香港持牌虚拟资产交易所Hashkey Exchange母企HASHKEY HLDGS(3887.HK)明日(17日)在港挂牌上 市，富途行情显示，该股暗盘段收跌1.05%，报6.61港元，每手400股，不计手续费，一手亏28港元。 根据弗若斯特沙利文资料，按2024年交易量计，HASHKEY是亚洲最大的区域性在岸平台。在交易业务 之外，按质押资产计，是亚洲最大的链上服务提供商，同时，以在管资产计，也是亚洲最大的数字资产 管理机构。截至9月30日，平台共支持80种数字资产代币，涵盖多个类别，包括主要Layer-1资产、去中 心化金融(DeFi)代币、稳定币及新兴生态系统项目。 | 03887 HASHKEY HLDGS | | ol | | --- | --- | --- | | 6.610 4 -0.070 -1.05% | | 暗盘已收盘 12/16 18:29 | | * % % 目 ♥ 白选 | | ● 快捷交易 | | 最高价 7.710 | 开盘价 6.680 | 成交量 856.24万 | | 最低价 6.580 | 昨收价 6.680 | 成交额 5940.46万 | | 平均价 6.937 | ...

来源：陕西法制网 币百科btcbaike12月12日讯，美联储宣布降息25个基点，并在30天内购买400亿美元国库券。按传统逻辑 这是重大利好，但市场反应却出人意料：短期利率下降了，长期国债收益率却不降反升。这种反常现象 背后，隐藏着一个更危险的信号：投资者正在为美联储独立性丧失这一结构性风险定价。对加密投资者 而言，这正是重新审视资产配置的关键时刻——而资产配置的安全底线，往往始于一个可靠的私钥钱 包，比如XBIT Wallet私钥钱包。 基于宽松+风险溢价的复合宏观环境，传统资产面临复杂局面：债券市场长短期分化，股市波动性上 升，黄金虽受双重支撑但机会成本仍存，美元则面临短期避险与长期贬值的矛盾。而对于加密参与者来 说，这次美联储独立性危机，恰恰是重新审视加密资产配置价值的关键时刻，但无论配置何种加密资 产，私钥的安全存储都是第一道关卡。XBIT Wallet私钥钱包采用本地硬件级加密技术，私钥完全由用 户自主生成并存储于设备本地，不经过任何第三方服务器中转，从根源上杜绝了「私钥托管风险」。相 比部分依赖云存储的钱包，XBIT Wallet私钥钱包让用户真正成为资产的唯一掌控者，即使平台遭遇攻 击，资产也 ...

智通财经APP获悉，为数字资产平台提供 Web3 网络安全和合规性解决方案的公司CyberScope Web3 Security已于周一向美国 SEC 提交IPO申请，计划通过 IPO 筹集高达 1700 万美元。 CyberScope 是一家 Web3 安全与合规性提供商，专注于智能合约审计、反洗钱/了解你的客户 (AML/KYC) 筛选、渗透测试和区块链漏洞评估。该公司已为北美、欧洲、亚洲及其他市场的去中心化 金融 (DeFi) 平台、代币发行方和基础设施提供商等 3,000 多家客户完成了 2,700 多次智能合约审计和 500 多次 KYC 验证，保护了超过 20 亿美元的数字资产。 该公司的服务套件利用四种专有工具：Cyberscan、Similarityscan、Safescan 和 Signaturescan，提供自动 化和手动代码审查、相似性分析、交易监控和签名搜索，其审计徽章获得了 CoinMarketCap、PinkSale 和 Unicrypt 等平台的认可。 该公司成立于 2023 年，截至 2025 年 6 月 30 日的 12 个月内录得 100 万美元的收入。该公司计划在纳斯 达 ...

Core Insights - The digital asset treasury (DAT) model, initiated by MicroStrategy, has evolved as companies seek higher returns beyond the traditional buy-and-hold strategy [1][7] - A significant number of public companies now hold over a million Bitcoins, with MicroStrategy leading the treasury holdings [2] - New strategies are emerging in the crypto treasury space, including decentralized finance (DeFi) yield farming and active token management [7] Group 1: DeFi Yield Strategies - Ethereum treasuries are increasingly utilizing staking and DeFi protocols to enhance yields, with GameSquare reporting an annualized yield of 7.84%, surpassing traditional staking returns [3][4] - Companies like GameSquare and SharpLink are actively deploying treasury assets into DeFi, with SharpLink planning to allocate $200 million worth of ETH to specific platforms [3][4] - Successful yield farming strategies are becoming essential for ETH treasury farms to differentiate themselves and attract investors [4] Group 2: Risk Management and Market Conditions - Some companies are opting to avoid DeFi, focusing instead on strategies that protect treasuries from market downturns, as highlighted by Republic Technologies' CEO [5][6] - The volatility of digital assets poses unique risks in public markets, prompting DATs to consider hedging strategies to mitigate potential losses [6]

