2020年12月，一家名为"LuBian"的大型比特币矿池遭遇史无前例的黑客入侵，127,426枚比特币在链上被人直接划走，整个过程公开透明却无力阻止。损失 惨重之下，矿池管理者甚至无奈地在区块链上向黑客地址留言，带着绝望请求对方归还资产，并表示愿意付出酬金。 然而五年后的2025年，一个令人震惊的巧合浮现：美国司法部宣布没收柬埔寨太子集团控制的127,271枚比特币。两者仅相差155枚，考虑到多年流转中的手 续费消耗，这个数字吻合程度惊人，让人难以忽视两者可能是同一批资产的延续。于是问题随之而来：美国政府是真的在事后替天行道，还是早已通过国家 级黑客手段先行夺取，再以司法程序"补票"？真相藏在技术漏洞和政治运作的暗影里。 一、技术漏洞曝光：从"随机数问题"到大规模收割的基础 比特币的安全核心在于私钥的不可预测性，而私钥的生成依赖安全的随机数系统。可偏偏，LuBian矿池采用的第三方密钥生成工具存在致命隐患——它使用 了非密码学级别的伪随机数生成算法 MT19937（俗称梅森旋转）。 根据中国国家计算机病毒应急处理中心的技术溯源报告，这个算法在LuBian的应用存在重大缺陷：生成的256位私钥中，有224位都 ...

贝莱德旗下旗舰产品iShares比特币ETF(IBIT.US)周二遭遇约5.23亿美元资金净流出，为该基金自2024年 1月推出以来最大单日撤资记录。Farside Investors的数据显示，这波赎回恰逢比特币价格跌破9万美元， 触及七个月以来的最低水平，反映市场对加密资产的情绪急剧恶化。 作为目前规模最大的现货比特币ETF，IBIT自上市以来一直是加密ETF繁荣的核心力量，吸引大量资金 流入。然而近期比特币从10月的历史新高急速回调，ETF的强劲赎回压力显示出本轮抛售的深度，并凸 显风险资产全面承压的市场环境。 与比特币的低迷相比，黄金近期保持相对坚挺。这让市场再度质疑比特币作为对冲资产甚至"数字黄 金"的定位。一些分析师指出，投资者可能正在减少比特币敞口、转而增持黄金。 部分重量级投资者也发出警告，认为包括加密货币在内的多类资产估值已偏高，加剧了当前缺乏投机情 绪的市场格局。Interactive Brokers高级经济学家JoséTorres指出，缺乏投机性资金正压制比特币表现。截 至本季度，资产规模超过730亿美元的IBIT已累计下跌约19%。 Kraken全球经济学家Thomas Perfumo ...

Core Viewpoint - The recent government shutdown in the U.S. was expected to boost the cryptocurrency market, but Bitcoin and the overall crypto market have failed to recover, with Bitcoin dropping below $100,000 and nearing $90,000, erasing all gains made in 2025 [2] Market Performance - Bitcoin reached a historical high of $126,000 on October 6, 2025, but has since fallen over 28%, currently trading around $90,000 [2] - The recent decline is characterized by a "death cross" pattern, with Bitcoin breaking below the critical 50-week moving average, historically indicating the end of bull markets [2] Macro Environment - Investor expectations for a Federal Reserve rate cut in December have diminished, with only a 48.6% probability remaining for a 25 basis point cut [3] - The macroeconomic environment has worsened, leading to significant sell-offs and concentrated liquidations of leveraged positions, exacerbating the downward trend [3] Market Sentiment - The current market conditions are attributed to a combination of short-term liquidity issues, persistent selling pressure, and weak investor sentiment rather than a single triggering factor [4] - Despite easing tensions in U.S.-China relations, Bitcoin struggles to find support, with liquidity remaining thin since the market crash on October 10 [4] Institutional Involvement - Unlike previous bear markets, Bitcoin has seen increased institutional participation, with major financial institutions accepting Bitcoin as collateral, indicating a maturation of the asset class [5] - Recent data shows that most investors selling Bitcoin are still in profit, suggesting a lack of panic selling or large-scale margin calls [5] Investment Strategies - Analysts recommend that retail investors avoid trying to time the market and instead adopt a dollar-cost averaging approach for long-term investments [6] - Long-term investors should focus on macro signals rather than solely technical trends, as Bitcoin's potential for recovery is tied to global liquidity conditions [6]

