{"id":6516,"date":"2026-03-11T03:19:16","date_gmt":"2026-03-10T19:19:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6516"},"modified":"2026-03-11T03:19:16","modified_gmt":"2026-03-10T19:19:16","slug":"%e3%80%90mica-research%e3%80%91%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b8%82%e5%9c%ba%e8%bd%ac%e8%b6%8b%e5%86%b7%e9%9d%99%ef%bc%8c%e9%9d%99%e5%be%85-fed-%e9%99%8d%e6%81%af","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6516","title":{"rendered":"\u3010MICA RESEARCH\u3011\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u8f6c\u8d8b\u51b7\u9759\uff0c\u9759\u5f85 Fed \u964d\u606f"},"content":{"rendered":"

\u6211\u4eec\u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u77ed\u671f\u5185\u8fd8\u662f\u4f1a\u8ddf\u8457\u7f8e\u56fd\u80a1\u5e02\u8d70\uff0c \u4e0d\u53ef\u5426\u8ba4\u7684\u662f\uff0c\u76ee\u524d\u5e02\u573a\u4fee\u6b63\u5c5e\u4e8e\u6b63\u5e38\u8303\u56f4\uff0c\u4f46\u6709\u52a9\u4e8e\u6295\u8d44\u8005\u53d1\u6398\u771f\u6b63\u7684\u4ef7\u503c\uff0c\u4e5f\u5c31\u662f\u8bf4\u5047\u8bbe\u6bd4\u7279\u5e01\u5728\u8fd9\u6ce2\u4fee\u6b63\u4e2d\u5982\u679c\u6709\u6491\u4e0b\u53bb\uff0c\u90a3\u4e48\u540e\u7eed\u7684\u6da8\u5e45\u4e5f\u5c06\u4f1a\u66f4\u52a0\u53ef\u89c2\uff0c\u7ecf\u5386\u8fc7\u8fd9\u6ce2\u4fee\u6b63\u3001Fed \u964d\u606f\u540e\uff0c\u6bd4\u7279\u5e01\u660e\u5e74\u53ef\u80fd\u4e0a\u770b 12 \u4e07\u7f8e\u5143\u3002
\n
<\/p>\n

\u968f\u8457\u8fd1\u671f\u603b\u4f53\u7ecf\u6d4e\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u6295\u673a\u70ed\u60c5\u9010\u6e10\u6d88\u9000\uff0c\u6295\u8d44\u8005\u6b63\u8f6c\u5411\u8f83\u5b89\u5168\u7684\u8d44\u91d1\u907f\u98ce\u6e2f\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u6301\u7eed\u6a2a\u76d8\u6574\u7406\uff0c\u4ef7\u683c\u7ef4\u6301\u5728 84,000 \u7f8e\u5143\u533a\u95f4\uff0c\u4e0e\u7f8e\u56fd\u79d1\u6280\u80a1\u7c7b\u4f3c\uff0c\u90fd\u51fa\u73b0\u6682\u65f6\u6b62\u8dcc\u7684\u60c5\u51b5\uff0c\u4f46\u53ef\u60dc\u7684\u662f\u6ca1\u6709\u51fa\u73b0\u300c\u5f3a\u52b2\u53cd\u5f39\u300d\u7684\u8d70\u52bf\uff0c\u4e0a\u5468\u51e0\u6ce2\u53cd\u5f39\u90fd\u96c6\u4e2d\u5728\u7ade\u4e89\u5e01\u4f46\u90fd\u8fc5\u901f\u88ab\u62b9\u5e73\uff0c\u663e\u793a\u5e02\u573a\u76ee\u524d\u5904\u4e8e\u6781\u77ed\u7ebf\u7684\u4ea4\u6613\u60c5\u7eea\uff0c\u4ea4\u6613\u5458\u90fd\u5728\u6293\u77ed\u65f6\u95f4\u7684\u53cd\u5f39\uff0c\u53ea\u8981\u4e0a\u6da8\u4fbf\u53cd\u624b\u5356\u51fa\u3002<\/p>\n

