{"id":6582,"date":"2026-03-24T08:07:16","date_gmt":"2026-03-24T00:07:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6582"},"modified":"2026-03-24T08:07:16","modified_gmt":"2026-03-24T00:07:16","slug":"%e3%80%90mica-research%e3%80%91%e5%85%a8%e7%90%83%e6%80%a7%e3%80%8c%e8%a1%b0%e9%80%80-%e5%ae%bd%e6%9d%be%e3%80%8d%e9%a2%84%e6%9c%9f%e4%ba%92%e6%8a%b5%ef%bc%8c%e6%af%94%e7%89%b9%e5%b8%81%e6%8a%95","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6582","title":{"rendered":"\u3010MICA RESEARCH\u3011\u5168\u7403\u6027\u300c\u8870\u9000 + \u5bbd\u677e\u300d\u9884\u671f\u4e92\u62b5\uff0c\u6bd4\u7279\u5e01\u6295\u8d44\u4ef7\u503c\u6d6e\u73b0"},"content":{"rendered":"

\u867d\u7136\u7f8e\u56fd\u77ed\u671f\u5185\u8fd8\u662f\u4f1a\u56e0\u4e3a\u901a\u81a8\u7ef4\u6301\u5229\u7387\u4e0d\u53d8\uff0c\u4f46\u957f\u671f\u800c\u8a00\u4e00\u5b9a\u4f1a\u964d\u606f\uff0c \u5168\u7403\u7ecf\u6d4e\u53c8\u5c06\u518d\u5ea6\u8d70\u5411\u5bbd\u677e\uff0c\u800c\u5ddd\u666e\u7684\u5f31\u7f8e\u5143\u653f\u7b56\u4e5f\u4f1a\u8ba9\u6574\u4f53\u7684\u7ecf\u6d4e\u60c5\u51b5\u66f4\u52a0\u7684\u6251\u6714\u8ff7\u79bb\uff0c\u8fd9\u65f6\u6211\u4eec\u53cd\u5012\u8ba4\u4e3a\u6bd4\u7279\u5e01\u4f1a\u662f\u6700\u4f73\u7684\u4e2d\u957f\u671f\u6295\u8d44\u9879\u76ee\uff0c\u5373\u4f7f\u77ed\u671f\u4f1a\u504f\u5f31\uff0c\u53cd\u5012\u63d0\u4f9b\u6295\u8d44\u8005\u76f8\u5bf9\u4e0d\u9519\u7684\u8fdb\u573a\u673a\u4f1a\uff0c\u63a5\u4e0b\u6765\u8ba9\u6211\u4eec\u6765\u8fdb\u4e00\u6b65\u5206\u6790\u3002
\n
<\/p>\n

\u5168\u7403\u80a1\u7968\u4e0e\u98ce\u9669\u8d44\u4ea7\u8fd9\u5468\u53d7\u5230\u5ddd\u666e\u5173\u7a0e\u7684\u51b2\u51fb\u7eb7\u7eb7\u5927\u5e45\u5ea6\u4e0b\u6740\uff0c\u6295\u673a\u98ce\u6c14\u5927\u5e45\u5ea6\u9000\u7f29\uff0c\u5bfc\u81f4\u4e2d\u5c0f\u578b\u52a0\u5bc6\u8d27\u5e01\u4e5f\u90e8\u5206\u51fa\u73b0\u5927\u5e45\u5ea6\u4e0b\u8dcc\u3002<\/p>\n

