全球比特币挖矿的地理版图正在经历一场深刻的变革。曾经由中国牢牢占据主导地位的算力格局，如今已发生戏剧性的逆转。根据权威研究机构的最新数 据以及美国政府高层官员的表态，美国不仅已取代中国成为全球最大的比特币挖矿中心，其政府更展现出前所未有的积极姿态，计划通过一系列措施巩固 并扩大这一领先地位，甚至可能涉及协助矿工解决能源这一核心痛点。 中国禁令下的算力大迁徙 剑桥大学替代金融中心（Cambridge Centre for Alternative Finance,CCAF）近期发布的一项研究报告，为美国在全球比特币挖矿领域的压倒性优势提供了有 力证据。该研究基于对49家大型矿业公司的调查（这些公司合计占据了比特币网络近一半的算力），得出的结论令人瞩目：美国目前控制着全球高达 75.4%的比特币哈希率（Hashing Power）。 报告指出：美国已经巩固了其作为全球最大挖矿中心的地位（占报告活动的75.4%）。按照当时全球约796EH/s的总算力计算，这意味着仅美国就贡献了 约600EH/s的算力。即便考虑到不同统计口径可能存在的差异，其他估计也显示美国的算力占比至少在50%以上，这无疑证实了美国在全球比特币挖矿 ...

最近在看胡翌霖的文章，这篇也是通俗化他的思想。他说很多人在"生产绞死自己的绳子"，震撼到我 了。如果你早期挖PTS，后来又投资bts，给BM创业成功的假象。然后在他的新币eos上亏光，不要怪 他，是你自己生产了绞死自己的绳子。 现在是一个技术主导的时代。区块链、AI、加密货币……这些词每天都在新闻里出现，可很多人心里 却很清楚：这些东西离我很远。它们听起来高深又复杂，仿佛只属于技术精英和大资本玩家。作为普通 人，我们似乎什么也做不了，只能被动接受这个世界的变化。 但真的是这样吗？ 其实不是。在技术哲学的眼中，我们每一个普通人，虽然没法决定技术发展的"大方向"，却始终有权选 择支持什么、不支持什么。这些看起来微不足道的选择，其实一点都不小。 我们无法控制风的方向，但我们可以调整自己的帆。别让自己忙到最后，才发现亲手织好了那根套在脖 子上的绳子。 在技术浪潮里，你不需要做一个"改变世界"的人，你只需要做一个"知道自己在做什么"的人。哪怕只是 个体，只要你在思考、在选择、在体验，你就已经是自由的——而且是在用你的方式参与未来的建设。 自由，是一种随时能跳出来思考的能力。这种能力很难得，但也很真实，它不需要你成为谁， ...

在高利率环境和全球化重构的大背景下，黄金的定价机制正在由传统的以实际利率为核心向以央行购金 为核心，央行购金的行为是关键，背后是"去中心化"、避险需求的集中体现。货币属性方面，债务问题 导致美元的货币信用出现裂痕，在去美元化进程中黄金的去法币化属性凸显。金融属性方面，在全球高 利率环境下，黄金作为零息债对债券的替代效应减弱，对美债实际利率的敏感度下降。 避险属性方面，地缘政治风险边际减弱，但特朗普的关税政策加剧全球贸易紧张，市场避险需求不减， 成为阶段性推升黄金价格的重要因素。商品属性方面，中国实物金需求明显上升，央行从去年 11 月重 启增持黄金，已连续增持四个月。 目前来看，推升本轮金价上涨的逻辑没有完全逆转，美联储的利率政策和关税政策可能是短期扰动因 素，预计今年的利率政策会更加谨慎，关税政策的演变主导着市场避险情绪变化。 根据美国最新数据，非农数据显示劳动力市场较为强劲，非农就业人口超过市场预期，失业率稳定在至 4.2%;最新PCE数据显示通胀数据放缓，核心同比上涨 2.6%，与市场预期一致，PCE同比上涨 2.3%，小 幅高于市场预期，说明通胀回落持续。 短期来看，贸易战有望缓和，市场避险情绪减弱， ...