\u6839\u636e Glassnode \u6570\u636e\uff0c\u6bd4\u7279\u5e01\u4e00\u5468\u5185\u6d41\u901a\u91cf\u4ece 2023 \u5e74 11 \u6708\u5e95\u7684 5.9% \u5927\u5e45\u4e0b\u964d\u81f3 2024 \u5e74 3 \u6708 20 \u65e5\u7684 2.3%\uff0c\u964d\u5e45\u8d85\u8fc7 50%\uff0c\u4ee3\u8868\u6295\u8d44\u8005\u5728\u5e02\u573a\u6ce2\u52a8\u4e2d\u91c7\u53d6\u66f4\u4fdd\u5b88\u7684\u7b56\u7565\uff0c\u9009\u62e9\u6bd4\u7279\u5e01\u7b49\u8f83\u7a33\u5065\u7684\u8d44\u4ea7\u4f5c\u4e3a\u907f\u9669\u5de5\u5177\uff0c\u6295\u8d44\u8005\u5df2\u7ecf\u5c06\u8d44\u91d1\u8f6c\u79fb\u81f3\u6bd4\u7279\u5e01\u7b49\u8f83\u4e3a\u7a33\u5065\u7684\u4ea7\u54c1\uff0c\u907f\u514d\u5bf9\u4e2d\u5c0f\u578b\u52a0\u5bc6\u8d27\u5e01\u8fdb\u884c\u66dd\u9669\uff0c\u6b64\u5916\u7a33\u5b9a\u5e01\u4e5f\u662f\u4e00\u4e2a\u6709\u6548\u6307\u6807\u3002<\/p>\n

\u7a33\u5b9a\u5e01\u4f9b\u5e94\u6bd4\u7387\uff08SSR\uff09\u4e5f\u53cd\u6620\u4e86\u6295\u8d44\u8005\u7684\u8c28\u614e\u6001\u5ea6\u3002 SSR \u76ee\u524d\u4e3a 8\uff0c\u5904\u4e8e 4 \u4e2a\u6708\u4ee5\u6765\u7684\u4f4e\u70b9\uff0c\u6b64\u5916\u76ee\u524d\u6bd4\u7279\u5e01\u671f\u8d27\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u89c4\u6a21\u4ece 570 \u4ebf\u7f8e\u5143\u964d\u81f3 370 \u4ebf\u7f8e\u5143\uff0c\u77ed\u77ed\u4e24\u4e2a\u6708\u5185\u4e0b\u8dcc\u4e86 35%\uff0c\u8bf4\u660e\u6295\u8d44\u8005\u907f\u9669\u60c5\u7eea\u5347\u9ad8\uff0c\u4ea4\u6613\u7b56\u7565\u66f4\u4e3a\u8c28\u614e\u3002<\/p>\n

\u56de\u987e\u4eca\u5e74\u521d\u6bd4\u7279\u5e01\u671f\u8d27\u7684\u6c38\u7eed\u5408\u7ea6\u8d44\u91d1\u8d39\u7387\u4e00\u5ea6\u5347\u81f3 0.035%\uff0c\u521b\u4e0b\u81ea 2024 \u5e74 12 \u6708 5 \u65e5\u4ee5\u6765\u7684\u65b0\u9ad8\uff0c\u663e\u793a\u5e02\u573a\u5bf9\u770b\u6da8\u7684\u5f3a\u70c8\u9884\u671f\u3002\u7136\u800c\uff0c\u5e02\u573a\u8fc7\u70ed\u6700\u7ec8\u5bfc\u81f4\u4e86\u4ef7\u683c\u56de\u843d\u548c\u5927\u89c4\u6a21\u6e05\u7b97\uff0c\u540e\u7eed\u6bd4\u7279\u5e01\u5e02\u573a\u5df2\u7ecf\u5386\u4e86\u4e00\u6ce2\u53bb\u6760\u6746\u5316\uff0c\u8d85\u8fc7 100 \u4ebf\u7f8e\u5143\u7684\u6760\u6746\u4ed3\u4f4d\u88ab\u6e05\u7b97\u3002\u8fd9\u4e00\u73b0\u8c61\u5728\u8fc7\u53bb\u4e3a\u77ed\u671f\u548c\u4e2d\u671f\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u8fdb\u573a\u673a\u4f1a\uff0c\u7531\u6b64\u53ef\u77e5\u76ee\u524d\u5e02\u573a\u5df2\u7ecf\u76f8\u5bf9\u51b7\u9759\uff0c\u91cd\u65b0\u5ba1\u89c6\u5f53\u524d\u7684\u4ea4\u6613\u7684\u60c5\u7eea\u3002<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u6d41\u51fa\u4ee5\u53ca\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240\uff08CME\uff09\u671f\u8d27\u5408\u7ea6\u7684\u7ed3\u675f\u4e5f\u589e\u52a0\u4e86\u73b0\u8d27\u5e02\u573a\u7684\u5356\u538b\u3002\u5c3d\u7ba1\u671f\u8d27\u5e02\u573a\u6760\u6746\u964d\u4f4e\u901a\u5e38\u5e26\u6765\u8f83\u4f4e\u7684\u6ce2\u52a8\u6027\uff0c\u4f46\u76ee\u524d\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u6d41\u52a8\u6027\u4e5f\u8ddf\u8457\u4e0b\u964d\uff0c\u4f4e\u5e02\u573a\u6d41\u52a8\u6027\u53ef\u80fd\u4f1a\u52a0\u5267\u4ef7\u683c\u77ed\u671f\u6ce2\u52a8\u3002<\/p>\n

