从我的观察来看，Crypto 也是一个强周期性的市场，以前总以为 BTC ETF 之后 Crypto 就要迎来永恒牛市了，但现实还是让我们意识到币圈流动性低迷时期的残酷在熊市周期里成长、迭代，去更大的船和更广阔的天地看看，无疑是一种积蓄力量，为的是下一轮牛市更好地爆发。CC 的所见所闻对我也有很大启发！期待她分享更多看世界的经历EudemoniaCC🌷 (@EudemoniaCC):你好，我是CC。是的，在从清华毕业的第282天，我从Morph毕业了，结束了我这毕业前就入职的第一份全职工作。回望这一年半，我交出的毕业答卷是：从零搭起APAC大使网络，孵化出完整的区域团队，入职不到半年升任Head of https://t.co/XeKf4p2sMD ...

老师这两篇宏观长文的整体其实在说的就是一件事，那就是加密市场在为错误的尾部风险恐慌。浅浅理解了一下，加息解决不了油价，只会让脆弱的就业市场直接硬着陆。如果宏观真的崩了，美联储的底牌只剩降息。再看一眼币本位的 OI 和 ETF 净流入，大机构没下车，而散户在为降息延后恐慌。近三个月的 BTC ETF 流入量还是挺乐观的SUN XIAOCHUAN(Emperor of Xinjin) (@sun_xinjin):加息的风险被高估了1）22年的恶性通胀本质上是由“工资-通胀”恶性螺旋驱动，当时就业很紧（尤其服务业），工资增速高，居民储蓄率高，外加俄乌冲突引起供给侧冲击。现在的情况完全不一样，就业已经在危险区，工资增速也下来了，加息不但解决不了供给侧的问题，反而还容易带崩企业融资和失业。 https://t.co/ro6h3Txs6s ...

Core Viewpoint - The year 2025 is predicted to be the "darkest year" for the cryptocurrency market, but it may also mark the beginning of an institutional era [1] Group 1: Market Performance - Despite the pressure on Bitcoin's annual performance, Bitcoin ETFs have seen a net inflow of approximately $25 billion this year [1] - Institutional holdings have increased to about 24% of the market, indicating a significant shift in investment dynamics [1] Group 2: Market Dynamics - The current market phase is characterized as a transition period rather than a peak, with institutions reallocating their investments and the market structure undergoing changes [1] - The selling pressure from long-term holders has absorbed around 1.4 million BTC, suggesting a strategic repositioning among investors [1] Group 3: Future Outlook - The first half of 2026 is expected to be noteworthy, particularly under a relatively favorable policy environment, warranting close attention from investors [1]

Crypto Adoption by States - Texas purchased $5 million in BTC ETF, indicating a move towards government crypto reserves [1] - States are edging toward establishing first government crypto reserves [1] Source of Information - The report is presented by Genius Group Ltd [1] - Jesse Hamilton reported the news [1]

Institutional Investment - BlackRock purchased $750 million of Bitcoin [1] - Over 90% of BTC ETF flows yesterday were from BlackRock buying $764 million of BTC [1] Market Trend - Institutions are actively bidding on Bitcoin [1]