根據鏈上分析公司 Glassnode 的資料,先前在較高價位買進的比特幣投資人,目前正認賠賣出。該公司指出,在 2025 年漲勢中進場的投資人,貢獻了每日賣壓中最大的比例。Glassnode 在 X 上發布了這項數據,加密貨幣媒體 Odaily 與 PANews 則於 10 月 3 日報導。這波賣壓顯示,部分買家選擇停損出場,而不是等待價格回升;至於在後續回檔時進場的交易者,則仍持幣不賣。<h2>兩批買家目前都處於虧損狀態</h2>數據顯示，目前有兩批投資人處於虧損。第一批是在一到兩年前以約 97,000 美元買進；第二批則是在六到十二個月前以約 89,000 美元買進。根據 Yahoo Finance 的價格紀錄，比特幣在 10 月初的交易價約為 84,000 美元，低於這兩個買進價位。Glassnode 指出，在 2025 年漲勢中進場的投資人，是目前每日賣出比特幣最多的族群。至於在市場下跌時逢低買進的投資人，則展現出較高的持有意願，並未大量賣出。<h2>漫長熊市後的復甦</h2>比特幣在 2025 年 10 月衝上 12.6 萬美元以上的高點,隨後在 2026 年初跌至約 6 萬美元。2025 年 10 月 3 日,比特幣收盤價高於 12.2 萬美元。今年以來,持幣者在虧損狀態下賣出,持續為市場帶來壓力。Glassnode 在 7 月初指出,長期持有者(即持幣超過 155 天者)的停損賣出規模已達每日約 2.8 億美元,為 2022 年 12 月以來的最高水準,這些虧損占已實現總價值的 43%。 同月稍後,該公司表示這些虧損已見頂並開始回落。該公司也補充說,若要確認築底,必須有強勁的現貨買盤,把價格推升至短期持有者的成本基礎之上,而當時該成本基礎接近 6.9 萬美元。此後比特幣已大幅站上該價位。不過,最新數據顯示出現了一批新的賣家:在較高價位進場、如今處於帳面虧損的買家。 Glassnode 在 7 月曾警告,接近損益兩平的投資人往往最可能賣出:「第一次回到該價位時,很可能會引發強烈反應,因為最想賣出的人,正是那些即將解套的人」。

Glassnode:2025 年上漲行情進場的比特幣買家正在虧損賣出

Bitcoin and the US Dollar Index are rising in tandem. This unusual movement has attracted high attention from traders and analysts, who have long relied on the inverse relationship between these two assets for judgment.Since early August, Bitcoin has surged from around $63,000 to a recent high near $87,000, then slightly pulled back, currently trading around $84,600. In the same period, the US Dollar Index has climbed from a low of 98.40 in early September to above 101.00. The simultaneous strengthening of both breaks a long-standing pattern where Bitcoin typically rises when the dollar weakens, and vice versa.<h2>Rare Decoupling Phenomenon</h2>Bitcoin and gold have long been seen as safe-haven tools against dollar weakness, especially during periods of expected monetary easing or uncertain fiscal prospects. When Bitcoin rises in sync with the dollar, it means other forces are overriding the traditional pull of the dollar on cryptocurrency prices—these may include rising risk appetite, institutional fund allocations, or specific catalysts for Bitcoin itself.This rally concludes Bitcoin's second-best performing third quarter in history. According to Pluang citing CoinGlass data, Bitcoin accumulated a decline of over 36% in the first half of 2026, but rebounded strongly in the third quarter with a gain of about 43.5%.<h2>Historical Precedents Suggest Caution</h2>Despite the notable divergence, analysts warn against overinterpreting a single overlapping rally. Over multiple cycles, the relationship between Bitcoin and the US Dollar Index (DXY) has fluctuated between weakening and reaffirming, with brief positive correlations in the past, but without breaking the overall inverse trend pattern.U.Today's Arman Shirinyan wrote: "For now, the US Dollar Index strengthening in tandem with Bitcoin appears more like a temporary decoupling rather than a shift in the long-term pattern." He noted that more valuable signals will emerge in the coming weeks when the dollar continues to rise while Bitcoin holds its gains or experiences a pullback.<h2>What Happens Next</h2>Traders are now focusing on upcoming major macroeconomic catalysts—the Federal Reserve's policy statements, inflation data, and changes in market risk sentiment—to determine whether Bitcoin's rally can continue independently of the dollar's movement, or if the historical inverse relationship will ultimately re-dominate the market.

