周一亚洲早盘交易中，受美国进口税政策最新不确定性引发的市场恐慌情绪影响，比特币价格下跌。 根据CoinGecko的数据，仅在过去24小时内，加密货币市场市值再度蒸发1000亿美元。加密衍生品交易 所Deribit的数据显示，下行风险保护盘主要集中在60000美元关口附近。 加密税务平台Koinly首席执行官Robin Singh表示，除了最新的进口税消息外，市场持续走弱凸显出比特 币目前"迫切需要新的上涨叙事"。"尽管近期市场对美国《清晰法案》持乐观态度，但它并未对币价产 生太大推动，这表明这一催化剂并非能推动比特币走高的叙事逻辑。" 北京时间下午1点15分，比特币交易价格约为65000美元。BTC Markets分析师Rachael Lucas认为，这一 价位是比特币的关键支撑位。 这一最早的加密货币一度大跌4.8%，至近64，300美元，为2月6日以来的最低水平。其他加密货币表现 更差，第二大加密货币以太币下跌5.2%。 此次下跌发生前，美国官员于周日表示，尽管最高法院裁定驳回特朗普动用紧急权力征收进口税的做 法，但美国与贸易伙伴已谈妥的贸易协议仍将有效。 特朗普周六在社交媒体发文称，他将把前一天宣布的全 ...

Core Insights - The overall spot trading volume of major exchanges increased by approximately 10% in January 2026 compared to December 2025, with Bitfinex, Uniswap, and Upbit showing the highest growth rates [1][3] - The derivatives trading volume saw a modest increase of about 0.5% month-over-month, with Hyperliquid, Crypto.com, and Gate leading in growth [1][4] - Website traffic for major exchanges decreased by around 0.3% in January 2026 compared to December 2025, with Upbit, KuCoin, and Bitfinex experiencing the most significant increases in traffic [1][5] Spot Trading Volume - Major exchanges' spot trading volume reached approximately 931.8 billion in January 2026, up from 844.8 billion in December 2025, marking a 10.3% increase [3] - Bitfinex saw a remarkable increase of 66.8%, while Uniswap and Upbit followed with increases of 62.0% and 44.4%, respectively [3] - The exchanges with the largest declines in spot trading volume included HTX (-16.6%), Bybit (-16.1%), and KuCoin (-14.0%) [3] Derivatives Trading Volume - The total derivatives trading volume for major exchanges was approximately 3.38 trillion in January 2026, a slight increase from 3.37 trillion in December 2025, reflecting a 0.5% growth [4] - Hyperliquid led the growth with a 46.3% increase, followed by Crypto.com at 17.7% and Gate at 10.6% [4] - MEXC experienced the largest decline in derivatives trading volume at -27.1%, with KuCoin and Bybit also seeing significant decreases of -17.2% and -2.1%, respectively [4] Website Traffic - The total website traffic for major exchanges decreased to approximately 223.6 million in January 2026 from 224.28 million in December 2025, a decline of 0.3% [5] - Upbit, KuCoin, and Bitfinex were the top gainers in traffic, with increases of 8.51%, 7.36%, and 7.05%, respectively [5] - HTX saw the most significant drop in traffic at -21.53%, followed by Bitget (-8.59%) and MEXC (-7.91%) [5]

LATEST: 📊 LATEST: 📊 Bitcoin must reclaim $85,000 to repair its long-term rally, with critical support at $60,000 and a potential final bottom near $58,000, says Deribit chief commercial officer Jean-David Péquignot. https://t.co/2MTrZOzl93 ...

Deribit announced that it has won the FOW International Award for Derivatives Trading System of the Year. The award recognizes innovation and performance in the derivatives industry. Deribit highlighted its range of inverse and linear crypto derivatives products, spot markets, portfolio margin system, cross-collateral features, and liquidity infrastructure as key strengths.The above is a commercial content. Full disclosure in the link：https://t.co/cnaLUBVuHj ...

Core Insights - Bitcoin's volatility index (BVIV) has surged to its highest level since the FTX collapse, indicating significant market panic as prices fell to nearly $60,000 [1][3] - The BVIV, akin to the Cboe's VIX for traditional markets, reflects heightened implied volatility during periods of market distress [2] Market Reaction - A wave of panic has swept through crypto markets, with Bitcoin's 30-day implied volatility rising from just over 40% to 95% in a few days, levels not seen since late 2022 [3] - Traders have shown increased demand for options, particularly put options, as Bitcoin's price dropped from $70,000 to nearly $60,000, indicating a protective stance against further declines [5] Volatility Dynamics - The volatility markets reacted sharply to the recent price drop, with front-end volatility surging as dealers adjusted for near-term risks, while longer-dated volatility remained lower, resulting in a steeply inverted volatility curve [6] - There is a significant demand for downside protection among institutional clients, as fears grow that the price crash could lead to substantial losses for firms that purchased Bitcoin at higher levels [7]

Deribit reports >$2.5b in crypto options expire tomorrow at 08:00 UTC. BTC notional $2.15b, Put/Call Ratio 1.42, Max Pain $82k, with bearish positioning concentrated in the $80k-$90k range. ETH notional $408m, Put/Call Ratio 1.13, Max Pain $2,550, with positions focused in the mid-$2,000s. https://t.co/xVfxU07Hm9 ...

