在接受Schwab Network记者Nicole Petallides采访时，Cointelegraph市场总监Ray Salmond指出，2026年初加密市场的表现将取决于多种因素。 "考虑到AI、美联储降息、战略性比特币储备和ETF资金流动等叙事如何推动了市场，我很好奇2026年是否仍是这些相同的因素催化价格上涨，还是需要出 现全新的叙事才能吸引买家重返市场。" 除了ETF资金流动和币安、Coinbase等现货交易平台的需求外，投资者对AI行业庞大建设规模的情绪以及科技股为主的标普500指数的表现，预计将对加密 市场产生直接影响。 2025年对比特币（BTC）和更广泛的加密货币市场而言堪称辉煌之年，这得益于支持加密货币的立法者推动了以增长为导向的监管框架，以及华尔街最终接 受了比特币、以太坊（ETH）和众多山寨币作为值得纳入投资组合的合法资产类别。 AI行业的基础设施建设、公司估值、融资状况、IPO表现，以及数据中心超大规模服务商是否能继续与MAG7一起推动股市上涨，将继续成为投资者关注的 焦点。 在采访中，Salmond指出，资产负债表快速扩张是2025年为科技相关股票提供强劲动力的关键策略，超大规模 ...

【2025年美国SEC备案文件提及区块链次数激增，比特币相关占比大】12月26日消息，2025年全年，美 国证券交易委员会备案文件提及区块链的次数激增。截至8月，提及次数约达8000次，且高位水平维持 至11月。在备案文件的提及增量中，比特币相关内容占主导，在所有备案相关表述里占比最大。这一集 中趋势源于2024年初多只现货比特币ETF推出，相关备案及修订文件数量大幅增加。2025年全年，传统 资产管理机构也在持续扩充加密货币相关产品线。 和讯财经 和而不同 迅达天下 扫码查看原文 美国SEC备案:2025年提及区块链约 8000次，比特币占比大 【2025年美国SEC备案文件提及区块链次数激增, 比特币相关占比大】 12月26日消息, 2025年全年, 美国证券交易委员会备案文件提及区块链的次数激 增。截至8月,提及次数约达8000次,且高位水平维 持至11月。在备案文件的提及增量中,比特币相关 内容占主导,在所有备案相关表述里占比最大。这 一集中趋势源于2024年初多只现货比特币ETF推 出,相关备案及修订文件数量大幅增加。2025年全 年,传统资产管理机构也在持续扩充加密货币相关 产品线。 本文由 Al ...

责任编辑：陈钰嘉 2025年全年，美国证券交易委员会（SEC）备案文件中提及区块链的次数呈激增态势，截至8月提及次 数已达约8000次，且这一高位水平一直维持至11月。 在备案文件的提及增量中，比特币相关内容占据主导地位，在所有备案相关表述中占比最大。这一集中 趋势源于2024年初多只现货比特币ETF成功推出后，相关备案及修订文件数量大幅增加；而在2025年全 年，传统资产管理机构也在持续扩充其加密货币相关产品线。 比特币相关提及量的持续高位，与首次代币发行（ICO）、通用加密货币等类别所呈现的周期性波动模 式形成鲜明对比，这表明机构的关注焦点已逐渐向比特币汇聚，将其视为传统金融切入加密领域的主要 合规路径。 2025年全年，美国证券交易委员会（SEC）备案文件中提及区块链的次数呈激增态势，截至8月提及次 数已达约8000次，且这一高位水平一直维持至11月。 在备案文件的提及增量中，比特币相关内容占据主导地位，在所有备案相关表述中占比最大。这一集中 趋势源于2024年初多只现货比特币ETF成功推出后，相关备案及修订文件数量大幅增加；而在2025年全 年，传统资产管理机构也在持续扩充其加密货币相关产品线。 比特 ...

在传统金融市场迎来年末反弹之际，比特币不仅痛失"圣诞行情"，还在币安交易所出现罕见闪崩。 美盘周三晚间，比特币在币安BTC/USD1交易对上突然从8.76万美元闪崩至2.41万美元，跳水幅度超过70%，随后数秒内迅速反弹至8.7万美元附 近。 这一剧烈波动仅限于USD1，由特朗普家族支持的World Liberty Financial发行的稳定币，未在其他主要交易对中出现。 目前比特币价格徘徊在约8.7万美元附近，困于8.5万至9万美元区间，今年累计跌幅超过7%。自10月从历史高点回落以来，比特币已下跌约30%， 正创下自2022年第二季度TerraUSD和三箭资本崩盘以来最差季度表现。 这个以高波动性和投机情绪著称的资产，在年末意外陷入停滞，与标普500指数和黄金屡创新高形成鲜明反差。 流动性不足引发技术性闪崩 新兴或交易量较小的稳定币交易对往往缺乏提供密集报价的做市商，导致订单簿深度较浅。一笔大额市价卖单、强制清算或自动化交易，都可能 迅速击穿买盘，使价格短暂偏离真实市场水平。 加密货币分析师、Coin Bureau联合创始人Cryptonews表示： 这凸显了在流动性不足的交易对执行操作的风险，尤其当稳 ...

