CoinShares：特朗普狂热引发 ETF 资金流入 22 亿美元，总资产管理规模“创历史新高”

安东尼·斯卡拉穆奇 (Anthony Scaramucci) 在接受采访时预测，受美国可能采取战略加密储备措施、全球采用率不断提高以及机构兴趣增加的推动，比特币今年的价格可能达到 20 万美元。 SkyBridge Capital 创始人安东尼·斯卡拉穆奇 (Anthony Scaramucci) 认为，美国即将建立战略加密储备，并以比特币 (BTC) 为基石资产。 在盛宝银行最近为纪念唐纳德·特朗普总统执政 30 天而举办的一次采访中，crypto.news 被邀请提交问题。斯卡拉穆奇表示，由大卫·萨克斯等人物牵头的两党讨论正在为这一举措奠定基础。 斯卡拉穆奇表示：“在我看来，大卫·萨克斯在试图使战略加密储备成为两党共同的事情方面做得很好，但我不认为这会达到比特币用户想要的规模。” 斯卡拉穆奇确信，美国将在今年年底前建立比特币监管框架。他认为这是全球趋势的一部分，其他国家也将采用比特币，他认为这将推动比特币的发展。 他强调了此举在国际上可能产生的多米诺骨牌效应。 “It’s very clear to the rest of the world that the Americans are going to do something — which is why the rest of the world, lots of these sovereigns, are already getting in place. If you’re doing it, I’ve got to do it,” he explained. “It will be a when, not if, situation.”   你可能还喜欢：Tether 首席执行官讨论新 BrainOS 平台以推进脑机技术 比特币价格有望突破 20 万美元 展望 2025 年，斯卡拉穆奇做出了一个大胆预测：随着机构采用率的提高以及对其与黄金市值相媲美的潜力的认识不断提高，比特币今年的价格可能达到 20 万美元。 他说道：“从目前的水平来看，这是 100% 的回报，这将使比特币的市值达到 4 万亿美元。” Scaramucci sees Bitcoin’s trajectory as inevitable, given its digital scarcity and increasing adoption, particularly among younger investors. “For Bitcoin to truly be an asset class, it would have to trade into the $15-20 trillion zone, which would imply that it had roughly the same value to humankind as gold.” he said.  While acknowledging the inherent uncertainty in his prediction, Scaramucci remains optimistic about Bitcoin’s growth potential. “If I’m right, we’ll have another great year,” he added. You might also like:Analysts state XRP could hit $4 by end of February; Rollblock presale skyrockets Solana and AI are good investments When asked about promising crypto sectors beyond Bitcoin and Ethereum (ETH), Scaramucci highlighted Solana (SOL) as a standout, noting SkyBridge’s “nine-figure position” in the network. “I’m a big Solana buyer. I own a lot of Solana,” he said, adding that he views the network as one of the most promising for scaling and supporting decentralized applications. 他还表达了对 Avalanche (AVAX) 和 Polkadot (DOT) 支持资产代币化的潜力的信心。Scaramucci 表示：“这些才是真正有助于地球代币化的东西”，并指出了现实世界资产代币化的更广泛趋势。 斯卡拉穆奇将当前的加密和人工智能格局与早期互联网时代进行比较，并将其与 20 世纪 90 年代末的科技繁荣相提并论。 “我 36 岁的时候，万维网和互联网（Web1）风靡一时。当 Web1 崩盘时，人们都破产了。但任何坚持下来的人都变得非常非常富有，”斯卡拉穆奇说，“我认为我们今天所处的境况与 Web1 和这两个资产类别（加密货币和人工智能）的境况相同。” 除了 Solana 之外，他还披露了对 Nvidia 和 Asteroid Labs 等人工智能公司的大量投资，尽管人们对人工智能市场泡沫存在担忧，但预计其仍将持续增长。 SkyBridge ETF 值得购买 SkyBridge’s crypto ETF has delivered a 150% return over the past year, outperforming many competitors. Launched in 2021, the ETF tracks Bitcoin-adjacent companies, including miners, MicroStrategy, and Coinbase. After weathering the 2022 downturn, the ETF rebounded, recently reaching $18 per share. “We were buying it at $3 or $4 a share, and it’s now back up to $18,” Scaramucci explained. “This year, there’s probably a $35-36 price target for that ETF.” The ETF’s composition reflects a strategic approach to mimic Bitcoin’s performance without directly holding the asset. “我们可以拥有数字生态系统的组成部分。我们可以拥有一些比特币矿工，这些矿工都是公开交易的，”他说。“我们可以拥有像 MicroStrategy 这样的上市公司……我们会积极管理它。” 你可能还喜欢：主权财富基金和比特币的未来 | 观点

