XRP 市场报告第 2 季度 '24

Ripple 发布季度 XRP 市场报告，自愿提供透明度并定期更新公司对加密货币市场状况的看法

In the second quarter of 2024, institutional adoption remained at the forefront with the announcement that ETH spot ETFs were approved for listing in the US. Many saw this as a step in the right direction toward a more diverse and mature market, following the success of Bitcoin spot ETFs. Industry analysts predicted that this adoption may pave the way for other ETFs, such as Solana which made early advancements in an attempt to be the next spot ETF.

2024 年第二季度，随着 ETH 现货 ETF 获准在美国上市，机构采用仍处于领先地位。许多人认为，继比特币现货 ETF 的成功之后，这是朝着更加多元化和成熟的市场的正确方向迈出的一步。行业分析师预测，这种采用可能会为其他 ETF 铺平道路，例如 Solana，它在试图成为下一个现货 ETF 方面取得了早期进展。

Later in the quarter, macroeconomic signals like inflation, interest rate expectations, and unemployment rates seemed to influence buyer and seller sentiment. BTC’s correlation to the S&P 500 climbed to 0.4 over this period (after being at 0.2 during Q4 ‘23 and Q1 ‘24). The crypto market also exhibited a “flight to quality” tendency as the industry saw smaller cap tokens experience drawdowns up to 70% while top ten market cap tokens fared better.

本季度晚些时候，通胀、利率预期和失业率等宏观经济信号似乎影响了买家和卖家的情绪。在此期间，BTC 与标准普尔 500 指数的相关性攀升至 0.4（继 23 年第四季度和 24 年第一季度为 0.2 后）。加密货币市场也表现出“向优质资产逃亡”的趋势，因为该行业看到较小市值的代币经历了高达 70% 的下跌，而市值排名前十的代币表现较好。

The overall crypto market experienced volatility after a continued rally that began in Q3 ‘23. Average daily trading volumes for BTC, ETH, and XRP fell 20% from Q1, as BTC price briefly declined below $60,000. Some reported that several factors may have influenced this including the BTC halving in April, pressure from distributions of BTC related to the decade-long Mt. Gox legal battle (>$9B), and the German government being required to sell $2.5B of BTC.

在 23 年第三季度开始持续上涨之后，整个加密货币市场经历了波动。 BTC、ETH 和 XRP 的日均交易量较第一季度下降 20%，BTC 价格短暂跌破 60,000 美元。一些人报道称，可能有几个因素影响了这一情况，包括 4 月份的 BTC 减半、与长达十年的 Mt. Gox 法律战相关的 BTC 分配压力 (>$9B)，以及德国政府被要求出售 $2.5B 的 BTC 。

July 13 marked the one-year anniversary of Ripple’s landmark win against the SEC. This was a monumental moment for the industry resulting in regulatory clarity for XRP, which remains one of two digital assets that has been deemed not a security in the US. Ripple still awaits word from the court on the final piece of this case: a decision on remedies related to institutional sales before December 2020. However, the central ruling, that XRP isn't a security, won't change. Ripple remains confident that the Judge will approach this phase fairly.

7 月 13 日是 Ripple 战胜 SEC 的里程碑式胜利一周年。对于该行业来说，这是一个具有里程碑意义的时刻，导致 XRP 的监管更加明确，XRP 仍然是美国被视为非证券的两种数字资产之一。 Ripple 仍在等待法院就本案的最后部分作出决定：关于 2020 年 12 月之前机构销售相关补救措施的决定。但是，XRP 不是证券的中央裁决不会改变。 Ripple 仍然相信法官将公平地处理这一阶段。

Back in 2018, Ripple was first sued in a class action lawsuit in California. In June, the California Court dismissed all of the class claims based on both the federal and state laws. There is one state law claim that the plaintiff has brought as an individual (rather than as a class claim) that was not dismissed, but this individual claim is not material.

早在 2018 年，Ripple 就首次在加利福尼亚州的集体诉讼中被起诉。六月，加州法院根据联邦和州法律驳回了所有集体索赔。原告作为个人（而不是集体索赔）提出了一项州法律索赔，该索赔未被驳回，但该个人索赔并不重要。

The 2024 US elections will be the most consequential in crypto’s history to date and will impact the future of crypto in the US. Notably, Ripple donated $25M to Fairshake, a federal super PAC committed to supporting pro-crypto, pro-innovation political candidates, bringing the company's total contribution to $50M. This is an industry-wide, bipartisan effort to ensure there is a strong future with regulatory clarity for crypto in the US. The SEC’s repeated attempts to smother the crypto industry through enforcement actions has benefitted other key global markets that have embraced responsible innovation and economic growth.

