{"id":3841,"date":"2026-11-05T03:31:58","date_gmt":"2026-11-04T19:31:58","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=3841"},"modified":"2026-11-05T03:31:58","modified_gmt":"2026-11-04T19:31:58","slug":"primitive-ventures%e5%88%9b%e5%a7%8b%e4%ba%ba%e4%b8%87%e5%8d%89%ef%bc%9a%e8%b0%81%e5%9c%a8%e4%b8%ba%e6%9c%ac%e8%bd%ae%e5%8a%a0%e5%af%86%e7%89%9b%e5%b8%82%e4%b9%b0%e5%8d%95%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.zaixinjiang.com\/?p=3841","title":{"rendered":"Primitive Ventures\u521b\u59cb\u4eba\u4e07\u5349\uff1a\u8c01\u5728\u4e3a\u672c\u8f6e\u52a0\u5bc6\u725b\u5e02\u4e70\u5355\uff1f –"},"content":{"rendered":"

\u539f\u6587\u6807\u9898\uff1a\u300a\u8c01\u4e3a\u725b\u5e02\u4e70\u5355\u300b<\/p><\/blockquote>\n

\u539f\u6587\u4f5c\u8005\uff1a\u4e07\u5349\uff0cPrimitive Ventures<\/p><\/blockquote>\n

\u5f8b\u52a8 BlockBeats \u6ce8\uff1a\u672c\u6587\u4f5c\u8005\u4e3a Primitive Ventures \u521b\u59cb\u4eba Dovey Wan\uff0c\u5979\u662f\u4e2d\u6587\u5e01\u5708\u5c11\u6570\u80fd\u4e0e\u897f\u65b9\u4e3b\u6d41\u673a\u6784\u5bf9\u8c08\u7684\u6865\u6881\u5f0f\u4eba\u7269\uff0c\u4ee5\u7280\u5229\u7684\u8a00\u8bba\u548c\u6bd2\u8fa3\u7684\u773c\u5149\u8457\u79f0\u3002\u5979\u6295\u8d44\u7684\u9879\u76ee\u5927\u591a\u6570\u5df2\u6210\u4e3a\u73b0\u4eca\u52a0\u5bc6\u4e16\u754c\u7684\u57fa\u7840\u8bbe\u65bd\uff0c\u5305\u62ec Cosmos\u3001Celestia\u3001Movement Labs \u7b49\u3002\u4e0d\u8fc7\u5979\u4e5f\u7ecf\u5e38\u56e0\u4e3a\u300c\u5229\u76ca\u5173\u8054\u300d\u7684\u4f20\u95fb\u800c\u8eab\u5904\u8206\u8bba\u65cb\u6da1\u3002\u6628\u65e5\uff0cDovey Wan \u7f55\u89c1\u53d1\u5e03\u957f\u6587\u63a2\u8ba8\u6bd4\u7279\u5e01\u7684\u5468\u671f\u6027\u4e0e\u5f53\u524d\u5e02\u573a\u7684\u5206\u6b67\uff0c\u662f\u5bf9\u5176\u516d\u5e74\u524d\u6587\u7ae0\u300a\u6765\u81ea\u897f\u65b9\u7684\u660e\u724c\u957f\u725b\u300b\u7684\u4e00\u6b21\u6df1\u5ea6\u590d\u76d8\u3002\u539f\u6587\u5982\u4e0b\uff1a<\/p><\/blockquote>\n

\u300a\u6765\u81ea\u897f\u65b9\u7684\u660e\u724c\u957f\u725b\u300b\u5df2\u7ecf\u8fc7\u53bb\u4e86\u5feb 6 \u5e74, \u7ecf\u8fc7\u4e24\u8f6e\u5468\u671f\uff0cCrypto \u7ec8\u4e8e\u628a\u8fc7\u53bb\u5341\u5e74\u7684\u4e0a\u5f88\u591a\u300c\u613f\u671b\u6e05\u5355\u300d\u57fa\u672c\u5151\u73b0\u4e86, \u6587\u7ae0\u91cc\u5199\u4e8b\u60c5\u4e5f\u5728\u5feb\u901f\u53d1\u751f: \u5404\u4f4d\u914d\u7f6e\u673a\u6784\u4e0b\u573a\u914d\u7f6e\u6bd4\u7279\u5e01, \u4e0e TradFi \u94fe\u63a5\u7684\u5404\u79cd\u4ea7\u54c1\u5168\u9762\u6253\u901a\uff0cCircle \u9ad8\u8c03\u4e0a\u5e02\uff0c\u7f8e\u56fd\u603b\u7edf\u516c\u5f00\u7ad9\u53f0\u8fd8\u4eb2\u81ea\u53d1 meme. \u6309\u65e7\u5267\u672c\uff0c\u8fd9\u5e94\u8be5\u662f\u300c\u9ad8\u03b2\u725b\u5e02\u300d\u7684\u6807\u51c6\u5f00\u573a. \u4f46\u662f\u8fd9\u8f6e\u8d70\u5b8c\u6211\u4eec\u770b\u5230\u7684\u662f\u6ce2\u52a8\u7387\u7684\u574d\u7f29, \u5e02\u573a\u50ac\u5316\u6027\u4e8b\u4ef6\u88ab\u63d0\u524d\u62a2\u8dd1, \u672c\u8be5\u5145\u300c\u610f\u5916\u300d\u7684\u884c\u4e1a\u968f\u7740\u8d44\u4ea7\u5168\u9762\u91d1\u878d\u5316\u548c\u4e3b\u6d41\u5316, \u5374\u4e0d\u518d\u5174\u594b\u4e86\u3002<\/p>\n

