（来源：吴说） Robinhood 加密业务负责人 Johann Kerbrat 表示，随着市场回调持续，投资者兴趣正从比特币与以太坊 等头部资产扩展至更广泛的加密资产，不少用户将当前走势视为"逢低买入"机会，并开始在更多币种之 间进行分散配置。他指出，平台近期不仅交易活跃度保持稳定，质押功能自去年 12 月上线以来也获得 强劲增长，部分用户开始探索 DeFi 等应用场景。（Cointelegraph） ...

（来源：吴说） 1.美国至 2 月 14 日当周初请失业金人数 20.6 万人，预期 22.5 万人 4.香港议员吴杰庄建议向市民空投稳定币"消费券" 香港立法会议员吴杰庄在 78 HOY 资讯台《财经 CHAT》节目中表示，香港预计于 3 月发放首批稳定币 发行人牌照，建议在牌照发放后以"稳定币空投/消费券"方式向合资格市民发放，用于本地中小企消费 （如餐饮、娱乐等），以推动采用并带动经济，相关行政费用可由获牌公司承担。 5.黑客归还韩国检方 320.8 枚被盗比特币，价值约 2140 万美元 韩国光州地方检察厅已全额追回此前被盗的 320.8 枚比特币，价值约 2140 万美元。这些比特币原本是 检方从一个非法赌博网站运营家族处查封的资产，但在去年 8 月因检方资产管理人员误入钓鱼网站而被 黑客盗走。检方随后追踪黑客并冻结了国内外相关交易所的账户以阻止资金清算。由于变现全面受阻， 黑客于 2 月 17 日主动将 320.8 枚比特币全数退还至检方的电子钱包。黑客身份仍未知。 2.SEC 主席 Paul S. Atkins：与 CFTC 联合推进 Project Crypto，拟推出代币化证券"创新豁免" ...

Core Insights - eToro reported a net contribution revenue of $868 million for the full year 2025, representing a year-over-year growth of 10% [1] - The company achieved a GAAP net profit of $216 million for 2025, reflecting a 12% increase compared to the previous year [1] - As of the end of 2025, eToro's assets under management (AUA) reached $18.5 billion, marking an 11% growth year-over-year [1] Financial Performance - Full year net contribution revenue: $868 million, up 10% [1] - GAAP net profit: $216 million, up 12% [1] - Assets under management (AUA): $18.5 billion, up 11% [1] Corporate Actions - eToro's board approved an increase in the stock buyback program by $100 million, raising the remaining authorization to $150 million [1] Strategic Focus - The company plans to enhance its investment in AI tools, cryptocurrency, and on-chain infrastructure [1] - eToro aims to expand its offerings in 24/7 trading and products related to cryptocurrency and tokenization [1]

（来源：吴说） BVNK 联合 Coinbase 与 Artemis 发布的《Stablecoin Utility Report 2026》显示，当前约 3000 亿美元规模 的稳定币正加速从交易工具转向"日常货币"。调查覆盖 15 个国家共 4658 名受访者，结果显示，过去一 年 54% 的加密用户持有稳定币，56% 计划未来一年继续增持。受访者平均将约三分之一 的储蓄配置于 加密资产与稳定币。与此同时，自由职业者和商家约 35% 的年收入以稳定币结算，近四分之三表示其 跨境工作能力因此提升。报告指出，稳定币在支付、薪酬与储蓄场景中的使用正在显著增长，反映其角 色正由投机资产转向核心金融工具。（The Block） ...

Core Insights - Bitcoin's price has nearly halved since reaching a peak of $126,000 in October 2025, leading to significant losses for Vietnamese crypto investors and local companies [1] Industry Summary - Approximately 55% of individual crypto investors in Vietnam reported losses last year, indicating a challenging environment for retail investors [1] - Many local startups in the crypto sector have faced bankruptcy, layoffs, or downsizing, reflecting the broader industry contraction [1] - Vietnamese crypto projects, including those focused on NFTs, blockchain lending, and trading services, have been severely impacted by the downturn [1] - Ninety Eight, a blockchain company, has laid off nearly one-third of its workforce since last year, highlighting the operational challenges faced by firms in the sector [1]

经济观察网 近期摩根士丹利的主要热点事件包括：2026年2月10日，科技平台Altruist推出AI税务规划工 具，引发市场对财富管理业务被替代的担忧，导致股价当日下跌。同日，银行家迈克尔·格里姆斯重返 公司并担任投行部门主席，可能增强竞争SpaceX上市主导权的能力，受到市场关注。2026年2月13日， 摩根士丹利向美国证券交易委员会提交加密货币信托申请，并计划推出数字钱包，加速加密资产布局。 此外，SA分析师于同日将公司评级从"卖出"上调至"持有"，基于2025年第四季度营收同比增长10%等基 本面改善。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 摩根士丹利于2026年2月9日发布报告指出，AI投资与并购激增可能带来市场过热信号，但当前未拉响 警报，该机构保持积极的周期性偏好，并提醒关注通胀、债券波动率等指标。SA分析师的评级上调进 一步支撑了市场对基本面改善的预期。 近7天（2026年2月7日至13日），摩根士丹利股价波动显著。根据最新行情数据，股价从2月9日收盘价 182.35美元下跌至2月13日收盘价171.15美元，区间累计跌幅4.90%。具体走势：2月10日下跌2.45%至 17 ...

