比特幣跌破88,000美元，年末「節稅賣壓」籠罩市場，相關類股重挫16%
比特幣價格下跌1%，跌破88,000美元，但相關股票跌幅更重，最高達16%。分析師指出，年底的節稅賣壓與低流動性是主因。本文深入解析市場動態與未來展望。
聖誕行情告吹？比特幣在12月23日跌破88,000美元關卡，為年底的加密貨幣市場投下震撼彈。根據CoinDesk報導，比特幣在過去24小時內下跌約1%，但相關概念股的災情更為慘重，呈現股匯脫鉤的窘境。
節稅賣壓與流動性枯竭成元兇
分析師直指，年底常見的「節稅賣壓（tax-loss harvesting）」與市場流動性低迷是本次下跌的兩大主因。所謂節稅賣壓，是指投資者為降低稅務負擔，在年底前賣出帳面虧損的資產以實現虧損。數位資產對沖基金QCP Capital表示，在交易清淡的假期期間，這種賣壓對市場的衝擊尤其顯著。
交易公司Wincent的資深總監保羅·霍華德（Paul Howard）也補充道：「年底時，投資組合經理不僅會因應假期，也會為了稅務規劃與年度資產負債表的美觀，傾向於減持風險性資產。」在這波賣壓下，今年表現不佳的數位資產託管公司首當其衝，其中ETHZilla (ETHZ)暴跌16%，Upexi下挫9%，Strategy (MSTR)也下跌了4.2%。
市場展望：多空因素交戰
值得注意的是，當日黃金、白銀和銅等大宗商品價格均創下歷史新高，美國股市也溫和上漲（那斯達克指數上漲0.45%），凸顯了加密貨幣市場的獨自走弱。此外，市場槓桿正在減少。BTC和ETH的永續期貨未平倉合約分別減少了30億美元和20億美元，這使得市場在面對大量拋售時更加脆弱。
展望未來，本週五（節禮日）將迎來創紀錄的期權到期，佔Deribit總未平倉量的50%以上，恐加劇市場波動。儘管如此，QCP Capital預期，隨著1月份流動性回歸，假期期間的價格波動通常會出現均值回歸。不過Wincent的霍華德則認為，在缺乏新的催化劑下，市場可能需要數月時間盤整。
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