隨著傳統金融巨頭的入局，機構採用重塑了加密貨幣產業

一波機構採用浪潮可能正在重塑加密貨幣產業，傳統金融巨頭佔據重要地位。

Institutional adoption of cryptocurrencies is surging, with major financial players like Morgan Stanley, Goldman Sachs and DRW Capital staking out significant positions in bitcoin and ethereum ETFs.

機構對加密貨幣的採用正在激增，摩根士丹利、高盛和 DRW Capital 等主要金融機構在比特幣和以太幣 ETF 中佔據了重要地位。

This shift in Wall Street’s approach to cryptocurrencies, coupled with the record-breaking engagement of the crypto industry in the U.S. election cycle, signals a new era of engagement between traditional finance and digital assets.

華爾街對加密貨幣態度的轉變，加上加密產業在美國大選週期中破紀錄的參與度，標誌著傳統金融和數位資產之間的接觸進入了新時代。

“We’re seeing a turning-of-the-tide moment where everyone’s talked about institutional adoption on the horizon. Well, here it is,” says Coinme CEO Neil Bergquist, whose company specializes in bitcoin ATMs and provides crypto infrastructure for partner companies.

「我們正在看到一個潮流轉變的時刻，每個人都在談論即將到來的機構採用。好吧，就是這樣。

Numbers support his assessment: Total assets in cryptocurrency investment products have reached a record $33.5 billion this year, and total assets under management for crypto investment products surpassed $138 billion.

數字支持了他的評估：今年加密貨幣投資產品的總資產已達到創紀錄的335億美元，加密貨幣投資產品管理的總資產超過1,380億美元。

The crypto industry emerged as one of the election cycle’s biggest spenders, directing $170 million to super PACs supporting crypto-friendly candidates. The investment appears to have paid off — 50 of the 58 general election candidates backed by crypto-focused super PACs won their races.

加密產業成為選舉週期最大的支出者之一，向超級政治行動委員會撥款 1.7 億美元，以支持對加密貨幣友善的候選人。這項投資似乎已經得到了回報——在專注於加密貨幣的超級政治行動委員會支持的 58 名大選候選人中，有 50 名贏得了比賽。

This surge in institutional interest comes amid unprecedented political engagement with cryptocurrency policy.

機構興趣的激增是在對加密貨幣政策進行前所未有的政治參與的背景下發生的。

The mounting institutional adoption reflects a broader transformation in how traditional finance views digital assets.

越來越多的機構採用反映了傳統金融對數位資產的看法發生了更廣泛的轉變。

“We’re seeing further evolution of crypto use cases entering various areas for mainstream adoption,” Bergquist says. This includes an expanding range of payment applications and growing interest in cross-border transactions, areas where traditional banks have historically dominated.

「我們看到加密用例的進一步發展進入各個領域並被主流採用，」伯格奎斯特說。這包括支付應用範圍的擴大以及對跨境交易日益增長的興趣，而傳統銀行歷來在這些領域佔據主導地位。

Coinme, one of the first licensed crypto exchanges in the U.S., has spent a decade trying to support more mainstream crypto adoption, partnering with established companies like Coinstar to enable bitcoin purchases at major retailers across the U.S.

Coinme 是美國首批獲得許可的加密貨幣交易所之一，十年來致力於支持更主流的加密貨幣採用，與 Coinstar 等老牌公司合作，支持在美國主要零售商處購買比特幣

The company has focused on building regulated infrastructure for cash-to-crypto conversions, implementing standard banking controls like Know Your Customer requirements, and blockchain monitoring — steps that could make digital assets more palatable to traditional institutions.

該公司專注於為現金到加密貨幣轉換建立受監管的基礎設施，實施標準銀行控制（例如「了解你的客戶」要求）和區塊鏈監控，這些步驟可以使數位資產更適合傳統機構。

This regulatory-first approach mirrors the broader industry shift toward more conventional financial guardrails.

這種監管第一的方法反映了更廣泛的行業向更傳統的金融護欄的轉變。

Until recently, Treasury Department guidance has made many institutions hesitant to engage directly with digital assets.

直到最近，財政部的指導意見還讓許多機構對直接參與數位資產猶豫不決。

However, this cautious approach may be shifting, as major financial players find regulated ways to gain exposure, such as the recent explosion of ETFs and the recent launch of bitcoin options trading.

然而，隨著主要金融參與者尋找受監管的方式來獲得風險敞口，例如最近 ETF 的爆發和最近推出的比特幣期權交易，這種謹慎的態度可能正在轉變。

The market has responded dramatically to these institutional moves and to the election of Donald Trump as U.S. president.

