<p>自 10 月 10 日的崩盤以來，加密市場並未出現強勁的重新看漲情緒。事實上，比特幣 [BTC] 在去槓桿事件後與黃金脱鈎，並在 2025 年和 2026 年初表現不佳。</p>
<p>儘管黃金和白銀的價格分別突破了 5000 美元和 110 美元，比特幣卻下跌至 86000 美元，如果疲軟持續，可能會重新測試其近期低點 80600 美元。</p>
<p>自 11 月以來，以太坊 [ETH] 也一直在 2800 美元和 3200 美元之間震盪，在最近的比特幣下跌後重新測試了 2800 美元。</p>
<p>對於加密市場的疲軟，Fundstrat 的創始人兼研究主管湯姆·李指出，最後一次清算潮和貴金屬的反彈是導致價格行動疲軟的原因。</p>
<blockquote>
<p>“貴金屬的上漲吸走了很多市場的活力。因此，加密價格未能跟上基本面。但當基本面向好時，價格也會隨之上漲。”</p>
</blockquote>
<p>李同時也是全球最大的以太坊財庫公司 Bitmine Immersion 的董事長，他總結道，</p>
<blockquote>
<p>“只要黃金和白銀上漲，就會出現對購買這些而非比特幣的 FOMO。但當黃金和白銀休整時，這將導致比特幣和以太坊隨後上漲。”</p>
</blockquote>
<h2><strong>Bitmine 質押超過一半的以太坊持有量</strong></h2>
<p>也就是説，Bitmine 已經質押了超過其 400 萬以太坊持有量的一半。在過去幾個小時內，該公司又購買了 2 萬以太坊，並質押了價值 6.1 億美元的以太坊（209,540 個幣）。</p>
<p>這使其整體質押資產超過 220 萬以太坊，價值 65 億美元，佔其整體持有量的 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>來源：X/Lookonchain</p>
<p>有趣的是，以太坊質押需求在超過總以太坊供應的 30% 後達到了新高，多個美國現貨以太坊 ETF 正在排隊尋求其持有資產的收益。</p>
<p>但這並不是以太坊不斷攀升的唯一積極基本面。每日交易量達到了新高，而鏈上的平均轉賬成本已降至相對較低、具有競爭力的水平。</p>
<h2><strong>以太坊價格會保持震盪嗎？</strong></h2>
<p>儘管以太坊的價格滯後，李相信它最終會趕上基本面。</p>
<p>在每週的清算圖上，關注美聯儲利率決策前的關鍵水平是 2980 美元和 2850 美元，這些是槓桿空頭和多頭的重要流動性池。</p>
<p>在大多數情況下，由流動性抓取引發的波動性波動總是會將價格行動推向這些關鍵流動性池。</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>來源：Coinglass</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>Fundstrat 的李認為，持續的黃金和白銀繁榮將繼續使交易者遠離加密市場。</em></li>
<li><em>Bitmine 已將其質押的以太坊規模擴大至 220 萬，佔其整體持有量的 52%。</em></li>
</ul>

<p>Fundstrat 創始人兼 Bitmine 主席 Tom Lee 表示，由於近期黃金和白銀價格的飆升，加密貨幣市場目前處於低迷狀態。比特幣表現不佳，跌至 86,000 美元，而以太坊則保持在區間波動。Lee 認為，一旦黃金和白銀價格穩定，加密貨幣可能會迎來複蘇。Bitmine 已質押超過 220 萬個 ETH，佔其持有資產的 52%，這與日益增長的 ETH 質押需求和交易量有關。Lee 預計，儘管當前價格滯後，以太坊最終將與其基本面保持一致</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 日的崩盤以來，加密市場並未出現強勁的重新看漲情緒。事實上，比特幣 [BTC] 在去槓桿事件後與黃金脱鈎，並在 2025 年和 2026 年初表現不佳。</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>儘管黃金和白銀的價格分別突破了 5000 美元和 110 美元，比特幣卻下跌至 86000 美元，如果疲軟持續，可能會重新測試其近期低點 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 月以來，以太坊 [ETH] 也一直在 2800 美元和 3200 美元之間震盪，在最近的比特幣下跌後重新測試了 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>對於加密市場的疲軟，Fundstrat 的創始人兼研究主管湯姆·李指出，最後一次清算潮和貴金屬的反彈是導致價格行動疲軟的原因。</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>“貴金屬的上漲吸走了很多市場的活力。因此，加密價格未能跟上基本面。但當基本面向好時，價格也會隨之上漲。”</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>李同時也是全球最大的以太坊財庫公司 Bitmine Immersion 的董事長，他總結道，</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>“只要黃金和白銀上漲，就會出現對購買這些而非比特幣的 FOMO。但當黃金和白銀休整時，這將導致比特幣和以太坊隨後上漲。”</p>
</blockquote>
</div><h2><strong>Bitmine stakes over half of its ETH holdings</strong></h2>
<div class="lb-trans"><h2><strong>Bitmine 質押超過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>也就是説，Bitmine 已經質押了超過其 400 萬以太坊持有量的一半。在過去幾個小時內，該公司又購買了 2 萬以太坊，並質押了價值 6.1 億美元的以太坊（209,540 個幣）。</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>這使其整體質押資產超過 220 萬以太坊，價值 65 億美元，佔其整體持有量的 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>來源：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，以太坊質押需求在超過總以太坊供應的 30% 後達到了新高，多個美國現貨以太坊 ETF 正在排隊尋求其持有資產的收益。</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>但這並不是以太坊不斷攀升的唯一積極基本面。每日交易量達到了新高，而鏈上的平均轉賬成本已降至相對較低、具有競爭力的水平。</p>
</div><h2><strong>Will ETH price remain range-bound?</strong></h2>
<div class="lb-trans"><h2><strong>以太坊價格會保持震盪嗎？</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>儘管以太坊的價格滯後，李相信它最終會趕上基本面。</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>在每週的清算圖上，關注美聯儲利率決策前的關鍵水平是 2980 美元和 2850 美元，這些是槓桿空頭和多頭的重要流動性池。</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>在大多數情況下，由流動性抓取引發的波動性波動總是會將價格行動推向這些關鍵流動性池。</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>來源：Coinglass</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</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 的李認為，持續的黃金和白銀繁榮將繼續使交易者遠離加密市場。</em></li>
<li><em>Bitmine 已將其質押的以太坊規模擴大至 220 萬，佔其整體持有量的 52%。</em></li>
</ul>
</div>

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

- 加密市場在 2025 年和 2026 年初未能恢復強勁漲勢。  
- 比特幣從 10 月 10 日崩盤後表現不佳，近期價格回落至 $86,000。  
- BitMine 已質押過半的以太坊持有量，並在 ETH 完成後需求激增。

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Bitmine 的 Tom Lee 表示，一旦黃金和白銀市場降温，加密貨幣可能會迎來大幅上漲