📊 Despite recent market drawdowns, liquidity continues flowing into exchangesBinance leads with $949M in 7-day inflows, followed by Deribit ($214M) and Gemini ($214M). Meanwhile, OKX, Gate, and Crypto.​com see outflows totaling -$149M.The net positive inflow suggests traders remain engaged even amid volatility, capital is repositioning rather than exiting entirely. ...

Core Viewpoint - The cryptocurrency market has not continued its strong performance as expected by bulls, with Bitcoin experiencing significant volatility and dropping below the $78,000 mark, marking its lowest level since April of the previous year [1][2]. Market Conditions - The market appears extremely fragile due to the diminishing growth benefits from early corporate demand and a lack of fresh buying support, leading to a decline triggered by profit-taking and liquidity scarcity [1][2]. - The current downward movement may indicate the collapse of the "false prosperity" that previously supported bullish sentiment, suggesting that the recent decline could be just the beginning [1][2]. Technical Analysis - Bitcoin has entered a correction phase characterized by sideways trading since late October of the previous year, with the notion of a return to peak levels being viewed as blind optimism by investors [3]. - Key technical indicators, such as the monthly MACD, showed a bearish crossover in November, and the 21 and 55-period exponential moving averages (EMA) have recently entered a bearish zone [3]. - The annual closing for 2025 displayed a "shooting star" pattern, which is typically interpreted as a signal for a mid-term trend reversal [3]. Options Market Insights - Defensive positioning in the options market further corroborates market concerns, with the nominal open interest value of put options at a strike price of $75,000 on the Deribit platform soaring to $1.159 billion, nearly equal to that of call options at $100,000 [4]. - This indicates that traders are significantly hedging against downside risks rather than speculating on higher price levels [4]. - The current deep washout in Bitcoin is seen as a necessary process to clear excessive leverage, with potential for prices to further dip into the $50,000 to $60,000 range in the short term [4]. - However, this level of adjustment does not signify the end of the crypto cycle; rather, it may provide a more cost-effective value opportunity for long-term investors after the leverage bubble is cleared [4].

Core Insights - Crypto traders are adopting a bullish stance while simultaneously seeking downside protection ahead of a significant bitcoin options expiration worth $8.5 billion on Deribit [1][3] - The options market has seen rapid expansion since the COVID crash in 2020, driven by institutional interest in risk hedging and yield strategies [2] - The current put-call ratio of 0.56 indicates a bullish positioning among traders, with a greater number of call options compared to puts [3] Market Dynamics - Traders are anticipating strong price movements in January, although bitcoin has only increased by 2% this month [4] - The Federal Reserve's upcoming rate decision could influence market performance, as bitcoin typically benefits from low interest rates [4] - There is notable activity in put options, particularly in January strikes, as traders hedge against potential volatility surrounding macroeconomic events [5] Options Expiry Impact - Alongside bitcoin options, ether options worth $1.3 billion will also expire, but the overall impact on the market is expected to be minimal due to the relatively small size of the options market compared to spot trading [6] - The impending $8.5 billion bitcoin options expiry represents less than 1% of its total market capitalization of $1.7 trillion, indicating limited potential for long-term market disruption [6]

Market Overview - Bitcoin (BTC) experienced a recovery after hitting a low of $86,000, rising over 2% within nine hours before facing resistance at $88,250, indicating a potential early bear-market reversal despite an ongoing downtrend since October [1] - The recent selloff was influenced by risk-off sentiment among investors, following U.S. President Trump's speeches at Davos, which affected Bitcoin's status as a safe-haven asset and aligned it more closely with U.S. equities [2] Derivatives Positioning - Bitcoin futures open interest (OI) remained stable at $22.6 billion, suggesting a pause in deleveraging despite price volatility [3] - Funding rates across most exchanges have neutralized around 5% annualized, with OKX showing a -3.8% rate, indicating localized hedging or bearish positions [3] - The 3-month annualized basis on Binance and Deribit increased to just over 5%, reflecting a firming institutional appetite during market consolidation [3] - BTC options displayed high conviction with a 15% one-week 25-delta skew and 58% call dominance in 24-hour volume [3] - Implied volatility (IV) term structure shifted from contango to backwardation, with near-term rates higher than those further out, indicating a premium for immediate positioning [3] Liquidation and Altcoin Performance - Coinglass data reported $744 million in liquidations within 24 hours, with a 77-23 split between longs and shorts, highlighting significant market activity [3] - Bitcoin's weakness contrasted with altcoin resilience, as Ether (ETH) and XRP rose by 2.8%, while privacy coins Zcash (ZEC) and Monero (XMR) gained 6% and 3%, respectively [3] - Metaverse tokens performed notably, with Axie Infinity (AXS) increasing by over 23%, contributing to a 34.4% year-to-date rally in the CoinDesk Metaverse Select Index (MTVS) [3] Altcoin Market Dynamics - The CoinDesk 20 (CD20) Index, dominated by Bitcoin, has lost 0.52% since the start of the year, while the CoinDesk 80 (CD80) Index, heavy on altcoins, has risen by 2.5%, indicating relative strength among altcoins [4] - RIVER, the native token of a stablecoin protocol, surged over 2,100% in the past 30 days, with a 34% increase in the last 24 hours [4] - The "altcoin season" indicator is currently at 28/100, significantly higher than last month's 16/100 but still below September's peak of 76/100 [4] - A lack of liquidity and market depth since October's $19 billion liquidation cascade has led to exaggerated altcoin movements, resulting in high liquidation rates during selloffs and rapid recoveries [4]