機構洞察：CPI降溫緩解市場壓力，川普就職前加密貨幣案件下降

我們每週的機構洞察探討最新的市場發展—市場表現、產業新聞、交易所交易基金 (ETF) 流向、熱門話題

Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

我們每週的機構洞察探討最新的市場發展——市場表現、行業新聞、交易所交易基金（ETF）流動、趨勢主題、即將發生的事件和代幣解鎖——幫助您增強加密貨幣交易。

Enjoy our weekly take on the market!

享受我們每週對市場的看法！

Recent data indicated a stagnation or potential reversal in inflation progress, with a key measure of underlying price hikes — the core Consumer Price Index (CPI) — remaining unchanged for months. However, this trend shifted on Wednesday, as the Bureau of Labor Statistics reported a slowdown in the core CPI for the first time in months.

最近的數據顯示通膨進展停滯或可能逆轉，衡量基本價格上漲的關鍵指標——核心消費者物價指數（CPI）——幾個月來保持不變。然而，這種趨勢在周三發生了轉變，美國勞工統計局報告稱，核心消費者物價指數(CPI)數月來首次放緩。

The CPI, which tracks price changes for commonly purchased goods and services, showed an overall increase of 0.4% from November 2024, lifting the annual rate to 2.9%. This rise was primarily driven by surging gas and food prices, with energy costs alone contributing to 40% of the monthly increase. Food prices also remained high, impacted by weather conditions and disease affecting key staples like meat and eggs.

追蹤常用商品和服務價格變化的消費者物價指數 (CPI) 較 2024 年 11 月整體上漲 0.4%，年率升至 2.9%。這一成長主要是由天然氣和食品價格飆升推動的，光是能源成本就佔了月成長的 40%。受天氣條件和影響肉類和雞蛋等主要主食的疾病的影響，食品價格也居高不下。

Excluding volatility for food and energy prices, the core CPI only rose 0.2% from November, easing to 3.2% after being stuck at 3.3% since September 2024. Market reactions were positive, as traders hoped the Federal Reserve would continue its rate-cutting campaign.

剔除食品和能源價格的波動，核心CPI較11月僅上漲0.2%，自2024年9月以來一直徘徊在3.3%後回落至3.2%。

While inflation has slowed since peaking at 9.1% in June 2022, the journey back to normalcy has been bumpy. Everyday item prices are now 21% higher than in 2021, straining household budgets, particularly for lower-income Americans. Though wages have risen faster than inflation over the past 20 months, they still lag behind pre-pandemic levels.

儘管通膨自 2022 年 6 月達到高峰 9.1% 以來已經放緩，但恢復正常的過程卻充滿坎坷。目前日常用品價格比 2021 年上漲 21%，家庭預算緊張，尤其是對低收入美國人來說。儘管過去 20 個月薪資成長速度快於通貨膨脹，但仍低於疫情前的水平。

This latest CPI report, the last before President Biden transitions power to president-elect Trump, underscores the ongoing challenges in managing inflation, particularly for essential goods and services.

這份最新的消費者物價指數報告是拜登總統將權力移交給候任總統川普之前的最後一份報告，強調了管理通膨方面持續存在的挑戰，特別是基本商品和服務方面的挑戰。

Digital Currency Group and its subsidiary, Genesis Global Capital, reached a settlement with the Securities and Exchange Commission (SEC) on Friday, indicative of a broader trend among cryptocurrency firms resolving regulatory issues as the Biden administration approaches its conclusion.

數位貨幣集團及其子公司 Genesis Global Capital 於週五與美國證券交易委員會（SEC）達成和解，這表明隨著拜登政府接近結論，加密貨幣公司解決監管問題的更廣泛趨勢。

Over the past week, multiple U.S. regulatory agencies — including the Commodity Futures Trading Commission (CFTC), the Justice Department and the SEC — have announced various settlements and charges across at least six cases involving digital assets, signaling a renewed focus on enforcement as the administration winds down.

過去一周，美國多個監管機構——包括商品期貨交易委員會（CFTC）、司法部和美國證券交易委員會——宣布了至少六起涉及數位資產的案件的各種和解和指控，這表明美國監管機構將重新關注執法問題。

During Biden's term, more than 100 enforcement actions were filed against crypto companies, reflecting heightened scrutiny of the industry. However, with president-elect Donald Trump set to take office, there’s an expectation of a paradigm shift in regulatory approaches. Trump, once a critic of cryptocurrencies, has appointed crypto-friendly officials to key positions and intends to prioritize legislation that supports the industry.

拜登任期內，針對加密貨幣公司提起了 100 多項執法行動，反映出對該行業的嚴格審查。然而，隨著當選總統唐納德·川普即將就職，監管方法有望發生範式轉移。川普曾經是加密貨幣的批評者，他已任命對加密貨幣友善的官員擔任關鍵職務，並打算優先考慮支持該行業的立法。

For many crypto firms, settling with regulators is seen as a strategic move. Legal experts note that such settlements allow these companies to close contentious chapters and redirect their efforts in a potentially more favorable regulatory environment. Jonathan Groth, a partner at DGIM Law, commented on the implications of the incoming administration, suggesting that support for extensive enforcement actions may diminish.

對許多加密貨幣公司來說，與監管機構達成和解被視為一項策略性舉措。法律專家指出，此類和解使這些公司能夠結束有爭議的章節，並在可能更有利的監管環境中重新調整其努力方向。 DGIM Law 合夥人 Jonathan Groth 對即將上任的政府的影響發表評論，表示對廣泛執法行動的支持可能會減少。

Recent high-profile cases include a $5 million fine against Gemini for regulatory violations and a $100 million penalty for BitMEX due to failures in anti-money laundering measures. Additional actions have targeted fraudulent schemes, and individuals involved in illegal cryptocurrency activities. As the regulatory landscape shifts, firms settling with agencies may be positioning themselves for a fresh start under a more accommodating regime.

最近備受矚目的案件包括 Gemini 因違反監管規定而被罰款 500 萬美元，BitMEX 因反洗錢措施失敗而被罰款 1 億美元。其他行動針對詐欺計劃和參與非法加密貨幣活動的個人。隨著監管格局的變化，與監管機構達成和解的公司可能會在更寬鬆的製度下為自己做好準備，以重新開始。

Other Top-Performing Tokens

其他表現最佳的代幣

TokenCatalyst

Ripple (XRP)XRP surged nearly 8.5% following growing speculation about a Spot ETF and increased accumulation by large holders.

隨著對現貨 ETF 的猜測不斷增加以及大持有者增持，瑞波幣 (XRP)XRP 飆升近 8.5%。

Aave (AAVE)AAVE surged 4.3% after announcing Aave and GHO's expansion across networks for broader integration.

Aave (AAVE) 在宣布 Aave 和 GHO 跨網路擴張以實現更廣泛的整合後，AAVE 股價飆升 4.3%。

Hyperliquid (HYPE)HYPE surged 9.4% following Hyperliquid's partnership with ANIME to launch a decentralized anime ecosystem.

Hyperliquid (HYPE) 在 Hyperliquid 與 ANIME 合作推出去中心化動漫生態系統後，HYPE 飆升 9.4%。