新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 12月16日，近期比特币再度跌破86000美元关口，加密市场整体走弱的特征愈发明显。结合盘面结构来 看，RadexMarkets瑞德克斯表示，这一轮回调并非孤立事件，而是延续了比特币在美盘交易时段表现偏 弱的长期规律。 从短期走势看，比特币在隔夜阶段维持相对稳定，但随着美股开盘，抛压明显增强。RadexMarkets瑞德 克斯认为，这种"时段差异"正在成为市场的重要观察信号，其背后既包含资金节奏变化，也与现货比特 币ETF的交易机制密切相关。数据显示，盘后持有策略与盘中交易的收益差异，正持续放大。 在此背景下，加密相关股票同步走低并不意外。Strategy、Circle、Coinbase 以及多家交易平台和矿业公 司均出现较大幅度调整。RadexMarkets瑞德克斯表示，相较于传统股指的温和回撤，加密板块的独立性 下跌，反映出风险资产内部的分化正在加深。 从宏观环境来看，本周多项关键经济数据与主要央行政策会议，将对全球流动性预期产生影响。虽然这 些因素尚未直接改变比特币的中期区间结构，但RadexMarkets瑞德克斯认为，市场情绪在年末阶段明显 趋于 ...

渣打银行全球数字资产研究主管杰弗里·肯德里克表示，那些曾将比特币作为司库资产来推动其需求的 公司(即所谓的"DATs")已经不再拥有支撑其持续购买的估值或动力。 "我们认为DATs对比特币的购买已经完成，而我们预计ETF资金流入将间歇性恢复，"他写道。"我们预 期的是盘整，而非彻底抛售。" 随着这一需求支柱的消失，ETF资金流现在是唯一的支撑锚，而它似乎正在失去动力。贝莱德旗下的 IBIT基金上月遭遇了约23亿美元的投资者赎回——这是其今年最大的月度赎回，也是仅有的第二次月度 资金流出。尽管流出量仅占该基金总资产的3%，但此次回撤引发了担忧：考虑到比特币在先前大幅回 撤后总能强力反弹，其拥趸们是否正在动摇其长期持有的策略。 伯恩斯坦的分析师包括高塔姆·丘加尼、马希卡·萨普拉和桑斯卡尔·钦达利亚指出，尽管比特币价格下跌 了近三分之一，但十余只现货比特币ETF的净流出仅占伯恩斯坦预估的总资产规模的不到5%。比特 币"现在正处于一个被拉长的牛市周期中，更多粘性的机构购买抵消了任何散户的恐慌性抛售。" 在近期市场下跌后，华尔街最大的比特币多头们正在下调其短期预测，但他们的长期信念并未动摇。 长期的加密货币支持者渣打银 ...

12月8日，比特币近期的深度回调让市场情绪急速转弱，但 NCE平台认为，这种情绪面主导的行情正在 与基本面出现显著背离，反而为12月提供了潜在的反转契机。K33 Research 的分析同样显示，尽管市场 恐惧正在加速释放，关键技术区间、杠杆结构和资金定位都指向价格正在接近周期底部，而非新一轮大 幅下跌的开始。NCE平台表示，从历史经验与结构性数据来看，剧烈调整通常伴随着过度悲观，而这正 是机会孕育的阶段。 比特币在经历自上一轮熊市以来最大幅度的修正后，价格一度下探至约 90，680 美元。这一过程中，现 货比特币 ETF 从长期净买入转为 11 月的阶段性净卖出，成为压制价格的关键力量。同时，CME 的期 货交易量降至多年低位，传统机构表现趋于谨慎，价格相对股票资产的疲弱使比特币与纳斯达克的比值 达到自 2024 年末以来的最低水平。尽管如此，NCE平台认为，这些因素多具有短期扰动属性，并非趋 势性恶化的证据。尤其在永续合约市场中，杠杆使用率处于低位，这意味着市场并未出现系统性的过 热，反而体现了谨慎但稳健的持仓结构。 K33 Research 强调，市场正在对远期风险做过度反应，同时忽视了近端的强韧信号。 ...

