{"id":6727,"date":"2026-04-22T08:07:16","date_gmt":"2026-04-22T00:07:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6727"},"modified":"2026-04-22T08:07:16","modified_gmt":"2026-04-22T00:07:16","slug":"%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b8%82%e5%9c%ba-q2-%e6%b4%9e%e5%af%9f%ef%bc%9a%e9%81%bf%e9%99%a9%e7%8e%af%e5%a2%83%e4%b8%8b%ef%bc%8c%e6%af%94%e7%89%b9%e5%b8%81%e9%87%8d%e6%8b%be%e4%b8%bb","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6727","title":{"rendered":"\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a Q2 \u6d1e\u5bdf\uff1a\u907f\u9669\u73af\u5883\u4e0b\uff0c\u6bd4\u7279\u5e01\u91cd\u62fe\u4e3b\u5bfc\u5730\u4f4d"},"content":{"rendered":"\n

\u4f5c\u8005\uff1aCoinbase Glassnode<\/p>\n

\u7f16\u8bd1\uff1aFelix, PANews<\/p>\n

\u8fdb\u5165 2025 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6b63\u5728\u7ecf\u5386\u91cd\u5927\u8c03\u6574\u3002\u5728\u603b\u4f53\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u52a0\u5267\u7684\u80cc\u666f\u4e0b\uff0c\u6295\u8d44\u4eba\u60c5\u7eea\u8f6c\u4e3a\u9632\u5fa1\u6027\uff0c\u8d44\u91d1\u7eb7\u7eb7\u6d8c\u5411\u6bd4\u7279\u5e01\u7b49\u9ad8\u5e02\u503c\u8d44\u4ea7\u3002\u5c3d\u7ba1\u7ade\u4e89\u5e01\u5e02\u573a\u9762\u4e34\u538b\u529b\uff0c\u4f46\u6838\u5fc3\u57fa\u7840\u8bbe\u65bd\u6301\u7eed\u589e\u5f3a\uff0c\u94fe\u4e0a\u57fa\u672c\u9762\u4f9d\u7136\u575a\u633a\uff0c\u900f\u8fc7 ETF \u7ba1\u9053\u548c\u5e73\u53f0\u5f00\u53d1\uff0c\u673a\u6784\u5174\u8da3\u4fdd\u6301\u7a33\u5b9a\u3002<\/p>\n

\u672c\u62a5\u544a\u7531 Coinbase \u4e0e Glassnode \u5171\u540c\u5236\u4f5c\uff0c\u91cd\u70b9\u5173\u6ce8\u5e02\u573a\u7ed3\u6784\u3001\u90e8\u4f4d\u8d8b\u52bf\u4ee5\u53ca\u5728\u590d\u6742\u4e14\u5feb\u901f\u53d1\u5c55\u7684\u73af\u5883\u4e2d\u7684\u5173\u952e\u6307\u6807\u3002\u4ee5\u4e0b\u4e3a\u62a5\u544a\u7cbe\u534e\uff1a<\/p>\n

\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u56de\u547c\u51f8\u663e\u9632\u5fa1\u6027\u5b9a\u4f4d
\n\"\"\"\"\u6bd4\u7279\u5e01 2022 \u5e74\u53ca\u4ee5\u540e\u7684\u5468\u671f\u4e0e\u4ee5\u5f80\u8d8b\u52bf\u4e0d\u540c\uff0c\u5728\u603b\u4f53\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u7684\u8109\u7edc\u4e0b\uff0c\u590d\u82cf\u8fdb\u7a0b\u66f4\u4e3a\u7f13\u6162<\/p>\n