\u8de8\u8d44\u4ea7\u5c42\u9762\uff0c\u5373\u4fbf\u5728\u653f\u7b56\u53cb\u597d\u548c\u5236\u5ea6\u7ea2\u5229\u91ca\u653e\u7684\u80cc\u666f\u4e0b\uff0cBTC \u5728 2025 \u5e74\u660e\u663e\u8dd1\u8f93\u9ec4\u91d1\u3001\u7f8e\u80a1\u3001\u6e2f\u80a1\u3001A \u80a1\u7b49\u4e3b\u8981 TradFi \u8d44\u4ea7\uff0c\u662f\u5c11\u6570\u672a\u80fd\u8ddf\u968f\u5168\u7403\u98ce\u9669\u8d44\u4ea7\u521b\u51fa\u540c\u6b65\u65b0\u9ad8\u7684\u8d44\u4ea7\u4e4b\u4e00\u3002<\/p>\n

\"Primitive<\/p>\n

\u79bb\u5cb8\u4e0e\u5728\u5cb8\u7684\u8d44\u91d1\u7684\u5de8\u5927\u5206\u6b67<\/h1>\n

\u8981\u7406\u89e3\u8fd9\u4e00\u8f6e\u7684\u8d44\u91d1\u7ed3\u6784\uff0c\u9996\u5148\u9700\u8981\u62c6\u89e3 BTC \u5728\u672c\u5468\u671f\u4e2d\u7684\u4e09\u6b21\u5173\u952e\u9ad8\u70b9\uff1a<\/p>\n

\u9636\u6bb5 A\uff082024 \u5e74 11 \u6708\u20132025 \u5e74 1 \u6708\uff09\uff1a<\/strong> Trump \u5f53\u9009\u4e0e\u76d1\u7ba1\u9884\u671f\u6539\u5584\uff0c\u5f15\u53d1 onshore + offshore \u5168\u5e02\u573a FOMO\uff0cBTC \u9996\u6b21\u7a81\u7834 10 \u4e07\u7f8e\u5143\u3002<\/p>\n

\u9636\u6bb5 B\uff082025 \u5e74 4 \u6708\u20138 \u6708\u4e2d\uff09\uff1a<\/strong> \u53bb\u6760\u6746\u56de\u8c03\u540e\uff0cBTC \u518d\u6b21\u51b2\u9ad8\uff0c\u9996\u6b21\u7a81\u7834 12 \u4e07\u7f8e\u5143\u3002<\/p>\n

\u9636\u6bb5 C\uff082025 \u5e74 10 \u6708\u521d\uff09\uff1a <\/strong>BTC \u5f55\u5f97\u672c\u8f6e\u8fc4\u4eca\u7684 local ATH\uff0c\u4e0d\u4e45\u540e\u51fa\u73b0 10\u00b710 \u95ea\u5d29\uff0c\u8fdb\u5165\u8c03\u6574\u671f\u3002<\/p>\n

\u4ece\u73b0\u8d27\u548c\u884d\u751f\u54c1\u7684\u7ec4\u5408\u6765\u770b\uff0c\u4e09\u4e2a\u9636\u6bb5\u5177\u6709\u51e0\u4e2a\u5171\u540c\u7279\u5f81\uff1a<\/p>\n

\u73b0\u8d27\uff1aOnshore \u662f\u4e3b\u8981\u4e70\u65b9\uff0cOffshore \u66f4\u504f\u9022\u9ad8\u51cf\u4ed3<\/h2>\n

Coinbase Premium \u5728 A\/B\/C \u4e09\u4e2a\u51b2\u9876\u9636\u6bb5\u5747\u7ef4\u6301\u6b63\u6ea2\u4ef7\uff0c\u8bf4\u660e\u9ad8\u4f4d\u4e70\u76d8\u4e3b\u8981\u6765\u81ea\u4ee5 Coinbase \u4e3a\u4ee3\u8868\u7684 onshore \u73b0\u8d27\u8d44\u91d1\u3002<\/p>\n

\"Primitive<\/p>\n

Coinbase BTC Balance \u5468\u671f\u5185\u6301\u7eed\u4e0b\u884c\uff0cCEX \u4fa7\u7684\u53ef\u552e\u7b79\u7801\u51cf\u5c11\u3002\u4e0e\u4e4b\u5bf9\u7167\uff0cBinance Balance \u5728 B\u3001C \u4e24\u4e2a\u9636\u6bb5\u968f\u4ef7\u683c\u53cd\u5f39\u800c\u663e\u8457\u4e0a\u5347\uff0c\u5bf9\u5e94 offshore \u73b0\u8d27\u7684\u6f5c\u5728\u629b\u538b\u589e\u52a0\u3002<\/p>\n

\"Primitive<\/p>\n

\u671f\u8d27\uff1aOffshore \u6760\u6746\u6d3b\u8dc3\uff0cOnshore \u673a\u6784\u6301\u7eed\u964d\u4ed3<\/h2>\n

