关于市场恢复的速度，目前机构投资者的预期普遍偏向审慎乐观。NCE 平台表示，尽管现货 ETF 的流 入情况有所改善，但在经历大幅回撤后，市场情绪的修复通常需要三到六个月的"冷静期"。V 型反转的 概率在当前环境下较低，更多的将是基于宽幅区间的结构性整理。这种行情虽然缺乏爆发力，但对于长 期投资者而言，却是降低持仓成本、进行战略性配置的良机。 综上所述，数字资产市场正处于从"寒冬"向"早春"过渡的阵痛期。投资者应保持耐心，密切关注 ETF 的流入规模以及全球宏观政策对风险资产定价的影响。随着抛售压力的逐步出清，市场的重心将缓慢上 移。在 2026 年余下的时间里，这种横盘整理将持续修复投资者的信心，直至新的利好催化剂出现。 NCE 平台建议，在震荡市中应重点关注 60000 美元关口的支撑力度，这是判断长期牛市趋势是否完好 的重要参考。 技术指标层面也释放出了明显的见底信号。NCE 平台认为，比特币的历史周线 RSI（相对强弱指数） 已进入极度超卖区域，这通常预示着激进的卖压正处于消退边缘。虽然市场仍可能反复测试 62000 美元 至 65000 美元的支撑区间，但只要全球宏观经济环境不发生系统性崩溃，这种震荡 ...

Meta Prepares to Integrate Native Stablecoin Payments Across Global Platforms In a historic move that signals the final convergence of social media and decentralized finance, Meta Platforms, Inc. confirmed on February 24, 2026, that it will integrate native stablecoin payment features across its entire ecosystem, including WhatsApp, Instagram, and Facebook. This strategic shift marks the culmination of years of research and development following the sunsetting of the ill-fated Libra project and the subsequ ...

香港证监会将持续密切监察有关举措的实施情况，并与持份者保持沟通，以确保该等措施促进香港建立 一个安全且具竞争力的市场环境。 为进一步推动香港的虚拟资产交易活动，香港证监会准许持牌虚拟资产交易平台的联属公司在其平台上 担任庄家，前提是须设有强而有力的防范措施，以减少利益冲突。这些联属公司的参与，应会为持牌虚 拟资产交易平台带来新增的流动性渠道。 香港证监会中介机构部执行董事叶志衡博士表示："本会根据ASPIRe路线图奉行按部就班的发展方针， 这对于香港数字资产市场的规模化发展至关重要。这些针对性的举措旨在增强市场流动性，更展示了香 港证监会对于以可持续及协作的方式发展香港数字资产市场的坚定承诺。" 2月11日，香港证券及期货事务监察委员会(香港证监会)发出新的指引，准许提供虚拟资产交易服务的 持牌经纪(虚拟资产经纪)扩充其相关服务范围至保证金融资，同时订立高层次框架以向虚拟资产交易平 台提供指引，协助其就拟发售予专业投资者的虚拟资产相关杠杆式产品制订建议。 香港证监会正根据其ASPIRe路线图扩大产品和服务多样性。作为其中一项最新措施，证监会现容许虚 拟资产经纪向其证券保证金客户提供虚拟资产融资服务，前提是须具 ...

Group 1 - Analysts from Bernstein, led by Gautam Chhugani, express reasonable confidence that Bitcoin and the broader digital asset market have reached a bottom, identifying the market low at $80,000 in late November last year [1] - The analysts emphasize that institutional demand is driving adoption in the current market context, making concerns over the four-year cycle pattern unnecessary [1] - Bernstein maintains its long-term forecast, predicting Bitcoin will reach $150,000 by 2026 and $200,000 by 2027 [1]

Group 1 - The core viewpoint of the articles highlights a significant sell-off in the Bitcoin market, leading to a record outflow of funds from the iShares Bitcoin Trust (IBIT), which is the largest spot Bitcoin ETF globally [1][4] - On Tuesday, IBIT experienced a record outflow of $523 million, marking the highest single-day redemption since its launch in January 2024, and this was the fifth consecutive day of net redemptions [1][4] - Cumulatively, IBIT has seen nearly $2 billion in outflows in November, while the entire U.S. spot Bitcoin ETF market has surpassed $3 billion in outflows for the month [1][4] Group 2 - Bitcoin's price has dropped nearly 30% from its historical high in October, reaching a low of $89,232, the lowest level since April [1][3] - The current sell-off reflects the fragile confidence in the digital asset market, with approximately $19 billion in leveraged positions being liquidated since the market correction on October 10 [3][4] - Analysts warn that the combination of ETF outflows and long-term holders selling is tightening market liquidity and pushing Bitcoin prices lower, indicating a decline in market confidence [3][4] Group 3 - The large-scale outflows from the IBIT fund are viewed as a significant bearish signal for the market [4] - Despite previously strong performance, with over $72 billion in assets under management and nearly $26 billion in inflows this year, the recent outflows have disrupted the fund's momentum [4] - Market participants are increasingly purchasing downside protection for Bitcoin, anticipating a potential drop below $80,000 by December 26, amid concerns over the resilience of the U.S. job market and low probabilities of interest rate cuts [4]