\u76ee\u524d\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6c14\u6c1b\u5904\u4e8e\u907f\u9669\u72b6\u6001\uff0c\u8d44\u91d1\u7eb7\u7eb7\u5f80\u6bd4\u7279\u5e01\u96c6\u4e2d\uff0c\u5e76\u4e14\u64a4\u51fa\u4e2d\u5c0f\u578b\u4ee5\u53ca\u8ff7\u56e0\u5e01\uff0c\u6295\u8d44\u8005\u91c7\u53d6\u76f8\u5bf9\u9632\u5fa1\u7b56\u7565\u6765\u56e0\u5e94\u5f53\u524d\u7684\u5e02\u573a\u98ce\u9669\uff0c\u5ddd\u666e\u5173\u7a0e\u6218\u91cd\u70b9\u4e0d\u53ea\u662f 4 \u6708 2 \u65e5\u5ba3\u5e03\u7684\u5168\u9762\u6027 10% \u5173\u7a0e\u4ee5\u53ca\u540e\u7eed 4 \u6708 9 \u65e5\u5373\u5c06\u751f\u6548\u9ad8\u8fbe 30% \u4ee5\u4e0a\u7684\u5ba2\u5236\u5316\u5bf9\u7b49\u5173\u7a0e\uff0c\u800c\u662f\u4e2d\u56fd\u540e\u7eed\u5ba3\u5e03\u7684 34% \u62a5\u590d\u6027\u5173\u7a0e\u3002<\/p>\n

\u540e\u6765\u8fd8\u6709\u6b27\u76df\u3001\u52a0\u62ff\u5927\u4e0e\u58a8\u897f\u54e5\u7684\u62a5\u590d\u884c\u52a8\uff0c\u8fd8\u6709\u63a5\u4e0b\u6765\u7684\u534f\u5546\u8c08\u5224\u884c\u52a8\uff0c\u8fd9\u4e9b\u77ed\u671f\u5185\u7ecf\u6d4e\u8870\u9000\u7684\u9690\u5fe7\u4f1a\u8ba9\u6295\u8d44\u8005\u503e\u5411\u4fdd\u7559\u73b0\u91d1\u3001\u51cf\u5c11\u6295\u8d44\u4ee5\u53ca\u6d88\u8d39\uff0c\u5bf9\u6b64 BitMEX \u5171\u540c\u521b\u529e\u4eba Arthur Hayes \u4e5f\u8ba4\u4e3a\uff0c\u5ddd\u666e\u796d\u51fa\u7684\u5168\u9762\u6027\u5173\u7a0e\u653f\u7b56\u5c06\u5f15\u53d1\u7ecf\u6d4e\u52a8\u8361\uff0c\u8feb\u4f7f\u5404\u56fd\u592e\u884c\u542f\u52a8\u65b0\u4e00\u8f6e\u5bbd\u677e\u653f\u7b56\uff0c\u8fdb\u800c\u6210\u4e3a\u6bd4\u7279\u5e01\uff08BTC\uff09\u4e0a\u6da8\u7684\u300c\u706b\u7bad\u71c3\u6599\u300d\u3002<\/p>\n

Arthur Hayes \u5bf9\u6b64\u62b1\u6301\u4e50\u89c2\u6001\u5ea6\uff0c\u4ed6\u8ba4\u4e3a\u5168\u7403\u8d38\u6613\u5931\u8861\u5c06\u8feb\u4f7f\u8054\u51c6\u4f1a\u7b49\u592e\u884c\u8fdb\u884c\u5927\u91cf\u5370\u949e\uff0c\u652f\u6491\u503a\u5238\u5e02\u573a\uff0c\u5e76\u91cd\u542f\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\uff0c\u8fd9\u5c06\u63a8\u52a8\u6bd4\u7279\u5e01\u98d9\u5347\u3002\u4ed6\u9884\u6d4b\u6bd4\u7279\u5e01\u5728 2025 \u5e74\u5e95\u524d\u6709\u671b\u7a81\u7834 25 \u4e07\u7f8e\u5143\uff0c\u4e3b\u56e0\u5168\u7403\u6cd5\u5e01\u4f9b\u5e94\u6269\u5f20\u4e0e\u5bf9\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u7684\u4fe1\u4efb\u4e0b\u6ed1\uff0c\u6b64\u5916\u4ed6\u4e5f\u63d0\u9192\u65e5\u5706\u8d2c\u503c\u3001\u5176\u4ed6\u56fd\u5bb6\u62a5\u590d\u6027\u52a0\u7a0e\u7b49\u98ce\u9669\u53ef\u80fd\u52a0\u5267\u5e02\u573a\u6ce2\u52a8\u3002<\/p>\n

