{"id":6145,"date":"2025-12-26T22:31:16","date_gmt":"2025-12-26T14:31:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6145"},"modified":"2025-12-26T22:31:16","modified_gmt":"2025-12-26T14:31:16","slug":"coinbase-%e7%a0%94%e7%a9%b6%e6%8a%a5%e5%91%8a%ef%bc%9a2025-%e5%b9%b4%e4%b8%8b%e5%8d%8a%e5%b9%b4%e3%80%8c%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b8%82%e5%9c%ba-3-%e5%a4%a7%e4%b8%bb%e9%a2%98%e3%80%8d","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6145","title":{"rendered":"Coinbase \u7814\u7a76\u62a5\u544a\uff1a2025 \u5e74\u4e0b\u534a\u5e74\u300c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a 3 \u5927\u4e3b\u9898\u300d"},"content":{"rendered":"

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\n
<\/p>\n

\u64b0\u6587\uff1aDavid Duong<\/p>\n

\u7f16\u8bd1\u53ca\u6574\u7406\uff1aBitpushNews<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

\u4f46\u6211\u4eec\u89c2\u5bdf\u5230\uff0c\u4e00\u4e2a\u65b0\u8d8b\u52bf\u6b63\u5728\u5f62\u6210\u2014\u2014\u8d8a\u6765\u8d8a\u591a\u4e0a\u5e02\u516c\u53f8\u672c\u8eab\u5c31\u662f\u300c\u6301\u5e01\u673a\u5668\u300d\uff0c\u5176\u4e1a\u52a1\u6838\u5fc3\u5c31\u662f\u4e70\u5165\u52a0\u5bc6\u8d44\u4ea7\u3002<\/p>\n

\u5b83\u4eec\u900f\u8fc7\u53d1\u884c\u80a1\u7968\u6216\u53ef\u8f6c\u503a\u878d\u8d44\u8d2d\u5e01\uff0c\u5e02\u503c\u8fdc\u8d85\u5176\u51c0\u8d44\u4ea7\u3002\u4ee3\u8868\u6027\u5982 Strategy\uff0c\u4f46\u5982\u4eca\u66f4\u591a\u6a21\u4eff\u8005\u5df2\u73b0\u3002<\/p>\n

\u4e24\u79cd\u6f5c\u5728\u7cfb\u7edf\u6027\u98ce\u9669\uff1a<\/p>\n

\u88ab\u8feb\u629b\u552e\uff08forced selling\uff09\uff1a\u8bb8\u591a PTCV\uff08\u4e0a\u5e02\u52a0\u5bc6\u8d44\u4ea7\u8f7d\u4f53\uff09\u4f9d\u9760\u53ef\u8f6c\u503a\u878d\u8d44\uff0c\u82e5\u6807\u7684\u5e01\u4ef7\u4e0b\u8dcc\uff0c\u6216\u5e02\u573a\u73af\u5883\u6076\u5316\u3001\u518d\u878d\u8d44\u5931\u8d25\uff0c\u8fd9\u4e9b\u516c\u53f8\u53ef\u80fd\u4e0d\u5f97\u4e0d\u5356\u51fa\u6240\u6301\u52a0\u5bc6\u8d44\u4ea7\u6765\u507f\u8fd8\u503a\u52a1\u3002
\n\u52a8\u673a\u629b\u552e\uff08motivated selling\uff09\uff1a\u82e5\u67d0\u4e00 PTCV \u51fa\u4e8e\u8425\u8fd0\u6216\u73b0\u91d1\u6d41\u7ba1\u7406\u9700\u8981\u7a81\u7136\u51fa\u552e\u8d44\u4ea7\uff0c\u53ef\u80fd\u5f15\u53d1\u8fde\u9501\u53cd\u5e94\uff0c\u5e02\u573a\u6050\u614c\u8513\u5ef6\uff0c\u8bf1\u53d1\u4ef7\u683c\u5d29\u76d8\u3002<\/p>\n