市场 来源：环球市场播报 欲览更多环球财经资讯，请移步7×24小时实时财经新闻 11月19日收盘：美股收跌道指下挫约500点 标普500指数连跌四日 11月19日美股成交额前20：家得宝CEO称业绩不及预期主因未出现极端天气 11月19日热门中概股涨跌不一 百度涨2.66%，拼多多跌7.33% 周二油价上涨 市场关注对俄制裁与供应过剩前景 现货黄金涨0.54%，黄金期货跌0.22% 欧洲主要股指收盘普跌 德国DAX指数下跌1.77% 宏观 海外持有的美国国债规模9月接近纪录水平 中国持仓下降 美众议院投票通过要求司法部公开全部爱泼斯坦案文件 被质疑为何不直接公开爱泼斯坦档案 特朗普威胁吊销ABC电视台牌照 欧洲着手放宽数字法规，以期提振增长 公司 美国得州新国会选区划分方案遭法院叫停 特朗普称已开始面试下一届美联储主席人选 特朗普：对于下任美联储主席人选已经心里有数 美国据悉拟批准向沙特AI企业Humain出售芯片 英伟达和AMD料受益 美国劳工统计局：9月份生产者价格指数将于11月25日发布 CFTC将于11月19日恢复发布交易员持仓报告 美国或即将宣布发放对沙特阿拉伯的芯片出口许可 谷歌发布Gemini ...

Group 1 - The Trump administration is advancing a key regulatory agenda to include U.S. citizens' overseas crypto assets in the tax collection system, with proposed rules sent to the White House for review [1] - If implemented, the U.S. will officially join the Crypto Asset Reporting Framework (CARF), aimed at combating international tax evasion through automatic information exchange among member countries [1][2] - The White House has previously expressed support for this direction, with a summer report recommending U.S. participation in CARF to create a fair competitive environment for domestic digital asset exchanges [1] Group 2 - CARF, created by the OECD in 2022, requires member countries to automatically share information about their citizens' crypto asset holdings to effectively curb cross-border tax evasion [2] - The framework has garnered support from numerous countries, including all G7 members and key crypto asset hubs like the UAE, Singapore, and the Bahamas, which would enhance the global tax regulatory network's reach and influence with U.S. participation [2] Group 3 - The Trump administration's support for CARF is based on multiple policy considerations, including preventing U.S. taxpayers from transferring digital assets to offshore exchanges and promoting the growth and use of digital assets in the U.S. [3] - The regulatory framework appears to leave room for the rapidly growing decentralized finance (DeFi) sector, with the White House indicating that new reporting requirements should not apply to DeFi transactions, which is crucial for developers and users in that space [3] - The CARF framework is planned to be globally implemented starting in 2027 [3]

加密资产市场24小时内爆仓金额达到8.12亿美元，爆仓金额上涨26.06%。 有分析师此前对《中国经营报》记者表示，这次比特币等加密资产下跌，是多种因素相互叠加的结果， 很难将其归因到单一因素上。但可以看到的是，对AI一类科技估值泡沫的担忧导致了全球风险资金的 流出，也推动了比特币等风险资产价格的下行。 （编辑：李晖 审核：何莎莎 校对：翟军） 中经记者 郑瑜 北京报道 11月19日上午9时，全球市值第一大加密货币比特币价格跌至91711美元/枚，年内30%涨幅全部回吐。 截至目前，市值排名第二的以太坊呈现下跌趋势，24小时内跌幅达3.78%。 ...

Core Viewpoint - Bitcoin has experienced significant volatility, reaching a peak of $126,251 on October 6, only to drop below $94,000 by November 17, erasing all gains for the year due to tightening dollar liquidity and changing market conditions [1][2][3] Market Dynamics - The recent decline in Bitcoin's price is attributed to a combination of macro liquidity tightening, decreased market risk appetite, and cyclical factors within the cryptocurrency industry [2][3] - The uncertainty surrounding U.S. fiscal and monetary policy has led to a cautious trading environment, affecting both risk and safe-haven assets [3][4] Institutional Involvement - Institutional investors have been a key support for Bitcoin's price, but recent outflows indicate a potential shift as macro liquidity tightens and political uncertainties rise [5][6] - The reliance on institutional capital highlights the fragility of Bitcoin's narrative as a hedge against inflation, especially given its high volatility compared to traditional assets like gold [6][7] Regulatory Environment - The evolving regulatory landscape and the diminishing expectations of supportive policies from the Trump administration have contributed to market participants' cautious outlook [3][4] - The need for a robust regulatory framework and the maturation of ETF channels are seen as essential for Bitcoin's long-term viability [6][7] Correlation with Other Assets - The simultaneous decline of Bitcoin and gold suggests a breakdown of traditional safe-haven logic, driven by liquidity constraints and a strong dollar [8][9] - The current market environment indicates a deeper liquidity pressure test, where all asset classes are experiencing increased correlation and simultaneous declines [10]

