美國11月 PPI 數據高於預期導致美股下跌，然而，比特幣卻走出獨立漲勢，在最近 24 小時內最高漲到 97,924 美元，突破了 99 日均線位置，原因是什麼？
美PPI指數高企，美股下挫但比特幣飆漲
美國昨晚公布去年 11 月生產者物價指數（PPI），月增率達 0.2%，高於市場預期的 0.1%，年增率則為 3.0%。
市場前一天還在為 12 月 CPI 數據符合預期叫好，但 PPI 數據公開後，又對未來降息預期擔憂。
美國三大指數收跌，包括標普指數收跌 0.53%，創下 2026 年以來首次連續兩日下跌，那斯達克指數也下挫 1%。**然而，****比特幣（$BTC）**卻走出獨立漲勢，在最近 24 小時內最高漲到 97,924 美元，突破了 99 日均線位置，目前則回落至 96,552 美元。
圖源：CoinMarketCap 比特幣在最近 24 小時內最高漲到 97,924 美元
比特幣連續兩日大漲，原因是什麼？
綜合外媒分析，比特幣之所以能無視 PPI 指數逆風上漲，主要原因是比特幣 ETF 流入大量資金、軋空效應與金髮姑娘（Goldilocks）現象。
SoSoValue 數據顯示，美國比特幣現貨 ETF 週二流入 7.53 億美元資金，創下自去年 10 月 7 日以來的最大單日流入量。
分析師認為，ETF 資金流入顯示傳統與機構投資人在完成投資組合再平衡後，資金正重新輪動回風險資產。
圖源：SoSoValue 美國比特幣現貨 ETF 週二流入 7.53 億美元資金
《Cointelegraph》分析則指出，Coinbase 溢價指數顯示美方拋壓減緩，且流入 Coinbase Advanced 的資金達基準 2.5 倍，暗示機構正積極佈局。此外，幣安單小時淨買入量突破 5 億美元，加上永續合約資金費率創數月新低，反映市場空頭部位過度擁擠，進而引發軋空而推升現貨價格。
圖源：Cointelegraph Coinbase 溢價指數顯示美方拋壓減緩，且流入 Coinbase Advanced 的資金達基準 2.5 倍
而加密交易公司 QCP Capital 也認為，儘管委內瑞拉和伊朗局勢動盪，美國也牽涉其中，但總體經濟背景仍處在金髮姑娘狀態，意指經濟溫和增長，既不過熱（高通膨），也不過冷（衰退），失業率低，利率穩定。
再加上美國正在推進加密市場結構法案的審議進度，監管透明度的改善，增強了投資人對加密貨幣及其他資產類別的風險偏好。
比特幣需守住9.35萬支撐，10萬觸手可及？
隨著比特幣價格逼近歷史高點，知名分析師 Rekt Capital 表示，比特幣需要守住 93,500 美元關鍵支撐位，若價格持續上攻，到 10 萬之前較無阻力，但在 103,300 美元至 107,500 美元之間可能有較大賣壓。
圖源：RektCapital 知名分析師 Rekt Capital 表示，比特幣需要守住 93,500 美元關鍵支撐位
另一方面，資深分析師 Marcel Pechman 指出，比特幣選擇權的 Delta 斜率指標顯示，賣權（Put）的交易價格仍高於買權（Call），代表專業交易員對比特幣能否持續站穩 10 萬美元以上，仍持懷疑態度。
**彭博社也補充，雖然部分財富管理機構認為美股今年開局尚可，但隨著科技股財報季即將到來，加上地緣政治擔憂，市場波動可能加劇。**對於比特幣而言，能否在上述隱憂下，持續依靠 ETF 資金流入維持獨立行情，將是接下來觀察的重點。
延伸閱讀：
網傳委內瑞拉有600億鎂比特幣，美國會吞掉嗎？SEC：是否沒收有待觀察
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