Core Insights - Coinbase reported a net profit of $433 million for Q3 2025, with earnings per share of $1.50, a significant increase from $75.5 million in the same period last year [1] - The surge in trading revenue to $1.05 billion, up from $573 million year-over-year, was primarily driven by increased trading volumes due to heightened volatility in the digital asset market [1] - Despite weak economic data in August leading to market sell-offs, overall market volatility encouraged investors to increase hedging activities, positively impacting the exchange's business performance [1] - Following the earnings report, Coinbase's stock rose by 1% in after-hours trading [1]

Group 1 - The company, Zhou Shifu (06168), announced a strategic investment through its wholly-owned subsidiary, HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED, acquiring a 15% stake in Going Securities (HK) Limited, which indirectly holds a 15% stake in Gao Ying Securities [1] - Wei Fu Tong Technology Co., Ltd., a wholly-owned subsidiary of A-share listed company Shanghai Huafeng Superfiber Technology Co., Ltd. (stock code: 300180.SZ), also indirectly acquired an 18% stake in Gao Ying Securities through its subsidiary SwiftPass HongKong Limited [1] - Gao Ying Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses, and serves as the vice-chairman unit of the "Hong Kong Web3.0 Standardization Association," showcasing its compliance qualifications and resource integration advantages [1] Group 2 - This strategic investment serves as a foundation for long-term strategic layout and win-win cooperation among the stakeholders in the digital finance sector [2] - The parties involved will integrate mature resources across cross-border payments, precious metals, and capital markets to compliantly expand into the digital finance sector and explore new growth opportunities in the Hong Kong digital asset market [2]

Economic Growth - Hong Kong's economy continues to expand steadily, supported by strong export performance and improved local demand, with GDP increasing by 3.1% year-on-year in Q2 2025, marking the tenth consecutive quarter of growth [1][2] - Private consumption expenditure has shown a recovery with a 1.9% year-on-year increase after four consecutive quarters of decline, while government consumption expenditure rose by 2.5% compared to the previous year [1][2] Investment and Trade - Local fixed capital formation increased by 2.9% year-on-year in Q2 2025, following a 1.1% rise in Q1 [2] - Merchandise exports grew by 11.5% year-on-year, accelerating from 8.4% in Q1, while imports rose by 12.7%, up from 7.2% in the previous quarter [2][3] Retail Sector - The retail sector is stabilizing, with total retail sales value in June estimated at HKD 30.1 billion, a 0.7% year-on-year increase [2][3] - Seasonal adjustments show a 0.3% increase in retail sales value and a 2.7% increase in retail sales volume from Q1 to Q2 2025 [2] Financial Market - The Hong Kong stock market is gradually recovering, with 42 IPOs raising over HKD 107 billion in the first half of the year, a 22% increase compared to the previous year [4] - The Hang Seng Index rose by 20% in the first half of the year, marking the largest half-year increase in history [4] Government Initiatives - The Hong Kong government is accelerating economic transformation by promoting high-value industries and has launched various support programs for strategic industries [4][5] - The government is also consulting on legislation for digital asset trading and custody services to foster the development of the digital asset market [4] Competitive Advantage - Strengthening ties with mainland China is seen as a significant long-term advantage for Hong Kong's development, with recent agreements enhancing investment facilitation [5] - Hong Kong's global competitiveness ranking has improved to third place, reflecting the effectiveness of government policies [5]

Core Insights - The U.S. Treasury Department discussed the ongoing efforts regarding the digital asset market during a Financial Stability Oversight Council meeting led by Secretary Yellen [1] - The meeting included updates from the SEC Chairman and the acting CFTC Chairman on their respective agencies' recent actions [1] - The discussions focused on enhancing the U.S. leadership in digital assets and fintech, as well as providing greater regulatory clarity and certainty for the digital asset market [1]

Group 1 - The Financial Stability Oversight Council (FSOC) held a meeting to discuss the digital asset market, chaired by Secretary of the Treasury Janet Yellen [1]