\u6211\u4eec\u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u77ed\u671f\u5185\u8fd8\u662f\u4f1a\u8ddf\u8457\u7f8e\u56fd\u80a1\u5e02\u8d70\uff0c\u540e\u8005\u5c24\u5176\u662f\u770b\u603b\u4f53\u7ecf\u6d4e\u4e0e\u5ddd\u666e\u7684\u5173\u7a0e\u7b56\u7565\uff0c\u4e2d\u957f\u671f\u5219\u5c55\u671b\u7f8e\u56fd\u7684\u76d1\u7ba1\u653e\u5bbd\u4e0e\u653f\u5e9c\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u7684\u6001\u5ea6\uff0c\u4e0d\u53ef\u5426\u8ba4\u7684\u662f\uff0c\u76ee\u524d\u5e02\u573a\u4fee\u6b63\u5c5e\u4e8e\u6b63\u5e38\u8303\u56f4\uff0c\u4f46\u6709\u52a9\u4e8e\u6295\u8d44\u8005\u53d1\u6398\u771f\u6b63\u7684\u4ef7\u503c\uff0c\u4e5f\u5c31\u662f\u8bf4\u5047\u8bbe\u6bd4\u7279\u5e01\u5728\u8fd9\u6ce2\u4fee\u6b63\u4e2d\u5982\u679c\u6709\u6491\u4e0b\u53bb\uff0c\u90a3\u4e48\u540e\u7eed\u7684\u6da8\u5e45\u4e5f\u5c06\u4f1a\u66f4\u52a0\u53ef\u89c2\uff0c\u7ecf\u5386\u8fc7\u8fd9\u6ce2\u4fee\u6b63\u3001 Fed \u964d\u606f\u540e\uff0c\u6bd4\u7279\u5e01\u660e\u5e74\u53ef\u80fd\u4e0a\u770b 12 \u4e07\u7f8e\u5143\u3002<\/p>\n

\"\"Sources: MICA RESEARCH
\nA. 03 \u6708 19 \u65e5 CryptoQuant \u6267\u884c\u957f\uff1a\u6bd4\u7279\u5e01\u725b\u5e02\u53ef\u80fd\u544a\u4e00\u6bb5\u843d<\/p>\n

CryptoQuant \u6267\u884c\u957f Ki Young Ju \u8868\u793a\uff0c\u6bd4\u7279\u5e01\u725b\u5e02\u5df2\u7ed3\u675f\uff0c\u9884\u8ba1\u672a\u6765 6 \u81f3 12 \u4e2a\u6708\u5185\u8d70\u52bf\u5c06\u7ef4\u6301\u6a2a\u76d8\u6216\u4e0b\u8dcc\u3002\u4ed6\u6307\u51fa\uff0c\u4e00\u4e9b\u300c\u65b0\u5de8\u9cb8\u300d\u8fd1\u671f\u5927\u91cf\u4e70\u5165\u6bd4\u7279\u5e01\uff0c\u4f46\u73b0\u5728\u4ee5\u8f83\u4f4e\u4ef7\u683c\u629b\u552e\uff0c\u9020\u6210\u5e02\u573a\u4e0d\u786e\u5b9a\u6027\u4e0a\u5347\uff0c\u5bfc\u81f4\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece 1 \u6708 20 \u65e5\u7f8e\u56fd\u603b\u7edf\u5ddd\u666e\u5c31\u804c\u5f53\u5929\u521b\u4e0b\u7684\u5386\u53f2\u9ad8\u70b9\u8d85\u8fc7 10.9 \u4e07\u7f8e\u5143\u4e0b\u8dcc\u903e 22%\uff0c\u5e45\u5ea6\u5df2\u7ecf\u8fbe\u5230\u718a\u5e02\u56de\u8c03\u533a\u95f4\uff0c\u53e6\u5916\u591a\u9879\u6280\u672f\u6307\u6807\u663e\u793a\u5e02\u573a\u8d8b\u52bf\u8f6c\u4e3a\u770b\u8dcc\u3002<\/p>\n

