加密牆倒塌

經過多年的監管不確定性和臨時執法，美國正在擁抱加密貨幣，以鞏固其在金融科技創新領域的全球領導地位。

After years of regulatory uncertainty and ad hoc enforcement, the U.S. is embracing crypto to bolster its global leadership in FinTech innovation. So much so that the incoming government, with about 60 percent pro-crypto members, might consider bitcoin as a solution to a $35 trillion national debt crisis.

經過多年的監管不確定性和臨時執法，美國正在擁抱加密貨幣以鞏固其在金融科技創新領域的全球領導地位。以至於即將上任的政府（約 60％ 的支持加密貨幣的成員）可能會考慮將比特幣視為解決 35 兆美元國家債務危機的解決方案。

From President-elect Donald Trump promising to safeguard the national bitcoin stockpile to Cynthia Lummis pushing the BITCOIN Act, the U.S. looks set to become the first developed economy to have a strategic bitcoin reserve.

從當選總統川普承諾保護國家比特幣儲備，到辛西婭·盧米斯推動《比特幣法案》，美國看起來將成為第一個擁有比特幣戰略儲備的發達經濟體。

This historic move was unthinkable just a year ago. Now, it’s more plausible than ever, with Pennsylvania introducing the Bitcoin Strategic Reserve Act while the Minneapolis Federal Reserve president, Neel Kashkari, flips on his anti-crypto stance.

這項歷史性舉措在一年前還是不可想像的。現在，這種情況比以往任何時候都更有可能，賓夕法尼亞州推出了《比特幣戰略儲備法案》，而明尼阿波利斯聯邦儲備銀行主席尼爾·卡什卡利(Neel Kashkari)則轉變了他的反加密貨幣立場。

With the resignation of SEC Chair Gary Gensler announced for January 20th, President Trump's inauguration day, the price of bitcoin is hovering just under it psychological $100,000 mark. Ironically, it was the SEC approval of bitcoin ETFs early in the year that started this crypto momentum.

隨著 SEC 主席 Gary Gensler 於 1 月 20 日（即川普總統就職日）宣布辭職，比特幣價格徘徊在略低於 10 萬美元的心理關口。諷刺的是，正是美國證券交易委員會 (SEC) 在今年年初批准了比特幣 ETF，開啟了加密貨幣動能。

Grassroots communities are rallying behind this bullish shift with projects like Strategic Bitcoin Reserve ($SBR). Meanwhile, TradFi hedge funds like Millennium Management, Capula Management, and Tudor Investments, among others, are lining up for bitcoin exposure, mainly through ETFs.

草根社群正在透過戰略比特幣儲備（$SBR）等項目團結起來支持這一看漲轉變。與此同時，Millennium Management、Capula Management 和 Tudor Investments 等 TradFi 對沖基金正在排隊投資比特幣，主要是透過 ETF。

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Antonio Juliano, founder of dYdX says, “There’s never been an explicitly pro-crypto regime in the U.S. Now that Americans have elected one, we’re entering a new era of crypto investments. Retail benefits and adoption will spike of course, but this shift is particularly conducive for TradFi players looking to offer crypto-based products and services. And thus mainstream adoption looks more viable than ever before.”

dYdX 創辦人 Antonio Juliano 表示：「美國從來沒有一個明確支持加密貨幣的政權，既然美國人選出了一個政權，我們就進入了加密貨幣投資的新時代。當然，零售效益和採用率將會激增，但這種轉變特別有利於尋求提供基於加密的產品和服務的 TradFi 參與者。因此，主流採用看起來比以往任何時候都更加可行。

From The Sidelines To Center Stage

從場邊到舞台中央

Options on Blackrock’s spot bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT), achieved a record $1.9 billion notional value on day one, with over 354,000 contracts traded. This reflects the latent demand for a secured BTC leverage instrument and its potential to catalyze mass adoption.

貝萊德現貨比特幣 ETF iShares 比特幣信託 ETF (IBIT) 的選擇權在第一天就創下了 19 億美元的名義價值，交易合約超過 354,000 份。這反映了對安全的 BTC 槓桿工具的潛在需求及其促進大規模採用的潛力。

As A. Rafay Gadit Co-Founder of Zignaly, notes, “The super reception of options on spot bitcoin ETFs marks a high point in crypto’s ongoing institutional adoption. Derivatives provide a seamless entry point for institutions, a strategic advantage. Given the demand, our job now is to offer diverse solutions, both traditional and crypto-native.”

