比特币飙升至新高度，但加密货币风险投资放缓

加密货币市场在 2023 年经历了良好的开局，比特币连续七个月上涨，这是 13 年来最长的连续上涨趋势。尽管存在这种看涨趋势，但加密货币领域的风险资本投资仍然低迷，第一季度增长了 25%，但未达到 2021 年和 2022 年创下的历史新高。

Cryptocurrency Market Analysis: Bitcoin's Steady Rise, Crypto VC Investments Lag Behind

加密货币市场分析：比特币稳步上涨，加密货币VC投资落后

London, United Kingdom (February 4, 2022) - A neon sign illuminates the availability of a bitcoin automated teller machine (ATM) at a Texaco petrol station in London, signaling the growing presence of cryptocurrency in daily life. Amidst this surge of popularity, the United Kingdom's tax authorities are preparing to complicate matters for taxpayers grappling with the complexities of cryptocurrencies in their financial reporting.

英国伦敦（2022 年 2 月 4 日）——伦敦德士古加油站的霓虹灯标志照亮了比特币自动柜员机 (ATM) 的可用性，标志着加密货币在日常生活中的存在日益增长。在加密货币受欢迎程度激增的情况下，英国税务机关正准备让纳税人在财务报告中应对加密货币的复杂性，从而使问题变得更加复杂。

Bitcoin's Extended Bullish Run

比特币的长期看涨运行

On Sunday evening, Bitcoin closed the seventh consecutive month with a green candle, marking the longest such streak in thirteen years. The first quarter of 2023 witnessed a flurry of activity in the crypto world, with the emergence of exchange-traded funds (ETFs) and increasing institutional involvement. Notable among these developments was BlackRock's tokenized fund, which has raised over $250 million. Venture capital (VC) investments in cryptocurrency also experienced a resurgence.

周日晚上，比特币连续第七个月以绿色蜡烛收盘，这是十三年来最长的连续收盘。 2023 年第一季度，随着交易所交易基金 (ETF) 的出现和机构参与的增加，加密世界出现了一系列活动。其中值得注意的是贝莱德的代币化基金，该基金已筹集超过 2.5 亿美元。对加密货币的风险投资（VC）也出现了复苏。

Crypto VC Investments Trail Historic Highs

加密货币风险投资创历史新高

Despite Bitcoin's sustained bull run, crypto VC investments have remained relatively low compared to their 2021 peaks. While investors allocated over $2.5 billion in Q1, representing a 25% increase from Q4 2023, the total of $10.2 billion raised in 2023 falls short of the benchmark set in previous years. According to Pitchbook's data, 2023 saw a significant decline compared to 2021 and 2022, which witnessed $33 billion and $30 billion in crypto VC investments, respectively.

尽管比特币持续牛市，但与 2021 年的峰值相比，加密货币风险投资仍相对较低。尽管投资者在第一季度分配了超过 25 亿美元，较 2023 年第四季度增长了 25%，但 2023 年筹集的资金总额为 102 亿美元，低于前几年设定的基准。根据 Pitchbook 的数据，与 2021 年和 2022 年相比，2023 年加密货币风险投资投资额分别为 330 亿美元和 300 亿美元，大幅下降。

Lingering Effects of Crypto Market Turmoil

加密货币市场动荡的挥之不去的影响

Several factors may have contributed to the muted funding landscape despite increasing optimism. The lasting damage caused by the collapse of Terra and FTX, two prominent crypto firms, has instilled caution among investors. FTX, Alameda Research, and Three Arrows Capital, all active VCs in the past, no longer exist, leaving a void in early-stage financing. The involvement of reputable investors in both FTX and Terra has further raised concerns among limited partners, who may be hesitant to allocate funds to crypto VC funds.

尽管乐观情绪日益增强，但融资形势依然低迷，可能有几个因素造成。两家著名的加密货币公司 Terra 和 FTX 的倒闭造成的持久损害让投资者变得谨慎起来。 FTX、Alameda Research、三箭资本这些过去活跃的风险投资公司已经不复存在，导致早期融资出现空白。信誉良好的投资者参与 FTX 和 Terra 进一步引起了有限合伙人的担忧，他们可能对将资金分配给加密货币风险投资基金犹豫不决。

Crypto VC Funds Face Challenges

加密货币风险投资基金面临挑战

Data from Saison Capital reveals that the majority of crypto VC funds established in 2021 have yet to repay any capital to investors. Liquid token funds, which invest in tokens already trading on exchanges, may have absorbed some of the allocations that would otherwise have gone to crypto VC funds. Limited partners, seeking to avoid being locked in during the next bear market, are opting for funds that can return their capital faster and provide more liquid exposure to the asset class.

Saison Capital 的数据显示，大多数 2021 年成立的加密货币风险投资基金尚未向投资者偿还任何资本。投资于已经在交易所交易的代币的流动代币基金可能吸收了一些原本会流向加密货币风险投资基金的分配。为了避免在下一次熊市期间被锁定，有限合伙人正在选择能够更快地收回资本并为该资产类别提供更多流动性敞口的基金。

Merkle Manufactory Aims for Crypto Unicorn Status

Merkle 制造厂的目标是成为加密独角兽

Merkle Manufactory, the developer behind the blockchain-based social media app Farcaster, is seeking additional funding in its pursuit of becoming crypto's next $1 billion unicorn. The X alternative has witnessed a 25-fold increase in daily active users since the start of 2024, reaching nearly 50,000. The app has fostered a crypto-native community through the use of the token Degen. Power users receive a daily allowance of Degen and can reward other users for engaging content.

基于区块链的社交媒体应用 Farcaster 背后的开发商 Merkle Manufactory 正在寻求额外资金，以期成为加密货币下一个 10 亿美元的独角兽。自 2024 年初以来，X 替代方案的每日活跃用户增加了 25 倍，达到近 50,000 人。该应用程序通过使用代币 Degen 培育了一个加密原生社区。高级用户每天可以获得 Degen 津贴，并可以奖励其他用户参与内容。

Degen Launches Layer 3 Chain, Fueling Price Surge

Degen推出Layer 3链，助推价格飙升

Last week, Degen launched its own chain, utilizing a combination of Arbitrum and Base layer-2 solutions. This has created one of the first active layer 3s, and the Degen token is used to pay for near-zero gas fees. Consequently, Degen's price surged by over 400% last week. However, it remains to be seen whether the free Degen and decentralized approach will be sufficient to retain Farcaster users in the long run. The market will closely monitor this development in the coming quarter.

上周，Degen 推出了自己的链，结合了 Arbitrum 和 Base Layer-2 解决方案。这创造了第一个活跃的第 3 层，Degen 代币用于支付接近零的 Gas 费。因此，上周德劲的价格飙升了400%以上。然而，从长远来看，免费的 Degen 和去中心化的方式是否足以留住 Farcaster 用户还有待观察。市场将在下一季度密切关注这一进展。