{"id":3307,"date":"2026-02-05T04:48:29","date_gmt":"2026-02-04T20:48:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=3307"},"modified":"2026-02-05T04:48:29","modified_gmt":"2026-02-04T20:48:29","slug":"2025%e6%af%94%e7%89%b9%e5%b8%81%e7%89%9b%e5%b8%82%e5%af%86%e7%a0%81%ef%bc%9a%e9%93%be%e4%b8%8a%e4%be%9b%e9%9c%80%e3%80%81%e4%ba%a4%e6%98%93%e6%b4%bb%e8%b7%83%e5%ba%a6%e4%b8%8e%e8%b4%a8%e6%8a%bc","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=3307","title":{"rendered":"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8"},"content":{"rendered":"<h1 class=\"art_tit\">2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8<\/h1>\n<div class=\"content_text\">\n<h3 class=\"customstyle_text\">\u5173\u952e\u8981\u70b9<\/h3>\n<p>\u2013 \u6bd4\u7279\u5e01\u51cf\u534a\u540e\u4f9b\u5e94\u7d27\u7f29\uff0874% \u94fe\u4e0a\u8d44\u4ea7\u957f\u671f\u9501\u5b9a\uff0c\u00a075% \u2265\u00a06 \u4e2a\u6708\u672a\u79fb\u52a8\uff09\uff0c\u6d6e\u52a8\u91cf\u660e\u663e\u51cf\u5c11\uff0c\u8fdb\u4e00\u6b65\u770b\u6da8\u3002<\/p>\n<p>\u2013 \u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4f9d\u65e7\u5f3a\u52b2\uff0830 \u5929\u65e5\u5747\u6d3b\u8dc3\u5730\u5740\u7ea6 73.5 \u4e07\uff0c\u65e5\u5747\u4ea4\u6613 39\u00a0\u2013\u00a040 \u4e07\u7b14\uff09\uff0cNVT \u91d1\u53c9 1.51\u00a0\uff0c\u8868\u660e BTC\/USD \u4f30\u503c\u6709\u771f\u5b9e\u4f7f\u7528\u652f\u6491\u3002<\/p>\n<p>\u2013 \u6301\u5e01\u8005\u6307\u6807\uff08\u5b9e\u73b0\u5e02\u503c\u903e 9,\u00a0000 \u4ebf\u7f8e\u5143\uff0cSOPR \u2248\u00a01.03\u00a0\uff0cMVRV \u2248\u00a02.3\u00a0\u00d7\uff09\u663e\u793a\u4fe1\u5fc3\u5341\u8db3\u3001\u83b7\u5229\u4e86\u7ed3\u9002\u5ea6\uff0c\u5356\u538b\u53ef\u63a7\u3002<\/p>\n<p>\u2013 \u4ea4\u6613\u6240\u6301\u7eed\u51c0\u6d41\u51fa\u3001\u9ad8\u4f01\u7b97\u529b\u4ee5\u53ca\u591a\u79cd\u94fe\u4e0a\u4f30\u503c\u6a21\u578b\uff08S\u00a02\u00a0F ~$\u00a0248\u00a0\u2013\u00a0369\u00a0K\uff0cNVT\uff09\u4e00\u81f4\u6307\u5411 2025 \u5e74\u6bd4\u7279\u5e01\u725b\u5e02\u53ef\u80fd\u6da8\u81f3 15\u00a0\u2013\u00a020 \u4e07\u7f8e\u5143\u533a\u95f4\uff0c\u4f46\u4ecd\u9700\u7559\u610f\u5b8f\u89c2\u4e0e\u76d1\u7ba1\u98ce\u9669\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/387bb66926e88cc50b91b9b0c8acf6cf.jpg\"><\/p>\n<p>2024 \u5e74 4 \u6708\u7684\u51cf\u534a\u5c06\u6bd4\u7279\u5e01\u6bcf\u65e5\u53d1\u884c\u91cf\u780d\u81f3\u7ea6 