\u867d\u7136\u7f8e\u56fd\u77ed\u671f\u5185\u8fd8\u662f\u4f1a\u56e0\u4e3a\u901a\u81a8\u7ef4\u6301\u5229\u7387\u4e0d\u53d8\uff0c\u4f46\u957f\u671f\u800c\u8a00\u4e00\u5b9a\u4f1a\u964d\u606f\uff0c\u53cd\u5012\u662f\u8fd9\u6ce2\u53d7\u5230\u5173\u7a0e\u51b2\u51fb\u7684\u56fd\u5bb6\u5f88\u53ef\u80fd\u91c7\u53d6\u66f4\u5bbd\u677e\u7684\u7ecf\u6d4e\u653f\u7b56\u6765\u5ef6\u7eed\u56fd\u5185\u51fa\u53e3\u4ea7\u4e1a\u7684\u751f\u5b58\uff0c\u5168\u7403\u7ecf\u6d4e\u53c8\u5c06\u518d\u5ea6\u8d70\u5411\u5bbd\u677e\uff0c\u800c\u5ddd\u666e\u7684\u5f31\u7f8e\u5143\u653f\u7b56\u4e5f\u4f1a\u8ba9\u6574\u4f53\u7684\u7ecf\u6d4e\u60c5\u51b5\u66f4\u52a0\u7684\u6251\u6714\u8ff7\u79bb\uff0c\u8fd9\u65f6\u6211\u4eec\u53cd\u5012\u8ba4\u4e3a\u6bd4\u7279\u5e01\u4f1a\u662f\u6700\u4f73\u7684\u4e2d\u957f\u671f\u6295\u8d44\u9879\u76ee\uff0c\u5373\u4f7f\u77ed\u671f\u4f1a\u504f\u5f31\uff0c\u53cd\u5012\u63d0\u4f9b\u6295\u8d44\u8005\u76f8\u5bf9\u4e0d\u9519\u7684\u8fdb\u573a\u673a\u4f1a\uff0c\u63a5\u4e0b\u6765\u8ba9\u6211\u4eec\u6765\u8fdb\u4e00\u6b65\u5206\u6790\u3002<\/p>\n

\"\"Sources: MICA RESEARCH<\/p>\n

 <\/p>\n

A. 04 \u6708 02 \u65e5 Arthur Hayes\uff1a\u8054\u51c6\u4f1a\u964d\u606f\u5c06\u628a\u6bd4\u7279\u5e01\u63a8\u5347\u81f3 25 \u4e07\u7f8e\u5143<\/p>\n

BitMEX \u5171\u540c\u521b\u529e\u4eba Arthur Hayes \u518d\u5ea6\u5728\u4e2a\u4eba\u90e8\u843d\u683c\u9884\u6d4b\u6bd4\u7279\u5e01\u4ef7\u683c\u5c06\u8fce\u6765\u53cd\u8f6c\uff0c\u4ed6\u8ba4\u4e3a\u6bd4\u7279\u5e01\u5c06\u5728 2025 \u5e74\u5e95\u8fbe\u5230 25 \u4e07\u7f8e\u5143\uff0c\u4f5c\u51fa\u8fd9\u6837\u5927\u80c6\u731c\u6d4b\u7684\u4f9d\u636e\u662f\u4ed6\u8ba4\u4e3a\u968f\u8457\u8054\u51c6\u4f1a\u6700\u7ec8\u5728\u653f\u6cbb\u4e0e\u7ecf\u6d4e\u538b\u529b\u4e0b\u91cd\u542f\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\uff0c\u8fd9\u65f6\u5e02\u573a\u5c06\u51fa\u73b0\u5927\u91cf\u6d41\u52a8\u6027\uff0c\u800c\u6bd4\u7279\u5e01\u4f5c\u4e3a\u300c\u4ef7\u503c\u50a8\u5b58\u300d\u5de5\u5177\uff0c\u5c06\u4ece\u4e2d\u83b7\u76ca\u3002<\/p>\n

