{"id":3162,"date":"2026-08-29T16:08:24","date_gmt":"2026-08-29T08:08:24","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=3162"},"modified":"2026-08-29T16:08:24","modified_gmt":"2026-08-29T08:08:24","slug":"%e5%88%ab%e5%86%8d%e5%88%bb%e8%88%9f%e6%b1%82%e5%89%91%ef%bc%8c%e5%bd%93%e4%b8%8b%e6%af%94%e7%89%b9%e5%b8%81%e5%b8%82%e5%9c%ba%e5%b9%b6%e9%9d%9e2022%e5%b9%b4%e7%86%8a%e5%b8%82%e7%9a%84%e9%87%8d","status":"publish","type":"post","link":"https:\/\/www.zaixinjiang.com\/?p=3162","title":{"rendered":"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260120\/176890865672224.jpg\" width=\"602\" height=\"241\" 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role=\"presentation\">\u4e4c\u514b\u5170\u6218\u4e89\u7684\u7206\u53d1\uff0c\u8fd9\u66f4\u731b\u70c8\u5730\u63a8\u9ad8\u4e86\u901a\u80c0\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u5728\u5f53\u65f6\u7684\u73af\u5883\u4e0b\uff0c\u65e0\u98ce\u9669\u5229\u7387\u4e0d\u65ad\u4e0a\u5347\uff0c\u6d41\u52a8\u6027\u88ab\u7cfb\u7edf\u6027\u5730\u62bd\u79bb\uff0c\u91d1\u878d\u6761\u4ef6\u6301\u7eed\u6536\u7d27\u3002\u56e0\u6b64\uff0c\u8d44\u672c\u7684\u9996\u8981\u76ee\u6807\u662f\u98ce\u9669\u89c4\u907f\u3002\u6211\u4eec\u5728\u6bd4\u7279\u5e01\u5e02\u573a\u4e0a\u770b\u5230\u7684\u662f\u4e00\u4e2a\u5178\u578b\u7684\u7d27\u7f29\u5468\u671f\u4e2d\u7684\u9ad8\u4f4d\u6d3e\u53d1\u7ed3\u6784\u3002<img loading=\"lazy\" decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260120\/176890865698274.jpg\" width=\"602\" height=\"337\" title=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe1\" alt=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe1\" \/><\/p>\n<p dir=\"ltr\">\u800c\u5f53\u524d\u7684\u5b8f\u89c2\u73af\u5883\u5219\u6070\u6070\u76f8\u53cd\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u4e4c\u514b\u5170\u51b2\u7a81\u6b63\u5728\u7f13\u548c\uff08\u90e8\u5206\u539f\u56e0\u5728\u4e8e\u7f8e\u56fd\u4e3a\u964d\u4f4e\u901a\u80c0\u548c\u5229\u7387\u6240\u505a\u7684\u52aa\u529b\uff09\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u6d88\u8d39\u8005\u4ef7\u683c\u6307\u6570(CPI)\u548c\u7f8e\u56fd\u7684\u65e0\u98ce\u9669\u5229\u7387\u6b63\u5728\u4e0b\u964d\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" 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title=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe2\" alt=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe2\" \/><\/p>\n<p dir=\"ltr\">\u6b64\u5916\uff0c\u81ea2020\u5e74\u4ee5\u6765\uff0c\u6bd4\u7279\u5e01\u4e0e\u7f8e\u56fd\u6d41\u52a8\u6027\u6307\u6570\u4e5f\u8868\u73b0\u51fa\u5f3a\u70c8\u7684\u76f8\u5173\u6027\uff08\u9664\u4e862024\u5e74\u56e0ETF\u8d44\u91d1\u6d41\u5165\u9020\u6210\u7684\u77ed\u671f\u626d\u66f2\uff09\u3002\u76ee\u524d\uff0c\u7f8e\u56fd\u6d41\u52a8\u6027\u6307\u6570\u5df2\u7ecf\u7a81\u7834\u4e86\u5176\u77ed\u671f\uff08\u767d\u7ebf\uff09\u548c\u957f\u671f\uff08\u7ea2\u7ebf\uff09\u7684\u4e0b\u964d\u8d8b\u52bf\u7ebf\uff0c\u4e00\u4e2a\u65b0\u7684\u4e0a\u5347\u8d8b\u52bf\u5373\u5c06\u5230\u6765\u3002<img