比特幣飆升至新高度，但加密貨幣創投放緩

加密貨幣市場在 2023 年經歷了良好的開局，比特幣連續七個月上漲，這是 13 年來最長的連續上漲趨勢。儘管有這種看漲趨勢，但加密貨幣領域的創投投資仍低迷，第一季成長了 25%，但未達 2021 年和 2022 年創下的歷史新高。

Cryptocurrency Market Analysis: Bitcoin's Steady Rise, Crypto VC Investments Lag Behind

加密貨幣市場分析：比特幣穩定上漲，加密貨幣VC投資落後

London, United Kingdom (February 4, 2022) - A neon sign illuminates the availability of a bitcoin automated teller machine (ATM) at a Texaco petrol station in London, signaling the growing presence of cryptocurrency in daily life. Amidst this surge of popularity, the United Kingdom's tax authorities are preparing to complicate matters for taxpayers grappling with the complexities of cryptocurrencies in their financial reporting.

英國倫敦（2022 年 2 月 4 日）—倫敦德士古加油站的霓虹燈標誌照亮了比特幣自動櫃員機 (ATM) 的可用性，標誌著加密貨幣在日常生活中的存在日益增長。在加密貨幣受歡迎程度激增的情況下，英國稅務機關正準備讓納稅人在財務報告中應對加密貨幣的複雜性，使問題變得更加複雜。

Bitcoin's Extended Bullish Run

比特幣的長期看漲運行

On Sunday evening, Bitcoin closed the seventh consecutive month with a green candle, marking the longest such streak in thirteen years. The first quarter of 2023 witnessed a flurry of activity in the crypto world, with the emergence of exchange-traded funds (ETFs) and increasing institutional involvement. Notable among these developments was BlackRock's tokenized fund, which has raised over $250 million. Venture capital (VC) investments in cryptocurrency also experienced a resurgence.

週日晚上，比特幣連續第七個月以綠色蠟燭收盤，這是十三年來最長的連續收盤。 2023 年第一季度，隨著交易所交易基金 (ETF) 的出現和機構參與的增加，加密世界出現了一系列活動。其中值得注意的是貝萊德的代幣化基金，該基金已籌集超過 2.5 億美元。對加密貨幣的創投（VC）也出現了復甦。

Crypto VC Investments Trail Historic Highs

加密貨幣創投創歷史新高

Despite Bitcoin's sustained bull run, crypto VC investments have remained relatively low compared to their 2021 peaks. While investors allocated over $2.5 billion in Q1, representing a 25% increase from Q4 2023, the total of $10.2 billion raised in 2023 falls short of the benchmark set in previous years. According to Pitchbook's data, 2023 saw a significant decline compared to 2021 and 2022, which witnessed $33 billion and $30 billion in crypto VC investments, respectively.

儘管比特幣持續多頭市場，但與 2021 年的高峰相比，加密貨幣創投仍相對較低。儘管投資者在第一季分配了超過 25 億美元，較 2023 年第四季成長了 25%，但 2023 年籌集的資金總額為 102 億美元，低於前幾年設定的基準。根據 Pitchbook 的數據，與 2021 年和 2022 年相比，2023 年加密貨幣創投投資額分別為 330 億美元和 300 億美元，大幅下降。

Lingering Effects of Crypto Market Turmoil

加密貨幣市場動盪的揮之不去的影響

Several factors may have contributed to the muted funding landscape despite increasing optimism. The lasting damage caused by the collapse of Terra and FTX, two prominent crypto firms, has instilled caution among investors. FTX, Alameda Research, and Three Arrows Capital, all active VCs in the past, no longer exist, leaving a void in early-stage financing. The involvement of reputable investors in both FTX and Terra has further raised concerns among limited partners, who may be hesitant to allocate funds to crypto VC funds.

儘管樂觀情緒日益增強，但融資情勢依然低迷，可能有幾個因素造成。兩家著名的加密貨幣公司 Terra 和 FTX 的倒閉造成的持久損害讓投資者變得謹慎。 FTX、Alameda Research、三箭資本這些過去活躍的創投公司已經不復存在，導致早期融資出現空白。信譽良好的投資者參與 FTX 和 Terra 進一步引起了有限合夥人的擔憂，他們可能對將資金分配給加密貨幣創投基金猶豫不決。

Crypto VC Funds Face Challenges

加密貨幣創投基金面臨挑戰

Data from Saison Capital reveals that the majority of crypto VC funds established in 2021 have yet to repay any capital to investors. Liquid token funds, which invest in tokens already trading on exchanges, may have absorbed some of the allocations that would otherwise have gone to crypto VC funds. Limited partners, seeking to avoid being locked in during the next bear market, are opting for funds that can return their capital faster and provide more liquid exposure to the asset class.

Saison Capital 的數據顯示，大多數 2021 年成立的加密貨幣創投基金尚未向投資者償還任何資本。投資於已經在交易所交易的代幣的流動代幣基金可能吸收了一些原本會流向加密貨幣創投基金的分配。為了避免在下一次熊市期間被鎖定，有限合夥人正在選擇能夠更快地收回資本並為該資產類別提供更多流動性敞口的基金。

Merkle Manufactory Aims for Crypto Unicorn Status

Merkle 製造廠的目標是成為加密獨角獸

Merkle Manufactory, the developer behind the blockchain-based social media app Farcaster, is seeking additional funding in its pursuit of becoming crypto's next $1 billion unicorn. The X alternative has witnessed a 25-fold increase in daily active users since the start of 2024, reaching nearly 50,000. The app has fostered a crypto-native community through the use of the token Degen. Power users receive a daily allowance of Degen and can reward other users for engaging content.

基於區塊鏈的社群媒體應用程式 Farcaster 背後的開發人員 Merkle Manufactory 正在尋求額外資金，以期成為加密貨幣下一個 10 億美元的獨角獸。自 2024 年初以來，X 替代方案的每日活躍用戶增加了 25 倍，達到近 5 萬人。該應用程式透過使用代幣 Degen 培育了一個加密原生社群。高級用戶每天可以獲得 Degen 津貼，並可以獎勵其他用戶參與內容。

Degen Launches Layer 3 Chain, Fueling Price Surge

Degen推出Layer 3鏈，助推價格飆升

Last week, Degen launched its own chain, utilizing a combination of Arbitrum and Base layer-2 solutions. This has created one of the first active layer 3s, and the Degen token is used to pay for near-zero gas fees. Consequently, Degen's price surged by over 400% last week. However, it remains to be seen whether the free Degen and decentralized approach will be sufficient to retain Farcaster users in the long run. The market will closely monitor this development in the coming quarter.

上週，Degen 推出了自己的鏈，結合了 Arbitrum 和 Base Layer-2 解決方案。這創造了第一個活躍的第 3 層，Degen 代幣用於支付接近零的 Gas 費。因此，上周德勁的價格飆升了400%以上。然而，從長遠來看，免費的 Degen 和去中心化的方式是否足以留住 Farcaster 用戶仍有待觀察。市場將在下一季密切關注這一進展。