市場對這些制度舉措以及唐納德·川普當選美國總統做出了巨大反應。

Trump was an outspoken advocate for crypto on the campaign trail. Following his election on Nov. 5, bitcoin’s price has surged to new highs, recently reaching a high of over $93,000.

川普在競選過程中直言不諱地倡導加密貨幣。在他 11 月 5 日當選後，比特幣的價格飆升至新高，最近達到超過 93,000 美元的高點。

Bitcoin ETFs alone have attracted $1.67 billion in inflows over a single week in November, bringing their total assets to $95.4 billion.

光是比特幣 ETF 在 11 月的一周內就吸引了 16.7 億美元的資金流入，使其總資產達到 954 億美元。

Ethereum has followed suit, with ETF products drawing $646 million in new investment and total assets reaching $9.15 billion.

以太幣緊隨其後，ETF產品吸引了6.46億美元的新投資，總資產達91.5億美元。

It’s a bull market that stands in stark contrast to the crypto winter left in the wake of FTX’s collapse in 2022.

這是一個多頭市場，與 2022 年 FTX 崩盤後留下的加密貨幣寒冬形成鮮明對比。

“In the previous 2021 bull market cycle, we were talking to a lot of banks who wanted to offer digital currency services,” Bergquist recalls. “Those partnerships quickly evaporated after the FTX fiasco.'”

「在之前的 2021 年牛市週期中，我們與許多想要提供數位貨幣服務的銀行進行了交談，」伯格奎斯特回憶道。 “在 FTX 慘敗之後，這些合作夥伴關係很快就消失了。”

The new political landscape could accelerate a wave of institutional adoption.

新的政治格局可能會加速制度採用的浪潮。

With Republicans set to control both chambers of Congress, legislation that previously stalled may find new life.

隨著共和黨將控制參眾兩院，先前陷入停滯的立法可能會獲得新生。

For example, the Financial Innovation and Technology for the 21st Century Act, which would shift more oversight responsibility to the Commodity Futures Trading Commission, passed the House with strong bipartisan support but stalled in the Democratic-controlled Senate.

例如，《21世紀金融創新與技術法案》將更多監督責任轉移給商品期貨交易委員會，該法案在兩黨的大力支持下在眾議院獲得通過，但在民主黨控制的參議院陷入停滯。

“We have to make certain that [crypto companies] know what the rules are and how to follow them so that the crypto industry can thrive here,” Incoming Ohio Sen. Bernie Moreno told The Wall Street Journal.

「我們必須確保[加密貨幣公司]知道規則是什麼以及如何遵守這些規則，以便加密貨幣行業能夠在這裡蓬勃發展，」即將上任的俄亥俄州參議員伯尼·莫雷諾告訴《華爾街日報》。

Moreno’s victory over Senate Banking Committee Chair Sherrod Brown was celebrated by crypto executives including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.

包括Coinbase 執行長布萊恩·阿姆斯特朗(Brian Armstrong) 和Ripple 首席執行官布拉德·加林豪斯(Brad Garlinghouse) 在內的加密貨幣高管慶祝了莫雷諾擊敗參議院銀行委員會主席謝羅德·布朗( Sherrod Brown)。

TradFi AdoptionWhile major banks are exploring ways to integrate digital assets into their existing services, some of the biggest challenges identified by crypto executives include preventing regulatory oversight from hampering growth, gaining access to banking services, and stabilizing dollar-pegged cryptocurrencies.

TradFi 採用雖然各大銀行正在探索將數位資產整合到現有服務中的方法，但加密貨幣高管發現的一些最大挑戰包括防止監管監督阻礙成長、獲得銀行服務以及穩定與美元掛鉤的加密貨幣。

However, many companies and crypto enthusiasts are already using bitcoin for practical applications like payments.

然而，許多公司和加密貨幣愛好者已經在使用比特幣進行支付等實際應用。

“We’re seeing a lot of demand in the marketplace from partners that are really focused around creating a seamless fiat on- and off-ramp,” says Bergquist.

「我們看到市場上合作夥伴的大量需求，這些合作夥伴真正專注於創建無縫的法定進出通道，」伯格奎斯特說。

“Interoperability is important. We want it to be seamless to move in and out of fiat and crypto. We’re seeing a lot of interest for that around payments — companies wanting to enable those who have crypto to be able to spend it for goods or services.”

“互通性很重要。我們希望能夠無縫地進出法定貨幣和加密貨幣。我們看到人們對支付領域有很多興趣——公司希望讓擁有加密貨幣的人能夠用它來購買商品或服務。

Demographic

人口統計