\u4ed6\u6307\u51fa\u5f53\u524d\u52a0\u5bc6\u5e02\u573a\u6d41\u52a8\u6027\u51cf\u5c11\uff0c\u5e76\u5f15\u8ff0\u4e3b\u6210\u5206\u5206\u6790\uff08PCA\uff09\u5bf9\u94fe\u4e0a\u6570\u636e\u8fdb\u884c\u7814\u7a76\uff0c\u5305\u62ec\u5e02\u503c\u4e0e\u5df2\u5b9e\u73b0\u4ef7\u503c\u6bd4\uff08MVRV\uff09\u3001\u652f\u51fa\u8f93\u51fa\u5229\u6da6\u7387\uff08SOPR\uff09\u53ca\u672a\u5b9e\u73b0\u51c0\u5229\u6da6\/\u4e8f\u635f\uff08NUPL\uff09\u3002\u7ed3\u679c\u663e\u793a\uff0c\u6bd4\u7279\u5e01\u4e00\u5e74\u79fb\u52a8\u5747\u7ebf\u8f6c\u4e3a\u4e0b\u8dcc\uff0c\u4e0e\u8fc7\u53bb\u718a\u5e02\u65f6\u671f\u7c7b\u4f3c\uff0c\u6697\u793a\u5e02\u573a\u53ef\u80fd\u8fdb\u5165\u957f\u671f\u4fee\u6b63\u9636\u6bb5\u3002<\/p>\n

\u6700\u540e\u6bd4\u7279\u5e01\u9700\u6c42\u6b63\u51fa\u73b0\u4e0b\u964d\u8ff9\u8c61\uff0c2024 \u5e74 3 \u6708\u4e0e 12 \u6708\u66fe\u51fa\u73b0\u4e24\u6b21\u9700\u6c42\u9ad8\u5cf0\uff0c\u5c5e\u4e8e\u4e0d\u5bfb\u5e38\u7684\u77ed\u671f\u73b0\u8c61\u3002\u7136\u800c\uff0c3 \u6708\u540e\u9700\u6c42\u660e\u663e\u56de\u843d\uff0c\u7c7b\u4f3c 2017 \u5e74 8 \u6708\u81f3 2018 \u5e74 12 \u6708\u7684\u8d8b\u52bf\uff0c\u5f53\u65f6\u5e02\u573a\u7ecf\u5386\u4ef7\u683c\u6ce2\u52a8\u540e\u8fdb\u5165\u957f\u671f\u4e0b\u8dcc\uff0c\u7136\u800c\u6211\u4eec\u8ba4\u4e3a\u6bd4\u7279\u5e01\u73b0\u5728\u4e0e\u603b\u4f53\u53ca\u80a1\u7968\u7684\u8fde\u52a8\u76f8\u8f83\u5386\u53f2\u6765\u8bf4\u66f4\u5927\uff0c\u77ed\u671f\u5185\u7f8e\u80a1\u53cd\u5f39\u4f9d\u7136\u6709\u673a\u4f1a\u62c9\u62ac\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\uff0c\u5f53\u524d\u62a5\u4ef7\u4f9d\u7136\u8fbe\u5230 83,000 \u7f8e\u5143\u3002<\/p>\n

B. 03 \u6708 20 \u65e5 Fed \u6700\u65b0\u653f\u7b56\u671d\u5bbd\u677e\u524d\u8fdb\uff0c\u6bd4\u7279\u5e01\u56de\u5347\u81f3 87,000 \u7f8e\u5143<\/p>\n

Fed \u5728\u6700\u65b0\u7684\u4f1a\u8bae\u51b3\u8bae\u4e2d\u91cd\u7533\u5c06\u7ef4\u6301\u5229\u7387\u4e0d\u53d8\uff0c\u540c\u65f6\u4e0a\u8c03\u4eca\u5e74\u7684\u901a\u81a8\u9884\u6d4b\uff0c\u5e76\u4e0b\u8c03\u7ecf\u6d4e\u589e\u957f\u548c\u5c31\u4e1a\u7684\u5c55\u671b\u3002\u5728\u6700\u65b0\u7684 FOMC \u653f\u7b56\u4f1a\u8bae\u4e2d\uff0cFed \u5c06\u57fa\u51c6\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7ef4\u6301\u5728\u7ea6 4.3%\uff0c\u5e76\u89c2\u5bdf\u5ddd\u666e\u653f\u5e9c\u5728\u8d38\u6613\u3001\u79fb\u6c11\u3001\u652f\u51fa\u548c\u7a0e\u6536\u7b49\u653f\u7b56\u4e0a\u7684\u53d8\u5316\u5982\u4f55\u5f71\u54cd\u7ecf\u6d4e\u524d\u666f\u3002<\/p>\n

