声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我 们，我们将按照作者要求进行修改。转载仅用于信息分享，不构成任何投资建议，不代表吴说观点与立 场。 近日，顶级风投 Pantera Capital 的两位合伙人 Paul Veradittakit 与 Franklin Bi 在其首期播客中剖析了加密 投资市场的现状和变局。他们回顾了过去几年山寨币的投机浪潮，分析了今年融资额创新高、交易数量 大幅下降的"冰火两重天"现象，并围绕项目投资策略和退出路径，以及 DAT 、代币化和零知识证明等 主题，展开了一场辩论。 PANews 对本期博客进行了整理编译。 加密投资回归专业和理性，团队执行力和资产增值是 DAT 竞争关键 主持人：今天我们来聊聊加密风险投资的现状。数据显示，今年的总融资金额达到了 340 亿美元的历史 新高，但交易数量却比 2021 和 2022 年下降了近一半，而且资本更多地流向了后期项目。两位如何解读 这种"冰火两重天"的现象？Franklin ：这个问题问得很好。要理解现状，我们得回看 2021 和 2022 年， 那两年是"元宇宙年"。当时零利率和大量 ...

Core Insights - The global cryptocurrency market is experiencing a new growth phase in 2025, with Digital Asset Trusts (DATs) becoming a focal point due to their unique asset integration model [1][3] - DATs have raised more funds than traditional crypto venture capital, indicating a shift in investment strategies [1] - XBIT decentralized exchange platform offers innovative technology and risk management solutions for market participants [1][3] Group 1: DATs Overview - DATs represent a fusion of traditional finance and cryptocurrency markets, often utilizing reverse mergers with shell companies to bypass strict IPO regulations [3][4] - These entities primarily invest in major cryptocurrencies like Bitcoin and Ethereum, providing leveraged investment channels for investors [3][4] - The stock prices of DATs often exhibit significant premiums during bullish market phases, driven by low-cost public market funding and investor demand for leveraged exposure [3][4] Group 2: Risks and Market Dynamics - As DATs adopt leverage strategies to amplify returns, they face vulnerabilities during market downturns, where high volatility can lead to significant stock price declines [4][5] - When cryptocurrency prices fall, DATs may experience a rapid shift from premium to discount on their stock prices, leading to three potential strategies: maintaining assets, seeking acquisitions, or selling assets to repurchase stock [5] - The transition from premium to discount can create a negative feedback loop, exacerbating overall market volatility [5] Group 3: XBIT Platform Features - XBIT decentralized exchange operates without third-party trust mechanisms, ensuring transaction reliability through smart contracts and blockchain transparency [7][8] - Users maintain control over their private keys, allowing for autonomous asset management and reducing risks associated with centralized exchanges [8][9] - The platform's anti-censorship features enable continuous operation despite regulatory changes, providing investors with ongoing market access [8][9] Group 4: Strategic Importance of XBIT - XBIT's real-time market monitoring and liquidity support help investors adjust asset allocations in response to market fluctuations [10][12] - The platform's operational model, which does not require KYC or intervention, allows for rapid market response and asset protection during volatile conditions [12][13] - XBIT's technological innovations position it as a reliable solution for navigating uncertainties in the evolving cryptocurrency landscape [13]