Bitcoin Rises in Sync with the Dollar, Breaking Historical Inverse Correlation Patterns

Summary: Strategy (MSTR) sold approximately 5.43 million shares through its "at-the-market" program, raising net proceeds of about $544.5 million. The funds were not used to purchase new BTC; instead, the company continued to expand its cash reserves. Saylor stated that dollar reserves have increased to $3.75 billion, sufficient to cover about 2.1 years of preferred stock dividends. Approximately $25 million was used to repurchase about 288,930 shares of STRC stock. Roughly one month after the last BTC purchase announcement, Strategy again did not add to its BTC holdings; total BTC position stands at approximately 843,775 coins, with an average cost of about $75,476. 👀 Investor focus has shifted to: When will Saylor deploy these billions in cash for the next major BTC purchase. ---Michael Saylor's strategy once again raised hundreds of millions of dollars, but surprisingly, none of it was used to purchase new Bitcoin (BTC). Instead, the company continued to expand its cash position. At this point, the world's largest corporate Bitcoin holder appears to be deliberately hitting the brakes, while investors await the next large-scale purchase. Strategy Builds Multi-Billion Dollar ReservesA new SEC filing shows that Strategy sold 5.43 million MSTR shares last week through its so-called at-the-market program. The company raised approximately $544.5 million in net proceeds. Michael Saylor stated that dollar reserves have increased to $3.75 billion. He noted that this amount is sufficient to cover the company's preferred stock dividend obligations for about 2.1 years. Strategy has increased its dollar reserves by $525 million, achieving 2.1 years of dividend coverage. As of July 26, 2026, we hold 843,775 BTC and $3.75 billion in dollar reserves. $MSTR $STRC — Michael Saylor (@saylor) July 27, 2026 A small portion of the raised funds ($25 million) was used to repurchase 288,930 shares of STRC stock. This is also evident from the official SEC filings. Bitcoin Purchase Fails to Materialize AgainWhat investors had been primarily waiting for did not happen again. Strategy did not purchase any additional Bitcoin last week. This brings the total reserves to 843,775 BTC, for which the company paid approximately $63.69 billion in total, at an average purchase price of $75,476 per Bitcoin. Approximately one month has passed since Strategy last announced a new Bitcoin purchase. Since then, the focus appears to have shifted toward strengthening the cash position. This shift comes after the preferred stock STRC, which Strategy used to raise funds earlier this summer, came under considerable pressure. The price fell well below the $100 issue price at the time, prompting the company to first increase its liquidity buffer. STRC has since partially recovered, but the share price remains below the original issue price. With $3.75 billion in cash reserves, Strategy now possesses considerable financial strength. Therefore, the biggest question facing investors is not whether Michael Saylor will buy Bitcoin again, but when he will decide to deploy the billions in reserves for the next purchase.

