{"id":6541,"date":"2026-03-16T03:19:16","date_gmt":"2026-03-15T19:19:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6541"},"modified":"2026-03-16T03:19:16","modified_gmt":"2026-03-15T19:19:16","slug":"%e3%80%90mica-research%e3%80%91%e5%85%b3%e7%a8%8e%e4%b8%8d%e7%a1%ae%e5%ae%9a%e6%80%a7%e5%b0%86%e4%ba%8e-4-%e6%9c%88-2-%e6%97%a5%e6%b6%88%e9%99%a4%ef%bc%8c%e4%bd%86%e6%b6%a8%e8%b7%8c%e9%9a%be%e6%b5%8b","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6541","title":{"rendered":"\u3010MICA RESEARCH\u3011\u5173\u7a0e\u4e0d\u786e\u5b9a\u6027\u5c06\u4e8e 4 \u6708 2 \u65e5\u6d88\u9664\uff0c\u4f46\u6da8\u8dcc\u96be\u6d4b"},"content":{"rendered":"

\u76ee\u524d\u5e02\u573a\u5bf9\u4e8e\u5ddd\u666e\u7684\u5173\u7a0e\u653f\u7b56\u662f\u5904\u4e8e\u8f83\u4e3a\u60b2\u89c2\u7684\u6001\u5ea6\uff0c\u4f46\u6211\u4eec\u4e5f\u597d\u5947 4 \u6708 2 \u65e5\u5bf9\u7b49\u5173\u7a0e\u653f\u7b56\u5ba3\u5e03\u540e\uff0c\u5e02\u573a\u662f\u5426\u4f1a\u8ba4\u4e3a\u4e0d\u786e\u5b9a\u6027\u6d88\u5931\uff0c\u7136\u800c\u76ee\u524d\u8d44\u4ea7\u4ef7\u683c\u8ddd\u79bb\u9ad8\u70b9\u4fee\u6b63\u4e0d\u5230 20%\uff0c\u5176\u5b9e\u5e02\u573a\u4e5f\u6ca1\u6709\u592a\u8fc7\u6050\u614c\uff0c\u53ea\u662f\u7f13\u8dcc\u66f4\u4ee4\u4eba\u96be\u53d7\u3002
\n
<\/p>\n

\u8fd1\u671f\u603b\u4f53\u7ecf\u6d4e\u4e0e\u7f8e\u56fd\u653f\u7b56\u7684\u4e0d\u786e\u5b9a\u6027\u6301\u7eed\u51b2\u51fb\u5e02\u573a\uff0c\u5ddd\u666e\u626c\u8a00\u9488\u5bf9\u8fdb\u53e3\u6c7d\u8f66\u4e0e\u96f6\u7ec4\u4ef6\u8bfe\u5f81\u9ad8\u8fbe 25% \u5173\u7a0e\u7684\u653f\u7b56\u6b63\u5728\u5f15\u8d77\u52a0\u62ff\u5927\u3001\u58a8\u897f\u54e5\u4ee5\u53ca\u6b27\u6d32\u7684\u62a5\u590d\u6027\u5173\u7a0e\uff0c\u9884\u8ba1\u4f1a\u628a\u5173\u7a0e\u6218\u63a8\u5411\u66f4\u5267\u70c8\u7684\u5267\u672c\uff0c\u5bfc\u81f4\u5e02\u573a\u5c40\u52bf\u66f4\u52a0\u4e0d\u7a33\u5b9a\uff0c\u6bd4\u7279\u5e01\u4e0a\u5468\u53d7\u60e0\u4e8e\u7f8e\u80a1\u51fa\u73b0\u53cd\u5f39\uff0c\u4f46\u76ee\u524d\u5df2\u8dcc\u7834 82,000 \u7f8e\u5143\uff0c\u5468\u8dcc\u5e45\u8fbe 4.6%\uff0c\u5148\u524d\u4e3b\u8981\u629b\u552e\u529b\u9053\u90fd\u96c6\u4e2d\u5728\u673a\u6784\u8c03\u6574\u90e8\u4f4d\u6240\u5bfc\u81f4\u7684\u5356\u51fa\u529b\u9053\u3002<\/p>\n