loading=\"lazy\" decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260120\/176890865777847.jpg\" width=\"602\" height=\"292\" title=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe3\" alt=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe3\" \/><\/p>\n<h3 dir=\"ltr\">\u4e0d\u540c\u7684\u6280\u672f\u7ed3\u6784<\/h3>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">2021-2022\u5e74\uff1a\u5f53\u65f6\u5e02\u573a\u5448\u73b0\u51fa\u5468\u7ebf\u7ea7\u522b\u7684M\u9876\u7ed3\u6784\uff0c\u8fd9\u901a\u5e38\u4e0e\u957f\u5468\u671f\u7684\u5e02\u573a\u9876\u90e8\u76f8\u5173\u8054\uff0c\u5e76\u4f1a\u5728\u76f8\u5f53\u957f\u7684\u65f6\u95f4\u5185\u538b\u5236\u4ef7\u683c\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">2025\u5e74\uff1a\u76ee\u524d\u5e02\u573a\u8868\u73b0\u4e3a\u5468\u7ebf\u7ea7\u522b\u8dcc\u7834\u4e00\u4e2a\u4e0a\u5347\u901a\u9053\u3002\u4ece\u6982\u7387\u89d2\u5ea6\u770b\uff0c\u8fd9\u66f4\u53ef\u80fd\u662f\u4e00\u4e2a&ldquo;\u7a7a\u5934\u9677\u9631&rdquo;\uff0c\u968f\u540e\u4ef7\u683c\u5c06\u53cd\u5f39\u56de\u901a\u9053\u5185\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u5f53\u7136\uff0c\u4e0d\u80fd\u5b8c\u5168\u6392\u9664\u884c\u60c5\u6f14\u53d8\u62102022\u5e74\u90a3\u79cd\u718a\u5e02\u6301\u7eed\u4e0b\u8dcc\u7684\u53ef\u80fd\u6027\u3002\u4f46\u5173\u952e\u5728\u4e8e\uff0c80,850\u7f8e\u5143\u81f362,000\u7f8e\u5143\u7684\u533a\u57df\u7ecf\u5386\u4e86\u5e7f\u6cdb\u7684\u76d8\u6574\u548c\u6362\u624b\u3002\u4e4b\u524d\u5145\u5206\u7684\u5438\u7b79\u8fc7\u7a0b\uff0c\u4e3a\u5f53\u524d\u5efa\u7acb\u770b\u6da8\u5934\u5bf8\u63d0\u4f9b\u4e86\u8fdc\u4e3a\u4f18\u8d8a\u7684\u98ce\u9669\u56de\u62a5\u6bd4\uff1a\u5176\u4e0a\u884c\u6f5c\u529b\u663e\u8457\u8d85\u8fc7\u4e86\u4e0b\u884c\u98ce\u9669\u3002<\/p>\n<h3 dir=\"ltr\">\u91cd\u73b02022\u5e74\u5f0f\u718a\u5e02\u9700\u8981\u4ec0\u4e48\u6761\u4ef6\uff1f<\/h3>\n<p dir=\"ltr\">\u8981\u91cd\u73b02022\u5e74\u90a3\u6837\u7ea7\u522b\u7684\u718a\u5e02\uff0c\u5fc5\u987b\u6ee1\u8db3\u4ee5\u4e0b\u51e0\u4e2a\u4e0d\u53ef\u6216\u7f3a\u7684\u6761\u4ef6\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u51fa\u73b0\u65b0\u4e00\u8f6e\u7684\u901a\u80c0\u51b2\u51fb\uff0c\u6216\u7206\u53d1\u4e00\u573a\u89c4\u6a21\u4e0e2022\u5e74\u76f8\u5f53\u7684\u91cd\u5927\u5730\u7f18\u653f\u6cbb\u5371\u673a\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u5404\u56fd\u592e\u884c\u91cd\u542f\u52a0\u606f\u6216\u91cf\u5316\u7d27\u7f29(QT)\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u4ef7\u683c\u51b3\u5b9a\u6027\u5730\u3001\u6301\u7eed\u5730\u8dcc\u783480,850\u7f8e\u5143\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u5728\u8fd9\u4e9b\u6761\u4ef6\u5f97\u5230\u6ee1\u8db3\u4e4b\u524d\uff0c\u4efb\u4f55\u5ba3\u79f0\u7ed3\u6784\u6027\u718a\u5e02\u5230\u6765\u7684\u8a00\u8bba\u90fd\u4e3a\u65f6\u8fc7\u65e9\uff0c\u5c5e\u4e8e\u4e3b\u89c2\u731c\u6d4b\uff0c\u800c\u975e\u5ba2\u89c2\u5206\u6790\u3002<img