TRUMP coin has rallied 73% on gala dinner excitement, but once supply starts unlocking in July, will holders face steeper risks than they realize? Table of ContentsTRUMP coin stages a stunning comebackDinner with Trump becomes crypto’s hottest ticketTrump entities profit from trading, not pumpsWhat to expect next? TRUMP coin stages a stunning comeback The Trump-themed meme coin, Official Trump (TRUMP), has captured the market’s attention after delivering a remarkable rally over the past few days.  Launched on Solana (SOL) in January 2025, the token surged from approximately $7.54 to a high of $15.47 on Apr. 23, before settling near $13.20 on Apr. 25.  TRUMP coin price chart | Source: crypto.news TRUMP has gained over 73% in the past week and recorded a 24-hour trading volume of $1.82 billion, making it the top-performing asset among the 100 largest cryptocurrencies by market cap. The recent rally follows a volatile few months. Ahead of President Trump’s Jan. 20 inauguration, the TRUMP coin soared to an all-time high of $75.35.  Sentiment cooled sharply after the event, and by Apr. 7, the token had fallen to $7.14. Even after its recent rebound, TRUMP still trades nearly 83% below its peak. The most immediate catalyst behind the latest rally emerged on Apr. 23, when it was announced that the top 220 holders of TRUMP would be invited to a formal dinner with President Donald Trump at the Trump National Golf Club in Washington, D.C.  The top $TRUMP Coin holders will have a private DINNER WITH PRESIDENT TRUMP on May 22nd at the BEAUTIFUL Trump National Club in Washington, D.C. It will be a night to remember! Thank You! And Have Fun! Click Here For Details: https://t.co/Nm31BxQGx5— TrumpMeme (@GetTrumpMemes) April 23, 2025 Following the announcement, technical analyst AMCrypto on X observed a surge in short liquidations and whale-driven buying, which fueled the price rally. $TRUMP massive pump 🚀Yesterday, it was announced that Donald Trump will do an exclusive dinner with top 200 $TRUMP holders.Right after this announcement, whales started to buy, causing a massive pump and short squeeze.I think the rally has stalled for now and won't happen… pic.twitter.com/fEOvLAQngJ— AMCrypto (@AMCryptoAlex) April 24, 2025 At the same time, the scheduled unlocking of 40 million new TRUMP tokens was postponed by 90 days. The delay helped preserve the circulating supply at 200 million tokens and alleviated concerns about a sudden influx of new supply triggering a selloff. Couldn’t be more excited about this "Dinner with Trump". A lot more on the way!  The Tokens from the initial cliff and from the following three months of daily unlocks will remain locked, each for an additional 90 days.  The era of $TRUMP has just begun!