中银国际数字资产研究 2025 年 11 月 21 日 宏观逆风下加密市场续跌 数字资产双周报（ 2025.11.6-2025.11.21 ） 加密货币 加密货币市场 11 月以来剧烈调整，陷入熊市修正，加密货币整体市值下跌 7500亿至 3万亿以内。比特币本周几度跌破 9万美元关口（当前 8.65 万）， 年内涨幅转负，更较 10 月 6 日的年内峰值下跌近 30%，主要归因于对美亲 加密政策乐观情绪的消化结束、长期持有者获利了结、机构资金外流、杠杆 多头在震荡中进一步回吐，而对 AI 科技股估值过高和美联储 12 月是否降息 的疑虑加剧了市场担忧。在市场转向避险的情绪下，投资者担心四年一次的 减半周期中的回调重演而撤出资金。山寨币跌幅更甚，大多数山寨币/比特币 交易对表现疲软。 然而，于 2022 年的极端熊市相比，当前这轮下跌更多源于宏观经济因素推 动的获利了结或市场周期性调整，而非行业内部的结构性风险（如 2022 年 Luna/UST 崩盘引发加密货币对冲基金 3AC 破产，叠加加密货币交易所 FTX 崩塌引发多个借贷平台倒闭等，之后监管开始全面施压）。近日，美政府在 停摆 43 天后重启，美 SE ...

Key Takeaways JPMorgan launches a blockchain-based JPM Coin enabling near-instant, low-cost institutional payments.The bank plans expansion across more blockchains, currencies and access for clients of its clients.Pilot tests with firms like Coinbase and Mastercard preceded the rollout, with COIN eyeing it as collateral.JPMorgan (JPM) has rolled out a blockchain-based deposit token, JPM Coin, for institutional investors. This represents dollar deposits at the bank and allows users to transfer money through ...

Core Insights - The emergence of Digital Asset Treasuries (DATs) represents a new investment vehicle focused on acquiring digital assets, with companies like MicroStrategy leading the way in this trend [5][6] - The relationship between a DAT's net asset value (NAV) and its market capitalization (mNAV) creates significant financial leverage, allowing companies to enhance shareholder value through strategic asset purchases [2][3] - The market dynamics surrounding DATs can lead to premiums on their stock prices, which may not always align with the underlying value of their digital asset holdings [8][10] Group 1: Company Background - MicroStrategy, founded in 1989, transitioned from a software company to a major player in the digital asset space by purchasing Bitcoin since 2020 [4][5] - The company's initial failure in 2000, where it lost over 99% of its market cap, contrasts sharply with its current strategy focused on digital assets [5] Group 2: Market Dynamics - The concept of mNAV allows companies to leverage their asset purchases to increase market capitalization, effectively acting as a "money printer" for shareholders [2] - The liquidity of Bitcoin and other digital assets provides a unique opportunity for public trading, which can lead to rapid increases in equity value for DATs [7] Group 3: Investment Considerations - Investors should be cautious of the speculative nature of purchasing DAT stocks, especially after a positive mNAV is established, as premiums may diminish [8][10] - The regulatory landscape poses potential risks for DATs, particularly regarding their classification and the implications of using leverage to acquire assets [10][11] Group 4: Advisor Insights - Advisors need to understand the unique characteristics of DATs, which behave differently from traditional stocks due to their significant crypto holdings [12][13] - Key factors for evaluating DATs include the types of assets held, the use of leverage, and the premium or discount relative to the company's market cap [18]

Crypto Market Trends - Bitcoin ETFs saw significant inflows of $524 million [1] - Bitcoin liquidity patterns suggest a potential price target of $124K [1] Fintech & Payment Solutions - Visa is piloting fiat-funded stablecoin payouts for US businesses [1] - JPMorgan has launched JPM Coin deposit token for instant payments [1] Partnerships & Integrations - Yahoo Finance has selected Polymarket as its exclusive prediction market partner [1]

🗞️ Need to catch up on the news? Here's our top 10 from today:🔸 Nasdaq has officially certified Canary Capital's $XRP ETF listing, $XRPC cleared to launch tomorrow at market open.🔹 Sui launching its own native stablecoin USDsui, issued by Bridge, set to go live this year.🔸 Polymarket reopens US exchange in beta mode, with select users now placing bets on real contracts ahead of planned relaunch, per Bloomberg.🔹 SEC Chair Paul Atkins unveils a “token taxonomy” to modernize US crypto rules and set clearer cla ...

