加密货币概念股走强，第九城市涨超8%，Strategy涨超6%，MARA Holdings、Bullish涨超5%， CleanSpark、Bit Digital、Robinhood涨超4%，Circle、Coinbase涨超3%。比特币升至9万美元上方，过去 24小时涨超5%。(格隆汇) ...

北京时间12月2日晚，美股周二早盘继续走高。受比特币和科技股上涨推动，主要股指正尝试从12月交 易开局疲软中恢复过来。市场对美联储12月降息的预期重新升温。 随着比特币录得自3月以来最差单日表现，加密货币在前一交易日的跌势加剧。加密货币相关股票 Coinbase和Robinhood均下跌。11月表现突出的"科技股七巨头"股票之一、谷歌母公司Alphabet收回部分 涨幅。Palantir等其他科技巨头股价也下跌。与此同时，金价和债券收益率上涨。 11月份对科技股来说是低迷的一个月，且标准普尔500指数和30只成分股的道琼斯指数都仅实现小幅上 涨。目前投资者正在寻找可能引发年终反弹的催化剂。 交易员目前乐观地预计，美联储将在12月10日结束的下次政策会议上宣布降息。根据芝商所的美联储观 察工具，市场预计下次会议上降息的可能性为87.6%，远高于11月中旬的几率。 Nationwide首席市场策略师Mark Hackett表示："随着年底临近，多头在技术面和基本面因素上仍享有强 劲的顺风。在技术面上，12月仍然是季节性强势月份，资金流动一直稳定，风险指标有所改善，标准普 尔500指数已飙升至50日移动均线上方，市 ...

科技股普涨，甲骨文涨超2%，英伟达、英特尔涨超1%。 比特币在大跌逾5%后企稳，加密货币概念股反弹，Coinbase涨超2%，Strategy涨超3%。 凤凰网财经讯 12月2日，市场风险偏好回升，美股周二温和上升。三大指数小幅高开，道琼斯指数涨 0.31%，标普500指数涨0.29%，纳斯达克综合指数涨0.42%。 ...

Core Viewpoint - The cryptocurrency market is experiencing significant downward pressure due to multiple factors, including macroeconomic policy expectations, institutional selling, and increased regulatory scrutiny, leading to a decline in both cryptocurrency prices and related stocks [3][4][10]. Market Performance - As of December 2, A-shares and Hong Kong stocks related to cryptocurrency continued to decline, with notable drops in companies like Jingbeifang and Hailian Jinhui, each down approximately 1% [3][4]. - Bitcoin saw a sharp decline, dropping nearly 30% from its October peak of $126,251 to below $84,000, while Ethereum experienced a larger drop of over 10% in a single day [3][4]. Institutional Behavior - Since September, large institutional investors have sold over $20 billion in cryptocurrency assets, with year-end profit-taking becoming more pronounced [7][10]. - The adjustment in institutional behavior is a core factor in the current market downturn, with a significant number of leveraged positions being liquidated [5][6]. Regulatory Impact - Recent regulatory developments in China have intensified scrutiny on virtual currencies, particularly stablecoins, which are now included in regulatory frameworks due to concerns over money laundering and fraud [11][12]. - The regulatory stance is seen as a reaffirmation of existing policies rather than a tightening, reflecting ongoing concerns about potential risks in the cryptocurrency sector [11][12]. Macroeconomic Factors - The upcoming Federal Reserve meeting has led to a decrease in expectations for interest rate cuts, which negatively impacts non-yielding assets like Bitcoin [10]. - The uncertainty surrounding macroeconomic signals has also contributed to volatility in traditional risk assets, amplifying the adjustments in the cryptocurrency market [10].

