随着传统金融巨头的入局，机构采用重塑了加密货币行业

一波机构采用浪潮可能正在重塑加密货币行业，传统金融巨头占据重要地位。

Institutional adoption of cryptocurrencies is surging, with major financial players like Morgan Stanley, Goldman Sachs and DRW Capital staking out significant positions in bitcoin and ethereum ETFs.

机构对加密货币的采用正在激增，摩根士丹利、高盛和 DRW Capital 等主要金融机构在比特币和以太坊 ETF 中占据了重要地位。

This shift in Wall Street’s approach to cryptocurrencies, coupled with the record-breaking engagement of the crypto industry in the U.S. election cycle, signals a new era of engagement between traditional finance and digital assets.

华尔街对加密货币态度的转变，加上加密行业在美国大选周期中破纪录的参与度，标志着传统金融和数字资产之间的接触进入了新时代。

“We’re seeing a turning-of-the-tide moment where everyone’s talked about institutional adoption on the horizon. Well, here it is,” says Coinme CEO Neil Bergquist, whose company specializes in bitcoin ATMs and provides crypto infrastructure for partner companies.

“我们正在看到一个潮流转变的时刻，每个人都在谈论即将到来的机构采用。好吧，就是这样。”Coinme 首席执行官 Neil Bergquist 说道，该公司专门生产比特币 ATM 机，并为合作伙伴公司提供加密基础设施。

Numbers support his assessment: Total assets in cryptocurrency investment products have reached a record $33.5 billion this year, and total assets under management for crypto investment products surpassed $138 billion.

数字支持了他的评估：今年加密货币投资产品的总资产已达到创纪录的335亿美元，加密货币投资产品管理的总资产超过1380亿美元。

The crypto industry emerged as one of the election cycle’s biggest spenders, directing $170 million to super PACs supporting crypto-friendly candidates. The investment appears to have paid off — 50 of the 58 general election candidates backed by crypto-focused super PACs won their races.

加密行业成为选举周期最大的支出者之一，向超级政治行动委员会拨款 1.7 亿美元，支持对加密货币友好的候选人。这项投资似乎已经得到了回报——在专注于加密货币的超级政治行动委员会支持的 58 名大选候选人中，有 50 名赢得了比赛。

This surge in institutional interest comes amid unprecedented political engagement with cryptocurrency policy.

机构兴趣的激增是在对加密货币政策进行前所未有的政治参与的背景下发生的。

The mounting institutional adoption reflects a broader transformation in how traditional finance views digital assets.

越来越多的机构采用反映了传统金融对数字资产的看法发生了更广泛的转变。

“We’re seeing further evolution of crypto use cases entering various areas for mainstream adoption,” Bergquist says. This includes an expanding range of payment applications and growing interest in cross-border transactions, areas where traditional banks have historically dominated.

“我们看到加密用例的进一步发展进入各个领域并被主流采用，”伯格奎斯特说。这包括支付应用范围的扩大以及对跨境交易日益增长的兴趣，而传统银行历来在这些领域占据主导地位。

Coinme, one of the first licensed crypto exchanges in the U.S., has spent a decade trying to support more mainstream crypto adoption, partnering with established companies like Coinstar to enable bitcoin purchases at major retailers across the U.S.

Coinme 是美国首批获得许可的加密货币交易所之一，十年来一直致力于支持更主流的加密货币采用，与 Coinstar 等老牌公司合作，支持在美国主要零售商处购买比特币

The company has focused on building regulated infrastructure for cash-to-crypto conversions, implementing standard banking controls like Know Your Customer requirements, and blockchain monitoring — steps that could make digital assets more palatable to traditional institutions.

该公司专注于为现金到加密货币转换建立受监管的基础设施，实施标准银行控制（例如“了解你的客户”要求）和区块链监控，这些步骤可以使数字资产更适合传统机构。

This regulatory-first approach mirrors the broader industry shift toward more conventional financial guardrails.

这种监管第一的方法反映了更广泛的行业向更传统的金融护栏的转变。

Until recently, Treasury Department guidance has made many institutions hesitant to engage directly with digital assets.

直到最近，财政部的指导意见还让许多机构对直接参与数字资产犹豫不决。

However, this cautious approach may be shifting, as major financial players find regulated ways to gain exposure, such as the recent explosion of ETFs and the recent launch of bitcoin options trading.

然而，随着主要金融参与者寻找受监管的方式来获得风险敞口，例如最近 ETF 的爆发和最近推出的比特币期权交易，这种谨慎的态度可能正在发生转变。

The market has responded dramatically to these institutional moves and to the election of Donald Trump as U.S. president.

