加密墙倒塌

经过多年的监管不确定性和临时执法，美国正在拥抱加密货币，以巩固其在金融科技创新领域的全球领导地位。

After years of regulatory uncertainty and ad hoc enforcement, the U.S. is embracing crypto to bolster its global leadership in FinTech innovation. So much so that the incoming government, with about 60 percent pro-crypto members, might consider bitcoin as a solution to a $35 trillion national debt crisis.

经过多年的监管不确定性和临时执法，美国正在拥抱加密货币以巩固其在金融科技创新领域的全球领导地位。以至于即将上任的政府（约有 60％ 的支持加密货币的成员）可能会考虑将比特币视为解决 35 万亿美元国家债务危机的解决方案。

From President-elect Donald Trump promising to safeguard the national bitcoin stockpile to Cynthia Lummis pushing the BITCOIN Act, the U.S. looks set to become the first developed economy to have a strategic bitcoin reserve.

从当选总统唐纳德·特朗普承诺保护国家比特币储备，到辛西娅·卢米斯推动《比特币法案》，美国看起来将成为第一个拥有比特币战略储备的发达经济体。

This historic move was unthinkable just a year ago. Now, it’s more plausible than ever, with Pennsylvania introducing the Bitcoin Strategic Reserve Act while the Minneapolis Federal Reserve president, Neel Kashkari, flips on his anti-crypto stance.

这一历史性举措在一年前还是不可想象的。现在，这种情况比以往任何时候都更有可能，宾夕法尼亚州推出了《比特币战略储备法案》，而明尼阿波利斯联储主席尼尔·卡什卡利(Neel Kashkari)则转变了他的反加密货币立场。

With the resignation of SEC Chair Gary Gensler announced for January 20th, President Trump's inauguration day, the price of bitcoin is hovering just under it psychological $100,000 mark. Ironically, it was the SEC approval of bitcoin ETFs early in the year that started this crypto momentum.

随着 SEC 主席 Gary Gensler 于 1 月 20 日（即特朗普总统就职日）宣布辞职，比特币价格徘徊在略低于 10 万美元的心理关口。讽刺的是，正是美国证券交易委员会 (SEC) 在今年年初批准了比特币 ETF，才开启了这一加密货币势头。

Grassroots communities are rallying behind this bullish shift with projects like Strategic Bitcoin Reserve ($SBR). Meanwhile, TradFi hedge funds like Millennium Management, Capula Management, and Tudor Investments, among others, are lining up for bitcoin exposure, mainly through ETFs.

草根社区正在通过战略比特币储备（$SBR）等项目团结起来支持这一看涨转变。与此同时，Millennium Management、Capula Management 和 Tudor Investments 等 TradFi 对冲基金正在排队投资比特币，主要是通过 ETF。

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Antonio Juliano, founder of dYdX says, “There’s never been an explicitly pro-crypto regime in the U.S. Now that Americans have elected one, we’re entering a new era of crypto investments. Retail benefits and adoption will spike of course, but this shift is particularly conducive for TradFi players looking to offer crypto-based products and services. And thus mainstream adoption looks more viable than ever before.”

dYdX 创始人 Antonio Juliano 表示：“美国从来没有一个明确支持加密货币的政权，既然美国人选出了一个政权，我们就进入了加密货币投资的新时代。当然，零售效益和采用率将会激增，但这种转变特别有利于寻求提供基于加密的产品和服务的 TradFi 参与者。因此，主流采用看起来比以往任何时候都更加可行。”

From The Sidelines To Center Stage

从场边到舞台中央

Options on Blackrock’s spot bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT), achieved a record $1.9 billion notional value on day one, with over 354,000 contracts traded. This reflects the latent demand for a secured BTC leverage instrument and its potential to catalyze mass adoption.

贝莱德现货比特币 ETF iShares 比特币信托 ETF (IBIT) 的期权在第一天就创下了 19 亿美元的名义价值，交易合约超过 354,000 份。这反映了对安全的 BTC 杠杆工具的潜在需求及其促进大规模采用的潜力。

As A. Rafay Gadit Co-Founder of Zignaly, notes, “The super reception of options on spot bitcoin ETFs marks a high point in crypto’s ongoing institutional adoption. Derivatives provide a seamless entry point for institutions, a strategic advantage. Given the demand, our job now is to offer diverse solutions, both traditional and crypto-native.”