\u7136\u800c\u5728\u8fc7\u53bb\u51e0\u4e2a\u4ea4\u6613\u65e5\u4e2d\uff0c\u7f8e\u56fd\u6bd4\u7279\u5e01 ETF \u5e02\u573a\u51fa\u73b0\u6295\u8d44\u8005\u8d44\u91d1\u6d41\u5165\u7684\u6b63\u5411\u9006\u8f6c\uff0c\u94fe\u4e0a\u5206\u6790\u516c\u53f8 CryptoQuant \u6307\u51fa\uff0c\u8fd9\u4e9b\u57fa\u91d1\u76ee\u524d\u5904\u4e8e\u5173\u952e\u8f6c\u6298\u70b9\uff0c\u5728 2024 \u5e74\u5e95\u3001 2025 \u5e74\u521d\uff0c\u6bd4\u7279\u5e01\u6295\u8d44\u4ea7\u54c1\u7ecf\u5386\u4e86\u5f3a\u52b2\u7684\u7d2f\u79ef\u9636\u6bb5\uff0c\u4f46\u76ee\u524d\u4ece\u5386\u53f2\u9ad8\u70b9\u56de\u64a4\u4e86 12%\uff08\u7ea6 50 \u4ebf\u7f8e\u5143\u6d41\u51fa\uff09\u3002\u8fd9\u610f\u5473\u8457\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u8d44\u91d1\u6d41\u51fa\u5df2\u4e0d\u518d\u662f\u5c0f\u89c4\u6a21\u73b0\u8c61\u3002<\/p>\n

\u5c24\u5176\u662f\u5728\u6bd4\u7279\u5e01\u4ef7\u683c\u53d7\u5230\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u5f71\u54cd\u7684\u60c5\u51b5\u4e0b\uff0c\u6bd4\u7279\u5e01 ETF \u4ece\u5386\u53f2\u9ad8\u70b9\uff08ATH\uff09\u7684\u56de\u64a4\uff0c\u81ea\u4eca\u5e74\u521d\u4ee5\u6765\uff0c\u8fd9\u4e9b\u57fa\u91d1\u7684\u8d44\u91d1\u6d41\u5165\u5927\u5e45\u9006\u8f6c\uff0c\u7ecf\u5386\u6570\u5468\u7684\u8d44\u91d1\u5916\u6d41\u540e\uff0cETF \u7684\u6bcf\u65e5\u51c0\u6d41\u91cf\u6b63\u5728\u8d8b\u4e8e\u7a33\u5b9a\uff0c\u4f46\u9700\u6c42\u548c\u4f9b\u5e94\u5747\u672a\u660e\u663e\u589e\u52a0\uff0c\u8fd9\u8868\u660e\u8d44\u91d1\u6d41\u5904\u4e8e\u6ce2\u52a8\u72b6\u6001\uff0c\u8d44\u91d1\u53ef\u80fd\u671d\u4efb\u4e00\u65b9\u5411\u53d1\u5c55\uff0c\u4e5f\u5c31\u662f\u8f6c\u6298\u70b9\u53ef\u80fd\u5373\u5c06\u6765\u5230\u3002<\/p>\n