\u5c3d\u7ba1\u5982\u6b64\uff0c\u6211\u4eec\u8ba4\u4e3a\u8fd9\u7c7b\u98ce\u9669\u5728\u77ed\u671f\u5185\u5c1a\u4e0d\u8db3\u4ee5\u5bf9\u5e02\u573a\u6784\u6210\u5de8\u5927\u51b2\u51fb\u3002\u9996\u5148\uff0c\u5927\u591a\u6570\u503a\u52a1\u5c06\u5728 2029-2030 \u5e74\u624d\u5230\u671f\uff08\u5982 Strategy \u7684 30 \u4ebf\u7f8e\u5143\u53ef\u8f6c\u503a\u9996\u4e2a\u53ef\u8d4e\u56de\u671f\u4e3a 2026 \u5e74\u5e95\uff0c\u6b63\u5f0f\u5230\u671f\u4e3a 2029 \u5e74\u5e95\uff09\uff0c\u56e0\u6b64\u77ed\u671f\u629b\u552e\u98ce\u9669\u8f83\u4f4e\u3002\u5176\u6b21\uff0c\u76ee\u524d\u7684\u8d37\u6b3e\u4ef7\u503c\u6bd4\uff08LTV\uff09\u6574\u4f53\u5c1a\u5c5e\u5065\u5eb7\uff0c\u90e8\u5206\u5927\u578b\u516c\u53f8\u6709\u80fd\u529b\u900f\u8fc7\u518d\u878d\u8d44\u56de\u907f\u5f3a\u5236\u51fa\u552e\u3002<\/p>\n

\"\"<\/p>\n

\u5f53\u7136\uff0c\u968f\u8457\u66f4\u591a\u516c\u53f8\u91c7\u7528\u8fd9\u79cd\u7b56\u7565\u3001\u503a\u52a1\u96c6\u4e2d\u5230\u671f\uff0c\u7cfb\u7edf\u6027\u98ce\u9669\u4ecd\u503c\u5f97\u957f\u671f\u76d1\u63a7\u3002\u800c Strategy \u7684\u300c\u4f01\u4e1a\u6301\u5e01\u6a21\u5f0f\u300d\u4e5f\u6b63\u5728\u5438\u5f15\u8d8a\u6765\u8d8a\u591a\u300c\u597d\u5947\u300d\u7684\u9ad8\u9636\u4e3b\u7ba1\u56e2\u961f\u52a0\u5165\uff0c\u663e\u793a\u4f01\u4e1a\u5c6f\u5e01\u7684\u8d8b\u52bf\u5728 2025 \u5e74\u4e0b\u534a\u5e74\u4ecd\u5c06\u5ef6\u7eed\u3002<\/p>\n

\u4e3b\u9898\u4e09\uff1a\u5f00\u542f\u76d1\u7406\u65b0\u7eaa\u5143<\/p>\n

2025 \u5e74\u4e0a\u534a\u5e74\uff0c\u7f8e\u56fd\u52a0\u5bc6\u653f\u7b56\u7ecf\u5386\u4e86\u524d\u6240\u672a\u6709\u7684\u5267\u53d8\u3002\u767d\u5bab\u6452\u5f03\u300c\u4ee5\u6267\u6cd5\u4ee3\u76d1\u7ba1\u300d\u7684\u8001\u8def\uff0c\u5168\u9762\u8f6c\u5411\u652f\u6301\u52a0\u5bc6\u4ea7\u4e1a\u53d1\u5c55\u3002<\/p>\n

\u6211\u4eec\u8ba4\u4e3a\uff0c\u7a33\u5b9a\u5e01\u7acb\u6cd5\u6700\u6709\u53ef\u80fd\u7387\u5148\u843d\u5b9e\u3002\u76ee\u524d\u4f17\u8bae\u9662\u63a8\u8fdb STABLE Act\uff0c\u53c2\u8bae\u9662\u63a8\u8fdb GENIUS Act\uff0c\u4e24\u8005\u5747\u5df2\u83b7\u5f97\u8de8\u515a\u6d3e\u652f\u6301\u3002<\/p>\n