正如 Zignaly 联合创始人 A. Rafay Gadit 指出的那样，“现货比特币 ETF 期权的热烈欢迎标志着加密货币持续被机构采用的高峰。衍生品为机构提供了一个无缝的切入点，这是一种战略优势。鉴于需求，我们现在的工作是提供多样化的解决方案，包括传统的和加密原生的。”

There has been a steady rise in institutional crypto adoption in the U.S. over the past year. According to Chainalysis, institutions have accounted for 70 percent of all crypto activity in the region. Looking through the bitcoin 13F filings lists a who's who of institutional investors. Research by Global Digital Finance found that 93 percent of global financial institutions surveyed are now handling Bitcoin with ETFs a major driver.

过去一年，美国机构加密货币的采用率稳步上升。根据 Chainaanalysis 的数据，机构占该地区所有加密货币活动的 70%。浏览比特币 13F 文件，列出了机构投资者的名人录。 Global Digital Finance 的研究发现，接受调查的全球金融机构中有 93% 目前正在以 ETF 为主要驱动力处理比特币。

Now a crypto-friendly U.S. could welcome the small and medium sized businesses (SMBs) waiting on the sidelines concerned about legitimacy risks and regulatory backlash to take the invest alongside the biggest and the best and creating a great economic boost to often underserved market.

现在，对加密货币友好的美国可能会欢迎那些担心合法性风险和监管强烈反对而观望的中小型企业，与最大和最好的企业一起进行投资，并为经常服务不足的市场创造巨大的经济增长。

Avidan Abitbol, Project Director of Data Ownership Protocol (DOP), says, “While the traditional financial giants can typically thrive under any regime, regulatory clarity, friendly frameworks, and compliance are absolutely necessary for the less powerful players. Yet the American crypto industry needs them too and recent developments signal the creation for a more inclusive, democratized space for TradFi’s participation in crypto.”

数据所有权协议 (DOP) 项目总监 Avidan Abitbol 表示：“虽然传统金融巨头通常可以在任何制度下蓬勃发展，但对于实力较弱的参与者来说，监管清晰度、友好框架和合规性绝对是必要的。然而，美国加密货币行业也需要它们，最近的发展标志着为 TradFi 参与加密货币创造一个更具包容性、民主化的空间。”

A New Era In Crypto Investments

加密货币投资的新时代

Libeara and FundBridge Capital launched a tokenized U.S. Treasury Bill (T-Bill) fund on Avalanche. BlackRock’s BUIDL, currently the largest tokenized treasury fund by AUM, went multichain. Franklin Templeton is planning to launch Benji, an Ethereum-based tokenization platform. Securitize launched the sToken Vault, enabling its “clients to access investments from Wall Street’s most experienced managers without sacrificing DeFi-native opportunities.”

Libeara 和 FundBridge Capital 在 Avalanche 上推出了代币化的美国国库券 (T-Bill) 基金。贝莱德 (BlackRock) 的 BUIDL 是目前资产管理规模最大的代币化国库基金，现已走向多链。富兰克林邓普顿计划推出 Benji，一个基于以太坊的代币化平台。 Securitize 推出了 sToken Vault，使其“客户能够在不牺牲 DeFi 原生机会的情况下获得华尔街最有经验的经理的投资。”

Notably, these institutional developments are happening in parallel to the memecoin frenzy, driven by speculation and cultish community sentiments. This ushers the next phase in the evolution of crypto investments, essentially breaking the retail / institution binary.

值得注意的是，这些制度的发展与模因币狂热同时发生，受到投机和崇拜社区情绪的推动。这开启了加密货币投资发展的下一阶段，从根本上打破了零售/机构二元关系。

Earn’M Co-Founder and CEO, Dan Novaes notes, “As institutions increasingly focus on Bitcoin, driven by ETF exposure and a crypto-friendly administration on the horizon, we’re witnessing a rising tide that lifts the entire Web3 market. While bitcoin remains the centerpiece of institutional inflows, traditional retail investors are driving growth in meme coins and DePIN narratives, creating a dynamic and multifaceted expansion.

Earn'M 联合创始人兼首席执行官 Dan Novaes 指出：“在 ETF 敞口和即将到来的加密货币友好型政府的推动下，机构越来越关注比特币，我们正在见证一股提振整个 Web3 市场的浪潮。虽然比特币仍然是机构资金流入的核心，但传统散户投资者正在推动模因币和 DePIN 叙事的增长，创造动态和多方面的扩张。

"This bull cycle’s holistic nature—from Bitcoin to memes—is a

“这个牛市周期的整体性质——从比特币到模因——是