900 BTC\uff0c\u5e26\u6765\u663e\u8457\u7684\u4f9b\u5e94\u51b2\u51fb\u3002\u5982\u4eca\uff0c\u6d41\u901a\u4e2d\u7684\u6bd4\u7279\u5e01\u6709 74% \u5df2\u7ecf\u9501\u4ed3\u8d85\u8fc7\u4e24\u5e74\u672a\u52a8\u7528\uff0c\u7ea6 75% \u5728\u8fc7\u53bb\u534a\u8f7d\u4fdd\u6301\u6c89\u7761\u72b6\u6001\u3002\u521b\u7eaa\u5f55\u7684\u56e4\u5e01\u884c\u4e3a\u8fdb\u4e00\u6b65\u6536\u7d27\u4e86\u53ef\u4ea4\u6613\u4f9b\u5e94\uff0c\u4e3a\u00a0BTC\/USD\u00a0\u5408\u7ea6\u548c\u00a0BTC\/USDT\u00a0\u73b0\u8d27\u5e02\u573a\u8425\u9020\u4e86\u5f3a\u52b2\u7684\u725b\u5e02\u6c1b\u56f4\u3002<\/p>\n<p>\u672c\u6587\u5c06\u6df1\u5ea6\u5256\u6790\u6240\u6709\u4e3b\u8981\u94fe\u4e0a\u6307\u6807\u2014\u2014\u4ece\u6d3b\u8dc3\u5730\u5740\u3001NVT\uff0c\u5230 SOPR\u3001MVRV\uff0c\u518d\u5230\u7b97\u529b\u3001\u4ea4\u6613\u6240\u6d41\u52a8\u3001\u4ee5\u53ca\u4f30\u503c\u6a21\u578b\uff08Stock-to-Flow\u3001NVT \u4fe1\u53f7\uff09\u2014\u2014\u8ba9\u4f60\u4e86\u89e3\u4e3a\u4f55\u591a\u6570\u4eba\u9884\u8ba1\u6bd4\u7279\u5e01\u5c06\u5728 2025 \u5e74\u672b\u91cd\u8fd4\u751a\u81f3\u8d85\u8d8a\u5386\u53f2\u9ad8\u70b9\uff0c\u4ee5\u53ca\u5982\u4f55\u901a\u8fc7\u6bd4\u7279\u5e01\u73b0\u8d27\u3001\u6bd4\u7279\u5e01\u5408\u7ea6\u6216\u6bd4\u7279\u5e01\u8d28\u62bc\u6765\u5e03\u5c40\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/a8b2ac0aa40dff6ebf6eca35365ad318.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">BTC \u4f9b\u5e94\u52a8\u6001<\/h2>\n<p>\u6bd4\u7279\u5e01\u7684\u4f9b\u5e94\u683c\u5c40\u5728\u51cf\u534a\u540e\u53d1\u751f\u4e86\u5de8\u5927\u53d8\u5316\uff1a<\/p>\n<p>\u6d41\u901a vs. \u975e\u6d41\u52a8\u4f9b\u5e94<\/p>\n<p>\u2013 \u6bcf\u65e5\u65b0\u589e\u53d1\u884c\u91cf\u51cf\u534a\u81f3\u7ea6 900 BTC\uff0c\u65b0\u5e01\u589e\u53d1\u901f\u5ea6\u653e\u7f13\u3002<\/p>\n<p>\u2013 1,\u00a0980 \u4e07\u6d41\u901a\u4e2d\u4ec5\u6709 1,\u00a0460 \u4e07 BTC \u5728\u4e24\u5e74\u5185\u53d1\u751f\u8fc7\u8f6c\u79fb\u2014\u2014\u00a074% \u957f\u671f\u9501\u4ed3\uff0c\u9c9c\u6709\u6d41\u52a8\u3002<\/p>\n<p>HODL \u6ce2\u4e0e\u6c89\u7761\u5e01<\/p>\n<p>\u2013 \u7ea6 75% \u7684\u6bd4\u7279\u5e01\u5728\u8fc7\u53bb 6 \u4e2a\u6708\u5185\u96f6\u4ea4\u6613\u3002<\/p>\n<p>\u2013 25% \u7684\u6d41\u901a\u5e01\u9f84\u5df2\u8fbe 3\u00a0\u2013\u00a04 \u5e74\uff0c\u663e\u793a\u51fa\u6df1\u5ea6\u6301\u5e01\u4fe1\u5ff5\u3002<\/p>\n<p>\u542f\u793a\uff1a\u4f9b\u5e94\u6324\u538b<\/p>\n<p>\u51cf\u534a\u5e26\u6765\u7684\u7a00\u7f3a\u6548\u5e94\uff0c\u52a0\u4e0a\u5386\u53f2\u9ad8\u4f4d\u7684\u56e4\u5e01\u884c\u4e3a\uff0c\u5927\u5e45\u538b\u7f29\u4e86\u53ef\u4f9b\u51fa\u552e\u7684 BTC \u6d6e\u52a8\u91cf\u3002\u53ef\u89c1\uff0c\u5373\u4fbf\u662f\u5c0f\u89c4\u6a21\u7684\u6bd4\u7279\u5e01\u73b0\u8d27\u4e70\u5165\u6216\u6bd4\u7279\u5e01\u5408\u7ea6\u8d44\u91d1\u6d41\u5165\uff0c\u4e5f\u4f1a\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u4ea7\u751f\u5de8\u5927\u5229\u591a\u63a8\u529b\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/ca2d70bdae9177f8d7d2970286015de0.jpg\"><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/26bed86d5c46a816297b7040e170558f.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u6bd4\u7279\u5e01\u4ef7\u683c\u6709\u771f\u5b9e\u4ef7\u503c\u6d41\u52a8\u652f\u6491\uff0c\u800c\u975e\u5355\u7eaf\u6295\u673a\u3002<\/p>\n<p>\u2013 \u7a33\u5065\u7684\u94fe\u4e0a\u6d3b\u8dc3\u5ea6\u65e2\u5de9\u56fa\u4e86\u6bd4\u7279\u5e01\u7684\u4ea4\u6613\u8d44\u4ea7\u5b9a\u4f4d\uff0c\u4e5f\u5f3a\u5316\u4e86\u5176\u201c\u6570\u5b57\u9ec4\u91d1\u201d\u5c5e\u6027\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/61cdaacd932fb58dc5a10f4cf866ffaf.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u6bd4\u7279\u5e01\u6301\u5e01\u8005\u884c\u4e3a<\/h2>\n<p>\u6295\u8d44\u8005\u4fe1\u5fc3\u4f9d\u7136\u6d53\u539a\uff1a<\/p>\n<p>\u5b9e\u73b0\u5e02\u503c<\/p>\n<p>\u2013 \u8d85\u8fc7 9,\u00a0000 \u4ebf\u7f8e\u5143\uff08\u5386\u53f2\u65b0\u9ad8\uff09\uff0c\u610f\u5473\u7740\u5de8\u989d\u6301\u4ed3\u6210\u672c\u57fa\u51c6\u5df2\u88ab\u9501\u5b9a\u3002<\/p>\n<p>\u83b7\u5229\u6307\u6807\uff08SOPR &amp; P\/L \u6bd4\u7387\uff09<\/p>\n<p>\u2013 SOPR\u2248\u00a01.03\u00a0\uff1a\u79fb\u52a8\u7684\u4ee3\u5e01\u521a\u597d\u7565\u5fae\u76c8\u5229\u3002<\/p>\n<p>\u2013 \u77ed\u671f\u6301\u5e01\u8005\u7684\u5df2\u5b9e\u73b0\u76c8\u4e8f\u63a5\u8fd1\u5468\u671f\u9ad8\u70b9\uff0c\u4f46\u4ecd\u672a\u89e6\u53ca\u6781\u9650\u83b7\u5229\u4e86\u7ed3\u533a\u57df\u3002<\/p>\n<p>MVRV \u5206\u6790<\/p>\n<p>\u2013 \u5e02\u503c\/\u5b9e\u73b0\u5e02\u503c\u6bd4\u7ea6 2.3\u00a0\u00d7\uff1b\u957f\u671f\u6301\u5e01\u8005\u5e73\u5747\u76c8\u5229  \u00a0230%\u00a0\uff0c\u77ed\u671f\u6301\u5e01\u8005  \u00a013%\u00a0\u3002<\/p>\n<p>\u5356\u538b\u98ce\u9669<\/p>\n<p>\u2013 \u5356\u538b\u98ce\u9669\u867d\u6709\u6240\u4e0a\u5347\uff0c\u4f46\u4ecd\u4f4e\u4e8e 