\u4ed6\u6307\u51fa\u8054\u51c6\u4f1a\u8fd1\u671f\u653f\u7b56\u8f6c\u53d8\uff0c\u5305\u62ec\u53ef\u80fd\u653e\u5bbd\u94f6\u884c\u6301\u6709\u7f8e\u503a\u7684 SLR \u9650\u5236\uff0c\u5c06\u4e3a\u5e02\u573a\u91ca\u51fa\u5e9e\u5927\u8d44\u91d1\u3002\u6b64\u5916 Fed \u5df2\u7ecf\u5728\u51cf\u7f13\u7f29\u8868\u901f\u5ea6\uff0c\u9884\u8ba1\u5168\u5e74\u5c06\u589e\u52a0\u7ea6 2400 \u81f3 4200 \u4ebf\u7f8e\u5143\u7684\u6d41\u52a8\u6027\uff0c\u4e3a\u6bd4\u7279\u5e01\u521b\u9020\u6709\u5229\u73af\u5883\u3002 Hayes \u5f3a\u8c03\uff0c\u5c3d\u7ba1\u5b58\u5728\u901a\u81a8\u7591\u8651\uff0c\u4f46\u8054\u51c6\u4f1a\u8ba4\u4e3a\u662f\u77ed\u671f\u73b0\u8c61\uff0c\u56e0\u6b64\u4ecd\u5c06\u6301\u7eed\u5bbd\u677e\u3002\u4ed6\u76f8\u4fe1\u6bd4\u7279\u5e01\u5c06\u5982 2008 \u5e74\u91d1\u878d\u5371\u673a\u65f6\u7684\u9ec4\u91d1\u4e00\u6837\uff0c\u5728\u8d27\u5e01\u8d2c\u503c\u73af\u5883\u4e2d\u5f3a\u52bf\u4e0a\u6da8\u3002<\/p>\n

\u9762\u5bf9\u663e\u800c\u6613\u89c1\u7684\u7f8e\u56fd\u7ecf\u6d4e\u653e\u7f13\uff0c\u76ee\u524d Fed \u6b63\u5728\u8f6c\u5411\u7a0d\u5fae\u5bbd\u677e\u7684\u65b9\u5411\u4ee5\u8c03\u63a7\u7f8e\u56fd\u7ecf\u6d4e\uff0c\u4f46\u77ed\u671f\u52a8\u6001\u8fd8\u662f\u7167\u8457\u5ddd\u666e\u5173\u7a0e\u653f\u7b56\u8d70\uff0c\u4eca\u5929\u9884\u8ba1\u5ddd\u666e\u5c06\u4f1a\u5ba3\u5e03\u65b0\u7684\u5bf9\u7b49\u5173\u7a0e\u653f\u7b56\uff0c\u5e02\u573a\u6b63\u5728\u7b49\u5f85\u6700\u65b0\u8d44\u8baf\u516c\u5e03\u4ee5\u5224\u65ad\u662f\u4e0d\u662f\u771f\u7684\u50cf\u9884\u671f\u4e2d\u7684\u60b2\u89c2\uff0c\u6216\u662f\u6bd4\u60f3\u50cf\u4e2d\u300c\u53cb\u5584\u300d\uff0c\u8fd9\u65b9\u9762\u5e02\u573a\u4e5f\u6ca1\u6709\u51fa\u73b0\u8d85\u8dcc\uff0c\u6574\u4f53\u6765\u8bf4\u90fd\u8fd8\u5728\u89c2\u671b\u6001\u5ea6\u3002<\/p>\n