Core Insights - The cryptocurrency industry showed a comprehensive recovery and diversified development in Q3 2025, with significant breakthroughs in market size, asset performance, and ecological innovation [1][2] Market Overview - The total market capitalization of cryptocurrencies increased by $563.6 billion (+16.4%) in Q3 2025, reaching $4.0 trillion, marking two consecutive quarters of significant capital appreciation [10][11] - The average daily trading volume rebounded to $155 billion, a 43.8% increase from the previous quarter, indicating a sustained rise in market participation [10][11] - The top 30 cryptocurrencies saw a reshuffle, with USDe rising significantly in rank, while some previously prominent coins dropped out of the list [10] Asset Performance - Bitcoin reached a new all-time high of $123,561, closing the quarter with a 6.4% increase and a daily trading volume rebound of 28.4% [36] - Ethereum outperformed with a closing price of $4,215, a 68.5% increase, and reached a peak of $4,946 during the quarter, increasing its market share by 3.8 percentage points to 12.5% [1][2] - Other major cryptocurrencies like BNB and SOL also saw substantial gains of 53.6% and 34.7%, respectively [1][2] Stablecoin Market - The total market capitalization of the top 20 stablecoins reached a historic high of $287.6 billion, driven by significant growth in USDT and USDC [20] - The stablecoin market saw an influx of $44.5 billion (+18.3%) in Q3, surpassing the previous quarter's growth [20] DeFi and NFT Developments - The DeFi sector experienced a strong recovery, with total market capitalization growing by 40.2% to $161 billion, and total value locked (TVL) increasing from $115 billion to $161 billion [2] - The NFT market also showed significant improvement, with the trading volume of the top 12 blockchains increasing by 56.8% [2] Exchange Activity - Centralized exchanges (CEX) saw a 31.6% increase in trading volume among the top 10, while decentralized exchanges (DEX) experienced a 9.9% growth in spot trading volume [2] - The perpetual contract trading volume reached a record high of $24 trillion [2] Industry Dynamics - The net inflow for US spot Ethereum ETFs reached $9.6 billion, surpassing Bitcoin ETFs for the first time [2] - Digital asset holding companies (DATCos) reported a quarterly acquisition expenditure of $22.6 billion, the highest for a single quarter to date [2][29] - The performance of cryptocurrency-related IPOs was mixed, with some companies maintaining profitable stock prices [2][32]

Core Viewpoint - The cryptocurrency market is experiencing significant downward pressure due to multiple factors, including macroeconomic policy expectations, institutional selling, and increased regulatory scrutiny, leading to a decline in both cryptocurrency prices and related stocks in A-shares and Hong Kong markets [1][2][5][6]. Market Performance - As of December 2, A-shares and Hong Kong stocks related to cryptocurrency continued to decline, with notable drops in companies like Jingbeifang, Hailian Jinhui, and Cuiwei Co., each down approximately 1% [1]. - The cryptocurrency market has seen Bitcoin drop to a low of $84,000, a nearly 30% decrease from its peak of $126,251 in early October, while Ethereum experienced a drop exceeding 10% on December 1 [1][2]. Institutional Behavior - Institutional investors have been a core factor in the recent market adjustment, with over $20 billion in cryptocurrency assets sold since September [3]. - The end of the year has prompted many institutions to lock in profits, leading to increased selling pressure and a slowdown in ETF fund inflows, which are critical indicators of institutional risk appetite [3][5]. Leverage and Market Dynamics - The December 1 drop was characterized by a significant leverage liquidation effect, with over 270,000 contracts forcibly liquidated, amounting to nearly $985 million, predominantly affecting long positions [2]. - The market structure has shown that once macro expectations are re-evaluated, the speed of liquidation can accelerate, leading to broader market declines [2][4]. Regulatory Impact - Recent regulatory developments in China have intensified scrutiny on virtual currencies, particularly stablecoins, which are now included in regulatory frameworks due to concerns over their use in illicit activities [6]. - Experts believe that the regulatory stance reflects ongoing concerns about potential risks in the cryptocurrency sector, rather than a tightening of existing policies [6][7]. Macroeconomic Factors - The upcoming Federal Reserve meeting has created uncertainty, with officials emphasizing persistent inflation and the need for restrictive monetary policy, dampening expectations for interest rate cuts [5]. - The tightening of dollar liquidity and the weakening of risk asset sentiment have further pressured the cryptocurrency market, which is sensitive to interest rate expectations [5].

U.S. stock futures advanced on Tuesday following a selloff in the previous session, giving hope to investors that December—historically a strong month for markets—can indeed get off to a good start.Futures for the Dow Jones Industrial Average rose 50 points, or 0.1%, after the index tumbled 427 points on Monday to finish at 47,289. S&P 500 futures gained 0.3% with contracts tracking the tech-heavy Nasdaq up 0.4%.Stocks dropped on Monday as risk sentiment weakened, characterized by a deep selloff in Bitcoin ...