\u4ec5\u7ba1\u8fd1\u671f\u51fa\u73b0\u5927\u91cf\u8d44\u91d1\u5916\u6d41\uff0c\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u6301\u6709\u8005\u4f9d\u7136\u5904\u4e8e\u76c8\u5229\u72b6\u6001\uff0c\u76ee\u524d ETF \u6301\u6709\u8005\u7684\u5b9e\u73b0\u4ef7\u683c\u7ea6\u4e3a 72,546 \u7f8e\u5143\uff0c\u5e73\u5747\u672a\u5b9e\u73b0\u6536\u76ca\u8fbe 15%\uff0c\u968f\u8457\u6bd4\u7279\u5e01 ETF \u8d44\u91d1\u6d41\u9010\u6e10\u8f6c\u4e3a\u6b63\u5411\uff0c\u6295\u8d44\u8005\u6216\u5c06\u83b7\u5f97\u66f4\u591a\u672a\u5b9e\u73b0\u6536\u76ca\uff0c\u4ece ETF \u8d44\u91d1\u6d41\u5411\u6765\u770b\uff0c\u63a5\u4e0b\u6765\u6bd4\u7279\u5e01\u53ef\u80fd\u51fa\u73b0\u53cd\u5f39\uff0c\u53e6\u4e00\u65b9\u9762\u73b0\u5728\u8fd8\u6709\u66f4\u591a\u4f01\u4e1a\u673a\u6784\u5728\u4e70\u8fdb\u6bd4\u7279\u5e01\u3002<\/p>\n

\u77e5\u540d\u6e38\u620f\u96f6\u552e\u5546 GameStop \u4e0a\u5468\u5ba3\u5e03\u6253\u7b97\u900f\u8fc7\u53ef\u8f6c\u503a\u7b79\u96c6 13 \u4ebf\u7f8e\u5143\uff0c\u7528\u4e8e\u6295\u8d44\u6bd4\u7279\u5e01\uff0c\u8be5\u53d1\u884c\u5305\u62ec\u96f6\u606f\u53ef\u8f6c\u6362\u4f18\u5148\u503a\u5238\uff0c\u5c06\u4e8e 2030 \u5e74\u5230\u671f\uff0c\u503a\u5238\u53d1\u884c\u76ee\u6807\u4e3a 13 \u81f3 15 \u4ebf\u7f8e\u5143\uff0c\u5e76\u5728\u65b0\u95fb\u7a3f\u4e2d\u8868\u793a\uff0c\u7b79\u8d44\u6240\u5f97\u5c06\u7528\u4e8e\u4e00\u822c\u516c\u53f8\u7528\u9014\uff0c\u5305\u62ec\u6839\u636e GameStop \u6295\u8d44\u653f\u7b56\u6536\u8d2d\u6bd4\u7279\u5e01\u3002<\/p>\n

\u6211\u4eec\u8ba4\u4e3a\u4f1a\u6709\u8d8a\u6765\u8d8a\u4f01\u4e1a\u52a0\u5165\u6295\u8d44\u6bd4\u7279\u5e01\u7684\u884c\u5217\uff0c\u5982\u679c\u672c\u4e1a\u9047\u5230\u56f0\u96be\u6216\u662f\u8f6c\u578b\u96be\u9898\uff0c\u73b0\u5728\u4f01\u4e1a\u8fd8\u6709\u4e2a\u7b56\u7565\u662f\u8f6c\u578b\u4e3a\u6bd4\u7279\u5e01\u6295\u8d44\u516c\u53f8\uff0c\u4eab\u53d7\u5bf9\u5e94\u7684\u9ad8\u672c\u76ca\u6bd4\u3002<\/p>\n

\u53ef\u89c1\u6bd4\u7279\u5e01\u5728\u4f01\u4e1a\u7aef\u7684\u9700\u6c42\u8fd8\u4f1a\u9010\u6b65\u6210\u957f\uff0c\u56e0\u6b64\u4e2d\u957f\u671f\u7684\u6210\u957f\u52a8\u80fd\u57fa\u672c\u4e0a\u4e0d\u9700\u8981\u62c5\u5fc3\uff0c\u8fd1\u671f\u5bf9\u4e8e\u5927\u591a\u6570\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5ddd\u666e\u7684\u5173\u7a0e\u653f\u7b56\u8fd8\u662f\u7275\u52a8\u5e02\u573a\u7684\u4e3b\u8981\u56e0\u7d20\uff0c\u8ddd\u79bb\u5ddd\u666e\u4e8e 4 \u6708 2 \u65e5\u5ba3\u5e03\u5168\u9762\u5173\u7a0e\u8fd8\u6709\u4e00\u6bb5\u65f6\u95f4\uff0c\u5e02\u573a\u5c06\u89c6\u8fd1\u671f\u5ddd\u666e\u662f\u51fa\u7684\u8baf\u606f\u51fa\u73b0\u66f4\u9891\u7e41\u7684\u6ce2\u52a8\uff0c\u77ed\u671f\u5c06\u975e\u5e38\u96be\u4ee5\u9884\u6d4b\u3002<\/p>\n