B. 04 \u6708 03 \u65e5 \u5ddd\u666e\u5ba3\u5e03\u5168\u9762\u8bfe\u5f81 10% \u57fa\u51c6\u5173\u7a0e\uff0c\u52a0\u5bc6\u8d27\u5e01\u6301\u7a33<\/p>\n

\u7f8e\u56fd\u603b\u7edf\u5ddd\u666e\u4eca\u5929\u5ba3\u5e03\u4e00\u9879\u5168\u65b0\u7684\u5168\u7403\u5bf9\u7b49\u5173\u7a0e\u8ba1\u5212\uff0c\u58f0\u79f0\u8fd9\u5c06\u6709\u52a9\u4e8e\u7f8e\u56fd\u7ecf\u6d4e\u6210\u529f\u3002\u8be5\u8ba1\u5212\u900f\u8fc7\u603b\u7edf\u884c\u653f\u547d\u4ee4\u5b9e\u65bd\uff0c\u5168\u9762\u6db5\u76d6\u5bf9\uff0c\u9884\u8ba1\u5c06\u5bf9\u5168\u7403\u7ecf\u6d4e\u9020\u6210\u51b2\u51fb\uff0c\u5bf9\u4e8e\u5168\u7403 160 \u4e2a\u56fd\u5bb6\uff0c\u5176\u4e2d 100 \u4e2a\u56fd\u5bb6\u9002\u7528\u5f81\u6536 10% \u57fa\u51c6\u5173\u7a0e\uff0c\u5c06\u4e8e 4 \u6708 5 \u65e5\u751f\u6548\uff0c\u53e6\u5916\u5bf9\u7ea6 60 \u4e2a\u300c\u6700\u4e25\u91cd\u8fdd\u89c4\u56fd\u5bb6\u300d\u5219\u5c06\u5b9e\u65bd\u5ba2\u5236\u5316\u5bf9\u7b49\u5173\u7a0e\uff0c\u8fd9\u4e2a\u6761\u6b3e\u5219\u4e8e 4 \u6708 9 \u65e5\u751f\u6548\u3002<\/p>\n

\u8fd9\u4e9b\u56fd\u5bb6\u88ab\u8ba4\u4e3a\u5bf9\u7f8e\u56fd\u5546\u54c1\u5f81\u6536\u8fc7\u9ad8\u5173\u7a0e\u3001\u8bbe\u7f6e\u975e\u5173\u7a0e\u969c\u788d\u6216\u635f\u5bb3\u7f8e\u56fd\u7ecf\u6d4e\u5229\u76ca\u3002\u4e3b\u8981\u5bf9\u8c61\u4e0e\u7a0e\u7387\u5305\u62ec\uff1a\u6b27\u76df 20% \u3001\u4e2d\u56fd 54% \u3001\u8d8a\u5357 46% \u3001\u6cf0\u56fd 36% \u3001\u65e5\u672c 24% \u3001\u67ec\u57d4\u5be8 49% \u3001\u5357 \u975e 30% \u4ee5\u53ca\u53f0\u6e7e 32%\uff0c\u52a0\u62ff\u5927\u4e0e\u58a8\u897f\u54e5\u672a\u88ab\u5217\u5165\u65b0\u5173\u7a0e\u540d\u5355\uff0c\u7ef4\u6301\u5148\u524d\u7684\u90e8\u5206\u8c41\u514d 25%\uff0c\u6700\u540e\u5ddd\u666e\u4e5f\u5ba3\u5e03\u5bf9\u6240\u6709\u5916\u56fd\u6c7d\u8f66\u5f81\u6536 25% \u5173\u7a0e\uff0c\u81ea 4 \u6708 3 \u65e5\u5348\u591c\u8d77\u7acb\u5373\u751f\u6548\u3002<\/p>\n

