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Fundstrat 加密策略師回應與湯姆·李的分歧，對 BTC 和 ETH 保持樂觀

Fundstrat 的加密貨幣策略主管 Sean Farrell 對與 Tom Lee 之間存在分歧的報導作出回應，表示他早前的謹慎態度是關於風險管理，而非看空。他強調了當前市場中的關鍵支撐與阻力水平，指出雖然價格幾乎理想，但政府停擺和貿易波動等風險仍然存在。Farrell 提到，比特幣（BTC）和以太坊（ETH）的風險回報比率仍然有利。他預期這兩種資產到年底時將挑戰歷史新高，之後可能出現短期熊市。Fundstrat 的分析師使用多種框架來滿足客戶需求，Farrell 則專注於提高加密貨幣配置和積極策略。

USDT

USDC

DOGE

比特幣新聞報導稱，截至2025年12月23日，該資產攀升至接近9萬美元，給交易者帶來了暫時的希望。Chainthink的數據顯示，比特幣分析表明這波走勢並非反轉。CoinGlass的數據顯示，比特幣在2025年第四季度已下跌逾22%，正朝著自2018年以來最糟糕的季度跌幅邁進。加密貨幣總市值再次達到3萬億美元，但市場情緒依然疲弱。短期反彈被視為修正，而非新的買入。主要幣種如XRP、ETH、SOL、ADA和DOGE略有上漲，但AAVE在24小時內下跌了7%。美國交易時段頻繁出現拋售，高波動性依然存在。比特幣目前徘徊在8.8萬美元左右，仍比2025年的高點低30%。

比特幣可能在市場復甦乏力的情況下，自2018年以來第四季表現最差

比特幣新聞顯示，這項資產正朝著自2018年以來最糟糕的一年邁進，交易員報告稱疲勞感日益增加。短期反彈推動價格接近88,000美元，但專家對比特幣的分析表明這反映了疲態，而非反彈。加密貨幣總市值已超過3萬億美元，但比特幣仍比2025年的高點低約30%。XRP、ETH和SOL等主要代幣出現小幅上漲，而Aave的AAVE則下跌了7%。FxPro的Alex Kuptsikevich指出，近期的強勢是技術性的，是由於數週的拋售後基數較低所驅動。CoinGlass的季節性數據顯示，比特幣在第四季度已下跌逾22%，引發對年末表現疲弱的擔憂。