loading=\"lazy\" decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260120\/176890865827711.jpg\" width=\"602\" height=\"364\" title=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe4\" alt=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe4\" \/><\/p>\n<h3 dir=\"ltr\">\u4e0d\u540c\u7684\u6295\u8d44\u8005\u7ed3\u6784<\/h3>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">2020&ndash;2022\u5e74\uff1a\u8fd9\u662f\u4e00\u4e2a\u7531\u6563\u6237\u4e3b\u5bfc\u7684\u5e02\u573a\uff0c\u673a\u6784\u53c2\u4e0e\u5ea6\u6709\u9650\uff0c\u5c24\u5176\u662f\u7f3a\u4e4f\u957f\u671f\u914d\u7f6e\u578b\u673a\u6784\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">2023\u5e74\u81f3\u4eca\uff1a\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u7684\u63a8\u51fa\u5f15\u5165\u4e86\u7ed3\u6784\u6027\u7684\u957f\u671f\u6301\u6709\u8005\u3002\u8fd9\u4e9b\u673a\u6784\u6709\u6548\u5730\u9501\u5b9a\u4e86\u4f9b\u5e94\u91cf\uff0c\u6025\u5267\u964d\u4f4e\u4e86\u4ee3\u5e01\u7684\u4ea4\u6613\u901f\u5ea6\uff0c\u5e76\u663e\u8457\u964d\u4f4e\u4e86\u5e02\u573a\u6ce2\u52a8\u6027\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u65e0\u8bba\u4ece\u5b8f\u89c2\u7ecf\u6d4e\u8fd8\u662f\u91cf\u5316\u6307\u6807\u6765\u770b\uff0c2023\u5e74\u90fd\u6807\u5fd7\u7740\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e00\u79cd\u8d44\u4ea7\u7684\u7ed3\u6784\u6027\u62d0\u70b9\u3002\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u6a21\u5f0f\u5df2\u7ecf\u4ece\u5386\u53f2\u4e0a\u768480%&ndash;150%\u8f6c\u53d8\u4e3a30%&ndash;60%\uff0c\u8fd9\u4f53\u73b0\u4e86\u5176\u8d44\u4ea7\u884c\u4e3a\u7684\u6839\u672c\u6027\u6539\u53d8\u3002<img loading=\"lazy\" decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/static.aicoin.com\/attachment\/article\/20260120\/176890865849178.jpg\" width=\"602\" height=\"368\" title=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe5\" alt=\"\u522b\u518d\u523b\u821f\u6c42\u5251\uff0c\u5f53\u4e0b\u6bd4\u7279\u5e01\u5e02\u573a\u5e76\u975e2022\u5e74\u718a\u5e02\u7684\u91cd\u6f14 &#8211;\u63d2\u56fe5\" \/><\/p>\n<h3 dir=\"ltr\">\u6838\u5fc3\u7ed3\u6784\u6027\u5dee\u5f02\uff08\u5f53\u524d vs. 2022\u5e74\uff09<\/h3>\n<p dir=\"ltr\">\u5f53\u524d\uff082026\u5e74\u521d\uff09\u4e0e2022\u5e74\u76f8\u6bd4\uff0c\u6bd4\u7279\u5e01\u6295\u8d44\u8005\u7ed3\u6784\u6700\u5927\u7684\u533a\u522b\u5728\u4e8e\uff0c\u5e02\u573a\u5df2\u7ecf\u4ece&ldquo;\u6563\u6237\u4e3b\u5bfc\u3001\u9ad8\u6760\u6746\u6295\u673a&rdquo;\u8f6c\u53d8\u4e3a&ldquo;\u673a\u6784\u4e3b\u5bfc\u3001\u7ed3\u6784\u6027\u957f\u671f\u6301\u6709&rdquo;\u3002<\/p>\n<p