Fed \u4e3b\u5e2d\u9c8d\u5c14\u8868\u793a\uff0c\u76ee\u524d\u7b49\u5f85\u66f4\u591a\u7ecf\u6d4e\u60c5\u51b5\u7684\u660e\u6717\u5316\u662f\u5408\u7406\u7684\u3002\u6295\u8d44\u8005\u5bf9\u6b64\u53cd\u5e94\u6b63\u9762\uff0c\u9053\u743c\u5de5\u4e1a\u6307\u6570\u4e0a\u6da8 0.9%\uff0c\u6807\u666e 500 \u6307\u6570\u548c\u7eb3\u65af\u8fbe\u514b\u7efc\u5408\u6307\u6570\u5747\u4e0a\u6da8\u8d85\u8fc7 1% \u3002\u6700\u65b0\u7ecf\u6d4e\u9884\u6d4b\u663e\u793a\uff0c19 \u4f4d\u653f\u7b56\u5236\u5b9a\u8005\u4e2d\u6709 11 \u4f4d\u9884\u8ba1\u4eca\u5e74\u81f3\u5c11\u964d\u606f\u4e24\u6b21\uff0cFed \u5b98\u5458\u9884\u8ba1\uff0c\u4eca\u5e74\u901a\u81a8\u7387\u5c06\u4ece 1 \u6708\u7684 2.5% \u5347\u81f3 2.7%\uff0c\u4e3b\u8981\u56e0\u4e3a\u5173\u7a0e\u5bfc\u81f4\u4ef7\u683c\u4e0a\u6da8\u3002<\/p>\n

\u7136\u800c\u4ed6\u4eec\u8ba4\u4e3a 2026 \u5e74\u548c 2027 \u5e74\u7684\u7269\u4ef7\u589e\u957f\u5c06\u653e\u7f13\uff0c\u56e0\u6b64\u5f53\u524d\u7684\u5229\u7387\u653f\u7b56\u4ecd\u7ef4\u6301\u4e0d\u53d8\u3002 GDP \u589e\u957f\u9884\u6d4b\u5219\u7531\u6b64\u524d\u7684 2.1% \u4e0b\u8c03\u81f3 1.7%\uff0c\u9c8d\u5c14\u5f3a\u8c03\uff0c\u5982\u679c\u901a\u81a8\u4e0a\u5347\u4ec5\u662f\u77ed\u671f\u73b0\u8c61\uff0cFed \u53ef\u80fd\u9009\u62e9\u300c\u5ffd\u89c6\u300d\u77ed\u6682\u7684\u4ef7\u683c\u6ce2\u52a8\u3002\u4e0e\u6b64\u540c\u65f6\uff0cFed \u8ba1\u5212\u4ece 4 \u6708\u5f00\u59cb\u653e\u6162\u7f29\u51cf\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u6b65\u4f10\uff0c\u6bcf\u6708\u4ec5\u51cf\u5c11 50 \u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u56fd\u503a\uff0c\u800c\u4e0d\u662f\u76ee\u524d\u7684 250 \u4ebf\u7f8e\u5143\uff0c\u6574\u4f53\u8d8b\u52bf\u662f\u671d\u8457\u5bbd\u677e\u524d\u8fdb\u4ee5\u907f\u514d\u8870\u9000\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u53cd\u5e94\u6b63\u9762\uff0c\u4ef7\u683c\u6765\u5230 87,000 \u7f8e\u5143\u3002<\/p>\n

C. 03 \u6708 21 \u65e5 SEC \u6700\u65b0\u58f0\u660e\uff1a\u7279\u5b9a POW \u52a0\u5bc6\u4ee3\u5e01\u4e0d\u6784\u6210\u8bc1\u5238<\/p>\n

\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u4e8e 3 \u6708 20 \u65e5\u53d1\u8868\u58f0\u660e\uff0c\u9488\u5bf9\u5de5\u4f5c\u91cf\u8bc1\u660e\uff08Proof-of-Work, PoW\uff09\u6316\u77ff\u6d3b\u52a8\u6240\u4ea7\u751f\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u8ba4\u4e3a\u6b64\u7c7b\u52a0\u5bc6\u8d27\u5e01\u5728\u7b26\u5408\u7279\u5b9a\u6761\u4ef6\u7684\u60c5\u51b5\u4e0b\uff0c\u4e0d\u6784\u6210\u8bc1\u5238\u6cd5\u6240\u5b9a\u4e49\u7684\u300c\u8bc1\u5238\u53d1\u884c\u4e0e\u9500\u552e\u300d\uff0c\u7136\u800c\u8303\u56f4\u4ec5\u9650\u5b9a\u4e3a\u516c\u5171\u8d77\u65e0\u8bb8\u53ef\u7684\u533a\u5757\u94fe\u7f51\u8def\u4e2d\u8fdb\u884c\u7684\u52a0\u5bc6\u8d44\u4ea7\u6316\u77ff\u6d3b\u52a8\u3002<\/p>\n