Core Insights - The cryptocurrency industry showed a comprehensive recovery and diversified development in Q3 2025, with significant breakthroughs in market size, asset performance, and ecological innovation [1][2] Market Overview - The total market capitalization of cryptocurrencies increased by $563.6 billion (+16.4%) in Q3 2025, reaching $4.0 trillion, marking two consecutive quarters of significant capital appreciation [10][11] - The average daily trading volume rebounded to $155 billion, a 43.8% increase from the previous quarter, indicating a sustained rise in market participation [10][11] - The top 30 cryptocurrencies saw a reshuffle, with USDe rising significantly in rank, while some previously prominent coins dropped out of the list [10] Asset Performance - Bitcoin reached a new all-time high of $123,561, closing the quarter with a 6.4% increase and a daily trading volume rebound of 28.4% [36] - Ethereum outperformed with a closing price of $4,215, a 68.5% increase, and reached a peak of $4,946 during the quarter, increasing its market share by 3.8 percentage points to 12.5% [1][2] - Other major cryptocurrencies like BNB and SOL also saw substantial gains of 53.6% and 34.7%, respectively [1][2] Stablecoin Market - The total market capitalization of the top 20 stablecoins reached a historic high of $287.6 billion, driven by significant growth in USDT and USDC [20] - The stablecoin market saw an influx of $44.5 billion (+18.3%) in Q3, surpassing the previous quarter's growth [20] DeFi and NFT Developments - The DeFi sector experienced a strong recovery, with total market capitalization growing by 40.2% to $161 billion, and total value locked (TVL) increasing from $115 billion to $161 billion [2] - The NFT market also showed significant improvement, with the trading volume of the top 12 blockchains increasing by 56.8% [2] Exchange Activity - Centralized exchanges (CEX) saw a 31.6% increase in trading volume among the top 10, while decentralized exchanges (DEX) experienced a 9.9% growth in spot trading volume [2] - The perpetual contract trading volume reached a record high of $24 trillion [2] Industry Dynamics - The net inflow for US spot Ethereum ETFs reached $9.6 billion, surpassing Bitcoin ETFs for the first time [2] - Digital asset holding companies (DATCos) reported a quarterly acquisition expenditure of $22.6 billion, the highest for a single quarter to date [2][29] - The performance of cryptocurrency-related IPOs was mixed, with some companies maintaining profitable stock prices [2][32]

Core Viewpoint - HashKey Holdings Limited is preparing for a listing on the Hong Kong Stock Exchange, with Morgan Stanley, Cathay Securities, and Guotai Junan International as joint sponsors [1] Company Overview - HashKey is a comprehensive digital asset company that offers a licensed digital asset platform providing trading facilitation services, on-chain services, and asset management services [3] - The company has launched HashKey Chain, a scalable and interoperable Layer 2 infrastructure to support on-chain migration [3] - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume as of 2024, holding over 75% market share in Hong Kong [3] Business Segments - The company's revenue primarily comes from trading facilitation services, on-chain services, and asset management services, with trading facilitation being the core business driven mainly by institutional clients [4] - The Hong Kong platform supports trading of various digital assets including USDT, BTC, ETH, and others, while the Bermuda platform covers 72 categories of digital assets [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of HKD 1.29 billion, HKD 2.08 billion, and HKD 7.21 billion respectively, with a loss of HKD 5.85 billion, HKD 5.8 billion, and HKD 11.9 billion for the same periods [8][10] - The revenue from the top five clients for the periods mentioned was HKD 103 million, HKD 117 million, and HKD 134 million, representing 79.6%, 56.0%, and 18.5% of total revenue respectively [8] Client Base - The client base consists of institutional clients (banks, asset management firms, family offices, hedge funds, and Web3 developers), omnibus clients (licensed securities firms), ecosystem partners, and retail users [4][8]

Core Insights - The volatility of cryptocurrency prices creates a demand for more stable digital currencies, akin to cash [1][2] - Stablecoins are designed to maintain a stable value, typically pegged to real-world assets like the US dollar, providing benefits such as fast global payments and reduced price volatility [2][7] Types of Stablecoins - **Fiat-backed stablecoins**: These are backed 1:1 by actual money held in reserves, with Tether's USDT and Circle's USDC being prominent examples [4] - **Crypto-backed stablecoins**: These utilize cryptocurrency as collateral, often requiring overcollateralization to mitigate volatility, with DAI from MakerDAO as a notable example [5] - **Algorithmic stablecoins**: These rely on algorithms and incentives to maintain their value peg, but can fail under extreme market conditions [6] Importance of Stablecoins - Stablecoins have become essential in the crypto ecosystem, driven by their real-world utility rather than speculation, enabling users to conduct cross-border transactions quickly and earn yields in decentralized finance markets [7][8] - They serve as a financial lifeline for individuals in regions experiencing rapid currency depreciation or inflation [8][9]