— TrumpMeme (@GetTrumpMemes) April 23, 2025 The broader macro environment has also provided a favorable backdrop. Renewed enthusiasm around Bitcoin (BTC), as it approached the $100,000 mark, has contributed to a wider appetite for high-risk assets, including meme tokens.  As of this writing, BTC is trading above $94,000, having gained more than 11% over the past seven days. Dinner with Trump becomes crypto’s hottest ticket The promise of dinner with the 47th President of the U.S. has added a high-voltage intrigue to an already unusual crypto rally.  In its official announcement, the TRUMP token team unveiled what it called “the most exclusive invitation in the world,” offering a formal gala dinner to the top 220 holders of the meme coin.  The event is scheduled for May 22 at Trump National Golf Club in Washington, D.C., and includes an additional perk for the top 25 participants, which includes a private VIP reception and a guided tour of the White House. According to the official terms, eligibility is determined by a time-weighted average of holdings from Apr. 23 to May 12. This means the top 220 wallet addresses must not only hold a large quantity of tokens but must also maintain those holdings for a sustained period.  Eligibility also requires passing a background check, not being from a jurisdiction flagged under global anti-money laundering protocols, and attending the event alone—no guests allowed.  A clause in the terms makes it clear that while President Trump is expected to attend, his presence is not guaranteed. In such a case, qualifying attendees would instead receive a limited-edition Trump-themed non-fungible token (NFT) as compensation. The current leaderboard of token holders is being updated in real-time through the project’s official portal. As of Apr. 25, the top spot belongs to a cold wallet labeled “SUN,” reportedly associated with Justin Sun, founder of the TRON (TRX) blockchain.  His holdings exceed 1.17 million tokens, valued at over $14 million. Sun’s involvement is consistent with his previous support for pro-Trump crypto initiatives, including his advisory role at the Trump-backed World Liberty Financial DeFi project. Second and third positions are held by wallets under the identifiers “CASE” and “MeCo,” respectively. While MeCo holds a larger number of tokens than CASE, it ranks lower due to the project’s use of time-weighted metrics, which give more weight to long-term holdings over recent accumulation.  Blockchain activity suggests that interest in the token soared immediately after the event was announced. Data from analytics firm Nansen shows that the top 100 wallets accumulated approximately 940,000 additional tokens within an hour of the post. Trump entities profit from trading, not pumps The sharp rise in TRUMP’s price is supported by a token design that deliberately restricts supply and concentrates control among two Trump-affiliated entities.  