SEC \u8ba4\u4e3a\u5728\u8fd9\u4e9b\u53bb\u4e2d\u5fc3\u5316\u7684 PoW \u5de5\u4f5c\u91cf\u8bc1\u660e\u4e2d\u8fdb\u884c\u6316\u77ff\u7684\u4e2a\u4eba\u6216\u77ff\u6c60\u4e0d\u5e94\u88ab\u89c6\u4e3a\u8bc1\u5238\u53d1\u884c\u8005\uff0c\u5c3d\u7ba1 SEC \u672a\u5177\u4f53\u63d0\u53ca\u4efb\u4f55\u7279\u5b9a\u7684\u533a\u5757\u94fe\uff0c\u5176\u89c2\u70b9\u9002\u7528\u4e8e\u6240\u6709\u4f7f\u7528 PoW \u5171\u8bc6\u673a\u5236\u7684\u65e0\u8bb8\u53ef\u7f51\u8def\u3002\u76ee\u524d\u6bd4\u7279\u5e01\u5f53\u7136\u662f\u662f\u89c4\u6a21\u6700\u5927\u3001\u6700\u5177\u5f71\u54cd\u529b\u7684 PoW \u94fe\uff0c\u6b64\u5916\u8fd8\u5305\u62ec\u72d7\u72d7\u5e01\uff08Dogecoin\uff09\u3001\u83b1\u7279\u5e01\uff08Litecoin\uff09\u548c\u95e8\u7f57\u5e01\uff08Monero\uff09\u7b49\u3002<\/p>\n

\u6839\u636e\u53e6\u4e00\u4e2a\u90e8\u95e8\u7f8e\u56fd\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u7684\u7acb\u573a\uff0c\u6bd4\u7279\u5e01\u3001\u83b1\u7279\u5e01\u548c\u72d7\u72d7\u5e01\u5747\u88ab\u89c6\u4e3a\u5546\u54c1\u800c\u975e\u8bc1\u5238\uff0c\u8fd9\u4e2a\u58f0\u660e\u9884\u8ba1\u4f1a\u4e3a POW \u4e3a\u57fa\u7840\u7684\u52a0\u5bc6\u8d27\u5e01\u94fa\u57ab\u63a5\u4e0b\u6765 ETF \u4e0a\u5e02\u7684\u9898\u6750\uff0c\u76ee\u524d\u5e02\u573a\u5c1a\u672a\u5bf9\u8fd9\u9879\u58f0\u660e\u4ea7\u751f\u592a\u5f3a\u70c8\u7684\u53cd\u5e94\uff0c\u5e02\u573a\u4f9d\u7136\u53d7\u5230\u603b\u4f53\u7ecf\u6d4e\u7684\u5f71\u54cd\u663e\u5f97\u8f83\u4e3a\u5f31\u52bf\uff0c\u4f46\u76d1\u7ba1\u9898\u6750\u786e\u5b9e\u9010\u6b65\u5728\u53d1\u9175\u4e2d\u3002<\/p>\n

\u7f8e\u56fd\u653f\u5e9c\u76d1\u7ba1\u653e\u5bbd\uff0cDeFi \u521b\u65b0\u9700 1~2 \u5e74\u53d1\u9175<\/p>\n

\u77ed\u671f\u52a0\u5bc6\u5e01\u65e0\u7591\u662f\u4f1a\u8ddf\u8457\u7f8e\u80a1\u8d70\uff0c\u800c\u7f8e\u80a1\u53c8\u8ddf\u8457\u7f8e\u56fd\u603b\u4f53\u7ecf\u6d4e\u8d70\uff0c\u5f53\u524d\u653f\u7b56\u5904\u4e8e\u5173\u7a0e\u52a8\u4e71\u4ee5\u53ca\u7f3a\u4e4f AI \u4ee5\u5916\u7684\u9898\u6750\uff0c\u4f7f\u5f97\u7f8e\u80a1\u5927\u5e45\u5ea6\u53d7\u5230\u603b\u7ecf\u6570\u636e\u5f71\u54cd\uff0c\u56e0\u6b64\u8fd9\u8fb9\u6211\u4eec\u60f3\u5148\u4e13\u6ce8\u4e8e\u4e2d\u957f\u671f\u7684\u7814\u7a76\uff1a\u52a0\u5bc6\u8d27\u5e01\u7684\u76d1\u7ba1\u9762\uff0c\u76ee\u524d\u6211\u4eec\u4f9d\u7136\u53ef\u4ee5\u770b\u5230\u5ddd\u666e\u4e0d\u65f6\u7ad9\u51fa\u6765\u5bf9\u52a0\u5bc6\u8d27\u5e01\u4e1a\u754c\u4fe1\u5fc3\u558a\u8bdd\u3002<\/p>\n