Market Overview - The Dow Jones Industrial Average has reached a historic high, closing above 48,000 points for the first time, marking four consecutive days of gains [2] - Technology stocks have underperformed, with the Nasdaq and small-cap stocks lagging for the second consecutive day [2] - Nvidia saw a slight increase of 0.33%, while Meta Platforms dropped nearly 3%, leading the decline among major tech companies [2] - AMD surged by 9%, leading the S&P 500 index [2] - Circle's stock plummeted by 12% despite a strong earnings report, while Cisco rose over 7% [2] Key Company Updates - Circle reported a 66% increase in Q3 revenue to $740 million, with a significant rise in USDC stablecoin circulation, doubling year-over-year [6][19] - Luckin Coffee's CEO announced plans to restart its U.S. IPO process, although no specific timeline has been provided [20] - OPEC has revised its global oil demand forecast, shifting from a supply shortage to a surplus in Q3, leading to a 4% drop in oil prices [7][20] Financial Market Performance - The S&P 500 index closed up 0.06% at 6,850.92 points, while the Dow Jones increased by 0.68% to 48,254.82 points [8] - The Nasdaq fell by 0.26% to 23,406.457 points [8] - In the bond market, the yield on the 10-year U.S. Treasury decreased by 4.47 basis points to 4.0713% [9] Commodity Market Insights - WTI crude oil futures for December fell by 4.18% to $58.49 per barrel, while Brent crude for January dropped by 3.76% to $62.71 per barrel [10] - Gold futures rose by 2.15% to $4,204.90 per ounce, marking a four-day increase [10] Industry Developments - AI server demand remains strong, with Hon Hai Precision Industry (Foxconn) reporting a 17% year-over-year increase in Q3 net profit, reaching NT$576.7 billion (approximately $18.9 billion) [18] - Waymo, a subsidiary of Alphabet, has launched the first commercial self-driving taxi service on highways in the U.S., marking a significant milestone in autonomous vehicle deployment [19] - The semiconductor industry is experiencing a memory upcycle, with Morgan Stanley advising investors to hold memory stocks due to strong demand driven by AI data centers [18]

Core Insights - J.P. Morgan has assigned "Overweight" ratings to three major crypto stocks, indicating an expectation that these stocks will outperform their sector averages [1][9] - The bank is expanding its presence in the crypto space through its Onyx division and JPM Coin, which is used for real-time settlement by institutional clients [2][3] Company Ratings - Coinbase Global (COIN) has been maintained at an "Overweight" rating with a price target of $404 for December 2026, supported by its strong position in U.S. institutional trading and integration with the Base network [9] - MARA Holdings (MARA) is noted for its resilience post-halving and diversification into high-performance computing and AI infrastructure, making it a top pick for institutional exposure to Bitcoin mining [7] - Riot Platforms (RIOT) is recognized as a key beneficiary of rising Bitcoin prices and U.S.-based mining expansion [7] Market Activity - J.P. Morgan's Onyx platform processed around $1 billion in daily transactions via JPM Coin, reflecting the bank's commitment to blockchain technology [3] - The expansion of JPM Coin settlement to Coinbase's Base network marks a significant step for a major Wall Street institution utilizing a public blockchain for financial transfers [4]

摩根大通(JPM.US)涨超2%，报322.25美元，创下历史新高。消息面上，摩根大通已正式向机构客户推 出其美元存款代币JPM Coin，用户可以通过与Coinbase Global Inc.关联的Base公链发送和接收资金，此 举旨在利用区块链技术实现全天候、秒级到账的支付结算，标志着传统金融在代币化领域的关键一步。 (格隆汇) ...

LATEST: 🏦 JPMorgan has completed the proof-of-concept for its JPM Coin deposit token, representing existing bank deposits on Base and enabling institutional clients to make on-chain payments. https://t.co/TkzhWabKsf ...

凤凰网财经讯 11月12日，美股三大股指集体高开，道指涨0.28%，纳指涨0.41%，标普500指数涨 0.32%。 半导体板块领涨，AMD涨近7%，公司表示，未来三至五年公司整体营收预计将以约35%的年均速度增 长；AI芯片业务年增速或达80%。格芯大涨6.8%，该公司第三季度业绩表现强劲，营收、毛利率、营业 利润率和每股收益均达到预期范围的高端。 中概股方面，虎牙涨超3%，名创优品涨超2%；腾讯音乐跌超8%，长安能源跌超4%，百度跌超2%。 【其他市场消息】 【美国石油巨头计划建设大型AI专用供电设施】 在周三投资者日的演示文稿中，美国石油巨头雪佛龙宣布选择西德克萨斯作为其首个数据中心天然气发 电项目的地点。该设施预计于2027年投运，未来发电容量最多可达5000兆瓦。该项目可能会与电网分开 建设。雪佛龙是西得克萨斯二叠纪盆地最大的生产商之一，该地区的天然气产量经常超越管道运输能 力，不得不白白烧掉。 【IBM推出新量子处理器Nighthawk】 IBM周三宣布推出IBM Quantum Nighthawk，这是其迄今为止最先进的量子处理器，预计将于2025年底 交付给IBM用户。公司表示，Nightha ...