正如 Zignaly 聯合創始人 A. Rafay Gadit 所指出的那樣，「現貨比特幣 ETF 選擇權的熱烈歡迎標誌著加密貨幣持續被機構採用的高峰。衍生性商品為機構提供了一個無縫的切入點，這是一種戰略優勢。鑑於需求，我們現在的工作是提供多樣化的解決方案，包括傳統的和加密原生的。

There has been a steady rise in institutional crypto adoption in the U.S. over the past year. According to Chainalysis, institutions have accounted for 70 percent of all crypto activity in the region. Looking through the bitcoin 13F filings lists a who's who of institutional investors. Research by Global Digital Finance found that 93 percent of global financial institutions surveyed are now handling Bitcoin with ETFs a major driver.

過去一年，美國機構加密貨幣的採用率穩定上升。根據 Chainaanalysis 的數據，機構佔該地區所有加密貨幣活動的 70%。瀏覽比特幣 13F 文件，列出了機構投資者的名人錄。 Global Digital Finance 的研究發現，受訪的全球金融機構中有 93% 目前正在以 ETF 為主要驅動力處理比特幣。

Now a crypto-friendly U.S. could welcome the small and medium sized businesses (SMBs) waiting on the sidelines concerned about legitimacy risks and regulatory backlash to take the invest alongside the biggest and the best and creating a great economic boost to often underserved market.

現在，對加密貨幣友善的美國可能會歡迎那些擔心合法性風險和監管強烈反對而觀望的中小型企業，與最大和最好的企業一起進行投資，並為經常服務不足的市場創造巨大的經濟成長。

Avidan Abitbol, Project Director of Data Ownership Protocol (DOP), says, “While the traditional financial giants can typically thrive under any regime, regulatory clarity, friendly frameworks, and compliance are absolutely necessary for the less powerful players. Yet the American crypto industry needs them too and recent developments signal the creation for a more inclusive, democratized space for TradFi’s participation in crypto.”

資料所有權協議(DOP) 專案總監Avidan Abitbol 表示：「雖然傳統金融巨頭通常可以在任何制度下蓬勃發展，但對於實力較弱的參與者來說，監管清晰度、友善框架和合規性絕對是必要的。然而，美國加密貨幣行業也需要它們，最近的發展標誌著為 TradFi 參與加密貨幣創造一個更具包容性、民主化的空間。

A New Era In Crypto Investments

加密貨幣投資的新時代

Libeara and FundBridge Capital launched a tokenized U.S. Treasury Bill (T-Bill) fund on Avalanche. BlackRock’s BUIDL, currently the largest tokenized treasury fund by AUM, went multichain. Franklin Templeton is planning to launch Benji, an Ethereum-based tokenization platform. Securitize launched the sToken Vault, enabling its “clients to access investments from Wall Street’s most experienced managers without sacrificing DeFi-native opportunities.”

Libeara 和 FundBridge Capital 在 Avalanche 上推出了代幣化的美國國庫券 (T-Bill) 基金。貝萊德 (BlackRock) 的 BUIDL 是目前資產管理規模最大的代幣化國庫基金，現已邁向多鏈。富蘭克林鄧普頓計劃推出 Benji，一個基於以太坊的代幣化平台。 Securitize 推出了 sToken Vault，使其“客戶能夠在不犧牲 DeFi 原生機會的情況下獲得華爾街最有經驗的經理的投資。”

Notably, these institutional developments are happening in parallel to the memecoin frenzy, driven by speculation and cultish community sentiments. This ushers the next phase in the evolution of crypto investments, essentially breaking the retail / institution binary.

值得注意的是，這些制度的發展與迷因幣狂熱同時發生，並受到投機和崇拜社區情緒的推動。這開啟了加密貨幣投資發展的下一階段，從根本上打破了零售/機構二元關係。

Earn’M Co-Founder and CEO, Dan Novaes notes, “As institutions increasingly focus on Bitcoin, driven by ETF exposure and a crypto-friendly administration on the horizon, we’re witnessing a rising tide that lifts the entire Web3 market. While bitcoin remains the centerpiece of institutional inflows, traditional retail investors are driving growth in meme coins and DePIN narratives, creating a dynamic and multifaceted expansion.

Earn'M 聯合創始人兼執行長Dan Novaes 指出：「在ETF 曝險和即將到來的加密貨幣友善政府的推動下，機構越來越關注比特幣，我們正在見證一股提振整個Web3 市場的浪潮。雖然比特幣仍然是機構資金流入的核心，但傳統散戶投資者正在推動迷因幣和 DePIN 敘事的成長，創造動態和多方面的擴張。

"This bull cycle’s holistic nature—from Bitcoin to memes—is a

「這個牛市週期的整體性質——從比特幣到迷因——是