比特幣因市場疲勞 面臨自2018年以來最糟糕的一年

<h3 class="font-sans text-black text-lg leading-[26px] tracking-normal mb-4"><strong>Gold and copper have outperformed other major assets this year, with gold rallying more than copper.</strong></h3>
<div class="font-sans text-black text-sm leading-[22px] tracking-normal">By&nbsp;Omkar Godbole<span class="mx-1">|</span>Edited by&nbsp;Shaurya Malwa</div>
<div class="font-sans text-sm leading-[22px] tracking-normal flex gap-4 text-charcoal-600 flex-col md:block">Updated&nbsp;Dec 23, 2025, 4:16 p.m.&nbsp;<span class="md:ml-2">Published&nbsp;Dec 23, 2025, 3:55 p.m.</span></div>
<div class="font-sans text-sm leading-[22px] tracking-normal flex gap-4 text-charcoal-600 flex-col md:block">
<h4 class="flex font-headline-xs font-medium text-charcoal-900 mb-8"><strong>What to know:</strong></h4>
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<ul class="unordered-list">
<li>Gold and copper have outperformed other major assets this year, with gold rallying more than copper.</li>
<li>Bitcoin has underperformed, failing to attract both fear-driven and AI-driven investment, highlighting a shift towards tangible assets.</li>
<li>The divergence in performance between gold and copper reflects market bets on both AI-driven growth and systemic financial fears.</li>
</ul>
<p>Investors seeking both safety and growth appear to have reached an unexpected consensus in 2025, that of bitcoin&nbsp;<span class="inline-flex min-w-[150px] h-[26px] px-3 py-1 justify-center items-center rounded-full border border-custom-gray bg-white pointer-events-none touch-none"><span class="font-metadata lg:font-metadata-lg font-sans text-[#262626] font-[500] leading-[16px] lg:leading-[22px] tracking-[0.4px] lg:tracking-[0px]">BTC</span><span class="flex font-metadata lg:font-metadata-lg font-sans text-[#BB020A] font-[400] leading-[16px] lg:leading-[22px] tracking-[0.4px] lg:tracking-[0px]">$87,359.91</span></span>&nbsp;failing to capture either trade.</p>
<p>This sentiment is evident in a year-to-date comparison of major, widely tracked assets, including stocks, gold, the 10-year Treasury note, bitcoin, industrial metals such as copper, and the dollar index.</p>
<p>Gold, a traditional safe haven and inflation hedge, has rallied by 70% to a record high above $4,450 per ounce, outpacing every other major asset by a wide margin. Copper, widely considered a barometer of global economic health, is the second-best performer with 35% gains, according to source TradingView.</p>
<p>The S&amp;P 500 and Nasdaq have gained 17% and 21%, respectively, while the 10-year Treasury note has lost 9%, and bitcoin&nbsp;<span class="inline-flex min-w-[150px] h-[26px] px-3 py-1 justify-center items-center rounded-full border border-custom-gray bg-white pointer-events-none touch-none"><span class="font-metadata lg:font-metadata-lg font-sans text-[#262626] font-[500] leading-[16px] lg:leading-[22px] tracking-[0.4px] lg:tracking-[0px]">BTC</span><span class="flex font-metadata lg:font-metadata-lg font-sans text-[#BB020A] font-[400] leading-[16px] lg:leading-[22px] tracking-[0.4px] lg:tracking-[0px]">$87,362.91</span></span> is down 6%. The dollar index, which tracks the U.S. dollar's exchange rate against a basket of fiat currencies, has dropped nearly 10%.</p>
<p>The fact that polar opposites &ndash; gold, the ultimate fear hedge, and copper, an essential industrial anchor with AI links &ndash; are the top two performers while BTC, the supposed digital gold and high-end tech, is down, suggests a shift in investor preference to tangible assets in the face of macro and political concerns and the AI boom.</p>
<p>Early this year, haven demand, driven by macro and political issues and fiat debasement fears, coupled with the AI boom and a positively evolving regulatory outlook under the Trump presidency, were widely cited as ultra-bullish tailwinds for BTC. But that has not materialized.</p>
<p>This is mainly due to the crypto community espousing BTC as digital gold rather than emerging tech, according to Markus Thielen, founder of 10x Research.</p>
<p>"The emerging narrative of Bitcoin as &ldquo;digital gold&rdquo; has failed to fully convince Wall Street investors. Many crypto narratives marketed to institutional investors now resemble passive allocation stories, staking yield or long-term value preservation, rather than compelling use-case&ndash;driven growth themes," Thielen told CoinDesk.</p>
<p>"However, there is little evidence that a new cohort of investors is meaningfully attracted to passive crypto exposures, limiting fresh capital inflows," he added.</p>
<p>Investors&nbsp;have snapped up gold&nbsp;as a haven asset amid&nbsp;rising fiscal concerns&nbsp;across the advanced world,&nbsp;tariff-led&nbsp;political tensions, fears of&nbsp;fiat debasement, and a potential threat to the Fed's independence.</p>
<p>At the same time, investors looked past BTC as the high-end tech even as the AI boom delivered a massive windfall to a diverse set of assets, ranging from obvious tech stocks to the record-breaking rally in base metals like copper.</p>
<p>The red metal has been driven higher by the overlapping trend of electrification, digital infrastructure, and&nbsp;geopolitical&nbsp;tension alongside slower supply growth, as&nbsp;Geopolitical Monitor recently noted.</p>
<h3 class="font-headline-sm font-medium"><strong>BTC lacks sovereign bid</strong></h3>
<p>Greg Magadini, director of derivatives at Amberdata, attributed BTC's dour performance to the absence of a sovereign bid for the cryptocurrency.</p>
<p>"Gold is the 'hard asset' for global central banks and sovereign players. As sovereigns hedge their assets away from USD FX, Gold has been the beneficiary," Magadini told CoinDesk. "Bitcoin, on the other hand, is a more "portable" asset for individuals to hedge their FX-debasement risk."</p>
<p>He explained that BTC, being more speculative, has a demand base of higher-risk-tolerance investors, such as retail investors, hedge funds, and investment firms, rather than established sovereign entities.</p>
<p>"At least that's the case today. Hence the large performance divergence in 2025," he said, adding the next leg higher in BTC needs sovereign adoption as ETF adoption, positive regulatory outlook and digital asset treasury narratives have been fully priced in.</p>
<p>Gold's surge since 2023 has been partly driven by increased central bank buying, especially in Asian countries. According to World Gold Council, global central banks have purchased 254 tons of gold from January to October.</p>
<h3 class="font-headline-sm font-medium"><strong>Building energy</strong></h3>
<p>While bears may see BTC's inability to catch a haven and AI bid as a sign of inherent weakness, that's not necessarily the case, according to Lewis Harland, portfolio manager at Re7 Capital, who said the cryptocurrency is building energy for a big rally.</p>
<p>"Gold&rsquo;s breakout is not a bearish signal for Bitcoin. Gold has been leading BTC by roughly 26 weeks, and its consolidation last summer matches Bitcoin&rsquo;s pause today. The metal&rsquo;s renewed strength reflects a market increasingly pricing in further currency debasement and fiscal strain into 2026 &ndash; a backdrop that has consistently supported both assets, with Bitcoin historically responding with greater torque," Harland said.</p>
<p>He added that BTC's consolidation is therefore building energy rather than signaling weakness.</p>
<p>"The longer BTC sits tight, the more explosive the eventual move tends to be&mdash;positioning it to react strongly as the debasement trade accelerates," Harland quipped.</p>
<h3 class="font-headline-sm font-medium"><strong>Key takeaways for the global economy</strong></h3>
<p>Gold and copper are outperforming other assets, but gold's stronger rally over copper signals markets betting on two contradictory futures simultaneously: AI-driven growth (copper) versus fears of systemic failure from unsustainable fiscal debt (gold).</p>
<p>More importantly, gold's outperformance shows anxiety about the global financial system outweighing AI-led boom.</p>
<p>While both gold and copper have hit record highs this year, the copper-to-gold ratio, a barometer for global economic health and risk sentiment, has dropped nearly 20% to lowest in over two decades, according to data source TradingView. It's a tell tale sign of global economy in a "late-cycle" environment or "fragile expansion" driven by AI but weighed down by fiscal, trade and geopolitical concerns.</p>
<p>The most important takeaway is the flight to tangibility<strong>.</strong> When gold, copper hit record highs and the dollar index, Treasury notes and stocks underperform, it means the market no longer trusts "promises of paper (fiat) currencies" or assets that are pure play on fiat liquidity.</p>
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Bitcoin trails polar opposites, gold and copper, as 'fear and AI' trade lifts tangible assets

