美國正在成為親克萊托普，但價格尚未做出回應

儘管美國政策制定者對一個親克萊特託的一項政策制定者的迅速而全面

One of the biggest mysteries within the cryptoasset sector is, despite the rapid and comprehensive pivot of U.S. policymakers to one of a pro-crypto outlook, why cryptoasset prices have yet to respond decisively and in a sustained manner. These actions include, but are not limited to multiple executive orders connected to the crypto sector – including the formation of a Strategic Bitcoin Reserve – as well as efforts to rollback Operation Chokepoint 2.0 and other punitive regulatory efforts. Additionally, the first-ever White House Crypto Summit attracted business leaders and investors from across the crypto sector, providing a direct line of communication between the industry and the Executive branch for the first time.

儘管美國政策制定者對一個親克萊特託的前景之一，加密和全面的秘密行業中最大的謎團之一是，為什麼加密貨物價格尚未以持續的方式做出果斷的反應。這些行動包括但不限於與加密貨幣部門相關的多個執行命令（包括形成戰略比特幣儲備），以及努力回滾Chokepoint 2.0和其他懲罰性監管工作。此外，有史以來第一個白宮加密峰會吸引了來自加密貨幣領域的商業領袖和投資者，這是該行業和行政部門之間的直接溝通。

In addition, these policy actions and events have been supported by a more bullish narrative from business leaders, legislators, and investors across different economic areas.

此外，這些政策行動和事件得到了不同經濟領域的商業領袖，立法者和投資者的更看漲的敘述。

With all of these occurrences crypto investors and policy advocates would be forgiven to expect prices and investment funds to be much higher and more positive than have turned out to be true in 2025. So far the opposite has been true, with prices down significantly since initially topping $100,000 following the U.S. election results. Let’s take a look at a few reasons why.

隨著所有這些事件，加密投資者和政策擁護者將被原諒，預計價格和投資基金會比2025年成立更高和積極。到目前為止，相反的情況是正確的，自從美國之後，價格下降了，自從美國之後，價格降低了100,000美元。讓我們看一些原因。

Less Than Expected From The Bitcoin Reserve

比比特幣儲備的預期少

Although the long-awaited strategic bitcoin reserve is now a reality via executive order the facts that were disclosed during the E.O. announcement and follow-up interviews have left some members of the crypto community less than impressed. While the U.S. has established both a strategic bitcoin reserve as well as the non-bitcoin digital asset stockpile there are several items worth examining.

儘管期待已久的戰略比特幣儲備現在通過行政命令成為現實，但在EO公告和後續採訪中披露的事實使加密貨幣社區的一些成員留下了深刻的印象。儘管美國已經建立了戰略性比特幣儲備，也建立了非比比幣數字資產庫存，但有幾個值得研究的項目。

First, the bitcoin that will form the SBR will not be comprised – at least as of this writing – of new bitcoin purchases undertaken by the U.S. government. Rather, the bitcoin that are already held by the government as a result of seizures and other enforcement actions have been converted to form the reserve. Second, even though the Treasury and Commerce Secretaries will be looking into budget-neutral reasons to acquire additional bitcoin there was no timeline that was disclosed. Lastly, despite expectations and comments starting that tax code changes would be forthcoming, in the days following the bitcoin reserve announcement there have no such pronouncements.

首先，將構成SBR的比特幣將不包括美國政府進行的新比特幣購買。相反，由於癲癇發作和其他執法行動，政府已經持有的比特幣已轉變為構成了保護區。其次，即使財政和商務秘書將研究預算中立的理由來獲得其他比特幣，但沒有披露時間表。最後，儘管有期望和評論從稅法變更開始，但在比特幣儲備公告後的幾天裡，那裡沒有這樣的聲明。

In short, while the news regarding the SBR was welcomed by the marketplace the specifics have been underwhelming for investors.

