美国正在成为亲克莱托普，但价格尚未做出回应

尽管美国政策制定者对一个亲克莱特托的一项政策制定者的迅速而全面

One of the biggest mysteries within the cryptoasset sector is, despite the rapid and comprehensive pivot of U.S. policymakers to one of a pro-crypto outlook, why cryptoasset prices have yet to respond decisively and in a sustained manner. These actions include, but are not limited to multiple executive orders connected to the crypto sector – including the formation of a Strategic Bitcoin Reserve – as well as efforts to rollback Operation Chokepoint 2.0 and other punitive regulatory efforts. Additionally, the first-ever White House Crypto Summit attracted business leaders and investors from across the crypto sector, providing a direct line of communication between the industry and the Executive branch for the first time.

尽管美国政策制定者对一个亲克莱特托的前景之一，加密和全面的秘密行业中最大的谜团之一是，为什么加密货物价格尚未以持续的方式做出果断的反应。这些行动包括但不限于与加密货币部门相关的多个执行命令（包括形成战略比特币储备），以及努力回滚Chokepoint 2.0和其他惩罚性监管工作。此外，有史以来第一个白宫加密峰会吸引了来自加密货币领域的商业领袖和投资者，这是该行业和行政部门之间的直接沟通。

In addition, these policy actions and events have been supported by a more bullish narrative from business leaders, legislators, and investors across different economic areas.

此外，这些政策行动和事件得到了不同经济领域的商业领袖，立法者和投资者的更看涨的叙述。

With all of these occurrences crypto investors and policy advocates would be forgiven to expect prices and investment funds to be much higher and more positive than have turned out to be true in 2025. So far the opposite has been true, with prices down significantly since initially topping $100,000 following the U.S. election results. Let’s take a look at a few reasons why.

随着所有这些事件，加密投资者和政策拥护者将被原谅，预计价格和投资基金会比2025年成立更高和积极。到目前为止，相反的情况是正确的，自从美国之后，价格下降了，自从美国之后，价格降低了100,000美元。让我们看一些原因。

Less Than Expected From The Bitcoin Reserve

比比特币储备的预期少

Although the long-awaited strategic bitcoin reserve is now a reality via executive order the facts that were disclosed during the E.O. announcement and follow-up interviews have left some members of the crypto community less than impressed. While the U.S. has established both a strategic bitcoin reserve as well as the non-bitcoin digital asset stockpile there are several items worth examining.

尽管期待已久的战略比特币储备现在通过行政命令成为现实，但在EO公告和后续采访中披露的事实使加密货币社区的一些成员留下了深刻的印象。尽管美国已经建立了战略性比特币储备，也建立了非比比币数字资产库存，但有几个值得研究的项目。

First, the bitcoin that will form the SBR will not be comprised – at least as of this writing – of new bitcoin purchases undertaken by the U.S. government. Rather, the bitcoin that are already held by the government as a result of seizures and other enforcement actions have been converted to form the reserve. Second, even though the Treasury and Commerce Secretaries will be looking into budget-neutral reasons to acquire additional bitcoin there was no timeline that was disclosed. Lastly, despite expectations and comments starting that tax code changes would be forthcoming, in the days following the bitcoin reserve announcement there have no such pronouncements.

首先，将构成SBR的比特币将不包括美国政府进行的新比特币购买。相反，由于癫痫发作和其他执法行动，政府已经持有的比特币已转变为构成了保护区。其次，即使财政和商务秘书将研究预算中立的理由来获得其他比特币，但没有披露时间表。最后，尽管有期望和评论从税法变更开始，但在比特币储备公告后的几天里，那里没有这样的声明。

In short, while the news regarding the SBR was welcomed by the marketplace the specifics have been underwhelming for investors.