Core Insights - Bitcoin price surpassed $75,000, marking the largest single-day increase in Q3 2025, driven by macroeconomic factors such as the Federal Reserve's pause on interest rate hikes [1] - The approval of the first Bitcoin futures ETF with a physical delivery mechanism by the SEC has attracted institutional investors, enhancing compliance and risk management [3] - The XBIT decentralized exchange platform has seen a significant increase in trading volume due to its new "zero-latency cross-chain exchange" feature, with a 237% surge in transaction volume [1][3] Market Dynamics - Southeast Asia has emerged as a key market, with Thailand's Ministry of Finance reporting an 890% year-on-year increase in THB/BTC trading volume via XBIT [3] - The Salvadoran government increased its Bitcoin reserves by $120 million through XBIT, utilizing the platform's multi-signature cold wallet solution [3] - In Europe, the Frankfurt Stock Exchange saw a narrowing of BTC futures premium to 1.2%, while off-exchange trading continued to gain traction [3] Technological Innovations - XBIT launched a "smart hedging protocol" that uses machine learning to match optimal derivative combinations for BTC holders, successfully avoiding potential losses of over $47 million for 83,000 users during market volatility [5] - The platform's alert system triggers protective measures 1.8 seconds faster than centralized platforms when market volatility exceeds a certain threshold [5] - XBIT has processed $12 billion in BTC-related derivative transactions, showcasing its robust trading infrastructure [5]

（原标题：【首席观察】巴菲特囤现金，市场买幻觉？） 去美元化的"美元化"是个悖论吗？其画外音或是——制度"锚"动摇与资本的悖论选择。 2025年5月2日，正值所谓的对等关税政策满月，尽管美国华盛顿仍笼罩在政治喧嚣之中，全球市场却呈 现出一幅"错位繁荣"的奇异画面：美股九连涨，几乎收复全部4月跌幅；美债收益率剧烈波动，10年期 美债收益率当日报4.307%；加速"金融化"的黄金价格趋稳于每盎司3257美元附近；比特币报96,887美 元。 与此同时，数据显示，美国一季度国内生产总值（GDP）环比意外萎缩0.3%，进一步佐证了市场对美 国经济放缓的担忧。 是什么在支撑这场表面上的繁荣？或许真正的答案隐藏在一个更深层的矛盾结构之中：制度文明与交易 文明的冲突，正逐步重塑全球资本的避险逻辑与定价锚。 巴菲特的"期权现金"与资本的悖论决策 资本逃避混乱，仿佛野兽远离火焰；但若火焰下有猎物，它也会逼近。 就在全球金融市场似乎再次陷入"上涨=安全"的错觉时，投资大师——沃伦·巴菲特，给出了完全不同的 回应。 在5月3日伯克希尔·哈撒韦股东大会上，巴菲特直言："未来五年可能会有用到这笔现金的机会，但现在 还不到出手的时候。" ...