2017 \u548c 2021 \u5e74\u9876\u5cf0\uff0c\u8868\u660e\u83b7\u5229\u4e86\u7ed3\u8282\u594f\u6e29\u548c\uff0c\u5e76\u672a\u5f15\u53d1\u6050\u614c\u629b\u552e\u3002<\/p>\n<p>\u7efc\u5408\u6765\u770b\uff0c\u6301\u5e01\u8005\u5728\u9009\u62e9\u6027\u5151\u73b0\u4e00\u90e8\u5206\u6536\u76ca\u7684\u540c\u65f6\uff0c\u4f9d\u7136\u4fdd\u7559\u6838\u5fc3\u4ed3\u4f4d\uff0c\u6709\u6548\u51cf\u8f7b\u4e86\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u884c\u538b\u529b\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/5106cabf0bed0029dd9247f7a7561ec0.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">BTC \u4ef7\u683c\u8d70\u52bf\uff1a<\/p>\n<p>\u7b97\u529b\u4e0e\u96be\u5ea6<\/p>\n<p>\u2013 \u5168\u7403\u7b97\u529b\u5df2\u7a81\u7834 1 ZH\/s\uff0c\u6316\u77ff\u96be\u5ea6\u5c61\u521b\u65b0\u9ad8\u2014\u2014\u8fd9\u65e2\u4f53\u73b0\u4e86\u7f51\u7edc\u7684\u5b89\u5168\u6027\uff0c\u4e5f\u538b\u7f29\u4e86\u77ff\u5de5\u5229\u6da6\u7a7a\u95f4\u3002<\/p>\n<p>\u77ff\u5de5\u629b\u5e01\u4e0e\u6536\u5165<\/p>\n<p>\u2013 2025 \u5e74 4 \u6708 7 \u65e5\uff0c\u77ff\u5de5\u629b\u552e\u7ea6 1.5 \u4e07 BTC\uff08\u7ea6 11 \u4ebf\u7f8e\u5143\uff09\uff0c\u501f\u673a\u5151\u73b0\u3002<\/p>\n<p>\u2013 \u65e5\u5747\u77ff\u5de5\u6536\u5165\u7ea6 3,\u00a0900 \u4e07\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d\u7ea6 30%\u00a0\u3002<\/p>\n<p>\u96be\u5ea6\u4e0a\u5347\u548c\u533a\u5757\u5956\u52b1\u51cf\u5c11\uff0c\u8feb\u4f7f\u4e00\u90e8\u5206\u5c0f\u578b\u77ff\u573a\u9000\u51fa\uff0c\u5e26\u6765\u77ed\u671f\u629b\u538b\uff1b\u4f46\u540c\u65f6\u4e5f\u4f18\u5316\u4e86\u7f51\u7edc\u7b97\u529b\u5206\u5e03\uff0c\u4e3a\u957f\u671f BTC \u4ef7\u683c\u63d0\u4f9b\u4e86\u66f4\u575a\u5b9e\u7684\u652f\u6491\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/d26663cc60426091d5295c9aa016ba34.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">BTC\/USD\u00a0\u5408\u7ea6\u4e0e\u00a0BTC\/USDT\u00a0\u73b0\u8d27\u4ef7\u683c\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/b669244b065075c4fcfd53e6cafe4040.