\"\"Sources: MICA RESEASRCH
\nA. 03 \u6708 26 \u65e5 \u5ddd\u666e\u5173\u7a0e\u6001\u5ea6\u8f6f\u5316\uff0c\u5e02\u573a\u9759\u5f85\u5168\u9762\u5173\u7a0e\u6b63\u5f0f\u5185\u5bb9<\/p>\n

\u7f8e\u56fd\u603b\u7edf\u5ddd\u666e\u7684\u5173\u7a0e\u653f\u7b56\u4e00\u76f4\u968f\u8457\u8c08\u5224\u8fdb\u5ea6\u4e0d\u505c\u53d8\u5316\u3002\u4e0d\u786e\u5b9a\u6027\u6b63\u5bfc\u81f4\u91d1\u878d\u5e02\u573a\u52a8\u8361\uff0c\u6628\u5929\u5ddd\u666e\u8f6c\u4e3a\u91c7\u53d6\u4e86\u4e00\u79cd\u719f\u6089\u7684\u7b56\u7565\uff1a\u5148\u8ba9\u6c11\u4f17\u5bf9\u6700\u574f\u60c5\u51b5\u6709\u6240\u5fc3\u7406\u51c6\u5907\uff0c\u518d\u63d0\u4f9b\u4e00\u4e2a\u8f83\u6e29\u548c\u7684\u65b9\u6848\uff0c\u4f46\u672a\u5b8c\u5168\u64a4\u56de\u8fd9\u4e9b\u653f\u7b56\uff0c\u9884\u8ba1\u5728 4 \u6708 2 \u65e5\u5168\u9762\u5b9e\u65bd\u5bf9\u7b49\u5173\u7a0e\u4e4b\u524d\uff0c\u6392\u9664\u90e8\u5206\u5173\u952e\u8fdb\u53e3\u539f\u6599\u7684\u5173\u7a0e\u3002<\/p>\n

\u53e6\u5916\u4ed6\u4e5f\u5728\u53d1\u5e03\u4f1a\u4e0a\u8f6f\u5316\u4e86\u63aa\u8f9e\uff0c\u8868\u793a\u53ef\u80fd\u4f1a\u5bf9\u90e8\u5206\u56fd\u5bb6\u63d0\u4f9b\u8c41\u514d\uff0c\u90e8\u5206\u8212\u7f13\u5e02\u573a\u7684\u7d27\u5f20\u60c5\u7eea\uff0c\u5c3d\u7ba1\u5ddd\u666e\u4ecd\u8868\u793a\u5c06\u5bf9\u6c7d\u8f66\u3001\u836f\u54c1\u3001\u534a\u5bfc\u4f53\u548c\u6728\u6750\u7b49\u884c\u4e1a\u5f81\u6536\u5173\u7a0e\uff0c\u4f46\u4ed6\u5f3a\u8c03\u8fd9\u4e9b\u63aa\u65bd\u4f1a\u5728\u300c\u9002\u5f53\u65f6\u673a\u300d\u9010\u6b65\u63a8\u884c\uff0c\u751a\u81f3\u8003\u8651\u7ed9\u4e88\u8bb8\u591a\u56fd\u5bb6\u51cf\u514d\u3002<\/p>\n

