比特币跌破100000美元，24小时内跌超3%。 ...

比特币跌破100000美元/枚，日内跌2.16%。 ...

比特币短线下挫约900美元，最新报101390.19美元/枚。 比特币/美元 ...

Economic Indicators - The weekly ECI supply index is at 50.15%, down 0.03 percentage points from last week, while the demand index remains stable at 49.93%[6] - The monthly ECI supply index for June is 50.17%, a decrease of 0.06 percentage points from May, with the demand index also at 49.93%, unchanged from May[7] - The ECI investment index is at 49.96%, unchanged from last week, while the consumption index has slightly increased to 49.76%, up 0.01 percentage points[6] Real Estate and Consumption - Real estate sales in 30 major cities recorded a year-on-year decline of 8.6% as of June 21, indicating a weakening in market sentiment[7] - Passenger car retail sales increased by 20% year-on-year for the first half of June, showing improvement compared to the previous month[7] - The government plans to distribute 138 billion yuan in central funds for "trade-in" programs in the third and fourth quarters, which may support consumption in the long term[7] Monetary Policy and Liquidity - The ELI index is at -1.02%, up 0.04 percentage points from last week, indicating a slight improvement in liquidity conditions[11] - A total of 4.17 trillion yuan in interbank certificates of deposit will mature this month, with only 2.96 trillion yuan issued, suggesting ongoing financing pressure in the banking system[13] - The central bank conducted a net liquidity injection of 200 billion yuan through reverse repos to support liquidity ahead of the quarter-end[13] Risks and Outlook - There is uncertainty regarding U.S. tariff policies and the potential for policy measures to fall short of market expectations[46] - The sustainability of improvements in the real estate market remains to be observed[46]

欧洲美元是在美国境外流通的美元存款，以银行账本上的数字形式存在，而非实物货币。这种账本货币 体系通过全球银行网络实现了高效的资金流动，成为现代全球化经济的核心支柱。 长期以来，美元被普遍认为是全球储备货币，但这一观点存在重大误解。自20世纪50年代中期以来，真 正的储备货币并非美元，而是欧洲美元（Eurodollar）。欧洲美元是在美国境外流通的美元存款，以银 行账本上的数字形式存在，而非实物货币。这种账本货币体系通过全球银行网络实现了高效的资金流 动，成为现代全球化经济的核心支柱。重要的是，欧洲美元的创造和流动完全不在美国监管范围之内， 这使其独立于美国货币当局的控制。 一个独特的全球货币 欧洲美元体系起源于20世纪50年代，当时国际贸易和金融活动的全球化需求推动了超越国家边界的通用 货币的出现。冷战时期，美元在国际交易中的广泛使用促使欧洲等地的银行机构不断累积并持有美元存 款，这些存款被称为欧洲美元。其中，欧洲银行所持有来自苏联的美元存款最为醒目。 储备货币的核心功能是作为中介货币，连接不同经济体系，促进国际贸易和资本流动。传统观念认为美 元是全球储备货币，但这种看法忽略了欧洲美元的实际主导地位。欧洲美元 ...

Core Insights - The workshop focused on how Central Bank Digital Currency (CBDC) impacts the efficiency of monetary policy transmission and inter-bank competition [1][3][30] Group 1: CBDC Characteristics and Impact - CBDC is introduced through commercial banks, offering depositors and borrowers interest-bearing accounts, and is managed by commercial banks, distinguishing it from stablecoins due to its direct liability to the central bank, which eliminates default risk [3][11] - The introduction of CBDC can set a lower limit on deposit interest rates, potentially increasing them and reducing their sensitivity to central bank rates due to market share differentiation among banks [3][25] - CBDC enhances competition by allowing smaller banks to offer greater convenience, thus leveling the playing field against larger banks, which can lead to a convergence in market shares and increased sensitivity of deposit rates to central bank rates [3][30] Group 2: Bank Behavior and Market Dynamics - Smaller banks respond more sensitively to changes in central bank rates, adjusting deposit rates more quickly in rising rate environments, which allows them to compete effectively with larger banks [5][21] - A model presented by Professor Zhu illustrates that larger banks have a competitive advantage in deposit markets due to their convenience, allowing them to set lower deposit rates while still maximizing expected returns [8][21] - The introduction of CBDC allows users to transfer funds easily, addressing the convenience gap faced by smaller banks and imposing a lower bound on the deposit rates set by larger banks [25][26] Group 3: Research and Discussion - The workshop featured discussions on the theoretical design and practical applications of digital currencies, with insights from prominent figures in the field, including Professor Yi Gang, former governor of the People's Bank of China [32] - The event concluded the spring semester's digital finance workshop series at Peking University, highlighting the ongoing academic interest in digital finance and its implications for monetary policy and banking competition [32][35]

