金融经济讨论系列 美国联邦储备委员会，华盛顿特区，ISSN 19 36-2854（印刷版）ISSN 2767-3898（在线 版） 初始保证金：加密货币在未清算市场中的风险 安娜·阿米尔贾诺娃，大卫·林奇，安妮·郑 初始保证金：加密货币在未清算市场中的风险 安娜·阿米尔贾诺娃，大卫·林奇，安妮·郑 2026年2月11日 摘要：本文在ISDA标准化初始保证金模型（SIMM）框架下，对未清算市场中受加密货币风险因 素影响交易的初始保证金进行前瞻性分类。与加密货币是依赖于分布式账本技术（DLT）的数字 资产，并引发与传统风险类别如商品或外汇显著不同的金融风险的观点一致，我们发现，加密货 币最好归类为SIMM中的独立风险类别，该类别分为两大类——锚定和浮动（非锚定）加密货币作 为风险因素——并建议在加密货币风险类别中进行风险权重校准的方法，与SIMM中采用现有方法 保持一致。 I. Ⅰ 引言 针对2008-2009年的严重金融危机，这场危机凸显了未清算场外衍生品的系统性风险，导致了"对 覆盖 swaps 实体的保证金和资本要求"（第80）对其进行监管。 联邦登记簿 74840）——也称 为未清偿保证金规则（UMR）— ...

在数字经济浪潮席卷全球的今天，一个名为iCanX的数字资产交易平台正以其独特的市场定位和强大的功能生态，迅速成为加密货币领域备受瞩目的焦点。 尽管市场环境风云变幻，iCanX凭借其卓越的安全性能与创新的一站式服务，展现出强劲的增长潜力，被视为投资者布局未来的重要窗口。 iCanX致力于打破传统交易的壁垒，提供多元化的交易渠道。无论是便捷的C2C（点对点）交易、国际信用卡购买，还是核心的加密货币交易服务，平台都 进行了极致优化。特别是其移动端应用，支持App Store、Google Play及APK全渠道下载，让用户能够随时随地掌控资产。 iCanX不仅仅是一个交易场所，更是一个致力于"让科学与财富互联"的创新型生态系统。平台依托先进的技术架构，为全球用户提供了一个安全、无缝的交 易环境。其核心品牌理念"安全至上，值得信赖"，为初入币圈的新手和寻求高效工具的专业交易员构建了坚实的信任基石。 值得一提的是，iCanX深知教育是普及数字资产的关键。平台特别设立了加密知识学习板块，通过视频教程和防骗指南，帮助用户在波动的市场中保持理 性，提升风险防范意识。这种"交易+教育"双轮驱动的模式，不仅增强了用户粘性，也为平 ...

Gate交易所以太坊未平仓合约减少逾2000万枚ETH（25%），Bybit与OKX分别下降850万枚ETH与680万枚ETH。四大平台合计未平仓合约下跌约7500万枚 ETH，其余平台合计减少500万枚ETH，表明该现象为普遍趋势，非单一平台所致。 ETH周五重新站上2000美元，且在美国消费者物价指数（CPI）数据显示数据低于预期后涨幅进一步扩大。 本轮回暖有望推动ETH/USD实现自1月中旬以来首次看涨的周K线收盘，引发市场对以太坊涨至2500美元的预期。 要点： 以太坊期货未平仓合约30天内下降8000万ETH，资金费率创三年新低，显示看跌趋势减弱。 ETH价格在2000美元附近构筑强劲支撑，若要巩固回暖，需持续守住该关口。 ETH/USD小时线图 来源：Cointelegraph/TradingView 编辑 CryptoQuant数据显示，过去30天里，各大主流交易所的以太坊期货未平仓合约（OI）累计下降超8000万枚ETH。 全球交易量最大的加密货币交易所币安，过去30天未平仓合约降幅最大，约为4000万枚ETH（50%）。 CryptoQuant分析师Arab Chain在Quicktake分 ...

