Ape Terminal 创始人 Hassan Hatu Sheikh 表示，市场正走向加密行业的大规模制度化 - TechAnnouncer

自 2022 年 11 月低点以来，加密货币市场大幅反弹，比特币创下历史新高，总市值接近 3 万亿美元。受现货比特币 ETF 的推出以及质押和代币化前景的吸引，机构投资者正在推动当前的牛市。然而，散户投资者也在参与其中，拥抱人工智能和迷因币等高风险、高回报的投资。随着传统金融机构和散户投资者纷纷拥抱数字资产，这种加密货币的制度化预计将带来创新和更广泛的采用。

Crypto Market Poised for Monumental Ascension: Institutional Embrace Propels Crypto to New Heights

加密货币市场即将迎来巨大的提升：机构拥抱将加密货币推向新的高度

The crypto market has soared to unprecedented levels this year, defying the bearish sentiment that lingered after the FTX implosion. Bitcoin, the industry's bellwether currency, has regained its former glory, reaching a new all-time high of nearly $73,740, a remarkable feat considering its November 2022 low of approximately $16,000. The total crypto market capitalization is inching closer to the coveted $3 trillion mark, signaling a renewed wave of optimism and excitement.

今年，加密货币市场飙升至前所未有的水平，无视 FTX 崩盘后挥之不去的看跌情绪。比特币作为行业的领头羊，已重拾昔日辉煌，创下近 73,740 美元的历史新高，考虑到 2022 年 11 月约 16,000 美元的低点，这是一个了不起的壮举。加密货币总市值正在逼近令人垂涎的 3 万亿美元大关，预示着新一轮的乐观和兴奋浪潮。

But where is this crypto resurgence headed? As prices surge and euphoria grips the market, it's imperative to delve into the underlying factors that are propelling this remarkable rally.

但加密货币的复兴将走向何方？随着价格飙升和市场的欢欣鼓舞，有必要深入研究推动这一显着上涨的潜在因素。

Institutional Participation: The Game-Changer

机构参与：游戏规则的改变者

A pivotal turning point for the crypto industry occurred last year when several established financial institutions announced their foray into Bitcoin-linked investment products. This trend gained further momentum in January when the US Securities and Exchange Commission (SEC) approved nearly a dozen Spot BTC ETFs, essentially opening the door for investors to gain exposure to Bitcoin without the complexities of owning the asset directly.

去年，当几家知名金融机构宣布进军与比特币相关的投资产品时，加密行业出现了一个关键转折点。这一趋势在 1 月份得到了进一步发展，当时美国证券交易委员会 (SEC) 批准了近十几只现货 BTC ETF，从本质上为投资者打开了投资比特币的大门，而无需直接拥有该资产的复杂性。

These regulatory-compliant products have proven immensely popular, attracting a substantial $11.7 billion in total inflows, with BlackRock's IBIT Fund leading the charge with $13.5 billion, followed by Fidelity's FBTC at close to $7.5 billion. Conversely, Grayscale has faced net outflows of $14.36 billion, reducing its assets under management (AUM) to just under $23.8 billion.

事实证明，这些符合监管要求的产品非常受欢迎，吸引了高达 117 亿美元的总资金流入，其中贝莱德 (BlackRock) 的 IBIT 基金以 135 亿美元的资金领先，富达 (Fidelity) 的 FBTC 紧随其后，接近 75 亿美元。相反，灰度面临 143.6 亿美元的净流出，其管理资产 (AUM) 减少至略低于 238 亿美元。

This shift is pivotal, as it highlights a stark departure from the previous bull run, which was primarily driven by retail investors. This time, it's the institutional players who are driving the narrative, particularly when it comes to major cryptocurrencies like Bitcoin.

这一转变至关重要，因为它凸显了与之前主要由散户投资者推动的牛市的明显背离。这一次，是机构参与者在推动叙事，特别是在涉及比特币等主要加密货币时。

"Psychological Shift": TradFi Embraces Crypto

“心理转变”：TradFi 拥抱加密货币

The influx of traditional market participants into the crypto space has triggered a "psychological shift," with Bitcoin leading the charge, bolstered by the support of major financial institutions. Goldman Sachs, a titan of the financial world, has reported a "big sea-change" in terms of both the volumes and the types of clients engaging in crypto-related activities, enabling the firm to expand its crypto trading desk.

传统市场参与者涌入加密货币领域引发了“心理转变”，在主要金融机构的支持下，比特币引领潮流。金融界巨头高盛报告称，参与加密货币相关活动的客户数量和类型都发生了“巨大变化”，使该公司能够扩大其加密货币交易平台。

This institutional interest is expected to intensify as ETF providers ramp up their promotional efforts. Furthermore, spot Bitcoin ETF options and an Ethereum Spot ETF await regulatory approval, further expanding the options available to investors.

随着 ETF 提供商加大促销力度，这种机构兴趣预计将会增强。此外，现货比特币 ETF 期权和以太坊现货 ETF 正在等待监管部门批准，进一步扩大了投资者的选择范围。

Notably, TradFi institutions are not only filing for spot ETH ETF but are also embracing staking services for their clients and participating in the tokenization trend. These initiatives serve to strengthen the crypto industry and legitimize its role within the broader financial landscape.