\u4ee5 BTC \u8ba1\u4ef7\u7684 offshore OI\uff08\u4ee5 Binance BTC OI \u4e3a\u4f8b\uff09\u5728 B\u3001C \u4e24\u4e2a\u9636\u6bb5\u6301\u7eed\u8d70\u9ad8\uff0c\u6760\u6746\u7387\u4e0a\u5347\uff0c\u5373\u4fbf 10\u00b710 \u6740\u6760\u6746\u540e\u77ed\u7ebf\u56de\u843d\uff0c\u968f\u540e\u4e5f\u5f88\u5feb\u6062\u590d\u5230\u9ad8\u4f4d\uff0c\u751a\u81f3\u521b\u4e0b\u65b0\u9ad8\u3002\u76f8\u5bf9\u800c\u8a00\uff0c\u4ee5 CME \u4e3a\u4ee3\u8868\u7684 onshore \u671f\u8d27 OI \u4ece 2025 \u5e74\u521d\u5f00\u59cb\u4fbf\u6301\u7eed\u4e0b\u884c\uff0c\u5728\u4ef7\u683c\u521b\u51fa\u65b0\u9ad8\u65f6\u5e76\u672a\u540c\u6b65\u56de\u5347\uff1b<\/p>\n

\u540c\u65f6\uff0cBTC \u6ce2\u52a8\u7387\u4e0e\u4ef7\u683c\u5f62\u6210\u80cc\u79bb\uff0c\u5c24\u5176\u5728 2025 \u5e74 8 \u6708 BTC \u9996\u7834 12 \u4e07\u7f8e\u5143\u65f6\uff0cDeribit DVOL \u5374\u5904\u4e8e\u9636\u6bb5\u4f4e\u4f4d\uff0c\u9690\u542b\u6ce2\u52a8\u7387\u5e76\u672a\u5bf9\u65b0\u9ad8\u7ed9\u4e88\u6ea2\u4ef7\uff0c\u8868\u660e\u671f\u6743\u5e02\u573a\u5bf9\u8d8b\u52bf\u5ef6\u7eed\u7684\u5b9a\u4ef7\u8d8b\u4e8e\u8c28\u614e\u3002<\/p>\n

\"Primitive<\/p>\n

\"Primitive<\/p>\n

\u73b0\u8d27\u662f\u5927\u7c7b\u8d44\u4ea7\u914d\u7f6e\u7684\u6362\u4ed3\u884c\u4e3a, \u4e24\u8fb9\u884c\u4e3a\u80cc\u79bb\u662f\u5bf9\u8d44\u4ea7\u957f\u671f\u4fe1\u5fc3\u7684\u5206\u6b67. CME \u90a3\u548c\u671f\u6743\u73a9\u5bb6\uff0c\u662f\u5bf9\u8840\u8165\u5473\u6700\u654f\u611f\u7684\u806a\u660e\u94b1\uff0c\u55c5\u89c9\u6781\u7075\u3002\u4e24\u8fb9\u7684 trading setup \u548c\u5bf9\u65f6\u95f4\u7684\u628a\u63a7, \u9ad8\u4e0b\u7acb\u5224.<\/p>\n

\u4eba\u50bb\u94b1\u591a\u7684\u300c\u673a\u6784\u300d?<\/h1>\n

2025 \u5e74\u5e74\u521d\uff0c\u4e24\u9879\u5173\u952e\u653f\u7b56\u4e3a onshore \u4e70\u76d8\u7684\u7ed3\u6784\u6027\u5165\u573a\u5960\u5b9a\u4e86\u57fa\u7840\uff1a<\/p>\n

\u00b7 SAB 121 \u5e9f\u9664\uff1a\u94f6\u884c\u6258\u7ba1 BTC \u4e0d\u518d\u9700\u8981\u5c06\u5176\u7b49\u989d\u8ba1\u5165\u8d1f\u503a\uff0c\u4f7f BNY Mellon\u3001JPM \u7b49\u5927\u578b\u6258\u7ba1\u94f6\u884c\u5177\u5907\u4e86\u5f00\u5c55 BTC \u6258\u7ba1\u4e1a\u52a1\u7684\u53ef\u884c\u6027\u3002<\/p>\n

\u00b7 FASB \u516c\u5141\u4ef7\u503c\u4f1a\u8ba1\u751f\u6548\uff082025 \u5e74 1 \u6708\uff09\uff1a\u4f01\u4e1a\u6301\u6709 BTC \u4e0d\u518d\u662f\u300c\u53ea\u8ba1\u51cf\u503c\uff0c\u4e0d\u8ba1\u6536\u76ca\u300d\uff0c\u800c\u53ef\u4ee5\u6309\u5e02\u4ef7\u516c\u5141\u4ef7\u503c\u8ba1\u91cf\u3002\u5bf9 CFO \u800c\u8a00\uff0c\u8fd9\u5c06 BTC \u4ece\u300c\u9ad8\u6ce2\u52a8\u65e0\u5f62\u8d44\u4ea7\u300d\u8f6c\u53d8\u4e3a\u53ef\u4ee5\u5728\u8d22\u62a5\u4e2d\u771f\u5b9e\u53cd\u6620\u4ef7\u503c\u7684\u300c\u50a8\u5907\u8d44\u4ea7\u9009\u9879\u300d\u3002<\/p>\n