\u81ea 2025 \u5e74\u521d\u4ee5\u6765\uff0c\u6295\u8d44\u8005\u60c5\u7eea\u53d1\u751f\u5de8\u5927\u53d8\u5316\u3002\u5bf9\u7f8e\u56fd\u6f5c\u5728\u7ecf\u6d4e\u8870\u9000\u3001\u8d22\u653f\u7d27\u7f29\u548c\u5168\u7403\u8d38\u6613\u6469\u64e6\u7684\u62c5\u5fe7\u65e5\u76ca\u52a0\u5267\uff0c\u5f15\u53d1\u6570\u4f4d\u8d44\u4ea7\u5e02\u573a\u7684\u907f\u9669\u60c5\u7eea\u3002\u5254\u9664\u6bd4\u7279\u5e01\u540e\uff0c\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u4e3a 9,500 \u4ebf\u7f8e\u5143\uff0c\u8f83 2024 \u5e74 12 \u6708 1.6 \u5146\u7f8e\u5143\u7684\u9ad8\u70b9\u5927\u5e45\u4e0b\u8dcc 41%\uff0c\u8f83\u53bb\u5e74\u540c\u671f\u4e0b\u8dcc 17% \u3002\u521b\u6295\u6d41\u5165\u5219\u56de\u843d\u81f3 2017 \u5e74 \uff5e 2018 \u5e74\u7684\u6c34\u51c6\u3002\u6bd4\u7279\u5e01\u548c COIN50 \u6307\u6570\u5747\u8dcc\u7834 200 \u65e5\u79fb\u52a8\u5747\u7ebf\u3002\u8fd9\u663e\u793a\u76ee\u524d\u7684\u56de\u6863\u53ef\u80fd\u5ef6\u7eed\u81f3 2025 \u5e74\u4e2d\u671f\u3002<\/p>\n

\u6bd4\u7279\u5e01\u5728\u907f\u9669\u73af\u5883\u4e0b\u91cd\u62fe\u4e3b\u5bfc\u5730\u4f4d
\n\"\"\"\"\u968f\u8457\u6295\u8d44\u8005\u8f6c\u5411\u9ad8\u4fe1\u5ea6\u8d44\u4ea7\uff0c\u6bd4\u7279\u5e01\u4e3b\u5bfc\u5730\u4f4d\u5347\u81f3 63% \uff0c\u521b 2021 \u5e74\u521d\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u5e73<\/p>\n

\u5728\u52a8\u8361\u65f6\u671f\uff0c\u8d44\u672c\u4f1a\u8f6c\u5411\u53ef\u611f\u77e5\u7684\u4f18\u8d28\u8d44\u4ea7\u2014\u2014\u6bd4\u7279\u5e01\u4ece\u4e2d\u53d7\u76ca\u3002\u6bd4\u7279\u5e01\u76ee\u524d\u5360\u636e\u52a0\u5bc6\u603b\u5e02\u503c\u7684 63%\uff0c\u4e3a 2021 \u5e74\u521d\u4ee5\u6765\u7684\u6700\u9ad8\u6c34\u51c6\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4ee5\u592a\u5e01\u5728\u52a0\u5bc6\u8d27\u5e01\u603b\u5e02\u503c\u4e2d\u7684\u4efd\u989d\u5728\u8fc7\u53bb\u516d\u4e2a\u6708\u4e2d\u6709\u6240\u7f29\u51cf\uff0c\u800c Solana \u7684\u4efd\u989d\u81ea 2024 \u5e74\u521d\u4ee5\u6765\u4e00\u76f4\u4fdd\u6301\u7a33\u5b9a\u3002<\/p>\n

\u6bd4\u7279\u5e01\u7684\u4e3b\u5bfc\u5730\u4f4d\u53cd\u6620\u4e86\u6295\u8d44\u8005\u5bf9\u673a\u6784\u53ef\u8fd1\u6027\u548c\u5b8f\u89c2\u76f8\u5173\u6027\u6700\u9ad8\u7684\u8d44\u4ea7\u7684\u504f\u597d\u3002\u5c3d\u7ba1\u4ef7\u683c\u4e0b\u8dcc\uff0c\u4f46\u6bd4\u7279\u5e01\u957f\u671f\u6301\u6709\u8005\u4ecd\u5728\u589e\u6301\uff0c\u6d41\u52a8\u6027\u4f9b\u5e94\u51cf\u5c11\u548c\u4e8f\u635f\u6301\u6709\u7684\u6bd4\u7279\u5e01\u6570\u91cf\u5927\u5e45\u4e0a\u5347\u5c31\u8bc1\u660e\u4e86\u8fd9\u4e00\u70b9\uff0c\u8fd9\u8868\u660e\u6218\u7565\u914d\u7f6e\u8005\u91cd\u65b0\u71c3\u8d77\u4e86\u4fe1\u5fc3\u3002<\/p>\n

\u73b0\u8d27ETF\u5bf9\u5e02\u573a\u7ed3\u6784\u4ecd\u81f3\u5173\u91cd\u8981
\n\"\"\"\"\u5c3d\u7ba1\u8fd1\u671f\u8d44\u91d1\u5916\u6d41\uff0c\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a ETF \u4ecd\u4fdd\u6301\u76f8\u5f53\u53ef\u89c2\u7684\u6301\u4ed3\u91cf\uff0c\u663e\u793a\u673a\u6784\u6295\u8d44\u8005\u7684\u5174\u8da3\u6301\u7eed\u5b58\u5728<\/p>\n

