Kaito 代币经济学出局——对内部分配的担忧加剧

Bitcoin’s dominance relative to other major cryptocurrencies continues to soar reaching a new 4-year high. Bitcoin’s (BTC) dominance has surged to 64%, a four-year high, signaling its unrivaled strength in the cryptocurrency market. This metric, which measures Bitcoin’s share of the total crypto market capitalization, reflects a growing preference for Bitcoin as a safe haven amid economic uncertainty. As BTC’s price hovers above $96,000, institutional inflows via ETFs and corporate treasury adoption, like Metaplanet’s 5,000 BTC holdings, are fueling this rally. But what does this mean for other major blockchain chains like Ethereum (ETH), Solana (SOL), and Binance Chain (BNB)? Source: crypto.news ETH, despite a recent 15% surge to $1,800 over the last two weeks, struggles with a market dominance of just 7.4%, its lowest since January 2020. Its ETH/BTC ratio, at 0.115, underscores BTC’s outperformance, driven by ETH’s high transaction costs and slower innovation compared to newer layer-1 chains. You might also like:Bitcoin dominance hits new cycle high as post-election altcoin rally fizzles out: Matrixport Solana and Binance Chain, while gaining traction for faster transactions, lack the institutional trust Bitcoin commands. Analysts suggest Bitcoin’s dominance may peak soon, potentially triggering an altcoin season as capital rotates to undervalued projects. However, regulatory uncertainty and weak fundamentals in many altcoins could delay this shift. For now, Bitcoin’s dominance stifles altcoin growth, as investors prioritize its proven store-of-value narrative over speculative ventures. Chains like Ethereum and Solana, meanwhile, are trying to innovate rapidly or risk losing further ground. Solana’s focus on scalability offers hope, but without broader adoption, altcoins face a prolonged trough of disillusionment. Bitcoin’s reign, backed by BlackRock’s Larry Fink calling it a hedge against U.S. debt and orange-pilled BTC maxis like Strategy’S Michael Saylor, suggests altcoins still need compelling use cases to compete. Read more:Tokenized matchmaking? Sam Altman’s World matches up with dating app giant Match Group

On April 7, crypto stocks across major Asian and European exchanges suffered steep losses, with Asian crypto stocks seeing double-digit declines. While European exchanges remain open at press time, crypto stocks there have already posted significant losses. 在日本，东京证券交易所的加密货币相关股票受到的冲击尤为严重。Metaplanet Inc.、Monex Group Inc. 和 SBI Holdings 均出现大幅下跌，股价分别下跌 20.26%、10.29% 和 11%。 香港也受到了加密货币股票下跌的影响，OSL Group 股价下跌 11.61%，Okg Technology Holdings Ltd. 股价下跌 16.56%。Grandshores Technology Group Ltd. 的跌幅最大，股价暴跌 19.54%。 上海证券交易所的跌幅略小，但仍然值得关注。中国工商银行下跌 1.89%，而中国建设银行 A 股和用友网络科技股份有限公司分别下跌 0.45% 和 9.99%。 你可能还喜欢：这就是为什么加密股票 COIN、MARA、MSTR 跑赢标准普尔 500 指数的原因 While the Asian exchanges have closed, European markets remain open, and many crypto stocks have already suffered significant intraday losses. CoinShares International Ltd. on Nasdaq Stockholm has fallen by 5.79%. SAP SE stock on Frankfurt Stock Exchange in Germany decreased by 5.02%. Argo Blockchain PLC on the London Stock Exchange is down by 1.18%. The U.S. session is set to open under heavy selling pressure. Crypto-related equities are likely to face pressure. Premarket data suggests further weakness: Coinbase Global Inc. is down 7.82%, a steeper decline than its 5.98% drop at Friday’s close. Even Strategy—which gained 4.01% on Friday—is showing a sharp premarket drop of 10.02%. 鉴于亚洲和欧洲主要交易所的加密货币股票大幅下跌，美国加密货币股票的前景似乎不容乐观。即使是周五逆势上涨的 Strategy，在盘前交易中也大幅下跌了 10.02%。这表明围绕加密货币股票的负面情绪可能会持续下去，随着美国开盘，加密货币股票可能会进一步下跌。 你可能还喜欢：熔断事件冲击亚洲和欧洲市场，比特币跌破 7.5 万美元