\u50cf\u662f\u4e0a\u5468\u56db\u5ddd\u666e\u5c31\u4ee5\u9884\u5f55\u5f71\u7247\u7684\u65b9\u5f0f\u5411\u52a0\u5bc6\u8d27\u5e01\u4ea7\u4e1a\u53d1\u8868\u6f14\u8bf4\uff0c\u8868\u793a\u5e0c\u671b\u5c06\u7f8e\u56fd\u6253\u9020\u6210\u300c\u65e0\u53ef\u4e89\u8bae\u7684\u6bd4\u7279\u5e01\u8d85\u7ea7\u5927\u56fd\u300d\u548c\u300c\u5168\u7403\u52a0\u5bc6\u8d27\u5e01\u4e4b\u90fd\u300d\uff0c\u4ed6\u5f3a\u8c03\u7f8e\u56fd\u81f4\u529b\u5728\u52a0\u5bc6\u8d27\u5e01\u548c\u91d1\u878d\u79d1\u6280\u9886\u57df\u53d6\u5f97\u9886\u5bfc\u5730\u4f4d\u3002\u4ed6\u63d0\u5230\u81ea\u5df1\u7b7e\u7f72\u7684\u884c\u653f\u547d\u4ee4\uff0c\u6b63\u5f0f\u5efa\u7acb\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907\u4ee5\u53ca\u5176\u4ed6\u52a0\u5bc6\u8d27\u5e01\u7684\u50a8\u5907\u5e93\u3002<\/p>\n

\u53e6\u5916\uff0c\u5ddd\u666e\u6279\u8bc4\u4e86\u62dc\u767b\u653f\u5e9c\u8fc7\u53bb\u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u76d1\u7ba1\u884c\u52a8\uff0c\u7279\u522b\u662f\u6240\u8c13\u7684\u300c\u627c\u6740\u884c\u52a8 2.0\u300d\uff0c\u6307\u7684\u662f SEC \u524d\u4e00\u6ce2\u5927\u5e45\u5ea6\u8c03\u67e5\u52a0\u5bc6\u8d27\u5e01\u4f01\u4e1a\u7684\u6267\u6cd5\u884c\u52a8\uff0c\u8be5\u884c\u52a8\u88ab\u8ba4\u4e3a\u662f\u62dc\u767b\u653f\u5e9c\u4f01\u56fe\u901a\u8fc7\u5207\u65ad\u52a0\u5bc6\u4ea7\u4e1a\u4e0e\u94f6\u884c\u7cfb\u7edf\u7684\u8054\u7cfb\u6765\u6253\u51fb\u8be5\u884c\u4e1a\u3002\u4ed6\u547c\u5401\u56fd\u4f1a\u901a\u8fc7\u6cd5\u6848\uff0c\u4e3a\u7a33\u5b9a\u5e01\u548c\u6570\u4f4d\u8d44\u4ea7\u5e02\u573a\u5236\u5b9a\u300c\u7b80\u5355\u4e14\u5e38\u8bc6\u6027\u7684\u89c4\u5219\u300d\u3002<\/p>\n

\u5728\u6570\u4f4d\u8d44\u4ea7\u5cf0\u4f1a\u4e0a\uff0c\u5ddd\u666e\u8868\u793a\uff0c\u300c\u50cf\u4f60\u4eec\u8fd9\u6837\u7684\u5148\u9a71\u5c06\u6709\u80fd\u529b\u6539\u5584\u6211\u4eec\u7684\u94f6\u884c\u548c\u652f\u4ed8\u7cfb\u7edf\uff0c\u5e76\u4e3a\u7f8e\u56fd\u6d88\u8d39\u8005\u548c\u4f01\u4e1a\u63d0\u4f9b\u66f4\u591a\u7684\u9690\u79c1\u3001\u5b89\u5168\u548c\u8d22\u5bcc\uff0c\u300d\u4ed6\u5f3a\u8c03\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ea7\u4e1a\u5c06\u91ca\u653e\u7ecf\u6d4e\u589e\u957f\u7684\u6f5c\u529b\u3002<\/p>\n