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u94fe\u4e0a\u4f30\u503c\u6a21\u578b<\/h2>\n<p>\u91cf\u5316\u6a21\u578b\u4e3a BTC \u5b9a\u4ef7\u63d0\u4f9b\u53c2\u8003\uff1a<\/p>\n<p>Stock-to-Flow\uff08S\u00a02\u00a0F\uff09<\/p>\n<p>\u2013 \u6a21\u578b\u4f30\u503c\u7ea6 24.8 \u4e07\u7f8e\u5143\uff08463 \u5929\u5747\u503c\uff09\u5230 36.9 \u4e07\u7f8e\u5143\uff0810 \u5929\u5747\u503c\uff09\u3002<\/p>\n<p>\u2013 \u5c40\u9650\u6027\uff1a\u8fd1\u5e74\u8868\u73b0\u7565\u504f\u4f4e\uff0c\u5bf9 2021 \u5e74\u540e\u884c\u60c5\u7684\u62df\u5408\u5ea6\u6709\u6240\u4e0b\u964d\u3002<\/p>\n<p>\u7f51\u7edc\u4ef7\u503c\u5bf9\u4ea4\u6613\uff08NVT\uff09<\/p>\n<p>\u2013 NVT \u503c\u91d1\u53c9\u7ea6 1.51\u00a0\uff0c\u786e\u8ba4\u5f53\u524d\u4f30\u503c\u7531\u771f\u5b9e\u4ea4\u6613\u91cf\u652f\u6491\uff0c\u800c\u975e\u7eaf\u7cb9\u6ce1\u6cab\u3002<\/p>\n<p>\u5176\u4ed6\u4fe1\u53f7<\/p>\n<p>\u2013 Mayer \u591a\u500d\u6570\uff08\u7ea6 1.1\u00a0\u2013\u00a01.2\uff09\u3001Pi \u5468\u671f\u3001MVRV Z \u5206\u6570\u56de\u5347\u3001\u4ef7\u503c\u5929\u6570\u6d88\u8017\uff08VDD\uff09\u7b49\u6307\u6807\u5747\u6307\u5411\u5065\u5eb7\u725b\u5e02\u9636\u6bb5\u3002<\/p>\n<p>\u7efc\u5408\u6765\u770b\uff0c\u5404\u5927\u94fe\u4e0a\u6a21\u578b\u4e00\u81f4\u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u5728\u57fa\u672c\u9762\u8fc7\u70ed\u524d\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\u3002<\/p>\n<p><img decoding=\"async\" alt=\"2025\u6bd4\u7279\u5e01\u725b\u5e02\u5bc6\u7801\uff1a\u94fe\u4e0a\u4f9b\u9700\u3001\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u4e0e\u8d28\u62bc\u56de\u62a5\u63ed\u79d8\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250524\/80864adc7cd0d90eb6fe7f6877559b9d.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">BTC \u5386\u53f2\u5468\u671f\u4e0e\u6a21\u5f0f<\/h2>\n<p>\u6bd4\u7279\u5e01\u7ea6 4 \u5e74\u4e00\u8f6e\u7684\u725b\u718a\u66f4\u66ff\uff0c\u80cc\u540e\u6b63\u662f\u51cf\u534a\u9a71\u52a8\uff1a<\/p>\n<p>\u56db\u5e74\u5468\u671f\u6846\u67b6<\/p>\n<p>\u2013 \u51cf\u534a\u540e\u725b\u5e02\u9636\u6bb5\uff1a\u00a02013\u3001\u00a02017\u3001\u00a02021 \u5e74\uff08\u901a\u5e38\u5728\u51cf\u534a\u540e 1\u00a0\u2013\u00a01.5 \u5e74\u89c1\u9876\uff09\u3002<\/p>\n<p>2025 \u5e74\u4e2d\u671f\u4fee\u6b63<\/p>\n<p>\u2013 MVRV Z \u5206\u6570\u4e00\u5ea6\u8dcc\u81f3 ~\u00a01.43 \u7684\u5468\u671f\u5e95\u90e8\uff1b\u4ef7\u503c\u5929\u6570\u6d88\u8017\uff08VDD\uff09\u8fdb\u5165\u201c\u7eff\u533a\u201d\uff0c\u6697\u793a\u957f\u671f\u6301\u5e01\u8005\u5728\u4f4e\u4f4d\u5438\u7b79\u3002<\/p>\n<p>\u4e0b\u4e00\u4e2a\u9ad8\u70b9\u65f6\u673a<\/p>\n<p>\u2013 \u82e5\u5386\u53f2\u91cd\u6f14\uff0c\u00a02025 \u5e74\u7b2c\u4e09\u6216\u7b2c\u56db\u5b63\u5ea6\u6781\u6709\u53ef\u80fd\u6210\u4e3a\u672c\u8f6e\u5468\u671f\u9ad8\u70b9\u2014\u2014\u4f46\u5b8f\u89c2\u7ecf\u6d4e\u4e0e\u76d1\u7ba1\u52a8\u6001\u53ef\u80fd\u52a0\u901f\u6216\u5ef6\u540e\u9876\u90e8\u5230\u6765\u3002<\/p>\n<p>\u8fc7\u53bb\u7684\u5468\u671f\u8868\u660e\uff0c\u00a02025 \u5e74\u521d\u4ece\u7ea6 10 \u4e07\u7f8e\u5143\u8dcc\u81f3 7.5 \u4e07\u7f8e\u5143\u7684\u8c03\u6574\uff0c\u662f\u5065\u5eb7\u7684\u4e2d\u9014\u5598\u606f\uff0c\u800c\u975e\u5468\u671f\u7ec8\u7ed3\uff0c\u4e3a\u4e0b\u4e00\u4e2a\u4e0a\u6da8\u6d6a\u6f6e\u6253\u4e0b\u57fa\u7840\u3002<\/p>\n<h2 class=\"customstyle_text\">\n<p>\u5927\u591a\u6570\u94fe\u4e0a\u4e13\u5bb6\u4e0e\u673a\u6784\u7b56\u7565\u5e08\u90fd\u57fa\u4e8e\u65e5\u76ca\u7d27\u7f29\u7684\u4f9b\u5e94\u6307\u6807\u548c\u4e0d\u65ad\u589e\u957f\u7684\u9700\u6c42\u4fe1\u53f7\uff0c\u7ed9\u51fa 2025 \u5e74 15\u00a0\u2013\u00a020 \u4e07\u7f8e\u5143\u7684\u76ee\u6807\u533a\u95f4\uff1a<\/p>\n<p>\u2013 \u6e23\u6253\u94f6\u884c\u4f9d\u6258\u201c\u6570\u5b57\u9ec4\u91d1\u201d\u7406\u8bba\uff0c\u770b\u597d\u73b0\u8d27 ETF \u4e0d\u65ad\u6d8c\u5165\uff0c\u52a9\u529b\u00a0BTC\/USD\u00a0\u5408\u7ea6\u548c\u00a0BTC\/USDT\u00a0\u73b0\u8d27\u5e02\u573a\u5168\u5e74\u6500\u5347\u81f3 20 \u4e07\u7f8e\u5143\u3002<\/p>\n<p>\u2013 \u9ad8\u76db\u4f2f\u6069\u65af\u5766\u4e5f\u6307\u51fa\uff0c\u673a\u6784\u5927\u89c4\u6a21\u5165\u573a\u4e0e\u5408\u7ea6\u3001\u73b0\u8d27\u6d41\u52a8\u6027\u63d0\u5347\uff0c\u5c06\u63a8\u52a8\u6bd4\u7279\u5e01\u5e02\u573a\u6df1\u5ea6\u52a0\u56fa\u3002<\/p>\n<p>\u2013 VanEck \u7684 Michael Sigel \u51ed\u501f\u53cc\u5cf0\u5468\u671f\u6a21\u578b\uff0c\u9884\u8ba1 2025 \u5e74\u5c06\u51fa\u73b0\u7ea6 18 \u4e07\u7f8e\u5143\u7684\u5468\u671f\u6700\u9ad8\u70b9\u3002<\/p>\n<p>\u2013 PlanB \u7684 S\u00a02\u00a0F \u6a21\u578b\u7ee7\u7eed\u4f5c\u4e3a\u57fa\u51c6\uff0c\u9884\u8ba1\u5e74\u5e95\u524d\u4ef7\u683c\u89e6\u53ca\u7ea6 16 \u4e07\u7f8e\u5143\u3002<\/p>\n<p>\u2013 \u5728\u884d\u751f\u54c1\u5e73\u53f0\u4e0a\uff0cKalshi \u7684\u5e02\u573a\u9690\u542b\u6982\u7387\u663e\u793a\uff0cBTC \u8d85\u8fc7 15 \u4e07\u7f8e\u5143\u7684\u53ef\u80fd\u6027\u8fbe 43%\u00a0\u3002<\/p>\n<p>\u2013 CryptoQuant \u7684 GLBX \u5f3a\u8c03\uff0c\u957f\u671f\u6301\u5e01\u8005\u7684\u6301\u7eed\u79ef\u7d2f\uff0c\u662f\u9501\u5b9a\u6d41\u52a8\u6027\u3001\u652f\u6491\u4ef7\u683c\u7684\u5173\u952e\u725b\u5e02\u4fe1\u53f7\u3002<\/p>\n<p>\u8fd9\u4e00\u7cfb\u5217\u9884\u6d4b\uff0815\u00a0\u2013\u00a020 \u4e07\u7f8e\u5143\u4e0d\u7b49\uff09\u6b63\u53cd\u6620\u51fa\uff1a\u94fe\u4e0a\u7a00\u7f3a\u6027\u589e\u5f3a\u3001\u73b0\u8d27\u4e0e\u5408\u7ea6\u6d41\u52a8\u6027\u589e\u957f\uff0c\u4ee5\u53ca\u50cf\u00a0BTC \u8d28\u62bc\u8fd9\u6837\u7684\u65b0\u578b\u6536\u76ca\u673a\u4f1a\uff0c\u5171\u540c\u9a71\u52a8\u4e0b\u4e00\u8f6e\u725b\u5e02\u3002<\/p>\n<h2 class=\"customstyle_text\">\u7ade\u4e89\u683c\u5c40<\/h2>\n<p>\u968f\u7740 2025 \u5e74\u6bd4\u7279\u5e01\u66b4\u6da8\u52bf\u5934\u6108\u53d1\u660e\u663e\uff0c\u6295\u8d44\u8005\u5f00\u59cb\u5728\u591a\u79cd\u8d44\u4ea7\u4e2d\u8fdb\u884c\u6743\u8861\uff1a<\/p>\n<p>\u2013 \u6bd4\u7279\u5e01 vs. \u5c71\u5be8\u5e01\uff1a\u4ee5\u592a\u574a\u3001Solana \u7b49\u5c71\u5be8\u94fe\u63d0\u4f9b\u667a\u80fd\u5408\u7ea6\u5e94\u7528\uff0c\u4f46\u534f\u8bae\u98ce\u9669\u66f4\u9ad8\u3002\u6bd4\u7279\u5e01\u51ed\u501f\u5e9e\u5927\u7684\u5e02\u503c\u3001\u7a33\u56fa\u7684\u5b89\u5168\u548c\u60a0\u4e45\u7684\u5e02\u573a\u8bb0\u5f55\uff0c\u4f9d\u7136\u662f\u9996\u5c48\u4e00\u6307\u7684\u201c\u6570\u5b57\u9ec4\u91d1\u201d\u4ef7\u503c\u5b58\u50a8\u3002<\/p>\n<p>\u2013 \u6bd4\u7279\u5e01 vs. \u9ec4\u91d1\u53ca\u8d35\u91d1\u5c5e\uff1a\u9ec4\u91d1\u3001\u767d\u94f6\u6536\u76ca\u7387\u4f4e\u4e14\u4e0d\u6613\u643a\u5e26\u3002\u6bd4\u7279\u5e01\u7684\u53ef\u7f16\u7a0b\u7a00\u7f3a\u6027\u3001\u4fbf\u643a\u6027\u548c\u9ad8\u6d41\u52a8\u6027\u2014\u2014\u65e0\u8bba\u662f\u73b0\u8d27\u8fd8\u662f\u5408\u7ea6\u2014\u2014\u90fd\u63d0\u4f9b\u4e86\u66f4\u5177\u673a\u52a8\u6027\u7684\u907f\u9669\u9009\u62e9\u3002<\/p>\n<p>\u2013 \u6bd4\u7279\u5e01 vs. \u80a1\u7968\u4e0e\u503a\u5238\uff1a\u80a1\u7968\u503a\u5238\u53d7\u7ecf\u6d4e\u5468\u671f\u5f71\u54cd\u5927\uff0c\u4e0a\u6da8\u7a7a\u95f4\u6709\u9650\u3002\u6bd4\u7279\u5e01\u4e0e\u4f20\u7edf\u8d44\u4ea7\u76f8\u5173\u6027\u4f4e\u3001\u6210\u957f\u6f5c\u529b\u9ad8\uff0c\u901a\u8fc7\u73b0\u8d27 ETF \u6216\u671f\u8d27\u5408\u7ea6\uff0c\u80fd\u6210\u4e3a\u6781\u5177\u5438\u5f15\u529b\u7684\u6295\u8d44\u7ec4\u5408\u5206\u6563\u5de5\u5177\u3002<\/p>\n<p>\u2013 \u52a0\u5bc6\u6536\u76ca\u4ea7\u54c1\uff1a\u6d41\u52a8\u6027\u8d28\u62bc\u884d\u751f\u54c1\u5e26\u6765\u989d\u5916\u6536\u76ca\uff0c\u4f46\u4f34\u968f\u667a\u80fd\u5408\u7ea6\u98ce\u9669\uff1b\u96c6\u4e2d\u5f0f\u5e73\u53f0\u5982 