Group 1 - The core discussion at the Token 2049 summit focused on the limitations of traditional finance and how blockchain can provide solutions, highlighting issues such as high costs, low efficiency, and information asymmetry in the centralized financial system [3] - Eric Trump emphasized that financial freedom should not be exclusive to large institutions, noting that blockchain's openness and traceability offer equal competitive opportunities for individuals and small businesses, addressing a financing gap of several trillion dollars for U.S. small businesses over the past five years [3] Group 2 - World Liberty Financial (WLFI), supported by the Trump family, aims to provide innovative financial services, with its USD1 stablecoin quickly surpassing a market cap of $1 billion, backed 1:1 by U.S. dollars and short-term U.S. Treasury securities [4] - The partnership between TRON and WLFI will integrate the USD1 stablecoin natively on the TRON blockchain, with an initial minting scale expected to reach several hundred million dollars, potentially exceeding tens of billions in market cap in the future [4][6] Group 3 - The collaboration between TRON and WLFI is set to enhance the user experience by leveraging TRON's efficient blockchain technology, enabling faster and cheaper transactions, and expanding the market influence of the USD1 stablecoin [6] - The first project of this partnership will focus on creating a "cross-border digital payment channel" aimed at serving over 100 million individuals without access to traditional banking services by 2026, integrating features like real-time exchange rate locking to mitigate currency fluctuation risks [6] Group 4 - The dialogue between Sun Yuchen and Eric Trump signaled a shift from conceptual exploration of decentralized technology to large-scale implementation, indicating a more open and transparent financial model is becoming a reality [8][9] - The advancements in inclusive finance and regulatory technology through blockchain are poised to reshape the global economic landscape over the next decade [9]

综合美联社、哥伦比亚广播公司（CBS）、《华尔街日报》等媒体报道，5月3日， 美国投资人沃伦·巴菲特当日在伯克希尔·哈撒韦年度股东大会上宣布，他 计划在年底退休，辞去伯克希尔·哈撒韦首席执行官（CEO）一职，并将向董事会推荐格雷格·阿贝尔（Greg Abel）接任CEO。 巴菲特表示："自己仍然会偶尔现身，也许在少数情况下（我）会有用"，但各项决策将由格雷格·阿贝尔做最终决定。 巴菲特与阿贝尔共同出席伯克希尔·哈撒韦年度股东大会 截图自CNBC 伯克希尔的董事会将投票决定是否正式批准这一任命。巴菲特表示，他预计投票将一致同意。 巴菲特是伯克希尔的首席执行官、董事长兼投资负责人。《华尔街日报》报道，当他卸任时，这些职责将由包括阿贝尔在内的几个人分担。巴菲特一旦离 职，预计另外两名副手将负责管理庞大的投资组合。 格雷格·阿贝尔现年62岁，在加拿大草原地区出生长大，现任伯克希尔·哈撒韦能源公司董事长兼首席执行官，主要负责伯克希尔的所有非保险业务，覆盖建 材、化工、鞋类和糖果等领域。 据《华尔街日报》报道，阿贝尔在年轻时担任会计师时就显示出，他既精于研究资产负债表，也擅长阅人和与人交往。 在20世纪90年代初，时年3 ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.2, with a neutralized increase of approximately 5% over the prior year period when accounting for currency effects and tax [4][15] - Reported sales decreased by 3%, with core sales remaining flat compared to the prior year period [14] - Adjusted EBITDA increased by 3% to $183 million, with adjusted diluted earnings per share at $1.2 compared to $1.22 in the prior year [14][15] Business Line Data and Key Metrics Changes - Pharma segment's core sales increased by 3%, with prescription core sales up 10% driven by strong demand for emergency medicines and therapeutics [16] - Consumer Healthcare core sales decreased by 10% due to softer demand for nasal decongestants and cough medicines [16] - Injectables core sales decreased by 8% due to tough comparisons from the prior year, while Active Materials Science solutions saw an 11% increase in core sales [16][18] - Beauty segment's core sales decreased by 3%, with prestige fragrance and facial skincare sales down 11% [19] - Closures segment's core sales decreased by 2%, with product sales growth offset by lower tooling sales [20] Market Data and Key Metrics Changes - The U.S. market showed signs of inventory normalization, while other regions have not yet experienced similar trends [6][37] - The company noted strong demand for GLP-1 and biologics in the injectables market, indicating robust order books [7][36] Company Strategy and Development Direction - The company is focused on long-term growth driven by macro trends such as healthcare decentralization and the growth of generic medicines [6][7] - The company is ramping up share repurchases, having repurchased over $80 million worth of shares in the first quarter [13] - The company emphasizes sustainability as a competitive advantage, having received multiple awards for its efforts [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth prospects despite current economic uncertainties, highlighting resilience in essential product markets [28][30] - The company anticipates a strong second quarter with positive contributions from all segments, particularly in Pharma and Beauty [30][31] - Management acknowledged the evolving tariff situation but expects limited net effects on operations [25][82] Other Important Information - The effective tax rate for the first quarter was 25.8%, reflecting a temporary surtax enacted in France [15] - Free cash flow for the quarter was $26 million, with a strong balance sheet showing a cash balance of $126 million [23][24] Q&A Session Summary Question: Insights on order patterns and inventory levels - Management noted a reacceleration in orders across various segments, with U.S. inventories normalizing but not yet seen in other regions [35][37] Question: Impact of GLP-1s on injectables - Strong demand for GLP-1s is noted, with the company ramping up capabilities to meet this demand [36] Question: Tax rate guidance for the second half of the year - The expected effective tax rate for the second half is projected to be in the range of 22% to 24% [43] Question: Inventory status in cold and cough products - Management indicated that the U.S. has seen some inventory normalization, while other regions have not yet experienced this [48][49] Question: Outlook for tooling activity - Management expressed optimism about tooling activity, indicating it is on the rise as customers seek to differentiate their products [105]