简而言之，尽管有关SBR的新闻受到市场的欢迎，但细节对投资者而言一直不堪重负。

Google Confirms Play Store App Deletion—What You Do Now

Google确认播放商店应用程序删除 - 您现在做什么

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联邦调查局警告 - Gmail，Outlook和VPN用户现在需要采取行动

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Gmail，Outlook，Apple Mail警告 - Ai Attack Nightmare即将到来

ByBit Hack Reignited Fears

Bybit Hack重新点燃了恐惧

Even as the cryptoasset sector continues to move further into the mainstream the specter of hacks, breaches, and other unethical actors in the space continues to cause financial and reputational damage to market sentiment. As the shadow of FTX continues to recede, accelerated by the first batch of payments being made from the estate recently, a new source of fear came to the forefront. Recently the crypto exchange ByBit was hacked by North Korean hacker group Lazarus, resulting in nearly $1.5 billion in cryptoassets being stolen. Headline shock aside this event did nothing to assuage investor fears that crypto organizations are still in the move-fast-and-break-things mindset that permeates tech startups.

即使加密助理行业继续进一步进入主流，在该领域的黑客，漏洞和其他不道德行为者的幽灵继续造成对市场情绪的财务和声誉损害。随着FTX的阴影继续退缩，最近由庄园的第一批付款加速了，新的恐惧来源成为了最前沿的。最近，加密交易所Bybit被朝鲜黑客集团拉撒路（Lazarus）入侵，导致了将近15亿美元的加密货物被盗。除了标题震惊这一事件并没有使投资者担心加密组织仍处于渗透到技术初创公司的行动和突破性思维方式中。

While asset management firms and other financial institutions continue to develop products and services for virtually every tier of the investor marketplace the fear of hacks and breaches continue to prove a substantial headwind to price appreciation. Especially since many cryptoassets remain outside of the investor protections and/or insurance policies that have become almost a default setting for well developed financial markets, TradFi offerings continued to be viewed as relatively higher risk versus more traditional offerings.

尽管资产管理公司和其他金融机构继续为投资者市场的每个层次的产品和服务开发产品和服务，但对黑客和违规行为的恐惧继续证明是对价格升值的巨大阻力。尤其是由于许多加密和/或保险单几乎已成为金融市场的默认设置之外的投资者保护和/或保险单，因此Tradfi产品继续被视为相对较高的风险，而不是传统产品。

On-chain assets have long been touted as a secure asset, but as long as large-scale hacks continue to occur it will continue to be difficult to persuade the wider marketplace of this fact.

长期以来，链上的资产一直被吹捧为安全的资产，但是只要大规模的黑客攻击继续发生，就很难说服这一事实的更广泛的市场。

Macroeconomic Uncertainty

宏观经济不确定性

Last but certainly not least is the continued and apparently increasing macroeconomic uncertainty that continues to permeate the U.S. economy – and by extension – the global financial system. Taking the form of trade wars, tariffs that are enacted and reversed within days, or statements connected to reshoring, nearshoring, or otherwise restructuring the global trade system the implications have been the same. Financial markets have experienced a tumultuous period, even as market leaders such as Apple have pledged to invest hundreds of billions to expand U.S. based operations going forward.

最后但并非最不重要的一点是，宏观经济不确定性的持续且显然不断增加，它继续渗透到全球金融体系。采用贸易战的形式，在几天之内颁布和逆转的关税，或与重新培训，近乎交往或其他重组全球贸易体系有关的陈述是相同的。金融市场经历了一个动荡的时期，尽管苹果等市场领导者已承诺投资数千亿美元以扩大美国的运营。

In this sense the cryptoasset sector is trading like other higher-volatility and risk-on assets being driven by headlines and soundbites versus the continued adoption of blockchain-based technologies. With the macro picture set to remain murky for the time being, investors and policy advocates should be prepared to focus on the fundamentals of on-chain asset adoption and investor benefits to mitigate these big picture headwinds.

从这个意义上讲，加密货币行业的交易就像其他较高的挥发性和风险资产一样，由头条和声调驱动，而不是继续采用基于区块链的技术。由于宏观图片暂时保持模糊，投资者和政策拥护者应该准备专注于链资产采用和投资者福利的基本原理，以减轻这些巨大的局势。

Crypto is in for a volatile 2025, but investors would be well advised to monitor headwinds and tailwinds alike.

Crypto的2025年持续存在，但建议投资者可以监视逆风和逆风。