XT Earn \u5219\u63d0\u4f9b\u53d7\u76d1\u7ba1\u7684 BTC \u6216 USDT \u56fa\u5b9a\/\u6d6e\u52a8\u5229\u606f\u3002<\/p>\n<p>\u2013 \u671f\u8d27\u4e0e\u884d\u751f\u54c1\uff1a\u671f\u8d27\u5408\u7ea6\u652f\u6301\u6760\u6746\u548c\u5bf9\u51b2\uff0c\u5374\u6709\u5c55\u671f\u6210\u672c\u4e0e\u4fdd\u8bc1\u91d1\u98ce\u9669\u2014\u2014\u5bf9\u4e8e\u957f\u671f\u6301\u6709\u8005\u800c\u8a00\uff0c\u73b0\u8d27\u6216\u8d28\u62bc\u6536\u76ca\u901a\u5e38\u66f4\u7a33\u5065\u3002<\/p>\n<h2 class=\"customstyle_text\">\u6bd4\u7279\u5e01\u4ef7\u683c\u91cd\u8fd4\u751a\u81f3\u8d85\u8d8a\u5386\u53f2\u9ad8\u70b9\u3002\u65e0\u8bba\u662f\u901a\u8fc7BTC\u00a0\u73b0\u8d27\u3001BTC\u00a0\u5408\u7ea6\u8fd8\u662fBTC\u00a0\u8d28\u62bc\uff0c\u5e02\u573a\u53c2\u4e0e\u8005\u90fd\u62e5\u6709\u591a\u79cd\u8def\u5f84\u6765\u6355\u6349\u4e0b\u4e00\u8f6e\u6da8\u52bf\u3002<\/p>\n<h2 class=\"customstyle_text\">\u5173\u4e8e\u6bd4\u7279\u5e01\u7684\u5e38\u89c1\u95ee\u7b54<\/h2>\n<p>1. \u51cf\u534a\u540e\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u7531\u4ec0\u4e48\u9a71\u52a8\uff1f<\/p>\n<p>\u51cf\u534a\u673a\u5236\u51cf\u5c11\u65b0\u5e01\u4f9b\u5e94\uff0c\u5f53\u9700\u6c42\u7a33\u5b9a\u6216\u4e0a\u5347\u65f6\uff0c\u5373\u653e\u5927\u7a00\u7f3a\u6548\u5e94\u3002\u94fe\u4e0a\u6307\u6807\uff08\u975e\u6d41\u52a8\u4f9b\u5e94\u3001HODL \u6ce2\u52a8\uff09\u80fd\u76f4\u89c2\u53cd\u6620\u8fd9\u79cd\u7d27\u7f29\u3002<\/p>\n<p>2. Stock-to-Flow \u7b49\u94fe\u4e0a\u6a21\u578b\u5982\u4f55\u9884\u6d4b BTC \u4ef7\u683c\uff1f<\/p>\n<p>Stock-to-Flow \u5c06\u7a00\u7f3a\u6027\u4e0e\u4ef7\u503c\u6302\u94a9\uff0c\u9884\u6d4b\u51cf\u534a\u540e\u4ef7\u683c\u8fdb\u5165\u4e2d\u9ad8\u516d\u4f4d\u6570\u3002\u5b83\u63d0\u4f9b\u4e86\u6709\u7528\u7684\u53c2\u8003\u6846\u67b6\uff0c\u4f46\u81ea 2021 \u5e74\u4ee5\u6765\u7cbe\u786e\u5ea6\u6709\u6240\u6ce2\u52a8\u3002<\/p>\n<p>3. \u4ec0\u4e48\u662f NVT \u6bd4\u7387\uff1f\u4e3a\u4ec0\u4e48\u91cd\u8981\uff1f<\/p>\n<p>NVT\uff08\u7f51\u7edc\u4ef7\u503c\u4e0e\u4ea4\u6613\u91cf\u6bd4\uff09\u8861\u91cf\u5e02\u503c\u4e0e\u94fe\u4e0a\u4ea4\u6613\u989d\u7684\u5173\u7cfb\u3002\u8f83\u4f4e\u7684 NVT\uff08\u5982 1.51\uff09\u610f\u5473\u7740\u4ef7\u683c\u7531\u771f\u5b9e\u4f7f\u7528\u9a71\u52a8\uff0c\u800c\u975e\u7eaf\u6295\u673a\u3002<\/p>\n<p>4. 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