\u8fd9\u4e24\u9879\u6539\u53d8\uff0c\u4e3a\u540e\u7eed DAT\u3001\u4f01\u4e1a\u91d1\u5e93\u548c\u90e8\u5206\u673a\u6784\u8d44\u91d1\u7684\u914d\u7f6e\u884c\u4e3a\u63d0\u4f9b\u4e86\u4f1a\u8ba1\u4e0e\u5408\u89c4\u7684\u524d\u63d0\u3002\u6240\u4ee5\u6211\u4eec\u4e5f\u662f\u5728 2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\u5f00\u59cb\u6536\u5230\u5927\u91cf\u7684\u65b0\u5165\u573a DAT \u73a9\u5bb6\u7684\u878d\u8d44 pitch. DAT \u7684\u53d1\u8d77\u56e2\u961f\u7684\u6838\u5fc3\u80fd\u529b\u5c31\u53ea\u6709\u4e00\u4e2a: \u878d\u8d44\u80fd\u529b. \u6240\u8c13\u673a\u6784\u5e76\u6ca1\u6709\u6bd4\u6563\u6237\u66f4\u806a\u660e, \u53ea\u662f\u6709\u66f4\u4f4e\u7684\u8d44\u91d1\u6210\u672c\u548c\u66f4\u591a\u7684\u91d1\u878d\u5de5\u5177\u6301\u7eed\u878d\u8d44\u3002<\/p>\n

\u6839\u636e Glassnode \u7edf\u8ba1\uff0cBTC \u88ab DAT \u516c\u53f8\u6301\u6709\u7684\u6570\u91cf\u4ece 2023 \u5e74\u521d\u7684\u7ea6 19.7 \u4e07\u679a\uff0c\u4e0a\u5347\u81f3 2025 \u5e74\u5e95\u7684\u7ea6 108 \u4e07\u679a\uff0c\u4e24\u5e74\u51c0\u589e\u6301\u7ea6 89 \u4e07\u679a\uff0cDAT \u5df2\u6210\u4e3a\u672c\u8f6e\u6700\u91cd\u8981\u7684\u7ed3\u6784\u6027\u4e70\u65b9\u4e4b\u4e00\u3002DAT \u7684\u8fd0\u4f5c\u903b\u8f91\u53ef\u4ee5\u6982\u62ec\u4e3a NAV \u6ea2\u4ef7\u5957\u5229\uff1a<\/p>\n

\u00b7 \u5f53\u80a1\u4ef7\u76f8\u5bf9\u5176\u6301\u6709\u7684\u52a0\u5bc6\u8d44\u4ea7\u51c0\u503c\u5b58\u5728\u6ea2\u4ef7\u65f6\uff0c\u516c\u53f8\u53ef\u4ee5\u901a\u8fc7 ATM \u589e\u53d1\u6216\u53d1\u884c\u53ef\u8f6c\u503a\uff0c\u4ee5\u9ad8\u4f30\u503c\u878d\u8d44\uff1b<\/p>\n

\u00b7 \u878d\u5f97\u8d44\u91d1\u7528\u4e8e\u8d2d\u4e70 BTC \u7b49\u52a0\u5bc6\u8d44\u4ea7\uff0c\u63a8\u9ad8\u6bcf\u80a1\u542b\u5e01\u4ef7\u503c\uff0c\u8fdb\u4e00\u6b65\u652f\u6491\u80a1\u4ef7\u6ea2\u4ef7\uff1b<\/p>\n

\u00b7 \u5728\u4e0a\u6da8\u9636\u6bb5\uff0c\u6ea2\u4ef7\u8d8a\u5927\u3001\u878d\u8d44\u8d8a\u5bb9\u6613\uff0c\u516c\u53f8\u8d8a\u6709\u52a8\u529b\u300c\u8d8a\u6da8\u8d8a\u4e70\u300d\uff1b<\/p>\n

\u4ee5 MSTR \u4e3a\u4f8b\uff0c\u5176 2024\u20132025 \u5e74\u7684\u5927\u989d\u589e\u4ed3\u4e0e\u6700\u5927\u89c4\u6a21\u53ef\u8f6c\u503a\u53d1\u884c\u9ad8\u5ea6\u96c6\u4e2d\u5728 BTC \u5f3a\u52bf\u4e0a\u884c\u3001\u63a5\u8fd1\u6216\u5237\u65b0\u5386\u53f2\u9ad8\u4f4d\u7684\u9636\u6bb5\uff1a<\/p>\n

\u00b7 2024 \u5e74 11\u201312 \u6708\uff0c\u5728 BTC \u51b2\u51fb 10 \u4e07\u7f8e\u5143\u533a\u95f4\u65f6\uff0cMSTR \u5b8c\u6210\u4e86 30 \u4ebf\u7f8e\u5143 0% \u53ef\u8f6c\u503a\u7684\u5386\u53f2\u6700\u5927\u5355\u7b14\u53d1\u884c\uff1b<\/p>\n

\u00b7 \u968f\u540e\u4ee5\u5e73\u5747\u6210\u672c 9 \u4e07\u7f8e\u5143\u4ee5\u4e0a\u4e70\u5165\u903e 12 \u4e07\u679a BTC\uff0c\u76f8\u5f53\u4e8e\u5728\u7ea6 9.8 \u4e07\u7f8e\u5143\u9644\u8fd1\u5f62\u6210\u4e86\u663e\u8457\u7684\u7ed3\u6784\u6027\u4e70\u76d8\u3002<\/p>\n

\u56e0\u6b64\uff0c\u5bf9 DAT \u800c\u8a00\uff0c\u9ad8\u4f4d\u52a0\u4ed3\u5e76\u975e\u8ffd\u6da8\uff0c\u800c\u662f\u7ef4\u62a4\u80a1\u4ef7\u6ea2\u4ef7\u548c\u8d44\u4ea7\u8d1f\u503a\u8868\u7ed3\u6784\u7684\u5fc5\u7136\u7ed3\u679c\u3002<\/p>\n