吴说获悉，据 Onchain Lens 监测，在市场稳定期间，三个以太坊空头鲸鱼浮盈超 800 万美元：0xed4： ETH 25x 空头，浮盈 880 万美元；0x0b0：ETH 20x 空头，浮盈 840 万美元；0x20c：ETH 25x 空头，浮 盈 840 万美元。与此同时，0x960 持 ETH 25x 多头浮亏 838 万美元，并持 SOL 4x 多头浮亏 240 万美 元。 （来源：吴说） 来源：市场资讯 ...

2月12日美股盘后，Coinbase发布了2025年第四季度财报，显示其营收和盈利均不及预期，去年第四季度亏损约6.67亿美元，这也是自2023年以来首次季度亏 损。在市场整体走弱背景下，比特币（BTC）等主流加密资产价格显著回落，交易量萎缩进一步压制了交易手续费收入，引发交易平台股价震荡和分析师下 调目标价。 本报告将围绕财报核心数据、市场行情反馈及未来趋势进行详尽解读与分析。 根据2月12日发布的财报，Coinbase尽管全年运营指标创下历史新高，但在2025年第四季度却出现净亏损6.7亿美元，结束了连续八个季度的盈利记录。 市场原本预计Coinbase每股盈利将在0.55至0.92美元之间，但实际公布的亏损高达每股2.49美元，远低于预期。同时，净收入约为17.8亿美元，同比下降约 22%，也未达到华尔街预测的18.5亿美元。 财报显示，交易活动的大幅萎缩是主要原因：消费者交易量下降超过45%，导致交易收入同比下降约37%，至9.827亿美元。加密资产整体市场下滑进一步加 剧了这一影响，比特币在10月初曾突破12.6万美元，但年底收盘跌至不足8.85万美元，全年下跌近三成。自比特币10月高点以来，整个加 ...

Core Viewpoint - Bitcoin (BTC-USD) is currently hovering around $69,000, with analysts suggesting it may be nearing a bottom after recent sell-offs, potentially setting the stage for a short-term rebound and a more constructive upward trajectory in the future [1][7]. Group 1: Market Sentiment and Analysis - A senior analyst from Compass Point believes the cryptocurrency market is in a bottoming phase following a record panic sell-off, with realized losses reaching approximately $10 billion, the second-highest since June 2022 [2][3]. - Cantor Fitzgerald indicates that the recent market pressure may have laid the groundwork for a short-term rebound, suggesting that the current price action resembles a "washout" rather than the beginning of a long-term decline [8][9]. - The significant sell-off has led to a liquidity crisis in the cryptocurrency market, with Bitcoin's value dropping about 45% from its all-time high of over $126,000 in October [3]. Group 2: Whale Activity and Market Dynamics - "Bitcoin whales," or large holders, have reportedly accumulated approximately 53,000 BTC over the past week, which has helped stabilize prices despite a broader trend of net selling among large holders [10][11]. - Despite the recent accumulation by whales, the overall demand remains narrow, leading analysts to question whether this activity signifies a return of bullish sentiment or merely a damage control measure [10][12]. - The market's current dynamics suggest that while there is potential for a short-term rebound, the long-term upward trend will require significant new demand and liquidity to validate [13][15]. Group 3: Future Outlook and Conditions - Analysts emphasize that the next phase of Bitcoin's price movement will depend on the return of new demand and liquidity, with macroeconomic factors such as potential easing from the Federal Reserve playing a crucial role [9][14]. - The overall sentiment indicates that while the probability of a short-term rebound is increasing, the mid-term trend remains in a "proof of concept" phase, requiring broader participation and sustained inflows from institutional investors [15].

