Reuters 比特币目前徘徊在6万美元区间，一度跌至历史最高价的一半左右。有分析师指出，过去30天 内比特币、以太坊及主流稳定币的资金流出规模已达400亿美元…… 代表性虚拟货币比特币的价格持续低迷。目前徘徊在6万美元区间，一度跌至历史最高价的一 半左右。支撑2025年比特币上涨行情的美国投资资金正在外流，市场对其进一步下跌的担忧 不断加剧。 "（协商时间）远超原定的2小时"、"白宫方面不让与会者离场，持续施压以求达成共识"，多 家媒体报道称2月20日在美国举行的《数字资产市场清晰法案》的非公开协商未能达成一致。 《数字资产市场清晰法案》是为了明确整个虚拟货币的监管框架，若获得通过本应利好行 情。但在与法定货币挂钩的稳定币的利息问题上，虚拟货币行业与银行业产生对立。美国参 议院银行委员会已推迟相关审议。 比特币自2025年10月创下12.6万美元区间的历史价格新高后，便进入下跌通道。尤其是进入 2026年，受《数字资产市场清晰法案》推进受阻、被视为"鹰派"的凯文·沃什被提名为美联 储下任主席等因素影响，跌势进一步加快。 虚拟货币交易所Bitbank的市场分析师长谷川友哉指出，过去30天内市值排名靠前的比特币 ...

Core Viewpoint - South Korea's financial authorities are set to implement a second phase of cryptocurrency investment policies, allowing listed companies and qualified institutional investors to invest up to 5% of their own capital in cryptocurrencies like Bitcoin and Ethereum, potentially attracting around 3,500 institutions and companies with significant capital [1][2]. Group 1: Regulatory Developments - The final rules for the cryptocurrency investment policy are expected to be announced in January or February, with companies likely permitted to start trading by the end of the year [1]. - The proposed regulations include a 5% annual investment cap on companies' own capital to mitigate risks associated with large-scale investments in cryptocurrencies [1][2]. - The investment scope will be limited to the top 20 cryptocurrencies by market capitalization on South Korea's five major exchanges, with the list updated biannually based on trading data [1]. Group 2: Market Impact and Comparisons - The inclusion of stablecoins, particularly USD stablecoins, is still under discussion by South Korean financial authorities [2]. - The introduction of institutional investment is expected to accelerate the issuance of Korean won stablecoins and promote the launch of Bitcoin spot exchange-traded funds (ETFs) [2]. - While the approval for cryptocurrency investment is welcomed, the 5% cap is viewed as low compared to more open policies in the US, Japan, the EU, and Singapore, which may hinder capital inflow and the growth of professional cryptocurrency investment firms [2]. Group 3: Future Projections - By the second half of 2025, the average daily trading volume on South Korean cryptocurrency exchanges is projected to be approximately 5.5 trillion won [3].

Core Viewpoint - The scarcity of assets, such as precious metals and private tech companies, significantly contributes to their value, leading investors to pay high valuations for companies like SpaceX and OpenAI [2][8]. Investment Landscape - Wealth managers and fund executives have profited by connecting clients with hot private investment projects, resulting in substantial gains for some clients so far [2][8]. - Many of the companies receiving investments are in highly competitive industries and are burning cash, making future profitability uncertain [2][8]. IPO Considerations - There is speculation that SpaceX and Anthropic may launch IPOs in 2026, followed by OpenAI, which could diminish their current scarcity and lead to a drop in valuations [2][8]. - Historical examples indicate that once assets become widely available, their valuations may decline, as seen in the cryptocurrency and real estate markets [2][9]. Performance of Assets - The performance of assets like cryptocurrencies and SPACs has been disappointing, serving as a warning for potential investors considering buying into private tech giants at current valuations [3][9]. - The average market value of companies that went public via SPACs from 2021 to 2024 has decreased by two-thirds, highlighting the risks associated with such investments [10]. Real Estate Investment Trusts (REITs) - Blackstone's REIT, which once reached a size of $70 billion, faced challenges as rising interest rates and declining commercial real estate prices led to investor redemption attempts being restricted [5][11]. - Many investors entered the market at unfavorable times, missing out on gains and instead facing losses as the market turned [12]. Market Trends - The majority of newly listed stocks this year have not provided significant returns to public market investors, with many experiencing substantial declines post-IPO [12]. - The high valuations of current private companies suggest that individual investors may struggle to achieve even short-term gains after their IPOs, as the focus shifts from scarcity to scrutiny of profitability and growth potential [12].