南方财经 21世纪经济报道记者 张伟泽 实习生 王艺之 香港报道 2025年9月2日，由马云间接持股的港股上市公司云锋金融(0376.HK)斥资约4400万美元购入1万枚以太 坊，消息一出，云锋金融股价随之大涨，截至9月10日，云锋金融股价较9月2日收市价一度上涨超过 40%，最高报5.95港元/股。 这与大洋彼岸的MicroStrategy如出一辙，MicroStrategy自2020年8月率先大规模举债购买比特币以来， 市值从14.36亿美元飙升至1120.4亿美元，涨幅超过78倍，为全球资本市场提供了一个极具诱惑力的"囤 币"范本。 如今，这股被称为DAT（Digital Asset Treasury，数字资产金库）的风潮正席卷港股。从博雅互动持有 3670枚比特币位列全球第22名，到华检医疗启动8.8亿港元"以太坊金库"战略，港股上市公司对加密资 产的热情被迅速点燃。 合规的"囤币"新范式 新火科技CEO翁晓奇在接受21世纪经济报道记者采访时表示，DAT模式的核心优势在于便捷性和合规 性。投资者无需开设加密货币账户，通过买股票就能配置数字资产，在传统金融框架内运作，监管相对 清晰。 " DAT是传统投 ...

Core Viewpoint - The SEC is shifting its regulatory strategy towards supporting innovation in the cryptocurrency sector, moving away from a strict enforcement approach to provide clearer rules and support for financial innovation, particularly in digital assets [1][3]. Group 1: Regulatory Changes - SEC Chairman Paul S. Atkins criticized past enforcement practices that suppressed the cryptocurrency industry, stating that this approach harmed U.S. jobs, innovation, and capital [1][3]. - The new initiative, termed "crypto project," aims to modernize securities regulations to support the migration of markets to blockchain technology, providing clear guidance for innovators [3][4]. Group 2: Clarification of Regulatory Boundaries - Atkins emphasized that most cryptocurrencies are not securities, and the SEC will work to clarify these boundaries to reduce legal uncertainties for market participants [4]. - The SEC will ensure that entrepreneurs can raise funds on-chain without facing endless legal risks, and will support the innovation of "super apps" trading platforms that can offer multiple services under a single regulatory framework [4]. Group 3: Future Financial Landscape - Atkins forecasted the emergence of on-chain capital markets and "AI agentic finance," where autonomous AI agents will execute trades and manage risks at unprecedented speeds while ensuring compliance with securities laws [5]. - The combination of AI and blockchain technology is expected to enhance market efficiency, reduce costs, and democratize access to strategies previously available only to large Wall Street firms [5]. Group 4: International Perspective - Atkins acknowledged the progress made by international counterparts, particularly praising the EU's Markets in Crypto-Assets (MiCA) regulation as a comprehensive framework for digital assets, suggesting that the U.S. can learn from it [6]. - Despite this, he reaffirmed the commitment to ensure that the U.S. remains a leader in creating an environment that supports financial innovation [6].

Core Insights - The SEC Chairman Paul S. Atkins outlined the "Project Crypto" reform plan at the inaugural OECD Global Financial Markets Roundtable, focusing on the regulatory framework for cryptocurrencies [1] Group 1: Regulatory Clarity - The plan aims to clearly define whether crypto assets are classified as securities, indicating that most tokens do not fall under this category [1] - It seeks to eliminate legal uncertainties surrounding on-chain financing [1] Group 2: Enhanced Functionality - The initiative allows for super-apps to operate under a single regulatory framework, enabling functionalities such as trading, lending, and staking [1] - It promotes diverse custody solutions, providing investors and platforms with more choices [1]

Core Insights - The Federal Reserve is expected to implement a 25-basis point rate cut following disappointing labor market data, with August payrolls showing only 22,000 jobs added compared to the expected 75,000, marking the weakest performance since 2010 [1][2][7] - The labor market data indicates a cooling in wage growth, with the quits rate suggesting a decline toward 3%, which further supports the case for rate cuts [2][3] - The market is now debating the extent of the rate cuts, with some traders considering a potential 50-basis point cut, although a series of 25-basis point cuts is the base case [3][7] Impact on Crypto Market - The anticipated rate cuts are expected to create a favorable environment for risk assets, including cryptocurrencies, as lower rates typically enhance investor appetite for such assets [3][5] - Recent fund flows into crypto investment products show $338 million in inflows, although the pattern remains volatile, indicating cautious investor sentiment [4] - A confirmed dovish pivot from the Fed could encourage investors to increase their positions in digital assets more decisively [4][5] Broader Market Implications - The current economic environment illustrates that digital assets are increasingly influenced by macroeconomic factors similar to equities, bonds, and commodities [5] - If the Fed follows through with the expected rate cuts, cryptocurrencies could emerge as significant beneficiaries, serving both as risk assets and long-term value stores in investment portfolios [5][7]