Core Viewpoint - The article reports on the latest unaudited Bitcoin mining update from Canaan Inc. (NASDAQ: CAN) for January 2026, highlighting significant metrics related to its mining operations and cryptocurrency reserves [1] Group 1: Mining Performance - The company mined a total of 83 BTC in January 2026 [1] - The global deployed hash rate reached 10.07 EH/s, while the operational hash rate was 6.63 EH/s [1] - The average mining machine efficiency was recorded at 24.2 J/TH [1] Group 2: Cryptocurrency Reserves - Canaan's cryptocurrency reserves hit a record high of 1,778 BTC and 3,951 ETH [1]

Core Insights - The cryptocurrency market is showing clear signs of stabilizing institutional demand, with a net inflow of $371 million recorded last Friday and an additional $145 million on Monday, indicating a recovery in the U.S. spot Bitcoin ETF [1][3] - Despite a total redemption amount of approximately $1.9 billion this year, the sharp decline in outflow speed is seen as a turning point in market sentiment, suggesting that institutional allocation is regaining control after weeks of selling pressure [1][3] Market Participant Analysis - Early holders remain steadfast, with their belief unshaken by institutional involvement. The recent price pullback is characterized as one of the mildest adjustments in Bitcoin's history, without significant systemic collapse in the industry [1][3] - Early holders are employing a tiered profit-taking strategy rather than panic selling, with many having initial costs in the thousands of dollars, allowing them to cash out millions while maintaining solid positions [1][3] Altcoin Performance - Alongside strong performance in mainstream assets, altcoin ETFs are also showing signs of recovery, with Ethereum (ETH) and XRP attracting inflows of $57 million and $6.3 million, respectively [2][4] - This broad-based rebound reflects a growing investor recognition of the overall scarcity narrative of crypto assets, as the influence of large asset management firms expands [2][4] Market Outlook - The combination of slowing inflows and early holders' reluctance to sell is supporting the current recovery in the digital asset market. It is anticipated that Bitcoin ETFs may initiate a new round of valuation recovery at the current $70,000 level [2][4] - Future volatility will largely depend on changes in macro liquidity, but the existing consensus among funds has significantly enhanced the market's risk resilience [2][4]

从链上数据和公开披露的信息来看，这一轮下跌中，不少熟面孔已经开始用实际行动调整仓位。以太坊生态里的头部人物也并非完全"按兵不动"。Aave 创 始人 Stani Kulechov 在近期连续卖出了超过 4,500 枚 ETH，按照当时价格计算，规模接近 800 万美元；以太坊联合创始人 Vitalik Buterin 也在一段时间内分 批卖出了约 6,800 枚 ETH，用于捐赠和现实世界的资金安排。这类操作很容易被解读为"核心人物减持"，但从动机上看，更像是面对高波动环境时，对个人 资产结构进行的再平衡，而不是对整个以太坊生态的否定。 经历了一段时间的震荡修复后，加密市场最近再次回到高波动区间。宏观流动性预期反复、风险资产整体承压，比特币和以太坊在前高附近遇阻回落，带动 整个市场情绪迅速降温。不少山寨币在短时间内走出明显回调，衍生品市场的爆仓数据也再度放大，社交平台上关于"这一轮是不是要走弱周期"的讨论明显 变多。在这种环境下，市场关注点开始从单纯的价格涨跌，转向一个更现实的问题：真正掌握大体量资金的那批人，在这轮回调中到底在怎么操作？ | � | 2 小时 前 | 0x8036e34dF1af66891F ...

Group 1 - The core viewpoint of the article is that Li Lin, the founder of Huobi, clarified that he is not an investor in LD or Garrett Gin, and he has not reduced his holdings in BTC or ETH during the recent market downturn [1] - There are rumors circulating on social media suggesting that the recent sell-off was not entirely driven by macroeconomic factors but rather due to a large fund facing liquidation of its Bitcoin positions, with speculation pointing towards a Hong Kong hedge fund involved in Bitcoin options trading [1] - According to the latest SEC 13F report, as of the end of Q3 2025, Avenir Group, founded by Li Lin, holds 18,297,107 shares of IBIT, with a market value of $1.189 billion, representing an approximately 18% increase from the previous quarter, and it has been the largest institutional holder of Bitcoin ETFs in Asia for five consecutive quarters [1]