Cryptocurrency Market Overview - The cryptocurrency market in 2025 experienced unusual trends, with major cryptocurrencies like Bitcoin and Ethereum declining, while lesser-known cryptocurrencies saw significant gains [1] - The five biggest winners of 2025 included Bitcoin Cash, Zcash, Monero, Pax Gold, and MYX Finance [1] Bitcoin Cash - Bitcoin Cash, a spinoff of Bitcoin, increased in value by over 30% in 2025, contrasting with Bitcoin's 5% decline [1][2] Privacy Coins - Privacy coins gained significant attention in 2025, with Zcash surging by 782% and Monero by 122% [3] - Despite their impressive returns, privacy coins may lose appeal for average investors, with Zcash already down 17% in the current year [4][6] Gold Stablecoins - Gold stablecoins, particularly Pax Gold, rose nearly 70% in 2025, reflecting the nearly 70% increase in gold prices [5][6] - Pax Gold is expected to maintain its upward momentum as a safe-haven asset amid macroeconomic and geopolitical uncertainties [7] MYX Finance - MYX Finance, a decentralized perpetual futures exchange, initially traded flat before experiencing a significant rise to $19 in September and October 2025, but has since fallen to $5 [6][8]

Core Insights - Diversifying a tech-heavy portfolio with cryptocurrency requires caution due to the historical positive correlation between cryptocurrencies and the tech market [1] Group 1: Bitcoin - Bitcoin is favored by hedge fund managers and institutional investors, often trading independently of tech stocks, earning it the title "digital gold" [3][4] - A study from WisdomTree indicates that Bitcoin's correlation with the stock market has remained between 0.2 and -0.1 from 2012 to 2023, highlighting its unique value as it can move independently of other assets [4] Group 2: Gold Stablecoins - Gold stablecoins, such as Pax Gold and Tether Gold, are pegged to the price of gold and have market caps exceeding $1.6 billion, making them a strong hedge against stock market declines [5][6] - In 2025, gold prices increased by nearly 70%, and gold stablecoins followed this trend, becoming top-performing cryptocurrencies [6] Group 3: Small Niche Altcoins - Small niche altcoins, particularly privacy coins, may experience significant value increases independent of tech stock performance, driven by tech upgrades and new product features [9]

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。 人民币为什么会进入升值通道， USDT 又为什么会出现负溢价 首先笔者希望聊一下人民币目前的为什么会进入升值通道。关于这点，让我们回归一个最基本的经济学概念， GDP 。通常而言，我们认为虽然 GDP 这一 指标存在一些不足，但仍然是评估国家经济总体状态最简单也最有效的指标。 GDP 的构成为： （来源：吴说） 作者：@Web3Mario 链接：https://mp.weixin.qq.com/s/Cx7fRZe-3KENJ1NxAhPdcQ GDP = C + I + G + (X–M) 其中： C ：消费支出：家庭和个人购买最终商品和服务的总支出。 I ：投资支出：企业资本形成（新设备、厂房等）和住宅建设支出。 G ：政府支出：政府购买的商品和服务支出（不包括转移支付）。 X–M ：净出口：出口（ X ）减去进口（ M ）。 在明确了这个简单的公式后，人民币的升值原因就比较清晰了，主要有三点： 1. 吸引外资，提升投资支 ...

Key Points Pax Gold is up 74% for the year, keeping pace with the skyrocketing price of physical gold. Pax Gold offers investors an easier and more cost-effective way to get exposure to the price of gold than a traditional gold ETF. As long as gold is soaring in value, Pax Gold could be a superior form of "digital gold" over Bitcoin. 10 stocks we like better than PAX Gold › While Bitcoin has easily been the top-performing cryptocurrency of the past decade, it's not the best cryptocurrency to buy ...

Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

Core Viewpoint - The World Gold Council is seeking to launch digital gold, which could revolutionize the $900 billion physical gold market in London [1][3]. Group 1: Digital Gold Initiative - The new digital unit called "Pool Gold Interests" (PGIs) will pilot in London with commercial participants in the first quarter of next year [3]. - Digital gold aims to expand market coverage despite many investors valuing gold for its physical characteristics and lack of counterparty risk [3][4]. - The digitalization of gold could allow it to be used as collateral and meet margin requirements, transforming it from a static asset on balance sheets [3][5]. Group 2: Market Structure and Participants - The London wholesale gold market is the largest physical trading center globally, supported by major banks like HSBC and JPMorgan [6]. - Currently, there are two types of trading in the London market: "allocated" gold trading involving specific bars and "unallocated" gold trading without specific bars [7]. - The proposal for PGIs will create a third trading type in the London over-the-counter gold market [7]. Group 3: Challenges and Competition - Despite rising gold prices, the asset faces competition from cryptocurrencies and stablecoins, which could surpass traditional gold investments [9]. - Efforts to create gold-backed stablecoins have largely failed, with the most successful ones managing around $1.3 billion in assets compared to $400 billion held in gold-backed ETFs [9]. - The adoption of blockchain initiatives in the gold market has been slow, but there is a positive reception among refiners, with 96% of good delivery list refiners participating [9].