特朗普时代预示着数字资产的新时代，其特点是监管确定性增强和市场活动激增

唐纳德·特朗普的当选预示着数字资产将迎来一个新时代，其特点是监管确定性更大、市场活动激增。

The election of Donald Trump promises a new era for digital assets characterized by greater regulatory certainty and a surge in market activity.

唐纳德·特朗普的当选预示着数字资产将迎来一个新时代，其特点是监管确定性更大、市场活动激增。

According to CCData’s latest Exchange Review report, aggregated spot and derivatives volumes, the most common measure evaluated for market participation, recorded a new yearly high in 2024, greatly exceeding the previous record set in 2021 ($75 trillion vs $64 trillion).

根据 CCData 最新的《交易所评论》报告，现货和衍生品总成交量（评估市场参与度的最常用指标）在 2024 年创下年度新高，大大超过了 2021 年创下的纪录（75 万亿美元 vs 64 万亿美元）。

With the election driving market activity and speculation, November and December were both record-breaking months for volumes, with $10.51 trillion and $11.31 trillion in monthly volumes, respectively. For context, the 2024 average (the biggest year on record) was roughly $6.4 trillion.

随着选举推动市场活动和投机，11 月和 12 月的交易量均创纪录，月交易量分别为 10.51 万亿美元和 11.31 万亿美元。就背景而言，2024 年的平均值（有记录以来最大的一年）约为 6.4 万亿美元。

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Concurrently, stablecoins reached a total market cap of $210.1 billion, its highest ever point, on inauguration day, according to DeFiLlama. This reflects a YTD increase of 3.3% thus far, on the back of improved liquidity conditions across both centralized and decentralized exchanges, supporting the influx of fresh volumes seen in the last few months.

与此同时，根据 DeFiLlama 的数据，稳定币的总市值在就职当天达到了 2101 亿美元，创下历史最高点。这反映出，由于中心化和去中心化交易所的流动性状况改善，支撑了过去几个月新交易量的涌入，年初至今已增长 3.3%。

Assets “made in the USA” have been doing particularly well. These have been an outlier since the election, where a permissive regulatory environment, and the promise of more favourable conditions for US-based assets, have generated significant investor interest and speculation. Coins such as XRP, SOL, XLM and ALGO, which have a strong U.S.- affiliation, have seen outsized returns. Per CCData, the basket associated with these coins is up over 360%, outpacing the market by a sizeable margin. This marks an about-turn from the previous administration's regulatory clampdown, which kept these under scrutiny for many years as they were ultimately deemed securities by the SEC.

“美国制造”的资产表现尤其出色。自大选以来，这些都是异常情况，宽松的监管环境以及为美国资产提供更有利条件的承诺引起了投资者的巨大兴趣和投机。 XRP、SOL、XLM 和 ALGO 等与美国有着密切联系的代币获得了巨额回报。根据 CCData 的数据，与这些代币相关的篮子上涨了 360% 以上，大幅超过市场。这标志着上届政府监管打压的转变，多年来这些政府一直对它们进行严格审查，因为它们最终被美国证券交易委员会视为证券。

Whether this unprecedented growth continues will depend heavily on the new Trump administration’s execution of its promises on a Strategic Bitcoin Reserve, incentives for domestic bitcoin mining, and other issues. The broader market may also benefit as we enter into the expansionary phase of the bitcoin four-year historical cycle, which tends to see explosive growth in the final year.

这种前所未有的增长是否持续将在很大程度上取决于特朗普新政府对比特币战略储备、国内比特币开采激励措施和其他问题的承诺的执行情况。随着我们进入比特币四年历史周期的扩张阶段，更广泛的市场也可能受益，该阶段往往会在最后一年出现爆炸性增长。

It will be interesting to see whether this new administration will impact the market cycles to which the cryptocurrency sector has grown accustomed, or whether it will mark a significant departure from historical trends.

有趣的是，新政府是否会影响加密货币行业已经习惯的市场周期，或者是否会标志着与历史趋势的重大背离。