市场对这些制度举措以及唐纳德·特朗普当选美国总统做出了巨大反应。

Trump was an outspoken advocate for crypto on the campaign trail. Following his election on Nov. 5, bitcoin’s price has surged to new highs, recently reaching a high of over $93,000.

特朗普在竞选过程中直言不讳地倡导加密货币。在他 11 月 5 日当选后，比特币的价格飙升至新高，最近达到超过 93,000 美元的高点。

Bitcoin ETFs alone have attracted $1.67 billion in inflows over a single week in November, bringing their total assets to $95.4 billion.

仅比特币 ETF 在 11 月份的一周内就吸引了 16.7 亿美元的资金流入，使其总资产达到 954 亿美元。

Ethereum has followed suit, with ETF products drawing $646 million in new investment and total assets reaching $9.15 billion.

以太坊紧随其后，ETF产品吸引了6.46亿美元的新投资，总资产达到91.5亿美元。

It’s a bull market that stands in stark contrast to the crypto winter left in the wake of FTX’s collapse in 2022.

这是一个牛市，与 2022 年 FTX 崩盘后留下的加密货币寒冬形成鲜明对比。

“In the previous 2021 bull market cycle, we were talking to a lot of banks who wanted to offer digital currency services,” Bergquist recalls. “Those partnerships quickly evaporated after the FTX fiasco.'”

“在之前的 2021 年牛市周期中，我们与许多想要提供数字货币服务的银行进行了交谈，”伯格奎斯特回忆道。 “在 FTX 惨败之后，这些合作伙伴关系很快就消失了。”

The new political landscape could accelerate a wave of institutional adoption.

新的政治格局可能会加速制度采用的浪潮。

With Republicans set to control both chambers of Congress, legislation that previously stalled may find new life.

随着共和党将控制参众两院，此前陷入停滞的立法可能会获得新生。

For example, the Financial Innovation and Technology for the 21st Century Act, which would shift more oversight responsibility to the Commodity Futures Trading Commission, passed the House with strong bipartisan support but stalled in the Democratic-controlled Senate.

例如，《21世纪金融创新和技术法案》将更多监督责任转移给商品期货交易委员会，该法案在两党的大力支持下在众议院获得通过，但在民主党控制的参议院陷入停滞。

“We have to make certain that [crypto companies] know what the rules are and how to follow them so that the crypto industry can thrive here,” Incoming Ohio Sen. Bernie Moreno told The Wall Street Journal.

“我们必须确保[加密货币公司]知道规则是什么以及如何遵守这些规则，以便加密货币行业能够在这里蓬勃发展，”即将上任的俄亥俄州参议员伯尼·莫雷诺告诉《华尔街日报》。

Moreno’s victory over Senate Banking Committee Chair Sherrod Brown was celebrated by crypto executives including Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse.

包括 Coinbase 首席执行官布莱恩·阿姆斯特朗 (Brian Armstrong) 和 Ripple 首席执行官布拉德·加林豪斯 (Brad Garlinghouse) 在内的加密货币高管庆祝了莫雷诺击败参议院银行委员会主席谢罗德·布朗 (Sherrod Brown)。

TradFi AdoptionWhile major banks are exploring ways to integrate digital assets into their existing services, some of the biggest challenges identified by crypto executives include preventing regulatory oversight from hampering growth, gaining access to banking services, and stabilizing dollar-pegged cryptocurrencies.

TradFi 采用虽然各大银行正在探索将数字资产整合到现有服务中的方法，但加密货币高管发现的一些最大挑战包括防止监管监督阻碍增长、获得银行服务以及稳定与美元挂钩的加密货币。

However, many companies and crypto enthusiasts are already using bitcoin for practical applications like payments.

然而，许多公司和加密货币爱好者已经在使用比特币进行支付等实际应用。

“We’re seeing a lot of demand in the marketplace from partners that are really focused around creating a seamless fiat on- and off-ramp,” says Bergquist.

“我们看到市场上合作伙伴的大量需求，这些合作伙伴真正专注于创建无缝的法定进出通道，”伯格奎斯特说。

“Interoperability is important. We want it to be seamless to move in and out of fiat and crypto. We’re seeing a lot of interest for that around payments — companies wanting to enable those who have crypto to be able to spend it for goods or services.”

“互操作性很重要。我们希望能够无缝地进出法定货币和加密货币。我们看到人们对支付领域有很多兴趣——公司希望让拥有加密货币的人能够用它来购买商品或服务。”

Demographic

人口统计