ETF \u8d44\u91d1\u6d41\u5411\u4ecd\u662f\u8861\u91cf\u673a\u6784\u6295\u8d44\u4eba\u60c5\u7eea\u7684\u5173\u952e\u6307\u6807\u3002\u7b2c\u4e00\u5b63\u5ea6\uff0c\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u73b0\u8d27 ETF \u7684\u8d44\u91d1\u6d41\u5165\u867d\u7136\u4f4e\u8ff7\uff0c\u4f46\u4ecd\u6301\u7eed\uff0c\u6bd4\u7279\u5e01 ETF \u603b\u4f59\u989d\u63a5\u8fd1 1,250 \u4ebf\u7f8e\u5143\u3002\u5c3d\u7ba1\u671f\u8d27\u5e02\u573a\u7684\u878d\u8d44\u5229\u7387\u4e0b\u964d\uff0c\u663e\u793a\u6295\u673a\u610f\u613f\u51cf\u5f31\uff0c\u4f46\u73b0\u8d27 ETF \u7684\u6d3b\u52a8\u53cd\u6620\u4e86\u957f\u671f\u7684\u90e8\u4f4d\u914d\u7f6e\u3002<\/p>\n

\"\"\"\"\u5927\u578b\u5238\u5546\u4ecd\u5728\u9650\u5236\u5ba2\u6237\u5bf9\u6bd4\u7279\u5e01 ETF \u7684\u6295\u8d44\u3002\u5982\u679c\u8fd9\u4e9b\u5e73\u53f0\u8bbe\u5b9a 2% \u7684\u6bd4\u7279\u5e01\u914d\u7f6e\u6bd4\u4f8b\uff0c\u5219\u8868\u793a ETF \u51c0\u6d41\u5165\u91cf\u5c06\u662f 2024 \u5e74\u7684 22 \u500d<\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5927\u578b\u5238\u5546\u7684\u6295\u8d44\u9650\u5236\u6697\u793a\uff0c\u5982\u679c\u51c6\u5165\u9650\u5236\u653e\u5bbd\uff0c\u5c06\u51fa\u73b0\u4e00\u6ce2\u6f5c\u5728\u7684\u9700\u6c42\u6d6a\u6f6e\u3002<\/p>\n

Solana\u6536\u5165\u8d85\u8fc7\u5176\u4ed6\u6240\u6709L1\u548cL2\u5e73\u53f0<\/p>\n

\"\"\"\"<\/p>\n

Solana \u5728\u7b2c\u4e00\u5b63\u8d85\u8d8a\u5176\u4ed6\u6240\u6709\u533a\u5757\u94fe\uff0c\u5176\u6536\u5165\u8d85\u8fc7\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\u548c\u5176\u4ed6\u533a\u5757\u94fe\u7684\u603b\u548c\u3002<\/p>\n

\u5c3d\u7ba1\u5e02\u573a\u9762\u4e34\u5b8f\u89c2\u73af\u5883\u51b2\u51fb\uff0c\u56f4\u7ed5 memecoin \u7684\u8d1f\u9762\u8ba8\u8bba\u4e5f\u52a8\u8361\u4e0d\u5b89\uff0c\u4f46 Solana \u5728\u7b2c\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u4ecd\u8d85\u8fc7\u6240\u6709\u5176\u4ed6 L1 \u548c L2 \u7f51\u8def\u7684\u603b\u548c\u3002\u8fd9\u9879\u6536\u5165\u51f8\u663e\u4e86\u751f\u6001\u7528\u6237\u7684\u6301\u7eed\u9ecf\u6027\uff0c\u5e76\u8868\u660e Solana \u751f\u6001\u7684\u8d44\u672c\u6548\u7387\u548c\u5f00\u53d1\u8005\u6d3b\u52a8\u4ecd\u7136\u5f3a\u52b2\u3002<\/p>\n

\u7a33\u5b9a\u5e01\u5de9\u56fa\u4e86\u5176\u4f5c\u4e3a\u52a0\u5bc6\u91d1\u878d\u652f\u67f1\u7684\u5730\u4f4d<\/p>\n