Group 1 - The core viewpoint of the article highlights the strategic vision and resource integration capabilities of Zhang Chi, which have led to significant collaborations with CW and NOVAX exchanges, reshaping the digital currency industry and injecting new vitality into it [1][6] Group 2 - The collaboration with CW exchange focuses on building a complete digital currency ecosystem, including the establishment of a developer platform to attract global blockchain developers and encourage the development of decentralized applications (DApps) [1][3] - Zhang Chi has coordinated industry resources to bring in well-known venture capital institutions to support quality projects, organized technical seminars, and hackathons to stimulate developers' innovation [3][6] - This collaboration has resulted in a virtuous ecological closed loop of "technology research and development - project incubation - application landing," enriching the platform's application scenarios and attracting numerous users and project parties [3][6] Group 3 - The partnership with NOVAX exchange focuses on the practical exploration of empowering traditional industries with technology, specifically integrating blockchain technology with the fitness industry [3][4] - Zhang Chi led a technical team to address challenges in the implementation of blockchain technology in fitness, developing an efficient blockchain middleware system that ensures real-time and accurate data on-chain [4][6] - The establishment of industry technical standards and collaboration with fitness equipment manufacturers and health management institutions has promoted technological synergy across the industry [4][6] Group 4 - The overall collaboration with both exchanges has redefined the development landscape of the digital currency industry, providing valuable insights and pathways for long-term growth and value enhancement [6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 ） 近期，香港《稳定币条例》于5月30日正式颁布，美国参议院亦于6月17日通过了《GENIUS法案》，明确稳定币监管框架的同时，也意味着加密货币迎来 里程碑式进展。 稳定币是一类币值锚定特定资产（通常为法定货币）的加密货币，是连接去中心化金融系统（Defi）和传统金融体系的桥梁。 通过锚定法币和虚拟货 币，稳定币可以提供虚拟货币的优势，例如快速、低成本的跨境交易，同时又避免了传统加密货币的价格动荡。 据Artemis数据显示，稳定币总市值于2020-2025年增长近2,000亿美元。截至2025年5月末，稳定币总市值已达到约2,450亿美元。A股市场，稳定币概念股 今年以来的涨幅也十分抢眼。 稳定币走上台前，进入主流视野，对于金融市场格局有何影响？对投资者而言有何机会？ 6月23日（周一）私募排排网邀请 德邦证券通信首席分析师李宏涛 为投资者解码数字货币的底层逻辑、发展路径与核心投资机会。 路演主题 《稳定币与中国数字货币投资机会》 稳定币与中国数字 货币投资机会 私募直播看点 李宏涛 德邦证券 通信首席分析师 亮点前瞻 路演时间 6月23日（周 ...

据Artemis数据显示，稳定币总市值于2020-2025年增长近2,000亿美元。截至2025年5月末，稳定币总市值已达到约2,450亿美元。A股市场，稳定币概念股 今年以来的涨幅也十分抢眼。 稳定币走上台前，进入主流视野，对于金融市场格局有何影响？对投资者而言有何机会？ 6月23日（周一）私募排排网邀请 德邦证券通信首席分析师李宏涛 为投资者解码数字货币的底层逻辑、发展路径与核心投资机会。 路演主题 《稳定币与中国数字货币投资机会》 亮点前瞻 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 ） 近期，香港《稳定币条例》于5月30日正式颁布，美国参议院亦于6月17日通过了《GENIUS法案》，明确稳定币监管框架的同时，也意味着加密货币迎来 里程碑式进展。 稳定币是一类币值锚定特定资产（通常为法定货币）的加密货币，是连接去中心化金融系统（Defi）和传统金融体系的桥梁。 通过锚定法币和虚拟货 币，稳定币可以提供虚拟货币的优势，例如快速、低成本的跨境交易，同时又避免了传统加密货币的价格动荡。 中美数字货币的不同 中国数字货币的场景和进展 产业链重点公司与投资机会 imuwang.co 稳定币与中 ...

据最新统计，美国上市公司数字货币财库储备总值已突破820亿美元，达到历史新高。同时，Semler Scientific公司宣布大手笔比特币储备计划，Jump Crypto向SEC提交监管改革意见，以及特朗P呼吁大幅 降息等消息接踵而至，多方位影响着市场格局。XBIT去中心化交易所平台专家指出，美国机构投资者 的系统性配置行为正在改变USDT现货市场基本面。 美企数字货币持仓突破82亿美元，机构投资趋势加速 Semler Scientific宣布百亿级比特币储备计划，引领企业配置潮流 币界网报道，美国上市公司的比特币财库储备已超过768,500枚，按当前价格计算总值超过820亿美元， 创下历史新高。这一数据显示，尽管市场波动，机构对数字货币作为储备资产的信心正持续增强。 "美国企业比特币持仓规模创新高，标志着数字货币机构化进程迈入新阶段，"XBIT去中心化交易所平 台首席分析师表示，"这类长期持有行为正在改变比特币市场的供需平衡，为价格提供了坚实支撑。" XBIT数据显示，USDT现货市场上比特币交易活动已出现明显变化，大额交易占比上升，而短期投机性 交易相对减少，反映了市场参与者结构正向长期持有者倾斜。富达研 ...