6 \u6708 11 \u65e5\uff0c\u53c2\u8bae\u9662\u5df2\u901a\u8fc7 GENIUS Act\uff0c\u9001\u4ea4\u4f17\u8bae\u9662\u5ba1\u8bae\u3002\u4e24\u8005\u5747\u8bbe\u5b9a\u50a8\u5907\u8981\u6c42\u3001\u53cd\u6d17\u94b1\u5408\u89c4\u3001\u7834\u4ea7\u4fdd\u62a4\u4e0e\u6d88\u8d39\u8005\u6743\u76ca\u6761\u6b3e\u3002<\/p>\n

\u4e3b\u8981\u5206\u6b67\u5728\u4e8e\uff1a<\/p>\n

\u5982\u4f55\u5904\u7406\u975e\u7f8e\u7a33\u5b9a\u5e01\u53d1\u884c\u65b9
\n\u76d1\u7ba1\u95e8\u69db\u5982\u4f55\u8bbe\u5b9a<\/p>\n

\u767d\u5bab\u9884\u8ba1\u5728 8 \u6708 4 \u65e5\u56fd\u4f1a\u4f11\u4f1a\u524d\u5b8c\u6210\u6cd5\u6848\u7edf\u4e00\u7248\u672c\u63d0\u4ea4\u81f3\u603b\u7edf\u7b7e\u7f72\uff0c\u6216\u4e3a\u540e\u7eed\u5e02\u573a\u7ed3\u6784\u6cd5\u6848\u5960\u5b9a\u57fa\u7840\u3002<\/p>\n

\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7ed3\u6784\u6cd5\u6848\uff08CLARITY Act\uff09<\/p>\n

2025 \u5e74 5 \u6708 29 \u65e5\uff0c\u7f8e\u56fd\u4f17\u8bae\u9662\u91d1\u878d\u670d\u52a1\u59d4\u5458\u4f1a\u6b63\u5f0f\u63d0\u51fa\u300a\u6570\u4f4d\u8d44\u4ea7\u5e02\u573a\u6e05\u6670\u6cd5\u6848\uff08CLARITY Act\uff09\u300b\u8349\u6848\uff0c\u88ab\u8ba4\u4e3a\u662f\u4eca\u5e74\u5185\u6700\u5177\u53d8\u9769\u6027\u6f5c\u529b\u7684\u7acb\u6cd5\u3002<\/p>\n

\u8be5\u6cd5\u6848\u65e8\u5728\u660e\u786e SEC \u4e0e CFTC \u5404\u81ea\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u7684\u76d1\u7ba1\u8fb9\u754c\uff0c\u5e76\u53c2\u8003\u8d44\u4ea7\u5c5e\u6027\uff08\u5982\u300c\u6570\u4f4d\u5546\u54c1\u300d\u6216\u300c\u6295\u8d44\u5408\u7ea6\u300d\uff09\u8fdb\u884c\u76d1\u7ba1\u5212\u5206\u3002\u8be5\u6cd5\u6848\u5efa\u7acb\u5728\u53bb\u5e74\u901a\u8fc7\u7684\u300aFIT21 \u6cd5\u6848\u300b\u57fa\u7840\u4e0a\uff0c\u540c\u65f6\u8981\u6c42 SEC \u4e0e CFTC \u8054\u5408\u5b9a\u4e49\u5173\u952e\u672f\u8bed\u5e76\u6301\u7eed\u89c4\u5219\u5236\u5b9a\uff0c\u610f\u5473\u8457\u76d1\u7ba1\u5206\u5de5\u4ecd\u6709\u6f14\u5316\u7a7a\u95f4\u3002<\/p>\n

\u6211\u4eec\u8ba4\u4e3a\u8fd9\u5c06\u6210\u4e3a\u672a\u6765\u4e24\u9662\u534f\u5546\u8c08\u5224\u7684\u57fa\u7840\uff0c\u4f46\u5176\u590d\u6742\u5ea6\u4e0e\u4e0d\u786e\u5b9a\u6027\u5c06\u9ad8\u4e8e\u7a33\u5b9a\u5e01\u7acb\u6cd5\u3002<\/p>\n