\u5ddd\u666e\u4ee5\u300c\u5bf9\u7b49\u5173\u7a0e\u300d\u4e3a\u6838\u5fc3\u4e3b\u5f20\uff0c\u58f0\u79f0\u82e5\u5176\u4ed6\u56fd\u5bb6\u5bf9\u7f8e\u56fd\u4ea7\u54c1\u5f81\u6536\u9ad8\u5173\u7a0e\uff0c\u7f8e\u56fd\u5c06\u4ee5\u540c\u7b49\u65b9\u5f0f\u56de\u5e94\uff0c\u8fd9\u79cd\u7b80\u5355\u660e\u4e86\u7684\u7b56\u7565\u6613\u4e8e\u5411\u9009\u6c11\u89e3\u91ca\uff0c\u4e5f\u66f4\u80fd\u83b7\u5f97\u652f\u6301\u3002\u5c3d\u7ba1\u5ddd\u666e\u66fe\u5a01\u80c1\u5bf9\u4e2d\u56fd\u4ea7\u54c1\u5f81\u6536\u9ad8\u8fbe 60% \u7684\u5173\u7a0e\uff0c\u76ee\u524d\u5b9e\u65bd\u7684\u5173\u7a0e\u4ec5\u4e3a 20%\uff0c\u5bf9\u94a2\u94c1\u548c\u94dd\u7684\u989d\u5916\u5173\u7a0e\u4e3a 25%\uff0c\u5c3d\u7ba1\u5e02\u573a\u5bf9\u5ddd\u666e\u7684\u59a5\u534f\u8868\u793a\u6b22\u8fce\uff0c\u5173\u7a0e\u653f\u7b56\u4ecd\u5e26\u6765\u4e0d\u786e\u5b9a\u6027\uff0c\u5e02\u573a\u6b63\u5728\u731c\u6d4b 4 \u6708 2 \u65e5\u7684\u5bf9\u7b49\u5173\u7a0e\u5b9e\u9645\u4e0a\u5bf9\u7ecf\u6d4e\u538b\u529b\u3002<\/p>\n

B. 03 \u6708 27 \u65e5 \u5ddd\u666e\u6b63\u5f0f\u5ba3\u5e03\u5bf9\u6574\u8f66\u8fdb\u53e3\u6c7d\u8f66\u8bfe\u5f81 25% \u5173\u7a0e\uff0c\u52a0\u5bc6\u5e02\u573a\u56de\u8c03<\/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\u5a01\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\u5a01\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 28 \u65e5 \u52a0\u62ff\u5927\u603b\u7406\uff1a\u5c06\u91c7\u53d6\u5bf9\u5ddd\u666e\u5173\u7a0e\u7684\u62a5\u590d\u6027\u884c\u52a8<\/p>\n

\u52a0\u62ff\u5927\u603b\u7406 Mark Carney \u5728\u7f8e\u56fd\u767d\u5bab\u5ba3\u5e03\u5bf9\u6c7d\u8f66\u4ee5\u53ca\u6c7d\u8f66\u96f6\u7ec4\u4ef6\u8bfe\u5f81 25% \u8fdb\u53e3\u5173\u7a0e\u540e\u4e8e\u5468\u56db\u8868\u793a\uff0c\u82e5\u7f8e\u56fd\u603b\u7edf\u5ddd\u666e\u771f\u7684\u5bf9\u8fdb\u53e3\u6c7d\u8f66\u5f81\u6536\u65b0\u5173\u7a0e\uff0c\u52a0\u62ff\u5927\u5c06\u91c7\u53d6\u62a5\u590d\u6027\u8d38\u6613\u884c\u52a8\uff0c\u5177\u4f53\u63aa\u65bd\u5c1a\u672a\u786e\u5b9a\uff0c\u76ee\u524d\u5ddd\u666e\u8ba1\u5212\u7684\u5173\u7a0e\u5c06\u4e8e\u4e0b\u5468 4 \u6708 2 \u65e5\u751f\u6548\uff0c\u5c4a\u65f6\u8fd8\u5c06\u9488\u5bf9\u7f8e\u56fd\u8d38\u6613\u4f19\u4f34\u5b9e\u65bd\u5bf9\u7b49\u5173\u7a0e\u3002<\/p>\n