剑桥另类金融中心（CCAF）最新研究显示，美国当前控制着全球比特币网络75.4%的哈希算力，较2021年中国主导时期（65-75%）更趋集中。这一数据源 自对49家头部挖矿企业的调查，其算力总和占据比特币全网近50%。XBIT表示随着美国成为全球最大挖矿中心，关于算力垄断可能威胁网络去中心化原则 的争议持续升温。 CCAF报告指出，美国当前算力规模达600 EH/s（占全球总量796 EH/s的75.4%），远超其他地区。这一格局的形成与政策导向密切相关——特朗普政府将比 特币视为"数字黄金"，并通过商务部"加速计划"简化矿场能源审批流程，吸引大量矿企迁入。然而，集中化趋势引发XBIT去中心化交易平台分析师担忧： 若未来美国政府调整立场，是否可能利用算力优势实施监管干预？ 历史提供了警示案例。2021年中国禁止挖矿后，算力短期内分散至全球，但最终仍向美国集中。尽管中国主导时期未发生网络滥用事件，但当前美国算力垄 断可能赋予联邦政府更大干预能力。例如，通过制裁或行政命令审查交易，甚至要求矿工执行特定区块筛选规则。XBIT去中心化交易所平台研究员坦 言："算力集中化可能使比特币面临'政治化'风险，这与中本聪设计的 ...

上周全球加密货币市场迎来显著反弹，比特币带领大盘及多数Altcoin走出连日阴霾。市场情绪指数从 55%跃升至79%，进入技术性多头区间，稳定币市值持续攀升，USDT与USDC分别达到1457亿和619亿 美元，涨幅达0.62%和2.32%，显示机构资金加速入场。XBIT去中心化交易所平台分析师指出，此轮上 涨主要受美国政策转向信号与市场超跌修复驱动，但经济衰退隐忧仍制约长期反转。 图源:币界网 上周市场反弹的核心动力来自美国对华关税态度缓和、特朗普承诺留任美联储主席鲍威尔，以及新任 SEC主席Paul Atkins对加密行业的友好表态。政策不确定性缓解刺激投资者风险偏好回升，美国资金成 为主力推手。不过，XBIT去中心化交易所平台分析师警告称，当前反弹仅为前期超跌修复，全球经济 衰退风险与贸易政策变数仍将限制涨幅。 Solana基金会近期推出去中心化验证者激励新政，要求基金会委托的验证者需满足"社区质押占比低于 1000 SOL"等条件，以削弱中心化质押垄断。该政策推动链上去中心化指标提升，验证者数量周增 12%。与此同时，XBIT链上稳定币流动性的改善正吸引更多机构部署Solana生态，包括跨链桥资产流入 ...