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

歡迎來到37幣市簡報，長話短說。很多朋友看市場新聞總是滿頭大問號，一下是監管法案、一下又是企業資產配置，到底這些數據背後代表什麼意義？今天我們就把截至 2026年10月5日15:40（UTC+8）的市場全景報告，轉化為易懂、有脈絡的金融科普，帶你從宏觀政策一路看懂到微觀的資金流向。 文章目錄：一、 宏觀環境：政策風向劇變，監管壓力顯著緩解 二、 板塊輪動：市場不炒空殼了！資金全面擁抱有實用的賽道 三、 企業資產庫存：比特幣「儲備軍團」持續狂買，策略出現分化 四、 關鍵人物觀點：大老們在關注什麼？ 五、 微觀市場與資金流向：蓄勢待發，等待下一個火星塞 --- <h1>一、 宏觀政策：監管風向大轉彎，市場頭上的懸劍終於被拿掉</h1> 要理解今天的加密市場，第一步必須看懂美國監管層面的重大變化。簡單來說，過去那種「打壓式」的監管態度正在迅速消退，取而代之的是 貼合實際 且 鼓勵合法發展的制度建立。 <h2>財政部撤回兩項沉重監管提案</h2> 美國財政部正式宣佈撤回針對「非託管錢包（unhosted wallets）」以及「加密混幣服務（CVC mixers）」的嚴格規則。 這兩項原本要求金融機構對超過 3,000 美元的非託管錢包交易核驗身份，並上報超過 10,000 美元的交易。如果真的實施，對 DeFi（去中心化金融）與個人隱私將是打擊。 這次撤回被分析師（如 @allthemoney）視為川普政府推動「貼合實際（fit-for-purpose）」監管的里程碑，直接拆除了懸在產業頭上的一大政策炸彈。 <h2>CFTC 與 SEC 聯手，推出主動監管與槓桿工具</h2> CFTC 主席 Michael Selig 今日正式提出了專屬於加密市場的規範框架（CTX/CAM）。這意味著監管機構不再只靠「事後罰款執法」，而是開始「事先建章立制」。 與此同時，SEC 開了綠燈，批准了首批 3 倍槓桿比特幣與以太坊 ETF。這一連串動作代表華爾街傳統金融通道正在加速吸納加密資產。 <h2>地緣政治風險上升，但加密市場出現「免疫力」</h2> 雖然宏觀層面有法國銀行信用利差走闊、巴西大選進入第二輪、以及伊拉克增派油輪穿越霍爾木茲海峽等國際風險事件，但加密市場情緒相當平靜，資金完全聚焦在產業內部的利多政策上。 <blockquote>重點小結：監管壓力大減 + 主流金融管道打通 = 全球資金的風險偏好系統性抬升，市場進入「監管友好型」的新階段。</blockquote> <h1>二、 板塊輪動：市場不炒空殼了！資金全面擁抱有實用的賽道</h1> 從 SoSoValue 的指數數據來看，過去靠純炒作的概念板塊正在褪色，資金開始向有實際營收或技術落地支撐的賽道集中。 AI 敘事領漲，DeFi 和 RWA 逆勢堅挺。 <img src="https://static2.fansone.co/images/cdcccb2c-79c9-49a8-b780-91c35629a2ac.avif" /><blockquote>重點小結：結構性牛市非常明顯，資金正從 Meme、GameFi 轉向 AI、DeFi 和 RWA。</blockquote> <h1>三、 企業資產庫存：比特幣「儲備軍團」持續狂買，策略出現分化</h1> 企業把比特幣納入資產負債表已經不是新聞，但今天的數據顯示各大企業的策略分化越來越清晰： <h2>1. 純比特幣儲備派：堅定押注「數位黃金」</h2> Strategy（原 MicroStrategy）：目前持有 848,000 BTC（約 730 億美元）。本週再度增持 334 BTC（耗資 2,870 萬美元），未實現獲利已達 90.6 億美元（+14.16%）。同時還回購了 1.76 億美元的 STRC 優先股。 Metaplanet（日本）：持有 44,000 BTC（約 37.5 億美元）。第三季淨增 1,000 BTC。有趣的是，他們完成了一次主動「賣出 10,000 BTC 再買回 11,000 BTC」的操作，專門向信用評級機構展示其資產具備極佳的流動性與處置能力。 Strive：持有 29,462 BTC（約 25.1 億美元），本週單筆就砸下 1.69 億美元掃貨 2,000 BTC，創下 6 月以來最大買單，距離巨頭 Marathon Digital 的持倉只剩 6,115 BTC 的差距。 <h2>2. 