Mark Carney \u5728\u65b0\u95fb\u53d1\u5e03\u4f1a\u4e0a\u8868\u793a\uff0c\u4ed6\u4eec\u5c06\u4ee5\u62a5\u590d\u6027\u8d38\u6613\u884c\u52a8\u5bf9\u6297\u7f8e\u56fd\u5173\u7a0e\uff0c\u76ee\u6807\u662f\u6700\u5927\u7a0b\u5ea6\u5f71\u54cd\u7f8e\u56fd\uff0c\u5e76\u4e14\u4ee5\u6700\u5c0f\u7a0b\u5ea6\u5f71\u54cd\u52a0\u62ff\u5927\uff0c\u4ed6\u4e5f\u9884\u671f\u540c\u6837\u906d\u53d7\u5173\u7a0e\u5a01\u80c1\u7684\u6b27\u6d32\u56fd\u5bb6\u4e5f\u5a01\u80c1\u5c06\u91c7\u53d6\u53cd\u5236\u63aa\u65bd\uff0c\u5206\u6790\u5e08\u9884\u4f30\u65b0\u5173\u7a0e\u53ef\u80fd\u4f7f\u7f8e\u56fd\u8f66\u8f86\u5e73\u5747\u6210\u672c\u589e\u52a0\u6570\u5343\u7f8e\u5143\u3002<\/p>\n

\u76ee\u524d\u52a0\u5bc6\u5e02\u573a\u4e0e\u7f8e\u80a1\u9010\u6e10\u5bf9\u7f8e\u56fd\u5173\u7a0e\u653f\u7b56\u7684\u53cd\u5e94\u949d\u5316\uff0c\u5373\u4f7f\u52a0\u62ff\u5927\u4e0e\u6b27\u6d32\u5ba3\u5e03\u5c06\u91c7\u53d6\u53cd\u5236\u63aa\u65bd\uff0c\u8fdb\u4e00\u6b65\u52a0\u5267\u5173\u7a0e\u6218\uff0c\u4f46\u52a0\u5bc6\u5e02\u573a\u5df2\u7ecf\u6ca1\u6709\u51fa\u73b0\u663e\u8457\u4e0b\u8dcc\uff0c\u53cd\u800c\u6bd4\u7279\u5e01\u4ef7\u683c\u4f9d\u65e7\u7ef4\u6301\u5728 86,000 \u7f8e\u5143\uff0c\u76f8\u8f83\u5386\u53f2\u9ad8\u70b9\u4fee\u6b63\u7ea6 15% \u5de6\u53f3\uff0c\u5e02\u573a\u7b51\u5e95\u8d8b\u52bf\u9010\u6e10\u6210\u5f62\u4e2d\u3002<\/p>\n

\u5173\u7a0e\u8fd8\u6709\u8c08\u5224\u7a7a\u95f4\uff0c\u60c5\u51b5\u4e0d\u4e00\u5b9a\u6bd4\u60f3\u50cf\u66f4\u7cdf<\/p>\n

\u76ee\u524d\u5e02\u573a\u5bf9\u4e8e\u5ddd\u666e\u7684\u5173\u7a0e\u653f\u7b56\u662f\u5904\u4e8e\u8f83\u4e3a\u60b2\u89c2\u7684\u6001\u5ea6\uff0c\u4f46\u6211\u4eec\u4e5f\u597d\u5947 4 \u6708 2 \u65e5\u5bf9\u7b49\u5173\u7a0e\u653f\u7b56\u5ba3\u5e03\u540e\uff0c\u5e02\u573a\u662f\u5426\u4f1a\u8ba4\u4e3a\u4e0d\u786e\u5b9a\u6027\u6d88\u5931\uff0c\u53cd\u800c\u6fc0\u52b1\u98ce\u9669\u8d44\u4ea7\uff08\u5305\u542b\u7f8e\u80a1\u3001\u52a0\u5bc6\u8d27\u5e01\uff09\u51fa\u73b0\u8f83\u5927\u5e45\u5ea6\u7684\u53cd\u5f39\uff0c\u8fd9\u5e94\u8be5\u66f4\u7b26\u5408\u5e02\u573a\u7684\u601d\u8def\uff0c\u7136\u800c\u76ee\u524d\u8d44\u4ea7\u4ef7\u683c\u8ddd\u79bb\u9ad8\u70b9\u4fee\u6b63\u4e0d\u5230 20%\uff0c\u5176\u5b9e\u5e02\u573a\u4e5f\u6ca1\u6709\u592a\u8fc7\u6050\u614c\uff0c\u53ea\u662f\u7f13\u8dcc\u66f4\u4ee4\u4eba\u96be\u53d7\u3002<\/p>\n

