市场情绪开年回暖，关注美国数字资产市场结构法案进程

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a cautious approach given the current market conditions and ongoing developments in regulations and company strategies [4][30]. Core Insights - The cryptocurrency market has seen a resurgence at the beginning of the year, with a total market capitalization returning to $3 trillion, reflecting a 2.4% increase week-on-week. Bitcoin closed at $89,945 per coin, up 3.0%, while Ethereum closed at $3,124, up 6.8% [1][10]. - The current sentiment in the cryptocurrency market is still in the fear zone, with a fear and greed index of 38, indicating a cautious outlook despite recent price increases [1][12]. - Trading volumes have continued to decline, with a 14.4% drop in global cryptocurrency transaction volume week-on-week, marking the sixth consecutive week of decline [1][20]. - Regulatory developments are significant, with the OECD's Crypto Asset Reporting Framework set to take effect in 2027, requiring local crypto service providers to collect user data starting in 2026 [2][26]. - Major companies in the industry are pivoting towards new opportunities, such as Coinbase's plans to expand its trading platform and payment services, and Bitfarms' transition towards AI and high-performance computing [3][28][29]. Summary by Sections Market Overview - The total cryptocurrency market capitalization is $3 trillion, with Bitcoin and Ethereum showing week-on-week increases of 3.0% and 6.8%, respectively [1][10]. - The average holding price for Bitcoin is approximately $56,137, indicating that current prices are below the short-term investors' cost [12][15]. - The options market suggests a higher probability of price declines in the coming months, with significant liquidation risks if Bitcoin prices fall [15][20]. Global Policy and Industry News - The OECD's Crypto Asset Reporting Framework will be implemented in 2027, with 48 jurisdictions starting data collection in 2026 [2][26]. - The U.S. Senate Banking Committee is expected to advance a digital asset market structure bill, while the OCC has clarified that national banks can engage in risk-free crypto transactions [2][22]. - The UK plans to regulate crypto assets within its financial services framework by 2027 [2][22]. Company News - Coinbase aims to become the leading financial application globally by expanding its trading platform and payment services [3][28][29]. - Bitfarms is selling its Latin American mining operations to focus on AI and high-performance computing [3][28]. - Tether has invested in Southeast Asian payment company SQRIL to enhance USDT's application in regional payment scenarios [3][27]. Investment Recommendations - The report suggests monitoring the progress of the U.S. Clarity Act and the potential exclusion of certain crypto treasury companies from MSCI indices [4][30]. - It recommends focusing on crypto mining companies with partnerships with Google and those with substantial power reserves, as well as trading platforms that are exploring opportunities in prediction markets and stock tokenization [4][30].