然而身为一个在资本浪潮中打滚超过十年的经济学背景人士，与货币理论实践者，我看到表面的欢腾与雀跃，底下可能埋藏的是结构性泡沫，一场将原 生、自由的加密资产，巧妙地「铸造」成一种号称受完全相同，但实际上受限、且功能迥异的金融产品的过程。 若从货币银行学来解析过去的NFT热潮，可以看到用户将较有价值，且自由的、高流动性的资产，换置为价值难以衡量、低流动系的NFT时，许多传统经 济学者认为这是典型的劣币驱逐良币，后来我们如愿见到了NFT的泡沫化，多数NFT都因为低流动性，换不回原本价值的一半。而现在实际上在加密货币 领域上演的储备热潮，却事实上本质上与NFT热潮有类似迹象，机构从真实市场买入比特币作为储备，并且为其赋予价值或者透过监管、合规重新包装成 号称一样具有的「比特币」，但事实上这已经是「华尔街的比特币 NFT」。这并非利好，而可能是一场完美风暴的序曲，尤其对于那些误以为搭上顺风 车的投资者而言。 当华尔街的百年巨头如花旗银行 (Citigroup) 也开始公开探讨加密货币托管与支付服务时，市场的反应几乎是一致的：欢呼、雀跃，仿佛看到无尽的资金活 水正准备涌入这片新兴的数字大陆。媒体标题高喊着「机构采用」，投资 ...

Group 1: Core Insights - Traditional financial institutions are accelerating the integration of blockchain technology into their core infrastructure to enhance competitiveness and unlock new growth sources [1][2] - Major banks like JPMorgan and Citibank are implementing blockchain in payment and settlement processes through projects like tokenized deposits, indicating a shift from speculative asset trading to a foundational technology for financial services [1][2] - Asset management firms are leveraging blockchain to create new distribution channels, with companies like BlackRock and Franklin Templeton issuing tokenized funds that directly reach digital-native investors [1][5] Group 2: Banking Sector Innovations - Blockchain is becoming a key tool for banks to modernize outdated backend systems, which often rely on legacy programming languages like COBOL [2] - The choice of blockchain platforms is critical for banks, with recent regulatory guidance opening up opportunities for public blockchain adoption [2] - Tokenized deposits from JPMorgan and Citibank allow for significant reductions in settlement times and operational costs, enhancing capital efficiency [2] Group 3: Asset Management Trends - Tokenization is expanding product distribution and liquidity for asset management companies, particularly in U.S. Treasury and money market funds [5][6] - The integration of traditional asset management products with DeFi protocols is creating new leverage and yield strategies, indicating a shift towards direct user engagement [6] - Asset management firms are adopting a multi-chain strategy to enhance distribution, as seen with Franklin Templeton's BENJI token being issued across eight different blockchains [6] Group 4: Fintech Developments - Fintech companies are utilizing blockchain to leapfrog existing financial systems, particularly in cross-border payments and embedded finance [7] - Establishing Layer 2 networks on top of Layer 1 blockchains like Ethereum is seen as a balanced approach for fintech firms to optimize specific use cases [7][8] - Companies like Stripe and PayPal are integrating stablecoin payments to facilitate instant global settlements and reduce transaction costs [8]

Core Viewpoint - BlackRock, Inc. is transitioning into a new growth stage, evolving from being the largest traditional asset manager to a more diversified investment management entity [1] Company Analysis - BlackRock remains the largest traditional asset manager globally, indicating its strong market position [1] - The company is blending investment management with other financial services, suggesting a strategic shift towards diversification and innovation [1] Market Perspective - The analysis emphasizes a focus on clear and disciplined breakdowns of companies, highlighting the importance of understanding what is working and what is not in the investment landscape [1]

ICYMI: @WisdomTreePrime's WTGXX money market fund is currently the 2nd biggest RWA product after BlackRock's BUIDL. https://t.co/en1ekjOUcU ...

🔥 NEW: Blackrock chief executive Larry Fink and André Hoffmann appointed interim chairs of the World Economic Forum board. https://t.co/ERlNXQRYXZ ...

Core Insights - The article focuses on the iShares Short Duration Bond Active ETF (BATS: NEAR), managed by Blackrock, with the goal of outperforming its benchmark [1]. Group 1: Fund Overview - The iShares Short Duration Bond Active ETF aims to provide better returns than its benchmark [1]. Group 2: Management - The fund is operated by Blackrock, a well-known investment management firm [1].

Group 1 - The BlackRock Income Trust (NYSE: BKT) is a fixed income closed-end fund (CEF) that is regularly covered and is a fixture fund from BlackRock [1] - Binary Tree Analytics (BTA) aims to provide transparency and analytics in capital markets instruments and trades, focusing on CEFs, ETFs, and Special Situations [1] - BTA has over 20 years of investment experience and emphasizes delivering high annualized returns with a low volatility profile [1]

Core Insights - The global transformation driven by AI and other disruptive trends presents significant challenges for strategic asset allocation, making investment outcomes increasingly uncertain [1] - BlackRock's analysis suggests that private assets can help investors benefit from these disruptive trends, regardless of the eventual outcomes [1] Group 1: Strategic Investment Considerations - The current environment necessitates a reevaluation of strategic investments over the next five years and beyond, as traditional macroeconomic anchors like stable growth and low inflation are no longer reliable [1] - Investors can no longer assume returns will revert to historical averages, leading to unpredictable strategic outcomes [1] - BlackRock proposes multiple long-term capital market scenario assumptions to assist professional investors in adjusting strategies as the future becomes clearer [1] Group 2: Scenario Analysis - One scenario envisions AI driving positive developments, with faster-than-expected application leading to increased productivity and higher growth potential, which could alleviate inflation and boost stock market performance, particularly in the U.S. [2] - An alternative scenario considers adverse geopolitical developments, such as failed tariff negotiations and declining trust in institutions, which may require investors to seek higher compensation for financing risks associated with U.S. companies [2] Group 3: Portfolio Recommendations - Due to narrowing credit spreads, BlackRock holds a low allocation view on global investment-grade credit bonds and favors non-U.S. government bonds [3] - The firm is optimistic about emerging market equities, particularly in India, which is at the intersection of multiple disruptive trends [3] - BlackRock maintains a long-term positive outlook on private markets, emphasizing private credit and infrastructure as essential components of future financial systems, rather than mere supplements to portfolios [3]

ICYMI:@Spiko_finance's USTBL money market fund has a minimum investment of $1K 🛍️@BlackRock's BUIDL money market fund has a minimum investment of $5M 🏦Spiko's US T-Bill product has ~7x more investors 👥 https://t.co/9eSwJg7ozc ...

Deal Overview - A BlackRock-led group signed an $11 billion lease deal [1] - The deal involves Saudi Aramco natural gas facilities [1] Strategic Implication - Saudi Aramco seeks to raise cash from infrastructure assets [1]