\u6211\u4eec\u4e5f\u89c2\u5bdf\u5230\uff0c\u8fd1\u671f\u52a0\u5bc6\u8d27\u5e01\u9488\u5bf9\u5173\u7a0e\u6218\u7684\u53d8\u5316\u6b63\u5728\u53d8\u5f97\u8fdf\u949d\uff0c\u5f53\u5e02\u573a\u5927\u8dcc\u65f6\uff0c\u6bd4\u7279\u5e01\u7684\u8dcc\u5e45\u9876\u591a\u4fee\u6b63 2%\uff0c\u4e0d\u50cf\u7f8e\u80a1\u9ad8\u6ce2\u52a8\u80a1\u7968\u51fa\u73b0\u52a8\u8f84 10% \u4ee5\u4e0a\u7684\u8dcc\u5e45\uff0c\u8bf4\u660e\u6bd4\u7279\u5e01\u5df2\u7ecf\u662f\u76f8\u5bf9\u7a33\u5b9a\u7684\u8d44\u4ea7\uff0c\u66f4\u591a\u7684\u8d70\u52bf\u5df2\u7ecf\u662f\u8ddf\u8457\u673a\u6784\u524d\u8fdb\uff0c\u6563\u6237\u7684\u6050\u614c\u6027\u629b\u552e\u5df2\u7ecf\u4e0d\u592a\u80fd\u5bf9\u5e02\u573a\u9020\u6210\u5f71\u54cd\u3002<\/p>\n

\u5f53 4 \u6708 2 \u65e5\u5173\u7a0e\u6218\u4e0d\u786e\u5b9a\u6027\u6d88\u5931\u540e\uff0c\u6211\u4eec\u8ba4\u4e3a\u52a0\u5bc6\u8d27\u5e01\u4f1a\u8fce\u6765\u4e0b\u4e00\u6ce2\u53cd\u5f39\uff0c\u53ea\u662f\u540e\u7eed\u6709\u53ef\u80fd\u88ab\u5176\u4ed6\u56fd\u5bb6\u7684\u62a5\u590d\u6027\u5173\u7a0e\u5e72\u6270\uff0c\u5267\u672c\u53ef\u80fd\u51fa\u73b0\u5148\u6da8\u540e\u8dcc\u7684\u60c5\u51b5\uff0c\u4f46\u96be\u4ee5\u5224\u65ad\u53d8\u5316\u7684\u65f6\u673a\u4e0e\u5e45\u5ea6\uff0c\u77ed\u671f\u5e02\u573a\u5df2\u7ecf\u65e0\u6cd5\u9884\u6d4b\u3002<\/p>\n

\u5373\u4f7f\u6211\u4eec\u8ba4\u4e3a\u5ddd\u666e\u7684\u5173\u7a0e\u653f\u7b56\u6700\u7cdf\u7cd5\u7684\u7a0b\u5ea6\u5927\u6982\u53ea\u4f1a\u9650\u4e8e\u5bf9\u6c7d\u8f66\u8bfe\u5f81 25% \u8fdb\u53e3\u5173\u7a0e\uff0c\u501f\u6b64\u8ba9\u7279\u65af\u62c9\u53d7\u60e0\uff0c\u5176\u4ed6\u6c11\u751f\u6d88\u8d39\u5546\u54c1\u6216\u662f 3C \u4e0e\u7f8e\u56fd\u4f01\u4e1a\u7684\u5229\u76ca\u7275\u52a8\u592a\u5927\uff0c\u906d\u53d7\u66f4\u5927\u7a0b\u5ea6\u7684\u6ce2\u53ca\u53ef\u80fd\u6027\u8f83\u4f4e\uff0c\u540e\u7eed\u5176\u4ed6\u56fd\u5bb6\u7684\u62a5\u590d\u6027\u5173\u7a0e\u5267\u672c\u5c31\u96be\u4ee5\u63a8\u6d4b\u3002<\/p>\n