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<p data-start="39" data-end="231">According to BlockBeats, on December 23, data from The Data Nerd shows that one hour ago, Singapore&rsquo;s DBS Bank received 2,000 ETH from market maker GSR, worth approximately USD 5.93 million.</p>
<p data-start="233" data-end="377" data-is-last-node="" data-is-only-node="">Over the past two days, Singapore&rsquo;s DBS Bank has received a total of 4,400 ETH transferred from GSR, valued at approximately USD 13.2 million.</p>
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Singapore’s DBS Bank received 4,400 ETH from GSR over the past two days, worth approximately USD 13.2 million.

人工智慧投資增長在2025年下半年達到年增20.8%，共募集336.7億元人民幣，歷經186輪融資。QuestMobile報告指出，鬥豹（1.55億活躍用戶）、DeepSeek（8156萬）和元寶（2084萬）是該領域的領先應用程式。新入場的「螞蟻財富」和「靈光」在每周活躍用戶榜中分別排行第四和第十。205款新人工智慧應用程式中，插件使用率達81.5%，人工智慧圖像處理和專業諮詢工具特別受歡迎。騰訊和螞蟻集團正在擴展生態系統，而主要智慧手機廠商則轉向人工智慧驅動的互動。報告看好多模態和生態系統導向的人工智慧增長。隨著人工智慧的採用增加，一家領先的加密貨幣交易所和用戶友好的加密貨幣交易所對數位資產整合的需求不斷增加。

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Fundstrat 的加密貨幣策略主管 Sean Farrell 對與 Tom Lee 之間存在分歧的報導作出回應，表示他早前的謹慎態度是關於風險管理，而非看空。他強調了當前市場中的關鍵支撐與阻力水平，指出雖然價格幾乎理想，但政府停擺和貿易波動等風險仍然存在。Farrell 提到，比特幣（BTC）和以太坊（ETH）的風

Fundstrat 加密策略師回應與湯姆·李的分歧，對 BTC 和 ETH 保持樂觀 | KuCoin