\"\"\"\"<\/p>\n

\u7a33\u5b9a\u5e01\u7684\u4f9b\u5e94\u91cf\u548c\u94fe\u4e0a\u4ea4\u6613\u91cf\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u51f8\u663e\u5176\u5728\u5168\u7403\u6570\u4f4d\u652f\u4ed8\u9886\u57df\u65e5\u76ca\u91cd\u8981\u7684\u89d2\u8272\u3002<\/p>\n

\u4f5c\u4e3a\u52a0\u5bc6\u91d1\u878d\u4f53\u7cfb\u7684\u6838\u5fc3\u7ec4\u6210\uff0c\u7a33\u5b9a\u5e01\u6301\u7eed\u53d7\u5230\u5173\u6ce8\u3002\u7ecf\u975e\u6d3b\u8dc3\u4ea4\u6613\u8c03\u6574\u540e\uff0c\u7a33\u5b9a\u5e01\u4ea4\u6613\u91cf\u5728\u4e0a\u4e2a\u5b63\u5ea6\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002\u968f\u8457\u8d39\u7528\u4e0d\u65ad\u964d\u4f4e\u4ee5\u53ca\u7528\u4f8b\u4e0d\u65ad\u6269\u5c55\uff08\u4ece\u6c47\u6b3e\u5230\u4f01\u4e1a\u652f\u4ed8\uff09\uff0c\u7a33\u5b9a\u5e01\u9884\u8ba1\u5c06\u5728 2025 \u5e74\u5438\u5f15\u66f4\u591a\u673a\u6784\u548c\u6563\u6237\u6295\u8d44\u8005\uff0c\u5c24\u5176\u662f\u5728\u9ad8\u901a\u81a8\u7ecf\u6d4e\u4f53\u3002<\/p>\n

\u62a5\u544a\u8ba4\u4e3a\uff0c\u52a0\u5bc6\u5e02\u573a\u53ef\u80fd\u5728 2025 \u5e74\u7b2c\u4e8c\u5b63\u4e2d\u540e\u671f\u89e6\u5e95\uff0c\u4e3a 2025 \u5e74\u7b2c\u4e09\u5b63\u7684\u8d70\u52bf\u5960\u5b9a\u57fa\u7840\u3002\u603b\u4f53\u800c\u8a00\uff0c\u5e02\u573a\u77ed\u671f\u5185\u5c06\u5448\u73b0\u4e0b\u8dcc\u8d8b\u52bf\uff0c\u7136\u540e\u5728\u4e0b\u534a\u5e74\u53cd\u5f39\u5e76\u521b\u4e0b\u65b0\u9ad8\u3002\u4f46\u5982\u679c\u4ee5\u4e0b\u56e0\u7d20\u51fa\u73b0\uff0c\u4e0a\u8ff0\u89c2\u70b9\u65e0\u6548\uff1a<\/p>\n

\u5982\u679c\u8054\u51c6\u4f1a\u7ed3\u675f\u91cf\u5316\u7d27\u7f29\u653f\u7b56\uff0c\u5c06\u589e\u52a0\u5168\u7403\u6d41\u52a8\u6027\u5e76\u652f\u6491\u52a0\u5bc6\u5e02\u573a\u3002\u540c\u6837\uff0c\u5982\u679c\u6b27\u76df\u6216\u4e2d\u56fd\u7b49\u4e3b\u8981\u7ecf\u6d4e\u4f53\u63a8\u51fa\u66f4\u591a\u5168\u7403\u8d22\u653f\u523a\u6fc0\u63aa\u65bd\uff0c\u53ef\u80fd\u4f1a\u589e\u52a0 M2 \u8d27\u5e01\u4f9b\u5e94\u91cf\uff0c\u5e76\u63a8\u9ad8\u5e02\u573a\u53ef\u7528\u8d44\u672c\u3002<\/p>\n

\u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff1a\u8d38\u6613\u5c40\u52bf\u7684\u8fdb\u4e00\u6b65\u4e0d\u786e\u5b9a\u6027\u53ef\u80fd\u4f1a\u5ef6\u957f\u5e02\u573a\u7684\u8d1f\u9762\u60c5\u7eea\uff0c\u800c\u5168\u7403\u51b2\u51fb\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u964d\u4f4e\u6d41\u52a8\u6027\u3002<\/p>\n

\uff08\u4ee5\u4e0a\u5185\u5bb9\u83b7\u5408\u4f5c\u4f19\u4f34 PANews\u00a0\u6388\u6743\u8282\u5f55\u53ca\u8f6c\u8f7d\uff0c\u539f\u6587\u8fde\u7ed3 \uff09<\/p>\n

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