\u4f46\u6211\u4eec\u8fd8\u662f\u76f8\u5bf9\u4e50\u89c2\uff0c\u9884\u671f\u52a0\u5bc6\u8d27\u5e01\u5728\u5bf9\u7b49\u5173\u7a0e\u653f\u7b56\u5ba3\u5e03\u540e\uff0c\u53ea\u8981\u5185\u5bb9\u4e0d\u8981\u592a\u7cdf\uff0c\u90fd\u6709\u53ef\u80fd\u51fa\u73b0\u4e0b\u4e00\u6ce2\u53cd\u5f39\uff0c\u518d\u628a\u65f6\u95f4\u62c9\u5230\u4e2d\u957f\u671f\u6765\u770b\uff0c\u6211\u4eec\u8fd8\u662f\u671f\u5f85\u7f8e\u56fd\u7684\u76d1\u7ba1\u653e\u5bbd\u6b63\u5728\u50ac\u751f\u4e0b\u4e00\u6ce2\u533a\u5757\u94fe\u521b\u65b0\uff0c\u53ea\u662f\u8fd1\u671f\u65b0\u4ea7\u54c1\u7684\u63a8\u52a8\u901f\u5ea6\u6bd4\u9884\u671f\u5f97\u8fd8\u8981\u653e\u7f13\u4e00\u4e9b\uff0c\u4e5f\u6709\u90e8\u5206\u539f\u56e0\u662f\u5f88\u5927\u4e00\u90e8\u5206\u5de5\u7a0b\u5e08\u4eba\u529b\u8f6c\u5f80 AI \u9886\u57df\uff0c\u4f7f\u5f97\u533a\u5757\u94fe\u53d1\u5c55\u51fa\u73b0\u8f83\u4e3a\u5ef6\u8fdf\u7684\u60c5\u51b5\u3002<\/p>\n

\u4e3e\u4f8b\u6765\u8bf4\uff0c\u6b64\u524d Crypto.com \u56e0\u6536\u5230 SEC \u7684\u6267\u6cd5\u901a\u77e5\uff0c\u6307\u63a7\u5176\u4f5c\u4e3a\u672a\u6ce8\u518c\u7ecf\u7eaa\u4ea4\u6613\u5546\u548c\u8bc1\u5238\u6e05\u7b97\u673a\u6784\u8fdb\u884c\u64cd\u4f5c\uff0c\u4e0a\u5468 SEC \u6b63\u5f0f\u7ed3\u675f\u5bf9 Crypto.com \u7684\u8c03\u67e5\uff0c\u5e76\u901a\u77e5\u516c\u53f8\u5c06\u4e0d\u91c7\u53d6\u4efb\u4f55\u6267\u6cd5\u884c\u52a8\uff0c\u8fd9\u5219\u6d88\u606f\u63a8\u52a8 Cronos (CRO) \u5927\u6da8\u81f3 0.1 \u7f8e\u5143\uff0c\u5468\u6da8\u5e45\u98d9\u5347\u81f3 30%\uff0c\u6210\u4e3a\u9886\u5148\u5927\u76d8\u8868\u73b0\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u968f\u8457\u76d1\u7ba1\u653e\u5bbd\uff0c\u6295\u8d44\u8005\u53ea\u9700\u8981\u7ed9\u4e88\u8010\u5fc3\u8ba9\u52a0\u5bc6\u4ea7\u4e1a\u7a33\u6b65\u6210\u957f\uff0c\u5e02\u503c\u5c06\u6301\u7eed\u6210\u957f\u3002<\/p>\n

 <\/p>\n

\u4e0a\u5468\u56de\u987e???????????????????????? \u3010MICA RESEARCH\u3011\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u8f6c\u8d8b\u51b7\u9759\uff0c\u9759\u5f85 Fed \u964d\u606f<\/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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