The total supply of the token is capped at one billion. Out of this, only 200 million tokens are currently in circulation, while the remaining 800 million tokens are locked and scheduled to unlock gradually over a three-year period. This structure is intended to avoid the sudden, large sell-offs that often destabilize meme tokens with loosely managed supply models.  According to the project’s official documentation, the initial unlock on Apr. 18 was set to release 40 million tokens, followed by a daily issuance of 205,480 tokens until Jul. 18. However, shortly after the announcement of the Trump gala dinner, the team deferred further unlocks by 90 days. This move kept the circulating supply at 200 million tokens and helped suppress potential sell pressure, supporting the ongoing price rally. At current market prices, the fully diluted valuation of the TRUMP coin, calculated across all one billion tokens, stands at approximately $13.35 billion. Since only 20% of the supply is active in the market, the actual market capitalization is much lower at around $2.67 billion. Ownership of the locked 800 million tokens is concentrated between CIC Digital LLC and Fight Fight Fight LLC. Both entities are linked to the Trump Organization and together control 80% of the total token supply.  Typically, such heavy insider control would raise concerns about future dumping. However, structural and reputational factors serve as deterrents.  The holdings are subject to a multi-year lockup, and any premature selling could provoke backlash from both the TRUMP community and broader crypto investors. Rather than relying on direct token sales, the affiliated entities generate income through trading activity. At launch, they seeded 100 million tokens, equal to 10% of the total supply, into a liquidity pool on Meteora, a decentralized exchange on Solana where TRUMP is actively traded. This liquidity pool allows buyers and sellers to transact smoothly without large price slippage and simultaneously generates fees for liquidity providers. Each trade on Meteora incurs a fee, a portion of which flows back to the wallets controlled by CIC Digital and Fight Fight Fight. This model has proven to be highly profitable. Estimates from Reuters show that as of Jan. 30, trading fees alone had already generated between $86 million and $100 million for Trump-affiliated wallets.  Following the Apr. 23 dinner announcement, trading activity spiked further, bringing in an additional $1.6 million in fees within a single 24-hour window. The Washington Post has placed the total earnings from TRUMP coin activities at approximately $312 million from token sales and $41 million from trading fees since launch.  