Core Viewpoint - The proposal by MSCI to potentially exclude "digital asset treasury companies" from its global investable market index has sparked a conflict between cryptocurrency supporters and traditional financial institutions, particularly focusing on MicroStrategy's status [1][3][4]. Group 1: MSCI's Proposal and Market Reaction - MSCI has issued a consultation document suggesting the exclusion of companies holding more than 50% of their total assets in digital assets, questioning whether these companies exhibit characteristics similar to investment funds [1][4]. - JPMorgan has warned that if MicroStrategy is excluded, it could exert "huge pressure" on its valuation, estimating that MSCI's action could trigger around $2.8 billion in forced selling from passive funds [1][2]. - The potential total sell-off could reach up to $8.8 billion if other index providers follow suit [1]. Group 2: Cryptocurrency Community's Response - The cryptocurrency community has reacted strongly against MSCI's proposal and JPMorgan's analysis, with some calling for a boycott of JPMorgan and suggesting short-selling its stock [3]. - Michael Saylor, Executive Chairman of MicroStrategy, argues that the company is not a fund or trust but an operational entity with a $500 million software business using Bitcoin as "productive capital" [3][8]. Group 3: Conceptual Debate on Company Classification - The core of the debate revolves around how to define these new types of companies, with two opposing viewpoints emerging in the market [6]. - Supporters argue that these companies are legally stocks and should be treated as such, while opponents, including Saylor, assert that MicroStrategy is a structural financial company leveraging Bitcoin, not a fund [7][8]. Group 4: Market Trends and Implications - MSCI's actions may accelerate a market trend where institutional capital shifts from "digital asset treasury" stocks to spot Bitcoin ETFs, which have already surpassed $100 billion in assets under management [9]. - The transition could lead to liquidity issues for treasury companies, as selling pressure may arise if their stock prices fall below the net value of their crypto holdings [9][10]. - Other companies like Riot Platforms and Marathon Digital are also under observation by MSCI, indicating potential liquidity risks for the broader market [10].

Core Viewpoint - Bitcoin has entered a confirmed bear market, with significant sell-offs and a decline in institutional interest, leading to a market cap loss exceeding $450 billion since early October [1][5][7] Group 1: Market Performance - Bitcoin fell below $100,000, dropping approximately 4% overnight to below $98,000, marking a decline of over 20% from its historical high of $125,000 [1] - Year-to-date, Bitcoin's increase has narrowed to less than 7%, suggesting a potential "tail-off" in what was expected to be a record year [3] - The current market sentiment is deteriorating, with predictions indicating a key support level for Bitcoin around $93,000 [5] Group 2: Institutional and Retail Dynamics - Major investment funds, ETF allocations, and corporate Bitcoin reserves are withdrawing, undermining the support that previously bolstered Bitcoin's price [1][5] - There is a significant increase in demand for protective put options below $100,000, indicating heightened concern among traders [6] - The stock of Strategy, a company synonymous with retail Bitcoin investment, has seen a dramatic decline, erasing billions in market value as investor interest wanes [5] Group 3: Historical Context and Future Outlook - Historical data shows that previous bear markets have resulted in declines of 30% to 40%, with Bitcoin already down over 20% from its 2025 peak without signs of a sustainable rebound [6][7] - 10X Research highlights that Bitcoin is currently trading below its long-term moving averages, indicating a loss of momentum [7]

Core Insights - Bitcoin is struggling to recover after a poor performance in October, lacking the strong institutional support that previously drove its price to record highs [1] - Institutional investors, who were once the backbone of Bitcoin's legitimacy and price stability, have retreated from the market, leading to a shift in market expectations [1][2] - The overall inflow into spot Bitcoin ETFs has exceeded $25 billion, but recent outflows indicate a potential loss of confidence among large investors [2][3] Group 1 - The market shows signs of fatigue, with Bitcoin only achieving a 10% increase this year, significantly underperforming compared to gold and tech stocks [2] - Professional investors are losing patience, and there is a risk that they may advise clients to reduce their Bitcoin holdings if prices continue to stagnate [2] - Recent data indicates a net outflow of approximately $2.8 billion from spot Bitcoin ETFs in the past month, suggesting a cautious approach from new investors [2][3] Group 2 - On-chain signals reveal that long-term holders are selling at highs, and if Bitcoin falls below the critical support level of $93,000, more holders may be forced to exit [3] - The number of Bitcoin "whales" (wallets holding over 1,000 BTC) is decreasing, while the number of small holders is increasing, indicating a shift in market dynamics [3] - Citigroup analysts note that the current stagnation in fund inflows is suppressing price increases, as typically $1 billion in weekly inflows can boost prices by about 4% [3] Group 3 - Despite the weakening momentum in the crypto market, there are no signs of panic, and Bitcoin's price has still seen significant increases over the past 18 months [4] - Bitfinex analysts caution against interpreting recent data as panic selling, suggesting that large holders are not in a state of distress but are taking profits in a soft ETF demand environment [5] - The current rebalancing phase may reset market positions and volatility, potentially setting the stage for the next price increase once liquidity improves [5]