Core Viewpoint - The article discusses the recent decline in the U.S. labor market, as evidenced by the lower-than-expected job growth reported by ADP, which has implications for the Federal Reserve's interest rate decisions and the performance of the stock and cryptocurrency markets [2][3]. Employment Data - In August, U.S. private sector employment increased by only 54,000 jobs, falling short of the expected 65,000 and significantly down from the revised 106,000 in the previous month [2]. Market Reactions - The disappointing employment data has reinforced expectations that the Federal Reserve may resume interest rate cuts, leading to a rise in U.S. stock markets and a rebound in U.S. Treasury yields [3]. Cryptocurrency Market Impact - On the same day, cryptocurrencies and related companies experienced a significant downturn, particularly those associated with the Trump family, with some tokens and companies seeing declines of up to 50% [4][6]. DAT Companies and Regulatory Concerns - Nasdaq is reportedly planning to impose regulations requiring DAT companies to obtain shareholder approval before issuing new shares to purchase cryptocurrencies, which could slow down the current trend of companies transitioning to DAT models [7][8]. Financial Strategies of DAT Companies - A total of 184 publicly traded companies have announced intentions to raise over $132 billion to invest in various cryptocurrencies, utilizing stock issuance as a means to acquire digital assets without incurring additional debt [8]. WLF Project and Market Sentiment - The World Freedom Finance (WLF) project, supported by the Trump family, aims to create a new financial system through its stablecoin USD1 and has faced scrutiny regarding its governance and token distribution [9][10]. Investor Concerns - Investors have expressed concerns about the liquidity and transparency of the WLFI token, particularly regarding the potential for significant price volatility due to the project's reliance on public interest and the Trump family's involvement [10].

2025年8月1日，香港《稳定币条例》正式生效，在香港设立法定稳定币发行人的发牌制度。 此前，国内多家知名企业如京东、蚂蚁集团等高调宣布入局稳定币，追逐跨境支付的新风口。稳定币究竟是加密世界的"定海神针"还是"风暴之眼"？在该 条例落地一个月、舆论热度降温之际，是时候从理性的视角聊聊"稳定币"这个在大众认知中相对新鲜的金融概念。 在中欧国际工商学院教授区块链技术、数字资产与金融服务等课程的金融学助理教授朱海坤，透过稳定币的本质，从稳定币发展的前世今生做出了行业预 判，并对企业布局稳定币的机遇和风险分享了专业的思考。 近年，稳定币的应用和影响力呈爆炸式增长。据统计，截至2025年初，全球流通的稳定币总市值已从2019年的不足20亿美元飙升至超过2500亿美元，年均 复合增长率超过100%。其交易规模亦水涨船高，2024年全球稳定币年交易额已达数十万亿美元量级，甚至当年稳定币链上交易量一度超过Visa和万事达 卡两大卡组织的总和。① 01 什么是"稳定币"？ 稳定币的概念，顾名思义，指一种币值稳定的数字货币。主流稳定币通常跟美元、欧元等法定货币（简称法币）保持1:1的固定兑换比例。比特币、以太 币等加密货币由于价 ...

Group 1 - The core viewpoint of the articles highlights a significant shift in investment preferences towards Ethereum ETFs, with a dramatic increase in fund inflows compared to Bitcoin ETFs [1][2] - In the past five trading days, the total inflow for spot Ethereum ETFs reached $1.83 billion, which is over ten times higher than the $171 million inflow for spot Bitcoin ETFs during the same period [1] - On a single day, nine Ethereum ETFs saw a net inflow of $310.3 million, while eleven Bitcoin ETFs only had a net inflow of $81.1 million, indicating a stark contrast in fund flows [1] Group 2 - BlackRock's Ethereum ETF (ETHA) emerged as the largest contributor, with a single-day inflow of $262 million, pushing its total inflow since inception to over $13 billion [1] - Since early July, spot Ethereum ETFs have accumulated nearly $10 billion in funds, with a total of $13.6 billion since the product's launch 13 months ago, over 70% of which has flowed in during the last three months [1] - Investment advisors have become a significant buying force for Ethereum ETFs, investing over $1.3 billion in the second quarter alone, which is a 68% increase from the previous quarter [2] Group 3 - The price of Ethereum rebounded by 5% this week, while Bitcoin only saw a 2.8% increase, reflecting the differentiated fund flows and market performance [2] - The continuous accumulation of Ethereum ETFs by institutional investors indicates a restoration of confidence in the Ethereum ecosystem, which could potentially alter the capital allocation landscape in the cryptocurrency market [2]