Although the exact revenue split between CIC Digital and Fight Fight Fight remains undisclosed, their role as the primary liquidity providers suggests they capture the majority of these profits. What to expect next? TRUMP token’s near-term momentum appears closely tied to two factors: the countdown to the May 22 gala event and the ongoing 90-day delay in token unlocks.  As long as the circulating supply remains limited and the gala dinner continues to serve as a coveted status symbol within the community, speculative interest around the token could stay elevated. Once the event concludes and the unlock window approaches in July, however, market dynamics may shift. The introduction of fresh token supply could create downward pressure on prices, particularly if trading volumes decline after the gala-driven hype fades. New entrants drawn by the recent rally should recognize that TRUMP token’s current market capitalization reflects a small circulating supply rather than full public distribution. For existing holders, maintaining disciplined risk management will be crucial.  As event-driven catalysts lose influence, fundamental questions about long-term sustainability are expected to resurface, and positioning accordingly could make the difference between protecting gains and facing steep drawdowns. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

1 月 20 日，比特币创下 109,114 美元的历史新高。然而，比特币并没有激发进一步上涨的希望，反而面临持续的抛售压力，截至本文撰写时，比特币价格已从峰值下跌约 20%。最近几周，比特币需求疲软，增持势头减弱，短期投资者的恐慌情绪加剧。 在 Outset PR，我们观察到，在比特币的历史周期中，此类调整并不罕见，通常由流动性、衍生品市场定位和投资者情绪的变化推动。下面，我将研究比特币的流动性趋势、衍生品市场活动和持有者群体的行为，看看这种原始加密货币是否已经达到本周期的顶峰，还是正在经历暂时的调整。 目录从分配到潜在积累流动性紧缩限制了比特币的上行空间UTXO 年龄数据显示持有者信心强劲ETF 流量和市场影响结束语 从分配到潜在积累 比特币的市场周期由积累和分配阶段驱动。虽然在 2025 年 2 月下旬出现了明显的分配阶段，但积累/分配 (A/D) 指标的近期走势表明，在过去几周内，强劲的积累周期随后出现了强烈的抛售压力。 在 3 月中旬触及最低点后，该指标目前正在反弹，表明累积正在恢复。从历史上看，A/D 指标的这种反弹通常先于价格稳定或复苏。然而，这是否标志着持续累积阶段的开始，还是只是暂时的反弹，还有待观察。 比特币积累/分布指标 | 来源：TradingView 进一步证实这一趋势的是，根据 2025 年 2 月 CoinDesk Data 的交易所评论，中心化交易所的现货交易量下降了 19.9%，衍生品交易量下降了 20.9%。此外，衍生品交易所的未平仓合约下降了 29.8%，为 2024 年 11 月以来的最低水平。 Bybit 遭到黑客攻击后情况进一步恶化，造成 14 亿美元的损失，随着流动性担忧和市场不确定性加剧，抛售压力加剧，阻碍了积累。 流动性紧缩限制了比特币的上行空间 持续的流动性收缩——市场在调整期间的典型行为——是比特币难以创下新高的主要原因之一。根据 Glassnode 的数据，比特币的净资本流入停滞不前，实际市值每月仅增长 +0.67%。这意味着市场缺乏必要的新资本流入，阻碍了价格上涨。 此外，活跃交易流动性的关键指标——热供应量从 5.9% 下降到 2.8%，降幅超过 50%。外汇流入也下降了 54%，进一步证实了交易活动正在放缓，需求侧压力正在减弱 在衍生品方面，比特币期货的未平仓合约已从历史最高水平的 570 亿美元下降至 370 亿美元（-35%），表明投机兴趣和对冲活动减少。 Glassnode 数据还显示，短期持有者的 30 天滚动损失总额已达到 70 亿美元，标志着本周期最大的持续亏损事件，但仍低于 2021 年 5 月的崩盘和 2022 年的熊市。 UTXO 年龄数据显示持有者信心强劲 CryptoQuant 的已实现市值 - UTXO 年龄带，追踪自上次移动以来按年龄计算的货币美元价值，显示比特币的已实现市值很大一部分由长期投资者持有。 比特币实现市值 - UTXO 年龄带 | 来源：CryptoQuant 截至 2025 年 3 月 23 日，各年龄段已实现上限的细分情况如下： 0-1天：51亿美元 1 天至 1 周：261 亿美元 1 周至 1 个月：807 亿美元 1-3个月：1465亿美元 3-6 个月：2642 亿美元 6–12 months: $96.5 billion 12–18 months: $61.9 billion 18 months–2 years: $22.2 billion 2–3 years: $34.6 billion 3–5 years: $111.4 billion 5-7 年：85 亿美元 7-10 年：79 亿美元 10年内：3034亿美元 我们可以看到，一周内 UTXO 总额为 312 亿美元，仅占总已实现市值的 2.7%。这表明，虽然存在短期交易，但它并不是推动市场的主要力量。新转移的代币比例较低表明大多数近期买家仍在持有头寸，许多参与者并没有投降。 相比之下，3-6 个月的群体目前占据比特币已实现市值的最大份额，达到 2642 亿美元。