\u53e6\u5916\u4e00\u4e2a\u7ecf\u5e38\u88ab\u8bef\u89e3\u7684\u5c31\u662f ETF flow. ETF \u6295\u8d44\u8005\u7ed3\u6784\u5177\u6709\u4ee5\u4e0b\u7279\u5f81\uff1a<\/p>\n

\u00b7 \u673a\u6784\uff08\u72ed\u4e49 13F-filer\uff09\u6301\u6709\u91cf\u4e0d\u8db3\u56db\u5206\u4e4b\u4e00\uff0c\u6240\u4ee5 ETF \u6574\u4f53 AUM \u4ecd\u4ee5\u975e\u673a\u6784\u8d44\u91d1\u4e3a\u4e3b\uff1b<\/p>\n

\u00b7 \u800c\u5728\u673a\u6784\u4e4b\u4e2d\uff0c\u4e3b\u8981\u7c7b\u578b\u5206\u4e3a\u8d22\u52a1\u987e\u95ee\uff08Advisors\uff0c\u5305\u62ec wrap accounts \u548c RIA\uff09\u548c\u5bf9\u51b2\u57fa\u91d1\uff1aAdvisors \u4ee5\u4e2d\u671f\u8d44\u4ea7\u914d\u7f6e\u4e3a\u4e3b\uff0c\u589e\u6301\u8282\u594f\u5e73\u6ed1\uff08\u88ab\u52a8\u578b\u8d44\u91d1\uff09\uff1b<\/p>\n

\u00b7 \u5bf9\u51b2\u57fa\u91d1\u5219\u66f4\u4ef7\u683c\u654f\u611f\uff0c\u504f\u5411\u5957\u5229\u548c\u4e2d\u9ad8\u9891\u4ea4\u6613\uff0c\u5176\u5728 2024 \u5e74 Q4 \u4e4b\u540e\u6574\u4f53\u51cf\u4ed3\uff0c\u4e0e CME OI \u7684\u4e0b\u884c\u8d8b\u52bf\u9ad8\u5ea6\u4e00\u81f4\uff08\u4e3b\u52a8\u578b\u8d44\u91d1\uff09\u3002<\/p>\n

\u7a0d\u5fae\u628a ETF \u7684\u8d44\u91d1\u7ed3\u6784\u62c6\u5f00\u5c31\u80fd\u77e5\u9053\u673a\u6784\u4e0d\u662f\u5927\u5934, \u8fd9\u4e9b\u673a\u6784\u5e76\u975e\u81ea\u5df1 balancesheet money, \u4ee3\u5ba2\u7406\u8d22\u548c\u5bf9\u51b2\u57fa\u91d1\u5f53\u7136\u4e0d\u662f\u4f20\u7edf\u610f\u4e49\u4e0a\u7684\u300cdiamond hand\u300d<\/p>\n

\"Primitive<\/p>\n

\u81f3\u4e8e\u5176\u4ed6\u7c7b\u578b\u7684\u673a\u6784, \u4e5f\u5e76\u6ca1\u6709\u6bd4\u6563\u6237\u66f4\u806a\u660e. \u673a\u6784\u7684\u5546\u4e1a\u6a21\u5f0f\u65e0\u975e\u4e24\u79cd, \u8d5a\u7ba1\u7406\u8d39\u548c\u8d5a carry, \u6211\u4eec\u7684\u884c\u4e1a\u9876\u6d41 VC 2016 \u5e74 vintage \u8be5\u9876\u6d41 Crypto VC DPI \u53ea\u6709 2.4x (\u5c31\u662f 2014 \u5e74\u6295\u5165 100 \u7f8e\u91d1, 2024 \u5e74\u62ff\u5230 240 \u4e07\u7f8e\u91d1). \u8fdc\u8fdc\u8dd1\u8f93\u6bd4\u7279\u5e01\u8fc7\u53bb 10 \u5e74\u7684\u6da8\u5e45 . \u6563\u6237\u7684\u4f18\u52bf\u6c38\u8fdc\u662f\u987a\u52bf\u800c\u4e3a, \u5728\u7406\u89e3\u5e02\u573a\u7ed3\u6784\u53d8\u5316\u540e\u7684\u80fd\u5feb\u901f\u6389\u5934, \u800c\u4e0d\u9700\u8981\u8def\u5f84\u4f9d\u8d56. \u5927\u90e8\u5206\u673a\u6784\u6295\u8d44\u4eba\u6b7b\u4e8e\u8def\u5f84\u4f9d\u8d56\u548c\u81ea\u6211\u8fed\u4ee3\u80fd\u529b\u9000\u884c, \u5927\u90e8\u5206\u4ea4\u6613\u6240\u6b7b\u4e8e\u632a\u7528\u7528\u6237\u8d44\u4ea7\u548c\u5b89\u5168\u6f0f\u6d1e\u3002<\/p>\n

\u7f3a\u5e2d\u7684\u6563\u6237<\/h1>\n

\u4ece Binance\u3001Coinbase \u7b49\u51e0\u5bb6\u5934\u90e8 CEX \u7684\u7ad9\u70b9\u6d41\u91cf\u53ef\u4ee5\u770b\u5230\uff1a\u81ea 2021 \u5e74\u725b\u5e02\u5cf0\u503c\u4ee5\u6765\uff0c\u6574\u4f53\u8bbf\u95ee\u91cf\u6301\u7eed\u4e0b\u884c\uff0c\u5373\u4fbf BTC \u521b\u51fa\u65b0\u9ad8\u4e5f\u672a\u663e\u8457\u6062\u590d\uff0c\u4e0e\u9694\u58c1 Robinhood \u7684\u706b\u7206\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4<\/strong>\uff0c\u66f4\u591a\u53ef\u4ee5\u9605\u8bfb\u6211\u4eec\u53bb\u5e74\u5199\u7684\u300cWhere are the marginal buyers\u300d\u300c\u8fb9\u7f18\u4e70\u5bb6\u5728\u54ea\u91cc\u300d\u3002<\/p>\n