Core Viewpoint - The CEO of HashKey Group, Dr. Xiao Feng, highlighted that Digital Asset Treasury (DAT) is expected to be the optimal pathway for transferring crypto assets from on-chain to off-chain during the Bitcoin Asia 2025 conference [2] Group 1: Advantages of DAT over Traditional ETFs - Superior liquidity mechanism: DAT significantly enhances asset circulation efficiency, overcoming the lengthy redemption process of ETFs, thus providing investors with a more flexible and rapid asset movement channel [2] - Greater price elasticity and risk isolation: DAT generally exhibits higher market volatility and possesses risk isolation characteristics, creating richer arbitrage strategies and tool options for institutional investors [2] - More scientific leverage structure: DAT companies often design financing structures with leverage effects, offering higher capital appreciation potential compared to merely holding cryptocurrencies for value increase [2] - Built-in asset protection mechanism: DAT features a natural "downside protection"; when its stock price falls below the net value of underlying assets, investors can purchase Bitcoin or related ETFs at a discount, which is typically corrected quickly by the market [2] Group 2: Implications for Traditional Finance - These characteristics make DAT not only technically feasible but also structurally robust, establishing a more efficient bridge for crypto assets to enter the traditional financial sector [2]

Core Insights - Falconedge, a newly established hedge fund consulting firm, has completed pre-IPO financing and plans to use nearly all of the funds raised from its upcoming IPO to purchase Bitcoin, establishing BTC as a core treasury asset [1] - The company is a spin-off from Falcon Investment Management and focuses on Bitcoin treasury advisory and hedge fund consulting, positioning itself as a bridge between traditional finance and crypto assets [1] - Falconedge plans to go public in September, with the proceeds from the IPO aimed at expanding its Bitcoin reserves to strengthen its balance sheet [1]

Core Insights - The cryptocurrency market has recently experienced a significant rally, with Ethereum reaching a new all-time high of $4,888.48 before retracing to $4,770.35, reflecting a 1.5% increase over 24 hours and a 7.6% increase over the past week [1] - Other cryptocurrencies, including Bitcoin and Ripple, also saw gains of over 3%, although they too experienced a pullback shortly after [1] - The surge in Ethereum's price is attributed to several factors, including expectations of a shift in U.S. monetary policy towards easing, which typically benefits risk assets [1][2] Market Dynamics - A notable change in funding inflows has provided substantial support for price increases, with a resurgence of large-scale inflows into Ethereum spot ETFs indicating renewed institutional interest [2] - Institutional investors are increasingly incorporating Ethereum into their balance sheets, not just as passive holdings but also through staking and liquidity operations, which enhances demand and reduces market supply [2] - The recent rally has also led to significant liquidation events, with over 160,000 traders liquidated and a total liquidation amount of $694 million on August 23, continuing with $161 million in the following 24 hours [2] Price Volatility and Predictions - The interplay between rising spot prices and the liquidation of short positions has created a feedback loop, amplifying price volatility [3] - Market sentiment towards Ethereum is at an all-time high, with predictions suggesting potential price targets of $10,000 to $16,000 [3] - Recent regulatory changes, including an executive order allowing alternative assets in retirement accounts, could unlock approximately $12.5 trillion in potential investment for cryptocurrencies, further accelerating mainstream adoption [3] Future Outlook - The future trajectory of cryptocurrencies like Ethereum and Bitcoin will largely depend on macro liquidity expectations and the sustainability of institutional buying [4] - If a formal easing cycle begins, it could maintain a weak dollar and provide ongoing support for risk asset valuations, although this scenario requires continuous validation [4] - The concentration of institutional holdings suggests limited selling pressure, but the pace of institutional inflows is influenced by macroeconomic conditions and asset rebalancing [4]