lb-trans"><p>有趣的是，以太坊质押需求在超过总以太坊供应的 30% 后达到了新高，多个美国现货以太坊 ETF 正在排队寻求其持有资产的收益。</p>
</div><p>But this is not the only positive fundamental for ETH that has been climbing higher. Daily transaction counts hit a new high, while the average transfer cost across the chain has fallen to a relatively low, competitive level.</p>
<div class="lb-trans"><p>但这并不是以太坊不断攀升的唯一积极基本面。每日交易量达到了新高，而链上的平均转账成本已降至相对较低、具有竞争力的水平。</p>
</div><h2><strong>Will ETH price remain range-bound?</strong></h2>
<div class="lb-trans"><h2><strong>以太坊价格会保持震荡吗？</strong></h2>
</div><p>Despite ETH’s price lagging, Lee believes it will eventually catch up to the fundamentals.</p>
<div class="lb-trans"><p>尽管以太坊的价格滞后，李相信它最终会赶上基本面。</p>
</div><p>On the weekly liquidation map, the key levels to watch ahead of the Fed rate decision were $2.98K and $2.85K, which were crucial liquidity pools for leveraged shorts and longs, respectively.</p>
<div class="lb-trans"><p>在每周的清算图上，关注美联储利率决策前的关键水平是 2980 美元和 2850 美元，这些是杠杆空头和多头的重要流动性池。</p>
</div><p>In most cases, volatility swings triggered by liquidity grabs always push price action toward these key pools.</p>
<div class="lb-trans"><p>在大多数情况下，由流动性抓取引发的波动性波动总是会将价格行动推向这些关键流动性池。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-27-150906.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-27-150906.png"/></p>
<p>Source: Coinglass</p>
<div class="lb-trans"><p>来源：Coinglass</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Fundstrat’s Lee believes the ongoing gold and silver boom will continue to keep traders away from crypto.</em></li>
<li><em>BitMine has scaled its staked ETH to 2.2 million, representing 52% of its overall holdings.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>Fundstrat 的李认为，持续的黄金和白银繁荣将继续使交易者远离加密市场。</em></li>
<li><em>Bitmine 已将其质押的以太坊规模扩大至 220 万，占其整体持有量的 52%。</em></li>
</ul>
</div>

Bitmine’s Tom Lee: Crypto may surge once gold and silver cool off

- 加密市场在 2025 年和 2026 年初未能恢复强劲涨势。  
- 比特币从 10 月 10 日崩盘后表现不佳，近期价格回落至 $86,000。  
- BitMine 已质押过半的以太坊持有量，并在 ETH 完成后需求激增。

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Bitmine 的 Tom Lee 表示，一旦黄金和白银市场降温，加密货币可能会迎来大幅上涨