MicroStrategy (MSTR) 股價自 11 月加入納斯達克 100 指數並上漲 600% 見頂以來下跌近 50%

對於由軟體開發人員轉型為比特幣 (BTC) 累加器的 MicroStrategy (MSTR) 來說，這是艱難的一個月。自 11 月以來，其股價已下跌近 50%

MicroStrategy (MSTR) stock has fallen almost 50% since November, when it joined the Nasdaq 100 index and peaked at a 600% gain since the start of the year.

MicroStrategy (MSTR) 股票自 11 月加入那斯達克 100 指數以來已下跌近 50%，並自年初以來漲幅達到 600% 的峰值。

But that still leaves the Tysons Corner, Virginia-based company a whopping 342% ahead in 2024, easily the biggest return among the highest-profile crypto-linked assets in traditional finance (TradFi).

但這仍然使這家總部位於維吉尼亞州泰森斯角的公司在 2024 年領先 342%，輕鬆成為傳統金融 (TradFi) 中最受矚目的加密貨幣相關資產中的最大回報。

It's been a volatile year, packed with geopolitical and technological developments to rattle financial markets. The continuing wars in eastern Europe and the Middle East, elections across the globe, the unwinding of the yen carry trade in August and the growth of artificial intelligence (AI) have all left their marks.

這是動盪的一年，地緣政治和科技的發展擾亂了金融市場。東歐和中東持續不斷的戰爭、全球各地的選舉、八月份日圓套利交易的平倉以及人工智慧 (AI) 的發展都留下了印記。

MicroStrategy's gain is almost double that of Nvidia (NVDA), the chipmaker whose production of integrated circuits needed for AI applications fueled a 185% return, the best among the so-called magnificent seven tech stocks. The next best, Meta Platforms (META), turned in 71%.

MicroStrategy 的漲幅幾乎是 Nvidia (NVDA) 的兩倍，這家晶片製造商生產人工智慧應用所需的積體電路，帶來了 185% 的回報率，是所謂的七大科技股中表現最好的。其次是 Meta Platforms (META)，報酬率為 71%。

Bitcoin itself rose 100% in a year that included April's reward halving and multiple record highs. Demand for the largest cryptocurrency was driven by the January approval of spot exchange-traded funds (ETFs) in the U.S. Bitcoin outperformed two of its biggest competitors, ether (ETH), up 42%, and Solana (SOL), up 79%.

比特幣本身在一年內上漲了 100%，其中包括 4 月的獎勵減半和多個歷史新高。對最大的加密貨幣的需求受到1 月份美國現貨交易所交易基金(ETF) 批准的推動，比特幣的表現超過了其兩個最大的競爭對手：以太坊(ETH) 上漲42% 和Solana (SOL)上漲79%。

Among the ETF's iShares Bitcoin Trust (IBIT) also returned over 100% and became the fastest ETF in history to hit $50 billion in assets.

其中，iShares Bitcoin Trust (IBIT) 的報酬率也超過 100%，成為史上資產規模突破 500 億美元最快的 ETF。

Bitcoin mining companies, on the whole, disappointed. The Valkyrie Bitcoin Miners ETF (WGMI), a proxy for mining stocks, rose just under 30%.

總體而言，比特幣挖礦公司感到失望。礦業股的代表 Valkyrie 比特幣礦工 ETF (WGMI) 上漲了近 30%。

That's despite demand for the miners' computing capabilities and power supply agreements from artificial intelligence and high-performance computing (HPC) companies. Still, individual companies benefited, in particular, Bitdeer (BTDR), which added 151%, and WULF (WULF), which gained 131%.

儘管人工智慧和高效能運算（HPC）公司對礦工的運算能力和供電協議有需求，但情況仍然如此。儘管如此，個別公司仍受益，尤其是 Bitdeer (BTDR)，上漲了 151%，WULF (WULF) 上漲了 131%。

Nevertheless, the miners' gains beat the broader equities market. The tech-heavy Nasdaq 100 Index (NDX) added 28% while the S&P 500 Index (SPX) rose 25%.

儘管如此，礦業股的漲幅還是跑贏了大盤。以科技股為主的那斯達克 100 指數 (NDX) 上漲 28%，而標準普爾 500 指數 (SPX) 上漲 25%。

The S&P 500 also trailed behind gold's 27% increase. The precious commodity has now topped the equity gauge in three of the past five years.

標普 500 指數也落後黃金 27% 的漲幅。這種貴重商品在過去五年的三年中一直位居股票指標榜首。

Concerns about U.S. inflation and the country's budget deficit added to the geopolitical uncertainties to prompt a massive rise in U.S. treasury yields, which move in the opposite direction to price.

對美國通膨和預算赤字的擔憂加劇了地緣政治的不確定性，促使美國公債殖利率大幅上升，其走勢與價格走勢相反。

The yield on the 10-Year Treasury added 15% to 4.5% over the course of the year, and surprisingly gained a full 100 basis points since the Federal Reserve started cutting interest rates in September.

10 年期公債殖利率在這一年中上漲了 15% 至 4.5%，並且自聯準會 9 月開始降息以來令人驚訝地上漲了整整 100 個基點。

The iShares 20+ Year Treasury Bond ETF (TLT), which tracks bond prices, dropped 10% this year and has lost 40% in the past five years.

追蹤債券價格的 iShares 20+ 年期公債 ETF (TLT) 今年下跌了 10%，在過去五年下跌了 40%。

The dollar, on the other hand, showed its strength. The DXY Index (DXY), a measure of the greenback against a basket of the currencies of the U.S.' biggest trading partners, rose to the highest since September 2022.

另一方面，美元則顯示出強勢。衡量美元兌美國最大貿易夥伴一籃子貨幣的指標 DXY 指數 (DXY) 升至 2022 年 9 月以來的最高水準。

West Texas Intermediate (USOIL), the benchmark oil price in the U.S., ends the year little changed, up less than 1% to around $71 a barrel. But it was a bumpy ride, with the price rising to almost $90 at some points in the past 12 months.

美國基準油價西德州中質油 (USOIL) 年底變化不大，上漲不到 1%，至每桶約 71 美元。但這是一段坎坷的旅程，在過去 12 個月的某些時候價格上漲到近 90 美元。

As we head into the new year, all eyes will be on the debt ceiling discussion, the policies of President-elect Donald Trump and whether the U.S. can continue with its impressive growth story.

當我們進入新的一年時，所有人的目光都將集中在債務上限討論、當選總統唐納德·特朗普的政策以及美國能否繼續其令人印象深刻的增長故事上。