dir=\"ltr\">2022\u5e74\uff0c\u6bd4\u7279\u5e01\u7ecf\u5386\u4e86\u4e00\u573a\u7ecf\u5178\u7684&ldquo;\u52a0\u5bc6\u539f\u751f\u718a\u5e02&rdquo;\uff0c\u5176\u9a71\u52a8\u529b\u662f\u6563\u6237\u7684\u6050\u614c\u6027\u629b\u552e\u548c\u6760\u6746\u5934\u5bf8\u7684\u8fde\u73af\u6e05\u7b97\u3002\u800c\u4eca\u5929\uff0c\u6bd4\u7279\u5e01\u7684\u8fd0\u4f5c\u73af\u5883\u5df2\u8fdb\u5165\u4e00\u4e2a\u66f4\u4e3a\u6210\u719f\u7684\u673a\u6784\u65f6\u4ee3\uff0c\u5176\u7279\u70b9\u662f\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u7a33\u5b9a\u7684\u5e95\u5c42\u9700\u6c42\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u88ab\u9501\u5b9a\u7684\u4f9b\u5e94\u91cf\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u673a\u6784\u7ea7\u522b\u7684\u6ce2\u52a8\u6027\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u4ee5\u4e0b\u662f\u57fa\u4e8e\u94fe\u4e0a\u6570\u636e\uff08\u5982Glassnode\u3001Chainalysis\uff09\u548c\u673a\u6784\u62a5\u544a\uff08\u5982Grayscale\u3001Bitwise\u3001State Street\uff09\u622a\u81f32026\u5e741\u6708\u4e2d\u65ec\uff08\u5f53\u65f6\u6bd4\u7279\u5e01\u4ef7\u683c\u5728$90k&ndash;$95k\u533a\u95f4\uff09\u7684\u6838\u5fc3\u5bf9\u6bd4\u3002<\/p>\n<table>\n<colgroup>\n<col width=\"84\">\n<col width=\"150\">\n<col width=\"177\">\n<col width=\"182\"><\/colgroup>\n<tbody>\n<tr>\n<td>\n<p dir=\"ltr\">\u7ef4\u5ea6<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">2022\u5e74 (\u718a\u5e02\u5e95\u90e8, \u7ea6$16k-$20k)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">2026\u5e74\u521d (\u5f53\u524d, \u7ea6$90k-$95k)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6700\u5927\u7684\u53d8\u5316\u4e0e\u5f71\u54cd<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u4e3b\u5bfc\u6295\u8d44\u8005\u7c7b\u578b<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6563\u6237 + \u52a0\u5bc6\u539f\u751f\u7fa4\u4f53 (\u6563\u6237\u3001\u6760\u6746\u73a9\u5bb6)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u673a\u6784 + \u4f01\u4e1a + \u5b8f\u89c2\u57fa\u91d1 (ETF\u3001\u4f01\u4e1a\u91d1\u5e93\u3001\u4e3b\u6743\/\u517b\u8001\u57fa\u91d1)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u4ece&ldquo;\u6563\u6237\u60c5\u7eea\u9a71\u52a8&rdquo;\u8f6c\u53d8\u4e3a&ldquo;\u673a\u6784\u914d\u7f6e\u9a71\u52a8&rdquo;\u3002\u673a\u6784\u6301\u4ed3\u76ee\u524d\u7ea6\u536024% (2022\u5e74\u65f6\u4f4e\u4e8e5%)\uff1b<\/p>\n<p dir=\"ltr\">\u6563\u6237\u51c0\u5356\u51fa\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u673a\u6784\/ETF\u4efd\u989d<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u975e\u5e38\u4f4e (\u65e0\u73b0\u8d27ETF, \u673a\u6784\u655e\u53e3\u6709\u9650)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6bd4\u7279\u5e01\u73b0\u8d27ETF + ETP\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21(AUM) &gt; $1000-$1300\u4ebf, \u6301\u6709\u7ea6130-150\u4e07\u679a\u6bd4\u7279\u5e01 (\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u7684~6-7%)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">2024\u5e74ETF\u7684\u6279\u51c6\u662f\u8f6c\u6298\u70b9\u30022025\u5e74\u51c0\u6d41\u5165\u7ea6$250\u4ebf\u4ee5\u4e0a\uff1b<\/p>\n<p dir=\"ltr\">\u5373\u4f7f\u5728\u4e0b\u8dcc\u671f\u95f4\uff0c\u673a\u6784\u4e5f\u63d0\u4f9b\u4e86\u7ed3\u6784\u6027\u652f\u6491\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u4f01\u4e1a\u91d1\u5e93\u6301\u4ed3<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6781\u5c11 (MicroStrategy\u65e9\u671f\u9636\u6bb5)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u4e0a\u5e02\u516c\u53f8\u6301\u6709 &gt;130\u4e07\u679a\u6bd4\u7279\u5e01 (~6-7%\u7684\u4f9b\u5e94\u91cf)\uff1b<\/p>\n<p dir=\"ltr\">MicroStrategy\u6301\u6709 &gt;65\u4e07\u679a\u6bd4\u7279\u5e01, \u65e5\u672c\u516c\u53f8(\u5982Metaplanet)\u7b49\u7d27\u968f\u5176\u540e<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">&ldquo;MicroStrategy\u6a21\u5f0f&rdquo;\u8d70\u5411\u5168\u7403\u3002\u4f01\u4e1a\u4ece\u6295\u673a\u8f6c\u5411\u6218\u7565\u50a8\u5907\uff1b<\/p>\n<p dir=\"ltr\">2025\u5e74\u589e\u6301\u4e86\u8d85\u8fc720\u4e07\u679a\u6bd4\u7279\u5e01\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u6563\u6237\u884c\u4e3a<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6050\u614c\u6027\u629b\u552e, \u6d3b\u8dc3\u5730\u5740\u6570\u9aa4\u51cf, \u5c0f\u989d\u4ea4\u6613\u91cf\u66b4\u8dcc<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6563\u6237\u51c0\u5356\u51fa (\u4f8b\u5982\uff0c\u636e\u4f30\u8ba12025\u5e74\u5356\u51fa\u7ea624.7\u4e07\u679a\u6bd4\u7279\u5e01)\uff1b<\/p>\n<p dir=\"ltr\">\u5c0f\u989d\u4ea4\u6613\u91cf\u6025\u5267\u4e0b\u964d, \u4f46\u4e00\u4e9b&ldquo;\u867e\u7c73&rdquo;(1\u6bd4\u7279\u5e01)\u5728\u4f4e\u70b9\u5438\u7b79<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u6563\u6237\u5df2\u7ecf&ldquo;\u6295\u964d&rdquo;\u6216\u8f6c\u5411\u901a\u8fc7ETF\u8fdb\u884c\u95f4\u63a5\u6295\u8d44\u3002\u8c37\u6b4c\u8d8b\u52bf\u70ed\u5ea6\u4f4e, \u94fe\u4e0a\u5c0f\u989d\u6d3b\u52a8\u51cf\u5c11\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u957f\u671f\u6301\u6709\u8005(LTH)\u884c\u4e3a<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u5927\u89c4\u6a21\u7684\u5f3a\u5236\/\u6050\u614c\u6027\u5206\u53d1, LTH\u4f9b\u5e94\u91cf\u6025\u5267\u4e0b\u964d<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">LTH\u4ecd\u5728\u5206\u53d1 (2025\u5e74\u672b\u8fbe\u9876\u5cf0, \u73b0\u5df2\u653e\u7f13)\uff1b<\/p>\n<p dir=\"ltr\">\u4ee3\u5e01\u6b63\u6d41\u5411\u673a\u6784\/\u4f01\u4e1a<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">2022\u5e74\u662f&ldquo;\u7edd\u671b\u5206\u53d1&rdquo;\uff1b<\/p>\n<p