除流动性因素外，加密资产的信任危机进一步加剧了下跌态势。今年10月，美国司法部成功没收柬埔寨 电诈集团所持有的12.7万枚比特币，价值约150亿美元，创下全球加密资产没收规模纪录。业内认为， 这一事件也直接打破了加密资产"绝对安全"的神话，原本被视为终极保护的私钥被执法机构破解，区块 链也并非"法外之地"。 "加密资产标榜的安全性受到严重质疑，这直接破坏了其价值根基。"盘和林表示，若市场普遍认为加密 资产的交易安全性已丧失，不排除行业进入长期熊市的可能性。投资者信心动摇引发的恐慌性抛售，成 为此次价格下跌的重要助推力。 除此之外，近期机构资金撤离迹象明显，业内认为，11月以来美国比特币和以太坊ETF已出现多日净流 出，叠加行业监管不确定性仍存，进一步加剧了市场波动。 展望后续市场走向，盘和林称，比特币本质是风险资产，而非避险工具，其价格走势与整体经济形势、 美股尤其是科技股高度同步。"比特币不会在美元宽松、美国经济繁荣时崩溃，但如果美国经济出现趋 势性风险，将大概率连带加密资产一同调整。"盘和林解释，作为风险资产放大器，比特币在市场波动 加剧时，跌幅往往超过传统风险资产。 北京商报讯（记者 刘四红）加密资产市 ...

Core Viewpoint - The cryptocurrency market is experiencing significant downward pressure, with Bitcoin and Ethereum prices declining sharply, indicating a broader market downturn [1][3][4]. Market Performance - Bitcoin's price has fallen to $95,563, down 24% from its yearly high of $126,200, with a daily drop of 0.54%, a weekly decline of nearly 10%, and a monthly decrease of 14% [3]. - Ethereum is also under pressure, currently priced at $3,174, with a daily drop of 1.55% and a monthly decline of 20% [3]. Market Dynamics - A total of 97,824 investors faced liquidation in the past 24 hours, with a cumulative liquidation amount of $251 million, reflecting significant volatility in the market [3]. - The decline in Bitcoin's price is attributed to two main factors: its "scarcity" and "dollar liquidity," with the immediate trigger being the contraction of dollar liquidity [4]. Trust Crisis - A recent event where the U.S. Department of Justice seized 127,000 Bitcoins from a Cambodian fraud group, valued at approximately $15 billion, has undermined the perceived security of cryptocurrency [4]. - The belief that cryptocurrencies are absolutely secure has been challenged, leading to a potential long-term bear market if trust in transaction security continues to erode [4]. Institutional Behavior - There are clear signs of institutional capital withdrawal, with net outflows observed in Bitcoin and Ethereum ETFs since November, compounded by ongoing regulatory uncertainties [4][5]. Future Outlook - If dollar liquidity continues to tighten, Bitcoin may test the $90,000 support level; conversely, if the Federal Reserve resumes rate cuts, a rebound could occur [5]. - The long-term outlook for the cryptocurrency market remains uncertain, with a need for investors to recognize the high-risk nature of these assets [5]. - Bitcoin is transitioning from a speculative asset to an institutional asset, with its future value increasingly dependent on liquidity conditions, regulatory policies, and the rebuilding of trust [5].

北京商报讯（记者 刘四红）北京时间11月16日，加密资产市场加速跌势，比特币失守9.5万美元关口， 日内跌超1%。截至当日9时55分，比特币最新价格95256美元，当日跌幅1.09%，以太坊最新报价3149美 元，当日跌幅0.74%，Coinglass数据显示，最近24小时，全球共有98851人被爆仓，爆仓总金额为1.70亿 美元。 ...