簡而言之，儘管有關SBR的新聞受到市場的歡迎，但細節對投資者而言一直不堪重負。

Google Confirms Play Store App Deletion—What You Do Now

Google確認播放商店應用程序刪除 - 您現在做什麼

FBI Warning—Gmail, Outlook And VPN Users Need To Act Now

聯邦調查局警告 - Gmail，Outlook和VPN用戶現在需要採取行動

Gmail, Outlook, Apple Mail Warning—AI Attack Nightmare Is Coming True

Gmail，Outlook，Apple Mail警告 - Ai Attack Nightmare即將到來

ByBit Hack Reignited Fears

Bybit Hack重新點燃了恐懼

Even as the cryptoasset sector continues to move further into the mainstream the specter of hacks, breaches, and other unethical actors in the space continues to cause financial and reputational damage to market sentiment. As the shadow of FTX continues to recede, accelerated by the first batch of payments being made from the estate recently, a new source of fear came to the forefront. Recently the crypto exchange ByBit was hacked by North Korean hacker group Lazarus, resulting in nearly $1.5 billion in cryptoassets being stolen. Headline shock aside this event did nothing to assuage investor fears that crypto organizations are still in the move-fast-and-break-things mindset that permeates tech startups.

即使加密助理行業繼續進一步進入主流，在該領域的黑客，漏洞和其他不道德行為者的幽靈繼續造成對市場情緒的財務和聲譽損害。隨著FTX的陰影繼續退縮，最近由莊園的第一批付款加速了，新的恐懼來源成為了最前沿的。最近，加密交易所Bybit被朝鮮黑客集團拉撒路（Lazarus）入侵，導致了將近15億美元的加密貨物被盜。除了標題震驚這一事件並沒有使投資者擔心加密組織仍處於滲透到技術初創公司的行動和突破性思維方式中。

While asset management firms and other financial institutions continue to develop products and services for virtually every tier of the investor marketplace the fear of hacks and breaches continue to prove a substantial headwind to price appreciation. Especially since many cryptoassets remain outside of the investor protections and/or insurance policies that have become almost a default setting for well developed financial markets, TradFi offerings continued to be viewed as relatively higher risk versus more traditional offerings.

儘管資產管理公司和其他金融機構繼續為投資者市場的每個層次的產品和服務開發產品和服務，但對黑客和違規行為的恐懼繼續證明是對價格升值的巨大阻力。尤其是由於許多加密和/或保險單幾乎已成為金融市場的默認設置之外的投資者保護和/或保險單，因此Tradfi產品繼續被視為相對較高的風險，而不是傳統產品。

On-chain assets have long been touted as a secure asset, but as long as large-scale hacks continue to occur it will continue to be difficult to persuade the wider marketplace of this fact.

長期以來，鏈上的資產一直被吹捧為安全的資產，但是只要大規模的黑客攻擊繼續發生，就很難說服這一事實的更廣泛的市場。

Macroeconomic Uncertainty

宏觀經濟不確定性

Last but certainly not least is the continued and apparently increasing macroeconomic uncertainty that continues to permeate the U.S. economy – and by extension – the global financial system. Taking the form of trade wars, tariffs that are enacted and reversed within days, or statements connected to reshoring, nearshoring, or otherwise restructuring the global trade system the implications have been the same. Financial markets have experienced a tumultuous period, even as market leaders such as Apple have pledged to invest hundreds of billions to expand U.S. based operations going forward.

最後但並非最不重要的一點是，宏觀經濟不確定性的持續且顯然不斷增加，它繼續滲透到全球金融體系。採用貿易戰的形式，在幾天之內頒布和逆轉的關稅，或與重新培訓，近乎交往或其他重組全球貿易體係有關的陳述是相同的。金融市場經歷了一個動蕩的時期，儘管蘋果等市場領導者已承諾投資數千億美元以擴大美國的運營。

In this sense the cryptoasset sector is trading like other higher-volatility and risk-on assets being driven by headlines and soundbites versus the continued adoption of blockchain-based technologies. With the macro picture set to remain murky for the time being, investors and policy advocates should be prepared to focus on the fundamentals of on-chain asset adoption and investor benefits to mitigate these big picture headwinds.

從這個意義上講，加密貨幣行業的交易就像其他較高的揮發性和風險資產一樣，由頭條和聲調驅動，而不是繼續採用基於區塊鏈的技術。由於宏觀圖片暫時保持模糊，投資者和政策擁護者應該準備專注於鏈資產採用和投資者福利的基本原理，以減輕這些巨大的局勢。

Crypto is in for a volatile 2025, but investors would be well advised to monitor headwinds and tailwinds alike.

Crypto的2025年持續存在，但建議投資者可以監視逆風和逆風。