雙幣與多元戰略派：承擔波動押注生態</h2> Bitmine：資產組合極為特殊，持有 214 BTC + 6,016,414 ETH（總價值約 174 億美元）。其 ETH 持倉高達全網總量的 4.9%。雖然目前 ETH 帳面未實現虧損高達 37.3 億美元（-18.58%），但公司依然堅定看好以太坊的智能合約價值。 <h2>3. 傳統區域金融滲透</h2> 中小企業行動更靈活。擁有 4 億美元資產的 St. Cloud Credit Union 宣佈將推出「比特幣金庫」，與傳統支票賬戶並列，這代表比特幣資產管理正在滲透到一般區域性銀行。 <h1>四、 關鍵人物觀點：大老們都在關注什麼？</h1> Tom Lee（Fundstrat 聯合創辦人）：指出 ETH 在第三季跑贏標普 500 指數高達 6,832 個基點（68.32%），即使面對聯準會鷹派言論、油價上漲及美債殖利率的上升，ETH 依然展現出強大的「宏觀免疫性」。 Michael Saylor（Strategy 執行主席）：提出了清晰的資產架構：持有 BTC 代表直接所有權、MSTR 代表槓桿敞口、STRC 則代表收益工具。其中 STRC 的 30 日波動率僅 9%，甚至比美股七巨頭（Mag7）還要平穩。 ZachXBT（知名鏈上偵探）：成功滲透 Lazarus 黑客集團，並協助執法單位與交易所凍結了 Bybit 被駭的 7,500 萬美元 資金，再次證明鏈上追蹤與安全治理已成為行業不可或缺的底層保障。 <h1>五、 微觀市場與資金流向：蓄勢待發，等待下一個火星塞</h1> <h2>比特幣價格現況</h2> 目前 BTC 價格維持在 **$85,286**（微跌 -0.016%），持續在 **$84,000 – $88,000** 的關鍵箱體內震盪。雖然技術面上出現了突破下降通道的跡象，但還需要明確站穩 $88,000 阻力關卡。隱含波動率已降至多年低點，通常這意味著市場正在積蓄能量，隨時可能迎來大行情。 <h2>現貨 ETF 資金分化</h2> 比特幣 ETF：單日淨流入 1,918 BTC（約 1.64 億美元），已連續 3 週保持資金淨流入。 以太坊 ETF：單日淨流出 23,533 ETH（約 6,356 萬美元），顯示部分衍生品資金正在進行短期獲利結算或轉移。 <h2>熱門爆發代幣 TOP 3 /24小時</h2> 1. ESIM（Depinsim）：單日暴漲 +100.26%，受惠於 DePIN（去中心化物理基礎設施）概念爆發。2. GTC（Gitcoin）：單日大漲 +80.56%，公共物品融資需求上升。3. MAK（MetaCene）：單日上漲 +57.15%，元宇宙生態出現復甦跡象。 <blockquote>未來觀察日曆：市場目前處於「靜待催化劑」的狀態，接下來幾天可以密切注意三大關鍵時間點：FOMC 會議紀要（10/6）、TOKEN2049 峰會（本週四） 以及 最新 CPI 物價數據（10/14），這些都將是引爆市場波動的核心因素。</blockquote> <h1>總結觀點</h1> 整體來看，當前加密市場的底座非常穩固：政府監管釋放善意、企業法人持續擴張資產庫存、應用技術落地有據、加上 ETF 資金長期駐留。雖然短期內可能面臨期權到期與流動性抽離的震盪，但中長期的牛市格局與基礎設施已經建構完成。

37幣市簡報｜美國加密監管撤回、市場不炒空殼了、企業BTC儲備軍狂買，市場整體步入監管友好型牛市的變盤前夕

🇺🇸NEW：World Liberty Financial 加密貨幣投資組合的組成。 Source: Dropstab 📌 WLF （世界自由金融控股公司） 由川普和他的三個兒子共同支持，主要為在加強美元在DeFi領域的全球地位。

Creator other post

Glassnode:2025 年上漲行情進場的比特幣買家正在虧損賣出

Bitcoin Rises in Sync with the Dollar, Breaking Historical Inverse Correlation Patterns

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

37幣市簡報｜美國加密監管撤回、市場不炒空殼了、企業BTC儲備軍狂買，市場整體步入監管友好型牛市的變盤前夕

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