值得注意的是，TradFi 机构不仅正在申请现货 ETH ETF，而且还为其客户提供质押服务并参与代币化趋势。这些举措有助于加强加密货币行业，并使其在更广泛的金融领域中的作用合法化。

Regulatory Tailwinds: Paving the Way for Adoption

监管顺风：为采用铺平道路

Regulatory developments are also aiding the institutional embrace of cryptocurrencies. The UK's Financial Conduct Authority (FCA) has permitted stock exchanges to list crypto ETNs (exchange-traded notes), but only for institutional investors. Additionally, the European Securities and Markets Authority (ESMA) has finalized the Markets in Crypto-Assets (MiCA) rules, which will further facilitate crypto engagement by institutions. Thailand's SEC has taken a similar step, allowing institutions and ultra-high-net-worth individuals (UHNWI) to invest in crypto ETF funds.

监管的发展也有助于加密货币的机构接受。英国金融行为监管局 (FCA) 已允许证券交易所上市加密货币 ETN（交易所交易票据），但仅限机构投资者。此外，欧洲证券和市场管理局（ESMA）已敲定加密资产市场（MiCA）规则，这将进一步促进机构参与加密货币。泰国 SEC 也采取了类似步骤，允许机构和超高净值个人 (UHNWI) 投资加密 ETF 基金。

The entry of institutional exchanges, OTC marketplaces, clearinghouses, and custodians into the crypto ecosystem further underscores the growing acceptance of digital assets as a legitimate investment class.

机构交易所、场外交易市场、清算所和托管人进入加密生态系统进一步凸显了数字资产作为合法投资类别的日益接受度。

Innovation and Mass Adoption

创新和大规模采用

While institutions are focusing on major cryptocurrencies and largely avoiding high-risk, high-return investments like AI tokens, meme coins, and ERC-20 tokens, these ventures continue to captivate retail investors.

虽然机构专注于主要加密货币，并在很大程度上避免高风险、高回报的投资，如 AI 代币、meme 币和 ERC-20 代币，但这些企业继续吸引散户投资者。

Retail investors, often priced out of BTC and ETH, are embracing the potential for financial freedom offered by these alternative assets. Dogecoin, Dogwifhat (WIF), Book of Meme (BOME), SLERF, Popcat, Mog Coin, and Jeo Boden (BODEN) have garnered significant attention, demonstrating the appetite for entertainment and price appreciation that drives retail interest. This trend is likely to persist in the foreseeable future.

经常因价格过高而放弃比特币和以太坊的散户投资者正在拥抱这些另类资产带来的财务自由的潜力。 Dogecoin、Dogwifhat (WIF)、Book of Meme (BOME)、SLERF、Popcat、Mog Coin 和 Jeo Boden (BODEN) 引起了极大关注，表明了对娱乐和价格升值的兴趣，从而推动了零售兴趣。在可预见的未来，这种趋势可能会持续下去。

"The ongoing trend is distinct from the last bull market, with institutions entering in droves thanks to ETFs," explained Hassan Hatu Sheikh, Founder of Ape Terminal. "As we have observed, large investors favor both Bitcoin and Ethereum. But while it is starting with the majors, the institutionalization trend will soon encompass the entire industry, a process that has already begun with tokenization and staking."

Ape Terminal 创始人哈桑·哈图·谢赫 (Hassan Hatu Sheikh) 解释说：“当前的趋势与上一次牛市不同，机构纷纷借助 ETF 进入牛市。” “正如我们所观察到的，大型投资者都青睐比特币和以太坊。但是，虽然它是从主要领域开始的，但制度化趋势很快将涵盖整个行业，这一过程已经从代币化和质押开始。”

According to Hatu Sheikh, the crypto industry's adaptation to TradFi's needs will drive innovation in this institutional era, potentially leading to the mainstream breakthrough of a crypto-native application.

Hatu Sheikh 表示，加密行业对 TradFi 需求的适应将推动这个制度时代的创新，有可能导致加密原生应用程序的主流突破。

While many believe this cycle will be institutionally led, the impact of retail investors on alternative coins and narratives cannot be overlooked.

尽管许多人认为这一周期将由制度主导，但散户投资者对另类代币和叙事的影响不容忽视。

Beyond the meme coin and institutional narratives, the macroeconomic environment plays a critical role in the market's future. The Federal Reserve seeks "great confidence" that inflation is receding before considering rate cuts, a stance that generally supports price increases.

除了模因硬币和机构叙述之外，宏观经济环境对市场的未来也起着至关重要的作用。美联储在考虑降息之前寻求通胀正在消退的“极大信心”，这一立场通常支持物价上涨。

Halving and Broader Adoption: Fueling the Next Wave

减半和更广泛的采用：推动下一波浪潮

In the crypto market, the upcoming halving is poised to reshape the Bitcoin mining industry, as miners' profitability will be impacted by a 50% reduction in their BTC rewards.

在加密货币市场，即将到来的减半将重塑比特币挖矿行业，因为矿工的盈利能力将受到 BTC 奖励减少 50% 的影响。

Overall, the convergence of ETF investments targeting pension funds and other TradFi investments, staking for passive income, stablecoins for remittances, tokenization bridging the gap between traditional finance and crypto, and meme coins fueling retail mania will collectively propel crypto adoption to new heights. This time, cryptocurrencies are poised to gain even wider acceptance, potentially overshadowing previous rallies in terms of growth and impact.

总体而言，针对养老基金和其他 TradFi 投资的 ETF 投资的融合、被动收入的质押、用于汇款的稳定币、弥合传统金融和加密货币之间差距的代币化以及助长零售狂热的模因币将共同推动加密货币的采用达到新的高度。这一次，加密货币有望获得更广泛的接受，在增长和影响方面可能会盖过之前的反弹。