川普時代預示著數位資產的新時代，其特點是監管確定性增強和市場活動激增

唐納德·川普的當選預示著數位資產將迎來一個新時代，其特點是監管確定性更大、市場活動激增。

The election of Donald Trump promises a new era for digital assets characterized by greater regulatory certainty and a surge in market activity.

唐納德·川普的當選預示著數位資產將迎來一個新時代，其特點是監管確定性更大、市場活動激增。

According to CCData’s latest Exchange Review report, aggregated spot and derivatives volumes, the most common measure evaluated for market participation, recorded a new yearly high in 2024, greatly exceeding the previous record set in 2021 ($75 trillion vs $64 trillion).

根據CCData 最新的《交易所評論》報告，現貨和衍生性商品總成交量（評估市場參與度的最常用指標）在2024 年創下年度新高，大大超過了2021 年創下的紀錄（75 兆美元vs 64兆美元）。

With the election driving market activity and speculation, November and December were both record-breaking months for volumes, with $10.51 trillion and $11.31 trillion in monthly volumes, respectively. For context, the 2024 average (the biggest year on record) was roughly $6.4 trillion.

隨著選舉推動市場活動和投機，11 月和 12 月的交易量均創紀錄，每月交易量分別為 10.51 兆美元和 11.31 兆美元。就背景而言，2024 年的平均值（有史以來最大的一年）約為 6.4 兆美元。

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Concurrently, stablecoins reached a total market cap of $210.1 billion, its highest ever point, on inauguration day, according to DeFiLlama. This reflects a YTD increase of 3.3% thus far, on the back of improved liquidity conditions across both centralized and decentralized exchanges, supporting the influx of fresh volumes seen in the last few months.

同時，根據 DeFiLlama 的數據，穩定幣的總市值在就職當天達到了 2,101 億美元，創下歷史最高點。這反映出，由於中心化和去中心化交易所的流動性狀況改善，支撐了過去幾個月新交易量的湧入，年初至今已增長 3.3%。

Assets “made in the USA” have been doing particularly well. These have been an outlier since the election, where a permissive regulatory environment, and the promise of more favourable conditions for US-based assets, have generated significant investor interest and speculation. Coins such as XRP, SOL, XLM and ALGO, which have a strong U.S.- affiliation, have seen outsized returns. Per CCData, the basket associated with these coins is up over 360%, outpacing the market by a sizeable margin. This marks an about-turn from the previous administration's regulatory clampdown, which kept these under scrutiny for many years as they were ultimately deemed securities by the SEC.

「美國製造」的資產表現尤其出色。自大選以來，這些都是異常情況，寬鬆的監管環境以及為美國資產提供更有利條件的承諾引起了投資者的巨大興趣和投機。 XRP、SOL、XLM 和 ALGO 等與美國有著密切聯繫的代幣獲得了巨額回報。根據 CCData 的數據，與這些代幣相關的籃子上漲了 360% 以上，大幅超過市場。這標誌著上屆政府監管打壓的轉變，多年來這些監管打壓一直受到審查，因為它們最終被美國證券交易委員會視為證券。

Whether this unprecedented growth continues will depend heavily on the new Trump administration’s execution of its promises on a Strategic Bitcoin Reserve, incentives for domestic bitcoin mining, and other issues. The broader market may also benefit as we enter into the expansionary phase of the bitcoin four-year historical cycle, which tends to see explosive growth in the final year.

這種前所未有的成長是否持續將在很大程度上取決於川普新政府對比特幣戰略儲備、國內比特幣​​開採激勵措施和其他問題的承諾的執行情況。隨著我們進入比特幣四年歷史週期的擴張階段，更廣泛的市場也可能受益，這個階段往往會在最後一年爆炸性成長。

It will be interesting to see whether this new administration will impact the market cycles to which the cryptocurrency sector has grown accustomed, or whether it will mark a significant departure from historical trends.

有趣的是，新政府是否會影響加密貨幣產業已經習慣的市場週期，或者是否會標誌著與歷史趨勢的重大背離。