dir=\"ltr\">\u73b0\u5728\u662f&ldquo;\u5411\u673a\u6784\u6709\u5e8f\u83b7\u5229\u4e86\u7ed3&rdquo;\u3002LTH\u7684\u5468\u5ea6\u5df2\u5b9e\u73b0\u5229\u6da6\u4ece\u8d85\u8fc710\u4e07\u6bd4\u7279\u5e01\u7684\u5cf0\u503c\u4e0b\u964d\u5230\u66f4\u4f4e\u6c34\u5e73\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u5de8\u9cb8\/\u4e2d\u5927\u6237<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u5de8\u9cb8\u4e5f\u6050\u614c\u6027\u5356\u51fa\u6216\u88ab\u6e05\u7b97<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">&ldquo;\u9c7c\u5230\u9ca8&rdquo;(\u6301\u670910-1,000\u6bd4\u7279\u5e01) + \u5de8\u9cb8(&gt;1,000\u6bd4\u7279\u5e01)\u6b63\u5728\u5f3a\u529b\u5438\u7b79 (\u4f8b\u5982\uff0c\u81eaFTX\u5d29\u76d8\u4ee5\u6765\u6700\u91cd\u7684\u6708\u5ea6\u8d2d\u4e70)<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u4e2d\u5927\u6237 (\u9ad8\u51c0\u503c\u4eba\u58eb, \u4ea4\u6613\u67dc\u53f0, \u673a\u6784) \u662f\u73b0\u5728\u7684\u4e3b\u8981\u4e70\u5bb6\uff1b<\/p>\n<p dir=\"ltr\">Glassnode\u7684\u79ef\u7d2f\u5206\u6570\u63a5\u8fd1\u6700\u9ad8\u503c\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u4ea4\u6613\u6240\u50a8\u5907\u4e0e\u6d41\u52a8\u6027<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u9ad8\u50a8\u5907 (&gt;300\u4e07\u6bd4\u7279\u5e01), \u6613\u4e8e\u5f15\u53d1\u8fde\u9501\u6e05\u7b97<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u50a8\u5907\u964d\u81f3\u7ea6276\u4e07\u6bd4\u7279\u5e01\uff1b<\/p>\n<p dir=\"ltr\">\u51c0\u6d41\u51fa\uff1b\u66f4\u591a\u8d44\u91d1\u88ab\u9501\u5b9a\u5728ETF\/\u4f01\u4e1a\u4e2d<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u4ea4\u6613\u6240\u7684&ldquo;\u70ed\u94b1&rdquo;\u51cf\u5c11 &rarr; \u6760\u6746\u7206\u4ed3\u98ce\u9669\u964d\u4f4e\u3002\u6ce2\u52a8\u6027\u4e0b\u964d (\u4f8b\u5982\uff0c\u4ece84%\u964d\u81f3~43%)\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p dir=\"ltr\">\u6574\u4f53\u5e02\u573a\u7a33\u5b9a\u6027<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u9ad8\u6760\u6746 + \u6563\u6237 &rarr; \u6781\u7aef\u6ce2\u52a8, \u591a\u6b21\u8d85\u8fc7-70%\u7684\u56de\u64a4<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">\u673a\u6784\u57fa\u7840 + \u4f01\u4e1a\u9501\u4ed3 &rarr; \u5373\u4f7f\u6709-44%\u7684\u56de\u64a4 (\u4ece2025\u5e74\u5cf0\u503c\u7b97\u8d77) \u4e5f\u672a\u5f15\u53d1\u8fde\u9501\u53cd\u5e94<\/p>\n<\/td>\n<td>\n<p dir=\"ltr\">2025\u5e74\u4e3a\u8d1f\u56de\u62a5\u4f46\u7ed3\u6784\u4e0a\u5177\u6709\u5f39\u6027\u3002\u4e0e2022\u5e74\u7684&ldquo;\u5168\u9762\u5d29\u6e83&rdquo;\u4e0d\u540c, \u73b0\u5728\u6709\u539a\u5b9e\u7684\u673a\u6784\u4e70\u76d8\u652f\u6491\u3002<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong id=\"docs-internal-guid-b85f625b-7fff-b9b3-57a4-2aee9e135c0f\"><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u8005\uff1aGarrett \u7f16\u8bd1\uff1aYuliya\uff0cPANews \u8fd1\u671f\uff0c\u4e00\u4e9b\u5206\u6790\u5e08\u5f00\u59cb\u5c06\u5f53\u524d\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u8d70\u52bf\u4e0e2022\u5e74 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