2025 年 3 月 18 日，路透社报道称，多家加密货币公司寻求成为州立或国家银行，他们认为这是特朗普政府领导下扩大业务的途径。一旦加密货币公司成为银行，会发生什么变化？它们不是已经充当银行了吗？银行不是越来越接受加密货币了吗？ Multi-faceted crypto platforms and banks have had overlapping functionality as many people can store their savings via crypto, grow capital using yield mining or staking, or get crypto loans. In regions with a high unbanked population that has smartphones, crypto platforms already occupy a bank-like position.  However, getting licensed as a state or national bank is different from just being a defacto bank-like entity. Let’s see what the prospects are for the crypto platforms seeking to become full-fledged banks. As the U.S. took a pro-crypto course, these companies have a bigger chance of transforming into banks. The modern-day regulators don’t see crypto as something utterly inadmissible. Reuters cites lawyers admitting that there is a rising interest from crypto companies that are cautiously seeking new opportunities. Read more:Trump-era policy shift sparks crypto firms’ push for banking licenses: report SmartBiz 收购了 Centrust Bank，成为自 2021 年以来第一家获得银行特许的金融科技公司，预示着可能引领潮流。 本月初，货币监理署扭转了银行的反加密货币立场，允许银行从事加密货币相关活动，包括稳定币操作、加密货币托管等。 为什么有些加密平台想要转型成为银行？ 首先，这些公司希望获得银行地位以提高其信誉。这可能会吸引新的个人和企业客户，因为银行对他们来说比加密货币生态系统更值得信赖和熟悉。它开辟了新的机会，并允许公司大幅扩大规模。银行执照与额外的审查有关，但另一方面，它给公司带来了更合法的形象，这对业务扩张很重要。 第二个原因是，银行监管将加密货币从灰色地带拉出来，为公司提供了更清晰的立法环境，从而提供了更可预测的发展轨迹和更自信地遵循其战略的机会。 Another benefit of getting a bank charter is direct access to clients’ deposits. Without it, crypto companies have to borrow funds and pay high fees. With clients’ deposits, companies may be less constrained in their actions and development. 银行与加密平台的交汇点 尽管区块链从第一天起就与银行对立（还记得比特币创世区块中附带的信息吗），但银行和加密货币企业都设法共存并塑造彼此的运营方式。看来加密货币不再对银行构成生存威胁。银行正在采用区块链解决方案，而加密货币平台则采用银行的许多服务，例如贷款和汇款等更基本的业务。 传统银行出于各种原因使用区块链解决方案。分布式账本和智能合约基础设施使银行能够实现某些流程的自动化并降低成本，提高合规性和资金和数据的整体安全性，并提高结算速度，尤其是在跨境交易方面。值得一提的是，自动化不仅使服务更便宜，而且还消除了人为错误并防止了欺诈活动。 摩根大通和高盛等公司使用区块链来简化“了解你的客户”验证流程。国际银行联盟 Fnality International（包括巴克莱银行、汇丰控股和其他主要银行）使用区块链进行跨境交易。这些只是众多例子中的几个。CBDC 将减少公民和中央银行之间的中介参与，同时不会阻止商业银行提供信贷等服务。 与此同时，加密货币平台在移动互联网普及率较高的农村无银行账户地区充当银行的角色。此类地区可以在撒哈拉以南非洲和部分亚洲地区找到。这些地区的居民主要使用加密货币进行汇款和储蓄。 2020 年代初，新银行（neobank）兴起，这些以数字为先的网上银行提供传统银行服务。以客户为中心的方法和点对点解决方案的使用使新银行比传统银行更具优势。它们收取的费用更低，提供用户友好的应用程序，并且通常采用更优惠的方式向客户提供信贷/贷款。 最受欢迎的数字银行（如 Chime 或 Revolut）拥有数千万客户。据 Plaid 称，超过 21% 的 21 至 56 岁人群使用新银行作为主要支票账户。 采用加密货币是一些新银行发展的合理一步。Revolut 是一个著名的新银行例子，它除了股票交易、货币兑换和虚拟卡等其他功能外，还支持加密货币操作。 未来我们可能会看到更多加密货币公司成为银行，因为美国监管机构和企业都对这种发展表现出兴趣。很快，我们就会知道其他国家是否会效仿。 你可能还喜欢：新银行正在利用区块链弥补资金缺口 | 观点