\u8fd9\u9879\u8baf\u606f\u8d85\u8fc7\u5e02\u573a\u9884\u671f\uff0c\u5f15\u53d1\u5168\u7403\u98ce\u9669\u8d44\u4ea7\u4ef7\u683c\u4e0b\u8dcc\uff0c\u4f46\u6bd4\u7279\u5e01\u5c5e\u4e8e\u66f4\u4e3a\u7a33\u5065\u7684\u8d44\u4ea7\uff0c\u4ef7\u683c\u7ef4\u6301\u5728 83,000 \u7f8e\u5143\uff0c\u4ec5\u4ec5\u662f\u62b9\u53bb\u524d\u51e0\u5929\u7684\u6da8\u5e45\uff0c\u8868\u73b0\u5df2\u7ecf\u4f18\u4e8e\u5176\u4ed6\u8d44\u4ea7\u7c7b\u522b\uff0c\u6211\u4eec\u9884\u8ba1\u540e\u7eed\u7684\u5173\u7a0e\u62a5\u590d\u4ee5\u53ca\u53bb\u6760\u6746\u6548\u76ca\uff0c\u8fd8\u6709\u5f85\u6295\u8d44\u8005\u89c2\u5bdf\uff0c\u4f46\u60c5\u7eea\u591a\u4f1a\u662f\u8d1f\u5411\u53d1\u5c55\u3002<\/p>\n

C. 04 \u6708 04 \u65e5 \u5ddd\u666e\u5173\u7a0e\u5b9e\u65bd\u9996\u65e5\uff0c\u7f8e\u80a1\u906d\u8840\u6d17\u4f46\u52a0\u5bc6\u5e01\u76f8\u5bf9\u7a33\u5b9a<\/p>\n

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\u5ddd\u666e\u653f\u5e9c\u6700\u8fd1\u5ba3\u5e03\u7684 10% \u5168\u9762\u8fdb\u53e3\u5173\u7a0e\u4e3a 200 \u5e74\u6765\u6700\u5927\u89c4\u6a21\uff0c\u5c24\u5176\u5bf9\u4e8e\u51fa\u53e3\u5546\u54c1\u5927\u5b97\u7684\u4e9a\u6d32\u533a\u66f4\u662f\u52a8\u8f84 30% \u4ee5\u4e0a\u7684\u5173\u7a0e\uff0c\u6469\u6839\u5927\u901a\u4f30\u8ba1\uff0c\u82e5\u5173\u7a0e\u6301\u7eed\uff0c\u5168\u7403\u7ecf\u6d4e\u8870\u9000\u673a\u7387\u8fbe 60% \u3002\u6c7d\u8f66\u7b49\u5546\u54c1\u4ef7\u683c\u53ef\u80fd\u5927\u5e45\u4e0a\u6da8\uff0c\u7ecf\u6d4e\u6050\u9677\u5165\u300c\u505c\u6ede\u6027\u901a\u81a8\u300d\u7684\u56f0\u5883\uff0c\u5373\u7ecf\u6d4e\u505c\u6ede\u3001\u5931\u4e1a\u4e0a\u5347\u4e0e\u7269\u4ef7\u98d9\u5347\u540c\u65f6\u53d1\u751f\uff0c\u8054\u51c6\u4f1a\u5c06\u9762\u4e34 1970 \u5e74\u4ee3\u4ee5\u6765\u6700\u5927\u7684\u6311\u6218\u3002<\/p>\n

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 <\/p>\n

\u4e0a\u5468\u56de\u987e???????????????????????? \u3010MICA RESEARCH\u3011\u5173\u7a0e\u4e0d\u786e\u5b9a\u6027\u5c06\u4e8e 4 \u6708 2 \u65e5\u6d88\u9664\uff0c\u4f46\u6da8\u8dcc\u96be\u6d4b<\/p>\n

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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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