在最近的价格波动中，这一群体基本保持稳定，进一步增强了市场对它的长期信心。 Notably, Bitcoin, which has been held for over 10 years, represents $303.4 billion, the single largest realized value across all age bands. Taken together, the current UTXO age distribution supports a bullish accumulation narrative, where long-term holders remain confident, speculative flipping is subdued, and overall supply continues to tighten—conditions that have historically laid the groundwork for strong price recoveries. ETF 流量和市场影响 2025 年 3 月 5 日至 21 日的最新 ETF 数据凸显了混合信号，一些 ETF 经历强劲资金流入，而另一些 ETF 则继续面临大量资金流出，这表明虽然比特币的价格走势仍然面临压力，但长期机构兴趣正在支撑市场情绪。 IBIT（贝莱德的比特币 ETF）总流入量为 39,774 BTC。 FBTC（富达比特币 ETF）流入量为 11,392 BTC。 ARKB（Ark Invest 的比特币 ETF）吸引了 2,021 BTC，而 BTCO（Invesco 的比特币 ETF）录得 2,678 BTC 的净流入。 GBTC (Grayscale’s Bitcoin Trust) continued to face outflows, losing 22,526 BTC. Bitcoin ETFs collectively added 36,138 BTC over this period, indicating that institutional demand remains in place. 结束语 比特币正在经历一个复杂的后历史高点环境，短期逆风和长期强势交织在一起，这一点显而易见。随着资本流入放缓和投机活动减少，现货和衍生品市场都出现了流动性收缩。然而，累积正在反弹，UTXO 年龄数据显示长期持有者信心强劲，短期抛售较少，尽管波动性较大，但机构资金流继续青睐比特币，几只主要 ETF 均出现净流入。虽然价格压力持续存在，但这些潜在动态表明，当前阶段可能代表健康的盘整，而不是当前牛市周期的结束。 披露：本文不代表投资建议。本页内容和材料仅供教育之用。

Bitrace 预测，在 Bybit 遭受大规模黑客攻击并导致超过 15 亿美元的损失后，OTC 服务可能面临大规模冻结浪潮。 加密货币联合追踪和分析平台 Bitrace 警告用户，在 Bybit 遭到黑客攻击（据信是朝鲜黑客组织 Lazarus Group 所为）之后，大规模场外交易或 OTC 产品和服务可能即将被冻结。 Bitrace 在翻译的分析文章中表示：“未来几个月将出现一波针对场外交易集团和加密支付公司的大规模冻结浪潮。” Bitrace 称 Bybit 黑客攻击是“加密货币历史上最大的单起盗窃案”，因为其损失超过了之前的黑客攻击，例如 2021 年 Poly Network 遭受的 6.11 亿美元黑客攻击和 2022 年 Ronin Network 因漏洞利用而损失的 6.2 亿美元。 该分析公司列举了 Lazarus 集团过去攻击的例子，例如去年对日本加密货币交易所 DMM 的攻击和 2023 年对 Poloniex 的攻击。这两次黑客攻击都导致大量 OTC 业务地址和钱包被冻结，对加密行业产生了巨大影响。 你可能还喜欢：数据显示，Bybit 通过贷款、鲸鱼存款和 ETH 购买弥补了 14 亿美元的以太坊代币缺口 Bitrace 在调查过程中发现，黑客不仅倾向于使用未经许可的平台和混合器来清洗被盗资金，还利用中心化平台和 OTC 商家来处理资金。 结果导致各大交易所大量用户账户有意无意地收到了被盗资金，这些账户受到风控，导致OTC商家和支付机构的业务地址在遭受重大黑客攻击后被Tether（USDT）冻结。 在交易所检测到来自以太坊 (ETH) 冷钱包的未经授权的转账后，Bybit 发现了对它的攻击。Bybit 随后对转账展开调查，并与区块链取证专家合作追踪被盗资产。 正如 crypto.news 之前报道的那样，Bybit 首席执行官 Ben Zhou 声称该交易所已在两天内成功收回黑客攻击造成的损失。他还告诉交易员，一份经过审计的记录计划报告将很快发布，以表明该交易所已“完全弥补了 ETH 缺口”。 阅读更多：数据显示，Bybit 通过贷款、鲸鱼存款和 ETH 购买弥补了 14 亿美元的以太坊代币缺口

根据 Gemini 的 2024 年加密货币状况报告，超过一半的 Z 世代成年人目前拥有或曾经拥有加密货币。 该调查在五个国家进行并与 crypto.news 分享，调查结果显示，与老一代相比，年轻投资者更积极地参与数字资产。 研究结果表明，Z 世代对数字资产的态度可能会影响投资和监管的未来。 该报告于 2024 年 5 月至 7 月期间对美国、英国、法国、新加坡和土耳其的 6,000 名成年人进行了调查。在 Z 世代受访者（年龄 18-29 岁）中，51% 的人表示他们目前拥有或曾经拥有加密货币。相比之下，根据 Gemini 的数据，普通人群的比例为 35%。 英国的持有率最高，53% 的 Z 世代受访者表示持有加密货币，而普通民众的这一比例为 32%。 在新加坡，Z 世代的这一比例为 50%，所有年龄段的这一比例为 42%。在法国，Z 世代的这一比例为 47%，总体为 31%。 加密货币所有权意味着购买、持有或交易比特币（BTC）和以太坊（ETH）等数字资产。许多投资者将这些资产视为股票或债券等传统投资的替代品。 你可能还喜欢：哈萨克斯坦总统呼吁紧急扩大加密基础设施 Z 世代对监管的看法 调查还调查了 Z 世代如何看待加密货币监管。虽然 46% 的普通民众表示强烈支持加强政府监管，但只有 31% 的 Z 世代受访者持相同观点。 这表明年轻的投资者可能对当前的监管水平更满意或相信行业能够自我监管。 监管可以保证市场稳定，并保护投资者免受欺诈。 BCH Miner 提供免费挖矿合同以增加被动收入 Z世代的ETF兴趣  交易所交易基金的兴起使得加密货币更加容易获得。ETF 允许投资者无需直接持有资产即可接触加密货币。 例如，投资者可以购买跟踪加密货币价格的比特币 ETF 股票，而不是购买比特币。 调查发现，48% 的 Z 世代受访者更有可能因为 ETF 而投资加密货币。在所有年龄段中，这一数字为 37%。