Core Insights - TRON, founded by Sun Yuchen, is actively engaging in partnerships with prestigious universities to promote blockchain education and innovation [1][3] - The recent blockchain seminars held at Columbia University and Harvard University focused on collaboration between academia and industry to build a sustainable Web3 ecosystem [1][3] - TRON Academy is instrumental in integrating cutting-edge blockchain research into educational settings, enhancing its influence in the blockchain education sector [1][3] Group 1 - TRON hosted two blockchain seminars at Columbia University and Harvard University on November 7-8, emphasizing the importance of academic and industry collaboration [1] - The seminars attracted approximately 30 students at Columbia and over 20 at Harvard, showcasing the enthusiasm of the youth for blockchain innovation [5] - TRON's partnerships with other prestigious institutions like Imperial College London and Yale University further solidify its academic network [1][3] Group 2 - The seminars included discussions on the current state of decentralized finance (DeFi), focusing on real-time settlement and cross-border payment technologies [3] - TRON aims to provide knowledge empowerment, resource connection, and practical platforms for students to cultivate the next generation of blockchain innovators [3] - The engagement with student blockchain clubs at both universities post-seminar indicates TRON's commitment to understanding student interests and improving future events [5]

Group 1 - The US September PPI year-on-year rate is 2.7%, matching expectations and up from the previous value of 2.60% [1] - Evgeny Gaevoy, founder of Wintermute, commented on the large BTC and ETH transfers from BlackRock to Coinbase, indicating that the sell-off had already occurred in ETFs and that on-chain transfers by market makers often reflect similar situations [1] - Vitalik Buterin emphasized that privacy should be regarded as a fundamental "hygienic practice" rather than an option, following a data breach incident affecting major financial institutions [1] Group 2 - The UAE has issued Federal Decree No. 6 of 2025, which brings DeFi, Web3, stablecoin protocols, DEX, and cross-chain bridges under central bank regulation, effective from September 2025 [2] - The new regulations require projects involved in payment, custody, lending, and investment to obtain compliance licenses by September 2026, with penalties of up to 1 billion dirhams (approximately 272 million USD) for non-compliance [2] - The regulations do not prohibit self-custody wallets, but wallet service providers offering regulated functions to UAE users must apply for licenses [2] Group 3 - The Japanese Financial Services Agency plans to require cryptocurrency exchanges to establish mandatory reserve funds to address asset outflows due to unauthorized access and to ensure rapid compensation for users in case of incidents [3] - This initiative is a response to the frequent global outflows of crypto assets, aiming to enhance investor protection in Japan [3]

Core Viewpoint - Deutsche Bank believes that the recent decline in Bitcoin is driven by five major shocks, including macroeconomic headwinds, hawkish signals from the Federal Reserve, stagnation in regulatory progress, outflows of institutional funds, and profit-taking by long-term holders, indicating a fundamental shift in Bitcoin's investment logic and an unprecedented emphasis on risk management [1][2][4]. Group 1: Five Major Shocks - **Shock One: High Correlation with Tech Stocks** The recent decline in Bitcoin is synchronized with the drop in U.S. stocks, indicating that Bitcoin has not yet established its function as a defensive hedge [3]. - **Shock Two: Increased Uncertainty in Monetary Policy** The uncertainty surrounding the Federal Reserve's monetary policy is a key driver of Bitcoin's decline, with a strong negative correlation between Bitcoin prices and Fed interest rates [10][11]. - **Shock Three: Stagnation of Regulatory Key Legislation** The momentum for regulatory frameworks has stalled, hindering the integration of Bitcoin into investment portfolios and liquidity deepening [13][15]. - **Shock Four: Institutional Fund Outflows and Liquidity Drain** A vicious cycle of liquidity drain and institutional fund outflows has exacerbated the price drop, with significant net outflows from Bitcoin ETFs recently [17][18]. - **Shock Five: Profit-Taking by Long-Term Holders** Unlike previous crashes driven by new or leveraged traders, this adjustment has seen long-term holders selling off over 800,000 Bitcoins, marking the highest level since January 2024 [20][21]. Group 2: Market Dynamics and Future Outlook - **Market Dynamics** The correlation between Bitcoin and major stock indices has surged, reaching levels similar to those during the market stress of the COVID-19 pandemic [5][6]. - **Future Outlook** The ability of Bitcoin to stabilize post-adjustment remains uncertain, but regulatory reforms and increased interest from governments and central banks may enhance institutional confidence and market liquidity [23]. - **Risk Management Importance** As the cryptocurrency market evolves, implementing strict risk management measures is crucial due to the potential for increased price volatility driven by uncertainty and leverage effects [23].