新报告发现

Crypto Insight Group报告说，“势头”“仍然比[基金]经理在新的特朗普政府所期望的要慢，” Crypto Insight Group报告说。

Fundraising for sophisticated crypto investment vehicles has yet to fully experience the anticipated positive headwind of the Donald Trump presidency, according to a new report by the Crypto Insight Group.

Crypto Insight Group的一份新报告显示，为复杂的加密投资工具筹款尚未充分体验唐纳德·特朗普（Donald Trump）总统职位的积极逆风。

Momentum "remains positive but slower than [fund] managers anticipated under the new Trump administration," the Hedge Fund Outlook 2Q25 report said.

对冲基金Outlook 2q25报告说，势头“仍然比[基金]经理在新的特朗普政府预期的要慢。”

"Net inflows continue, yet the pace lags early-year projections as allocators calibrate risk budgets," it added.

它补充说：“净流入仍在继续，但随着分配者校准风险预算，速度滞后了预测。”

The ostensibly pro-crypto position of the Trump administration brought about optimism across the digital asset industry of bullish momentum thanks to the increased regulatory clarity that was expected in the U.S.

表面上，特朗普政府的亲克赖特（Crypto）立场在美国的数字资产行业中带来了乐观，这要归功于美国预期的更加明确

Hopes of some sort of clear regulatory framework by June "may have been a bit optimistic," Laura Vidiella del Blanco, head of investor relations for digital assets at VanEck, said in the report.

报告在报告中说，到6月的某种明确的监管框架“可能有些乐观”。

"While net new capital continues to flow into private funds, the first few months of 2025 brought a series of surprised that have clearly influenced allocators' sense of urgency around deployment and the speed at which many fund managers expected things to happen," she added.

她补充说：“虽然净新资本继续流入私人资金，但2025年的前几个月引起了一系列惊讶，这显然影响了分配者对部署的紧迫感以及许多基金经理期望发生的事情的速度。”

Trump giveth and Trump taketh away?

特朗普送去，特朗普拿走了？

Despite the optimism for what a pro-crypto administration in Washington, D.C. could bring, President Trump's unveiling of his aggressive plans for tariffs on imports to the U.S. brought about volatility in financial markets from which crypto suffered as much as any other asset class.

尽管对华盛顿特区的亲克莱特多政府可以带来乐观，但特朗普总统揭幕了他对进口征收关税的积极计划，在金融市场中引起了加密货币与任何其他资产类别的遭受的损失。

Bitcoin fell to a six-month low of around $76,000 in the days after new tariffs initially went into effect early this month. For the crypto community, this may have been a indicator that Trump giveth and Trump taketh away.

在本月初新关税最初生效后的几天中，比特币跌至六个月低约76,000美元。对于加密社区而言，这可能是特朗普和特朗普拿走的指标。

"Trump's tariffs have already unleashed mayhem in global market and destroyed trillions of dollars in value," Chris Solarz, chief investment officer of Amitis Capital, said in the report.

Amitis Capital首席投资官Chris Solarz在报告中说：“特朗普的关税已经在全球市场上释放了混乱，并摧毁了数万亿美元的价值。”

"His inconsistent and unpredictable rhetoric has shaken investor confidence and raised fears of a full-blown return to 1930s-style protectionism."

“他的不一致和不可预测的言论激起了投资者的信心，并提出了人们对1930年代风格的保护主义的全面返回的担忧。”

However, the overall sentiment toward the Trump administration from fund managers is "overwhelmingly constructive," based on the report's surveys.

但是，根据该报告的调查，基金经理对特朗普政府的总体情绪是“绝大多数的建设性”。

Over half (52%) of respondents said they expect more positive surprises than expected from policy decisions in the next 12 months, compared to less than 10% saying they expected more negative surprises and about 40% saying decisions would align with their expectations.

超过一半（52％）的受访者表示，他们期望在未来12个月内对政策决策预期的积极意外，而不到10％的人表示，他们期望的负面意外更多，约有40％的人说决策将与他们的期望保持一致。

Managers expect upside surprises such as clearer token classifications, stablecoin legislation and a credible route to spot market products, the report said.

报告说，经理们期望诸如更清晰的令牌分类，Stablecoin立法和可靠的发现市场产品的途径等令人惊讶的惊喜。

"Trump's recent geopolitical moves reinforce this view: by underscoring U.S. competitiveness in strategic tech, they are seen as catalysts that could accelerate institutional adoption rather than impede it."

“特朗普最近的地缘政治举动加剧了这一观点：通过强调美国在战略技术方面的竞争力，它们被视为可以加速机构采用而不是阻碍它的催化剂。”

Respondents were fairly evenly split on whether Trump's geopolitical moves would have an effect on institutional adoption of crypto. About 36% said they would delay adoption, compared to about 34% believing they would accelerate adoption and 30% saying they would have no impact.

受访者在特朗普的地缘政治举动是否会影响加密的机构采用方面相当平均。大约36％的人表示他们会推迟采用，而大约34％的人认为他们会加速采用，而30％的人说他们不会产生任何影响。