#十二月行情展望 Bitcoin Hits Two-Week High, But Market Optimism Remains Fragile

Bloomberg – Bitcoin (XBT) continued its modest rebound this week, reaching a two-week high. After weeks of large-scale sell-offs, the entire cryptocurrency market is seeking a sustained recovery. Bitcoin rose as much as 2.6% intraday to $93,965, the highest price since November 17. Ethereum and other major tokens also climbed in tandem. Shortly after Bitcoin hit a record high of over $126,000 in early October, the cryptocurrency market entered a brutal sell-off and remains volatile overall. During this period, the total crypto market cap has evaporated by over $1 trillion. “We are not seeing a lot of buying coming in at the highs,” said Sean McNulty, Head of Derivatives Trading for Asia Pacific at FalconX. “Market sentiment remains fragile.”

A key indicator of investor confidence is the fund flows of the 12 US Bitcoin-related exchange-traded funds (ETFs). According to Bloomberg data, these funds saw only $59 million in net inflows on Tuesday, which McNulty described as “very weak.”

Over the past week, traders have experienced sharp market swings. On Monday, December 1, Strategy Inc. CEO Pan Le stated that the company might be forced to sell its Bitcoin holdings to repay debt, causing token prices to drop that day. The company, formerly known as MicroStrategy, later announced a $1.4 billion reserve to ensure cash liquidity. Traders said Bitcoin’s rebound on Tuesday, December 2, was partly due to SEC Chairman Paul Atkins planning to introduce “innovation exemption” rules for digital asset firms, and partly due to Vanguard Group’s decision to allow crypto-focused ETFs and mutual funds to be traded on its platform.

According to crypto data analytics platform Coinglass, the latest rebound has triggered the forced liquidation of about $400 million in short positions across the token market in the past 24 hours.

Melvin Deng, CEO of QCP Group, said in an interview with Bloomberg TV: “This rebound is essentially just a technical oversold bounce.” However, he added that Bitcoin is likely “to regain some upward momentum from here” and that “for investors with low exposure, now is a good time to enter.”