\"Primitive<\/p>\n

Binance Traffic<\/p><\/blockquote>\n

\"Primitive<\/p>\n

Coinbase traffic<\/p><\/blockquote>\n

2025 \u5e74\u7684\u300c\u8d22\u5bcc\u6548\u5e94\u300d\u66f4\u591a\u96c6\u4e2d\u5728 crypto \u4e4b\u5916. S&P 500 (+18%), Nasdaq (+22%), Nikkei (+27%), Hang Seng (+30%), KOSPI (+75%) \u751a\u81f3 A \u80a1\u90fd\u6da8\u4e86\u63a5\u8fd1 20% \u66f4\u4e0d\u7528\u8bf4 Gold (+70%) silver (+144%). \u6b64\u5916 Crypto \u5728\u672c\u8f6e\u5468\u671f\u906d\u9047\u4e86\u300e\u6740\u300f\uff1aAI \u80a1\u7968\u63d0\u4f9b\u4e86\u66f4\u5f3a\u7684\u8d22\u5bcc\u6548\u5e94\u53d9\u4e8b\uff0c\u800c\u7f8e\u80a1\u7684 0DTE Zero-Day Options \u63d0\u4f9b\u4e86\u751a\u81f3\u6bd4 perp \u66f4\u8d4c\u573a\u4f53\u9a8c, \u8fd8\u6709\u7684\u65b0\u589e\u6563\u6237\u5728 Polymarket \u548c Kalshi \u91cc\u9762\u548c\u5404\u79cd\u5b8f\u89c2\u653f\u6cbb\u4e8b\u4ef6\u5bf9\u8d4c\u640f\u6740<\/p>\n

\u6b64\u5916\uff0c\u8fde\u4ee5\u9ad8\u9891\u6295\u673a\u8457\u79f0\u7684\u97e9\u56fd\u6563\u6237\uff0c\u90fd\u5728\u8fd9\u4e00\u8f6e\u4ece Upbit \u64a4\u9000\uff0c\u8f6c\u8eab\u53bb\u68ad\u54c8 KOSPI \u548c\u7f8e\u80a1\u30022025 \u5e74 Upbit \u65e5\u5747\u6210\u4ea4\u91cf\u6bd4 2024 \u5e74\u540c\u671f\u4e0b\u8dcc ~80%\uff0c\u800c\u540c\u65f6\u671f\uff0c\u97e9\u56fd\u80a1\u5e02 KOSPI \u6307\u6570\u5168\u5e74\u6da8\u8d85 70%\u201375%\u3002\u800c\u97e9\u56fd\u6563\u6237\u5bf9\u7f8e\u80a1\u7684\u51c0\u4e70\u5165\u8fbe\u5230 310 \u4ebf\u7f8e\u5143\u7eaa\u5f55<\/p>\n

\u6d8c\u73b0\u7684\u5356\u5bb6<\/h1>\n

\u5728 BTC \u4e0e\u7f8e\u80a1\u79d1\u6280\u80a1\u8d70\u52bf\u6108\u53d1\u540c\u9891\u7684\u5f53\u4e0b\uff0c\u5728 2025 \u5e74 8 \u6708\u5374\u51fa\u73b0\u4e86\u660e\u663e\u65ad\u5c42\uff1aBTC \u5728\u8ddf\u968f ARKK \u548c NVDA \u8fbe\u5230 8 \u6708 Top \u540e\uff0c\u968f\u5373\u6389\u961f\u5e76\u8fce\u6765 1011crash\uff0c\u81f3\u4eca\u672a\u6062\u590d\u3002\u5de7\u5408\u7684\u662f\uff0c2025 \u5e74 7 \u6708\u5e95\uff0cGalaxy \u5728\u8d22\u62a5\u4e0e\u65b0\u95fb\u7a3f\u4e2d\u62ab\u9732\uff0c\u5176\u5728 7\u20139 \u5929\u5185\u4ee3\u8868\u4e00\u4f4d\u65e9\u671f BTC \u6301\u6709\u8005\u5b8c\u6210\u4e86\u8d85\u8fc7 8 \u4e07\u679a BTC \u7684\u5206\u6279\u51fa\u552e. \u8fd9\u4e9b\u8ff9\u8c61\u90fd\u5728\u8868\u660e\uff0cCrypto native \u8d44\u91d1\u6b63\u5728\u4e0e\u673a\u6784\u8fdb\u884c\u5de8\u91cf\u6362\u624b\u3002<\/p>\n