Wangdaizi(wangdaizi@sohu.com) 美联储最高银行监管负责人鲍曼计划12月2日在向众议院金融服务委员会提交的书面证词中强调，监管 机构需以"负责任的方式鼓励创新"，同时持续提升对"创新带来的安全稳健性风险"的识别与管控能力。 这场听证会正值金融行业激辩数字资产监管未来之际，鲍曼的表态释放出监管层平衡创新与风险、推动 公平竞争的明确信号。 创新与风险双轮驱动：构建高效安全金融体系 鲍曼指出，新技术正重塑银行业生态——通过提升运营效率、扩大信贷覆盖范围，为消费者与企业创造 价值。她特别提及，金融科技与数字资产公司的蓬勃发展需匹配"公平竞争环境"，监管机构将致力于打 破行业壁垒，确保传统银行、金融科技公司及加密货币企业在同一起跑线上竞争。 稳定币监管框架加速成型：锚定《天才法案》要求 作为监管创新的核心抓手，鲍曼透露将联合多机构为稳定币发行机构制定资本与多元化监管规则，严格 落实《天才法案》对"注册备案+等额储备金"的硬性要求。此举旨在防止稳定币脱离传统金融监管框 架，避免成为系统性风险新源头。她承诺，监管方将发布清晰的数字资产监管指引，并对创新应用案例 提供及时反馈，确保规则既能包容技术迭 ...

Core Viewpoint - The potential nomination of Kevin Hassett as the next Federal Reserve Chairman by President Trump could lead to a more aggressive monetary policy, impacting market dynamics significantly [1][2][4]. Group 1: Potential Impact on Monetary Policy - Hassett's approach may shift the Fed from a "data-dependent" model to a "demand-driven" model, potentially resulting in earlier and larger interest rate cuts than currently anticipated [3][5]. - Market expectations are already adjusting to the possibility of "larger and faster rate cuts," with significant implications for interest-sensitive sectors such as technology and real estate [2][4]. Group 2: Market Reactions and Asset Valuations - If Hassett is appointed, there may be a notable increase in stock and gold prices due to anticipated liquidity easing, while bank stocks could face pressure from narrowing interest margins [2][4]. - The potential for a "Christmas rally" in the stock market is suggested if Hassett is officially nominated before the holiday season [4]. Group 3: Concerns Over Fed Independence - Analysts express concerns that Hassett's close ties to the Trump administration could politicize monetary policy, undermining the Fed's independence and potentially leading to higher long-term interest rates due to inflation fears [5][6]. - The market may react negatively to perceived loss of Fed independence, impacting the valuation of U.S. dollar assets, with short-term bonds and gold likely benefiting [5][6]. Group 4: Uncertainty During Transition Period - The transition period between Powell and Hassett may create confusion in market expectations regarding monetary policy, leading to increased volatility in the short term [7].

2025.12. 02 本文字数：2033，阅读时长大约3分钟 作者 | 第一财经 后歆桐 1日，比特币录得3月以来最大跌幅，其他加密货币资产也均走低。 由于投资者在加密货币投资中杠杆越来越高，1日的下跌更使得近10亿美元的杠杆加密货币头寸被平 仓。币圈业内人士担忧，加密货币市场将迎来新一轮寒冬。 比特币大跌，10亿美元杠杆头寸被迫清仓 市场规模较小、流动性较低的代币更受重创，因为加密货币交易员经常倾向由于这些货币的波动性更 高，而更愿意交易这些代币。追踪100大加密货币走势的MarketVector指数今年已累计下跌了近 70%。 1日的下跌也是10月开始的加密市场抛售潮的延续。数据追踪机构Coinglass汇编的数据显示，10月 初，由于美国总统特朗普重新威胁要提高关税，约190亿美元的杠杆加密货币头寸被迫平仓，加密货 币市场在长达数周的抛售之后始终处于不稳定状态。1日，加密货币价格大幅下跌期间，又有近10亿 美元的杠杆加密货币头寸被迫平仓。 交易员使用清算数据来评估系统中的杠杆率、现货风险偏好，并衡量目前的抛售潮、平仓是否已真正 清除了市场过度投机行为。但业内人士表示，他们所依赖的数字可能不完整，交易所 ...