\u8fd9\u6bb5\u5f71\u7247\u5176\u5b9e\u4e5f\u662f\u5728\u547c\u5401\u56fd\u4f1a\u901a\u8fc7\u66f4\u591a\u6709\u52a9\u4e8e\u653e\u5bbd\u52a0\u5bc6\u8d27\u5e01\u76d1\u7ba1\u7684\u6cd5\u6848\uff0c\u5e76\u63d0\u4f9b\u66f4\u6e05\u6670\u7684\u76d1\u7ba1\u73af\u5883\uff0c\u5e0c\u671b\u80fd\u6fc0\u52b1\u66f4\u591a\u52a0\u5bc6\u8d27\u5e01\u4f01\u4e1a\u63a8\u52a8\u521b\u65b0\uff0c\u5e76\u521b\u9020\u66f4\u591a\u7684\u5546\u4e1a\u673a\u4f1a\uff0c\u7136\u800c\u76ee\u524d\u90fd\u8fd8\u5728\u6478\u7d22\u9636\u6bb5\uff0c\u6bd4\u8d77 2018 \u81f3 2020 \u5e74\u90a3\u6bb5\u65f6\u95f4\u4e0d\u65ad\u5806\u9648\u51fa\u65b0\u7684 NFT \u3001 DeFi \u7b49\u65b0\u4ea7\u54c1\uff0c\u7ecf\u8fc7\u62dc\u767b\u653f\u5e9c\u7684\u6267\u6cd5\u884c\u52a8\u540e\uff0c\u4e1a\u754c\u90fd\u8fd8\u9700\u8981 1 \u81f3 2 \u5e74\u91cd\u65b0\u5398\u6e05\u89c4\u5219\u3001\u5f00\u53d1\u4ea7\u54c1\u5e76\u63a8\u5e7f\u81f3\u5e02\u573a\u3002<\/p>\n

\u5bf9\u6b64\uff0c\u6211\u4eec\u4f9d\u7136\u770b\u597d DeFi \u5e02\u573a\u7684\u4e2d\u957f\u671f\u53d1\u5c55\uff0c\u76ee\u524d\u7f8e\u56fd\u76d1\u7ba1\u5df2\u7ecf\u9010\u6b65\u653e\u5f00\uff0c\u53ea\u662f\u4e1a\u754c\u6062\u590d\u751f\u673a\u8fd8\u9700\u8981\u65f6\u95f4\uff0c\u5f53\u524d\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u96be\u514d\u4f1a\u6709\u4e00\u6bb5\u96be\u53d7\u7684\u9635\u75db\u671f\u9700\u8981\u71ac\u8fc7\uff0c\u4f46\u6211\u4eec\u5bf9\u5e02\u573a\u7684\u4e2d\u957f\u671f\u53d1\u5c55\u4f9d\u7136\u6709\u4fe1\u5fc3\uff0c\u4e0a\u5468 Fed \u6700\u65b0\u58f0\u660e\u4e5f\u660e\u663e\u900f\u9732\u5bbd\u677e\u653f\u7b56\u662f\u65b9\u9488\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u5df2\u7ecf\u9010\u6e10\u51b7\u5374\uff0c\u53ea\u8981 Fed \u5feb\u901f\u964d\u606f\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5c06\u4f1a\u968f\u4e4b\u4e0a\u6da8\uff0c\u4e0b\u8dcc\u53cd\u800c\u9002\u5408\u6295\u8d44\u8005\u4ee5\u8f83\u4f4e\u7684\u6210\u672c\u4e70\u8fdb\u3002<\/p>\n

 <\/p>\n

\u4e0a\u5468\u56de\u987e ????????????????????????\u3010MICA RESEARCH\u3011\u5173\u7a0e\u5229\u7a7a\u949d\u5316\uff0c\u9759\u5f85\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u590d\u82cf<\/p>\n

\u58f0\u660e\uff1a\u6587\u7ae0\u4ec5\u4ee3\u8868\u4f5c\u8005\u4e2a\u4eba\u89c2\u70b9\u610f\u89c1\uff0c\u4e0d\u4ee3\u8868\u533a\u5757\u5ba2\u89c2\u70b9\u548c\u7acb\u573a\uff0c\u6240\u6709\u5185\u5bb9\u53ca\u89c2\u70b9\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002\u6295\u8d44\u8005\u5e94\u81ea\u884c\u51b3\u7b56\u4e0e\u4ea4\u6613\uff0c\u5bf9\u6295\u8d44\u8005\u4ea4\u6613\u5f62\u6210\u7684\u76f4\u63a5\u95f4\u63a5\u635f\u5931\u4f5c\u8005\u53ca\u533a\u5757\u5ba2\u5c06\u4e0d\u627f\u62c5\u4efb\u4f55\u8d23\u4efb\u3002<\/p>\n

MICA Research \u7684\u5185\u5bb9\u5df2\u540c\u6b65\u4e8e Substack \u53d1\u5e03\uff0c\u4e0d\u60f3\u9519\u8fc7\u7b2c\u4e00\u624b\u6d88\u606f\uff0c\u8bf7\u70b9\u51fb\u8fd9\u91cc\u524d\u5f80\u8ba2\u9605\uff0c\u5468\u62a5\u4ee5\u53ca\u6bcf\u5929\u7684\u5e02\u573a\u53d1\u73b0\u5373\u4f1a\u900f\u8fc7 Email \u4f20\u9001\u7ed9\u60a8\u3002<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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