Group 1 - The core viewpoint is that Tianruixiang (TIRX.OQ) experienced a significant stock price decline despite announcing a strategic investment in Bitcoin worth approximately $1.1 billion, with a drop of 16.36% on February 13 [1] - The stock closed at $0.09 on February 13, with a trading volume of $1.5683 million and a turnover rate of 18.62%. Following the announcement on February 7, the stock initially rose by 15.65% to $0.13 on February 9, but subsequently fell, resulting in a cumulative decline of 20.00% over five trading days and a price fluctuation of 53.04% [1][2] Group 2 - The company's fundamentals are weak, primarily engaged in insurance brokerage with liability insurance accounting for 68.25% of its business. Financial data indicates a loss position with a TTM price-to-earnings ratio of -0.37 and a low price-to-book ratio of 0.18, indicating insufficient fundamental support [2] - The Bitcoin market is experiencing volatility, with Bitcoin prices dropping below $70,000, a decline of over 45% from peak levels, which has put pressure on the stock prices of digital asset companies, including Tianruixiang. Concerns about the volatility of crypto assets may exacerbate the company's financial risks despite the large scale of its Bitcoin investment plan [2] - The company has seen a year-to-date decline of 74.59% and an 80.17% drop over the last 20 days, indicating a long-term downward trend with low liquidity, which can amplify price fluctuations [3]

Core Viewpoint - The Federal Reserve's working paper proposes classifying crypto assets as a distinct asset class for initial margin requirements in the non-cleared derivatives market, highlighting that traditional risk weights and models are inadequate for the high volatility and market behavior of cryptocurrencies [1] Group 1: Classification of Crypto Assets - The paper suggests categorizing "floating" crypto assets (e.g., Bitcoin, BNB, Ethereum, Cardano, Dogecoin, XRP) and "anchored" crypto assets (e.g., stablecoins) with independent risk weights [1] - A benchmark index using equal-weighted floating digital assets and anchored stablecoins is proposed to serve as a volatility proxy for the crypto market [1] Group 2: Margin Requirements - Initial margin requirements are deemed critical for the derivatives market, with the high volatility of cryptocurrencies necessitating a higher collateral buffer to prevent defaults [1]

来源：市场资讯 （来源：吴说） 据彭博社，Coinbase Global Inc. 2025 年第四季度营收同比下降 20% 至 18 亿美元，并由上年同期盈利 13 亿美元转为净亏损 6.67 亿美元，主要受加密资产价格下跌拖累交易活跃度及持仓减值影响；年内股 价累计下跌近 37%。同期比特币自 10 月高点回落近 50%，零售交易趋冷，多家平台承压，包括 Gemini Space Station Inc. 计划裁员至多 25%、Payward Inc. CFO 离任，以及 Robinhood Markets Inc. 表示加密交 易收入下降 38%。 ...

Core Insights - Investors should shift focus from seeking "market bottoms" to identifying substantial "buying opportunities" during dips, as emphasized by Fundstrat's CIO Thomas Lee [1][2][4] - The current market environment is characterized as a "micro winter," necessitating a change in mindset for mature investors to survive in volatile markets [1][2] Market Data and Trends - Bitcoin has retraced approximately 50% from its historical peak in October 2025, marking the deepest adjustment in four years, with prices recently falling below $67,000 [3][4] - Historical patterns suggest that deep corrections often precede healthy upward trends, despite short-term negative impacts on market sentiment [3][4] Asset Performance Predictions - Lee predicts that Bitcoin will resume outperforming gold in 2026, while Ethereum (ETH) has historically shown explosive rebounds following 50% corrections [2][4] - Currently, Ethereum is hovering around $1,950, with potential short-term dips below $1,800 to establish a "perfect bottom" technically [2][3] Market Dynamics - A significant volatility event in the gold market in late January triggered margin calls that affected risk asset markets, indicating a connection between traditional and digital assets [3] - As gold enters a high-level consolidation phase after strong performance in 2025, funds may shift back to more resilient crypto assets [3] Investment Strategy Recommendations - Investors are advised to focus on reasonable dollar-cost averaging or phased entry strategies based on Lee's insights regarding gold's peak and Ethereum's support levels, rather than chasing an elusive "lowest price" [4]