ETF \u8fdb\u5c55\u65f6\u95f4\u8868<\/p>\n

SEC \u5728 2025 \u5e74\u6b63\u9762\u4e34\u7ea6 80 \u9879\u52a0\u5bc6 ETF \u63d0\u6848\uff0c\u6db5\u76d6\uff1a<\/p>\n

\u591a\u8d44\u4ea7\u52a0\u5bc6\u6307\u6570\u57fa\u91d1\uff08Bitwise \u3001 Franklin \u3001 Grayscale \u7b49\uff09\uff1a\u6700\u65e9 7 \u6708 2 \u65e5\u51b3\u5b9a\uff1b
\n\u5b9e\u7269\u7533\u8d2d\/ \u8d4e\u56de\uff08in-kind\uff09\u673a\u5236\uff1a\u53ef\u80fd 7 \u6708\u51fa\u7ed3\u679c\uff0c\u82e5\u5ef6\u540e\u6700\u665a\u4e3a 10 \u6708\uff1b
\n\u8d28\u62bc\u673a\u5236\uff08Staking inclusion\uff09\uff1a\u53d7\u9650\u4e8e 6c-11 \u6761\u6b3e\u900f\u660e\u5ea6\uff0cSEC \u53ef\u80fd\u63d0\u524d\u51b3\u7b56\uff1b
\n\u5355\u4e00\u7ade\u4e89\u5e01 ETF\uff1a\u5927\u591a\u6570\u7533\u8bf7\u622a\u6b62\u671f\u4e3a 10 \u6708\uff0c\u9884\u8ba1 SEC \u4f1a\u4f7f\u7528\u6574\u4e2a\u5ba1\u6838\u671f\u3002<\/p>\n

\u6211\u4eec\u5bf9 2025 \u5e74\u7b2c\u4e09\u5b63\u7684\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u524d\u666f\u6301\u4e50\u89c2\u6001\u5ea6\uff0c\u8fd9\u5f97\u76ca\u4e8e\u76f8\u5bf9\u4e50\u89c2\u7684\u7f8e\u56fd\u7ecf\u6d4e\u6210\u957f\u524d\u666f\u3001\u8054\u51c6\u4f1a\u964d\u606f\u3001\u4f01\u4e1a\u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u91c7\u7528\u7387\u4e0a\u5347\u4ee5\u53ca\u7f8e\u56fd\u76d1\u7ba1\u900f\u660e\u5ea6\u7684\u63d0\u9ad8\u3002<\/p>\n

\u867d\u7136\u5b58\u5728\u5982\u7f8e\u503a\u6b96\u5229\u7387\u66f2\u7ebf\u8d70\u9661\u3001 PTCVs \u7684\u6f5c\u5728\u629b\u552e\u538b\u529b\u7b49\u98ce\u9669\uff0c\u4f46\u5728\u77ed\u671f\u5185\u4ecd\u5c5e\u53ef\u63a7\u8303\u56f4\u3002\u6211\u4eec\u8ba4\u4e3a\u6bd4\u7279\u5e01\u4e0a\u6da8\u8d8b\u52bf\u5c06\u4f1a\u5ef6\u7eed\uff0c\u5c3d\u7ba1\u7ade\u4e89\u5e01\u884c\u60c5\u5219\u9700\u4f9d\u636e\u4e2a\u522b\u9879\u76ee\u7684\u8868\u73b0\u6765\u5224\u65ad\u3002<\/p>\n

\uff08\u4ee5\u4e0a\u5185\u5bb9\u83b7\u5408\u4f5c\u4f19\u4f34 PANews \u6388\u6743\u8282\u5f55\u53ca\u8f6c\u8f7d\uff0c\u539f\u6587\u8fde\u7ed3 \uff5c\u51fa\u5904\uff1a\u6bd4\u63a8 BitpushNews\uff09<\/p>\n","protected":false},"excerpt":{"rendered":"

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