\"Primitive<\/p>\n

\u5728 BTC wrapper \u4ea7\u54c1\uff08\u5982 IBIT \u7b49\uff09\u9010\u6e10\u6210\u719f\u7684\u5f53\u4e0b\uff0c\u5b8c\u5584\u7684\u91d1\u878d\u8bbe\u65bd\u4e3a BTC OG \u5de8\u9cb8\u63d0\u4f9b\u4e86\u6d41\u52a8\u9000\u51fa\u7684\u6700\u4f73\u6e20\u9053\u3002OG \u7684\u884c\u4e3a\u4ece\u300c\u5728\u4ea4\u6613\u6240\u76f4\u63a5\u6309\u5e02\u4ef7\u5356\u51fa\u300d\uff0c\u5347\u7ea7\u4e3a\u5229\u7528 BTC \u7ed3\u6784\u5316\u4ea7\u54c1\u9000\u51fa\u6216\u8005\u8fdb\u884c\u8d44\u4ea7\u8f6e\u52a8\uff0c\u8fdb\u5165\u66f4\u4e3a\u5e7f\u9614\u7684 Tradfi \u8d44\u4ea7\u4e16\u754c\u3002Galaxy \u548c 2025 \u5e74\u7684\u6700\u5927\u7684\u4e1a\u52a1\u589e\u957f, \u5c31\u662f\u6765\u81ea\u5e2e\u52a9 BTC \u5de8\u9cb8\u4eec\u8fdb\u884c BTC \u5230 iBit \u7684\u6362\u4ed3. iBit \u7684 collateral mobility (\u62b5\u62bc\u7269\u673a\u52a8\u6027) \u8fdc\u6bd4\u539f\u751f BTC \u6765\u7684\u597d, \u5e76\u4e14\u5b89\u5168\u597d\u4fdd\u7ba1, \u968f\u7740\u8d44\u4ea7\u7684\u4e3b\u6d41\u5316, \u7eb8\u6bd4\u7279\u7684\u9ad8\u8d44\u91d1\u5229\u7528\u7387\u8fdc\u8d85\u771f\u6bd4\u7279\u5e01\u662f\u5176\u4ed6\u8d35\u91d1\u5c5e\u91d1\u878d\u5316\u7684\u5fc5\u7ecf\u4e4b\u8def<\/p>\n

\u77ff\u5de5\uff1a\u4ece\u300c\u4ea4\u7535\u8d39\u300d\u5230\u300c\u4e3a AI \u7b79 CAPEX\u300d<\/h2>\n

\u4ece 2024 \u5e74\u51cf\u534a\u524d\u540e\u5230 2025 \u5e74\u672b\uff0c\u662f\u81ea 2021 \u5e74\u4ee5\u6765\u77ff\u5de5\u50a8\u5907\u6700\u6301\u7eed\u3001\u5e45\u5ea6\u6700\u5927\u7684\u4e00\u8f6e\u4e0b\u884c\u5468\u671f\uff1a\u622a\u81f3 2025 \u5e74\u5e95\uff0c\u77ff\u5de5\u50a8\u5907\u7ea6\u4e3a 1.806 \u767e\u4e07\u679a BTC\uff0c\u54c8\u5e0c\u7387\u540c\u6bd4\u56de\u843d\u7ea6 15%\uff0c\u663e\u793a\u51fa\u884c\u4e1a\u51fa\u6e05\u4e0e\u7ed3\u6784\u8f6c\u578b\u8ff9\u8c61\u3002<\/p>\n

\u66f4\u91cd\u8981\u7684\u662f\uff0c\u672c\u8f6e\u77ff\u5de5\u5356\u5e01\u7684\u52a8\u673a\u5df2\u7ecf\u8d85\u51fa\u4f20\u7edf\u300c\u8986\u76d6\u7535\u8d39\u300d\u7684\u8303\u7574\uff1a<\/p>\n

\u00b7 \u5728\u6240\u8c13\u300cAI escape plan\u300d\u7684\u6846\u67b6\u4e0b\uff0c\u90e8\u5206\u77ff\u4f01\u5c06\u7ea6 56 \u4ebf\u7f8e\u5143\u7b49\u503c BTC \u8f6c\u5165\u4ea4\u6613\u6240\uff0c\u4ee5\u7b79\u96c6\u5efa\u8bbe AI \u6570\u636e\u4e2d\u5fc3\u7684\u8d44\u672c\u5f00\u652f<\/p>\n

\u00b7 Bitfarms\u3001Hut 8\u3001Cipher\u3001Iren \u7b49\u516c\u53f8\u6b63\u5728\u5c06\u539f\u6709\u77ff\u573a\u6539\u9020\u4e3a AI\/HPC \u673a\u623f\uff0c\u5e76\u7b7e\u7f72 10\u201315 \u5e74\u7684\u957f\u671f\u7b97\u529b\u79df\u7ea6\uff0c\u5c06\u7535\u529b\u4e0e\u571f\u5730\u89c6\u4e3a\u300cAI \u65f6\u4ee3\u7684\u9ec4\u91d1\u8d44\u6e90\u300d<\/p>\n

\u00b7 \u4e00\u76f4\u575a\u6301\u300c\u957f\u671f\u6301\u5e01\u300d\u7b56\u7565\u7684 Riot \u4e5f\u5728 2025 \u5e74 4 \u6708\u5ba3\u5e03\u8c03\u6574\u7b56\u7565\uff0c\u5f00\u59cb\u51fa\u552e\u6bcf\u6708\u4ea7\u51fa\u7684 BTC<\/p>\n

\u00b7 \u636e\u4f30\u7b97\uff0c\u5230 2027 \u5e74\u672b\uff0c\u5927\u7ea6 20% \u7684\u6bd4\u7279\u5e01\u77ff\u5de5\u7535\u529b\u5bb9\u91cf\u4f1a\u88ab\u632a\u53bb\u8dd1 AI<\/p>\n