2024 年美国大选将是迄今为止加密货币历史上最重要的一次选举，并将影响美国加密货币的未来。值得注意的是，Ripple 向联邦超级政治行动委员会 Fairshake 捐赠了 2500 万美元，致力于支持支持加密货币、支持创新的政治候选人，使该公司的捐款总额达到 5000 万美元。这是全行业、两党共同努力，以确保美国加密货币监管清晰，拥有美好的未来。美国证券交易委员会一再试图通过执法行动扼杀加密货币行业，这使其他拥抱负责任创新和经济增长的主要全球市场受益。

The industry secured another win against the SEC’s crusade against crypto in Q2. In June, the SEC notified Consensys that it closed its investigation into Ethereum 2.0 and will not pursue an enforcement action. The investigation focused on the Merge and whether the transition to proof-of-stake (PoS) turned Ethereum into a securities offering. Separately, Consensys filed suit against the SEC and asked a federal court to find that Consensys neither acted as a broker nor issued securities through its software offerings MetaMask Swaps and Staking.

该行业在第二季度再次战胜了美国证券交易委员会针对加密货币的讨伐。 6 月，SEC 通知 Consensys 结束对以太坊 2.0 的调查，并且不会采取执法行动。调查的重点是合并以及向股权证明（PoS）的过渡是否将以太坊转变为证券发行。另外，Consensys 对 SEC 提起诉讼，并要求联邦法院裁定 Consensys 既没有充当经纪人，也没有通过其软件产品 MetaMask Swaps 和 Stake 发行证券。

Globally, regulators took steps in a bid to become global crypto hubs. In Asia, Hong Kong’s financial authorities released consultation conclusions on a licensing regime for stablecoin issuers. Shortly thereafter, the HKMA announced the first participants in its stablecoin issuer sandbox including Standard Chartered Bank and web3 VC firm Animoca Brands. In Latin America, the Central Bank of Brazil announced its phased approach to unveil a regulatory framework to provide clarity for token creators and virtual asset service providers (VASPs) by the end of this year. Ripple and other industry leaders shared their perspectives on crypto regulation and how to implement a comprehensive regulatory scheme for VASPs with the Central Bank.

在全球范围内，监管机构采取措施力争成为全球加密货币中心。在亚洲，香港金融当局发布了有关稳定币发行人许可制度的咨询结论。此后不久，金管局宣布其稳定币发行人沙箱的首批参与者包括渣打银行和 web3 风险投资公司 Animoca Brands。在拉丁美洲，巴西中央银行宣布分阶段推出监管框架，以便在今年年底前为代币创建者和虚拟资产服务提供商（VASP）提供明确的监管框架。 Ripple 和其他行业领导者分享了他们对加密货币监管以及如何与央行实施针对 VASP 的全面监管计划的观点。

In the Middle East, the Central Bank of the UAE issued the Payment Token Services Regulation which aims to regulate services related to stablecoin issuance, conversion, custody and transfer. This is expected to provide clarity on the operational framework for digital assets in the UAE when it comes into force next year. And last, across Europe, the flagship Markets in Crypto-Assets regulation (MiCA) came into force for stablecoins on June 30, with Circle becoming the first global stablecoin issuer to fully comply with the MiCA regulatory framework by obtaining an EMI license from the Bank of France's Prudential Supervision and Resolution Authority. MiCA rules for other crypto assets will be implemented in December 2024.

在中东，阿联酋中央银行发布了《支付代币服务条例》，旨在规范与稳定币发行、转换、托管和转移相关的服务。预计明年生效时，阿联酋数字资产的运营框架将更加清晰。最后，在整个欧洲，旗舰加密资产市场监管 (MiCA) 于 6 月 30 日对稳定币生效，Circle 成为第一家通过获得银行颁发的 EMI 许可证而完全遵守 MiCA 监管框架的全球稳定币发行人法国审慎监管和处置局。其他加密资产的 MiCA 规则将于 2024 年 12 月实施。

For this report,

对于这份报告，