投资公司 Rex Shares 和 Osprey Funds 已向美国证券交易委员会提交申请，推出一只跟踪 Movement Network 的 MOVE 代币价格的交易所交易基金。 拟议的 ETF 将跟踪 MOVE，这是一个使用 MoveVM 构建的以太坊 (ETH) 第 2 层网络。根据文件，REX-Osprey MOVE ETF 旨在将其至少 80% 的资产分配给 MOVE 或相关工具。 文件显示，MOVE（MOVE）于 2024 年 12 月 9 日推出，其完全摊薄价值峰值达到 145 亿美元，截至 2025 年 3 月 4 日，其市值为 9.3 亿美元。 最近推出的加密货币 MOVE 已获得 ETFREX-Osprey MOVE ETF代码/费用：生效日期：2025 年 5 月 21 日MOVEment 加密货币于去年 12 月 9 日推出。https://t.co/Vl7YRTNtzyREX Osprey ETF：https://t.co/eoKq2qIP6t初步招股说明书：... pic.twitter.com/9blFJwQHiP— ETF Hearsay by Henry Jim (@ETFhearsay) March 10, 2025 该基金还可以使用衍生品（包括期货和掉期）来获得 MOVE 价格表现的敞口。此外，它可以投资其他加密货币 ETF，包括非美国基金，并可能根据市场情况将部分资产分配给比特币 (BTC) 和以太坊 ETF。 该 ETF 将采用直接持有和衍生品相结合的方式，以获得 MOVE 价格表现的敞口。 你可能还喜欢：泰国批准 Tether 的 USDT 作为加密货币 主网测试版 Movement Network Foundation also announced the launch of its Public Mainnet Beta with $250 million in Total Value Locked from its Cornucopia program. The launch enables permissionless smart contract deployment, full user onboarding, and Ethereum settlement. Developers and users can leverage MoveVM’s security and efficiency while accessing the network via the canonical Movement bridge powered by LayerZero. 此次发布是为了希望为基于 Move 的开发人员提供可扩展的环境。 你可能还喜欢：开曼群岛实施加密货币公司许可规则 其他 Rex Shares 文件 Rex Shares 此前曾与 Osprey Funds 合作申请以加密货币为重点的 ETF，其中包括与 TRUMP（TRUMP）、BONK（BONK）和 DOGE（DOGE）等 memecoin 相关的 ETF。 The latest filing comes as the SEC, under acting Chair Mark Uyeda, has shifted toward a more crypto-friendly stance, dropping several lawsuits and investigations against digital asset firms. The SEC has yet to approve any funds tracking newer crypto assets like MOVE. MOVE is currently trading near $0.50. You might also like:Unichain, Berachain, and Iota lead blockchain growth in active users

Solana price has stalled below $200 as the recent bull run encountered resistance, but ongoing ETF inflows and strong network statistics may support a renewed rally. Solana (SOL) was trading at $171.45 on Friday, down by 7.40% from its highest point this week. This retreat mirrors that of other cryptocurrencies like Bitcoin (BTC) and Hedera Hashgraph (HBAR). A potential catalyst for Solana is the anticipated approval of spot SOL ETFs by the U.S. Securities and Exchange Commission. Applicants include Grayscale, VanEck, 21Shares, Canary, and Franklin Templeton. According to Polymarket, the odds of approval have risen to 81%. There are signs that these ETFs will attract strong investor interest. A recently approved leveraged Solana fund, the 2X Solana ETF, has continued to gain assets. Since its launch in February, the fund has added nearly $30 million in inflows. It has posted net inflows every month since inception. So far this month, the fund has attracted $9.6 million in inflows, up from $8.3 million in April and $5.5 million in February. SOLT ETF | Source: ETF The SOLT ETF aims to generate daily returns that correspond to 2x the daily performance of SOL. It is similar to other leveraged funds like the ProShares UltraPro QQQ and Direxion Daily S&P 500 Bull ETFs, which have $25 billion and $5 billion in assets under management, respectively. You might also like:Best crypto to buy right now ahead of the bull run However, the SOLT ETF is relatively expensive, with an expense ratio of 1.85%. By contrast, most stock-based leveraged ETFs charge under 0.90% annually. These ongoing inflows suggest that spot Solana ETFs, which are expected to have lower fees, could see even higher demand from institutional investors. There are also signs that spot XRP ETFs will have a higher demand than those tracking SOL as the recently-launched XXRP ETF has gained over $106 million in assets.  Beyond ETFs, Solana is benefiting from strong network fundamentals. The number of transactions and active accounts has surged in 2025. Over the past 30 days, transactions rose by 66%, while active accounts climbed to 101 million. Solana price technical analysis SOL price chart | Source: crypto.news On the daily chart, Solana price has pulled back to $172 after peaking at $185 earlier in the week. It is currently hovering near the 38.2% Fibonacci retracement level. Meanwhile, the 50-day and 100-day moving averages are on the verge of forming a mini golden cross, often a bullish signal. Solana has also formed an inverse head and shoulders pattern and is trading between the strong pivot reverse level and the upper boundary of the Murrey Math Lines trading range. Given these technical indicators, SOL is likely to resume its uptrend, with bulls eyeing a retest of the $200 resistance level. A breakout above that level could open the path to the 78.6% Fibonacci retracement at $252. However, a drop below key support at $150 would invalidate the bullish outlook. You might also like:PlanB doubles down on $400k target for Bitcoin, analysts urge caution