\u91d1\u878d\u5316\u7684\u7eb8\u6bd4\u7279<\/h1>\n

\u6bd4\u7279\u5e01\u548c\u5176\u4ee3\u8868\u7684\u52a0\u5bc6\u6570\u5b57\u8d44\u4ea7\u6b63\u5728\u7ecf\u5386\u4e00\u573a\u7531\u5185\u800c\u5916\u7684\u7f13\u6162\u8fc1\u79fb, \u4ece\u4ee5 crypto native \u8d44\u91d1\u4e3a\u4e3b\u5bfc\u7684\u4ef7\u503c\u53d1\u73b0\u578b\u4e3b\u52a8\u4ea4\u6613\uff0c\u8f6c\u5411\u4ee5 ETF\u3001DAT\u3001\u4e3b\u6743\u4e0e\u957f\u671f\u8d44\u91d1\u4e3a\u4ee3\u8868\u7684\u88ab\u52a8\u914d\u7f6e\u4e0e\u8d44\u4ea7\u8d1f\u503a\u8868\u7ba1\u7ba1\u7406, \u5e76\u4e14\u7ba1\u7406\u7684\u4ed3\u4f4d\u5f80\u5f80\u662f\u91d1\u878d\u5316\u7684\u7eb8\u6bd4\u7279.\u3002\u5e95\u5c42\u8d44\u4ea7\u6bd4\u7279\u5e01\u9010\u6e10\u6210\u4e3a\u4e00\u4e2a\u88ab\u585e\u8fdb\u5404\u7c7b\u7ec4\u5408\u91cc\u3001\u6309\u6743\u91cd\u4e70\u5165\u7684\u98ce\u9669\u8d44\u4ea7\u914d\u4ef6\u3002\u6bd4\u7279\u5e01\u7684\u4e3b\u6d41\u5316\u7684\u8fdb\u7a0b\u5b8c\u6210\u4e86\uff0c\u4f46\u968f\u4e4b\u800c\u6765\u7684\u662f\u4e0e\u4f20\u7edf\u91d1\u878d\u7c7b\u4f3c\u7684\u6760\u6746\u5faa\u73af\u4e0e\u7cfb\u7edf\u6027\u8106\u5f31\u6027\u3002<\/p>\n

1. \u8d44\u91d1\u7ed3\u6784\u5c42\u9762\uff1a<\/strong>\u589e\u91cf\u4e70\u76d8\u66f4\u591a\u6765\u81ea\u88ab\u52a8\u8d44\u91d1\u3001\u957f\u671f\u8d44\u4ea7\u914d\u7f6e\u548c\u4f01\u4e1a\/\u4e3b\u6743\u8d44\u4ea7\u8d1f\u503a\u8868\u7ba1\u7406\uff0cCrypto native \u8d44\u91d1\u5728\u4ef7\u683c\u5f62\u6210\u4e2d\u7684\u8fb9\u9645\u4f5c\u7528\u4e0b\u964d\uff0c\u5728\u5927\u90e8\u5206\u9636\u6bb5\u6210\u4e3a\u9022\u9ad8\u51cf\u4ed3\u7684\u51c0\u5356\u65b9<\/p>\n

2. \u8d44\u4ea7\u5c5e\u6027\u5c42\u9762\uff1a<\/strong>\u4e0e\u7f8e\u80a1\uff08\u5c24\u5176\u662f\u9ad8\u03b2\u79d1\u6280\u4e0e AI \u4e3b\u9898\uff09\u7684\u76f8\u5173\u6027\u663e\u8457\u589e\u5f3a\uff0c\u4f46\u56e0\u4e3a\u7f3a\u4e4f\u4f30\u503c\u4f53\u7cfb, \u6210\u4e3a\u5b8f\u89c2\u6d41\u52a8\u6027\u7684\u653e\u5927\u5668<\/p>\n

3. \u4fe1\u7528\u98ce\u9669\u5c42\u9762\uff1a<\/strong>\u501f\u52a9 DAT \u80a1\u7968\u3001\u73b0\u8d27 ETF\u3001\u7ed3\u6784\u6027\u4ea7\u54c1\u7b49 proxy\uff0c\u52a0\u5bc6\u8d27\u5e01\u8fdb\u4e00\u6b65\u9ad8\u5ea6\u91d1\u878d\u5316, \u8d44\u4ea7\u6d41\u8f6c\u6548\u7387\u663e\u8457\u63d0\u5347\uff0c\u540c\u65f6\u4e5f\u66f4\u591a\u66b4\u9732\u5728 DAT unwind\u3001\u8d28\u62bc\u54c1\u6298\u4ef7\u548c\u8de8\u5e02\u573a\u4fe1\u7528\u6324\u5151\u98ce\u9669\u4e4b\u4e0b<\/p>\n

\u8def\u5728\u4f55\u65b9<\/h1>\n

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\u539f\u6587\u94fe\u63a5<\/p>\n","protected":false},"excerpt":{"rendered":"

\u539f\u6587\u6807\u9898\uff1a\u300a\u8c01\u4e3a\u725b\u5e02\u4e70\u5355\u300b \u539f\u6587\u4f5c\u8005\uff1a\u4e07\u5349\uff0cPrimitive Ventures \u5f8b\u52a8 BlockBeats […]<\/p>\n","protected":false},"author":2,"featured_media":3842,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/3841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3841"}],"version-history":[{"count":1,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/3841\/revisions"}],"predecessor-version":[{"id":8641,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/posts\/3841\/revisions\/8641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=\/wp\/v2\/media\/3842"}],"wp:attachment":[{"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zaixinjiang.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}