×
Array
(
[fid] => 6974
[description] => 专注于币圈最新最快资讯，数字货币应用及知识普及
[password] =>
[icon] => b1/common_6974_icon.png
[redirect] =>
[attachextensions] =>
[creditspolicy] => Array
(
[post] => Array
(
[usecustom] => 1
[cycletype] => 1
[cycletime] => 0
[rewardnum] => 5
[extcredits1] => 1
[extcredits2] => 1
[extcredits3] => 0
[extcredits4] => 0
[extcredits5] => 0
[extcredits6] => 0
[extcredits7] => 0
[extcredits8] => 0
[rid] => 1
[fid] => 6974
[rulename] => 发表主题
[action] => post
[fids] => 32,52,67,447,1120,1151,1156,6750,6762,6763,6766,6769,6772,6773,6787,6796,6808,6809,6810,6813,6814,6820,6829,6830,6846,6856,6864,6865,6827,6930,6931,6776,6858,6880,6764,6932,6871,6758,6905,1116,6788,6812,6798,6736,6759,6842,6966,6767,6828,6924,6935,6936,6938,6940,6941,6826,6909,6803,6919,6911,6908,6881,6920,6912,6913,6921,6925,6922,6789,6818,6819,6872,6928,6969,6889,6888,6917,6939,6947,6961,6937,6943,6970,6869,6900,6902,6783,6817,1111,6870,6821,6876,6952,6954,6960,6942,6910,6949,6962,6963,6964,6927,6926,6973,6728,6929,6874,6894,6896,6885,6857,6868,1113,6778,56,6844,6878,6802,6933,6811,6923,6877,6875,6918,6892,6757,6832,6833,6795,6793,6848,6837,6849,6850,6851,6852,6853,6854,6863,6882,6836,6790,6838,6794,6791,6873,555,6934,6958,6944,6945,6907,6779,6886,6950,6904,6956,6862,6957,6855,6955,6959,6914,6965,6971,6972,6953,6976,6824,6815,6891,6866,6979,6977,6765,6903,6948,6980,6981,6983,6799,6982,6951,6984,6975,6895,6845,6879,1121,6974
)
[reply] => Array
(
[usecustom] => 1
[cycletype] => 1
[cycletime] => 0
[rewardnum] => 0
[extcredits1] => 0
[extcredits2] => 1
[extcredits3] => 10
[extcredits4] => 0
[extcredits5] => 0
[extcredits6] => 0
[extcredits7] => 0
[extcredits8] => 0
[rid] => 2
[fid] => 6974
[rulename] => 发表回复
[action] => reply
[fids] => 32,52,67,447,1120,1151,1156,6750,6763,6766,6769,6772,6773,6787,6796,6808,6809,6810,6813,6814,6820,6829,6830,6846,6856,6864,6865,6827,6930,6931,6776,6858,6880,6764,6932,6871,6758,1116,6788,6812,6798,6736,6759,6842,6966,6767,6828,6924,6935,6936,6938,6940,6941,6826,6909,6803,6919,6911,6908,6881,6920,6912,6913,6921,6925,6922,6789,6818,6819,6872,6928,6969,6889,6888,6917,6939,6947,6961,6937,6943,6970,6869,6900,6902,6783,6817,1111,6870,6821,6876,6952,6954,6960,6942,6910,6949,6962,6963,6964,6927,6926,6973,6728,6929,6874,6894,6896,6885,6857,6868,1113,6778,56,6844,6878,6802,6933,6811,6923,6877,6875,6918,6892,6757,6832,6833,6795,6793,6848,6837,6849,6850,6851,6852,6853,6854,6863,6836,6790,6838,6794,6791,6873,555,6934,6958,6944,6945,6907,6779,6886,6950,6904,6956,6862,6957,6855,6955,6959,6914,6965,6971,6972,6953,6976,6824,6815,6891,6866,6979,6977,6765,6903,6948,6980,6981,6983,6799,6982,6951,6984,6975,6895,6845,6879,1121,6974
)
)
[formulaperm] => a:5:{i:0;s:0:"";i:1;s:0:"";s:7:"message";s:0:"";s:5:"medal";N;s:5:"users";s:0:"";}
[moderators] => 实习版主1
[rules] =>
[threadtypes] => Array
(
[required] => 1
[listable] => 1
[prefix] => 1
[types] => Array
(
[1590] => 论坛公告
[1752] => 公司优惠
[1603] => 虚拟币交流
[1753] => 数字钱包
[1754] => 虚拟币存提
[1755] => 交易所
[1655] => 虚拟币资讯
[1756] => 银行卡
[1757] => 第三方支付
[1760] => 币圈大佬
[1758] => 科技前沿
[1759] => 天策嗨聊
[1661] => 入驻合作
)
[icons] => Array
(
[1590] =>
[1752] =>
[1603] =>
[1753] =>
[1754] =>
[1755] =>
[1655] =>
[1756] =>
[1757] =>
[1760] =>
[1758] =>
[1759] =>
[1661] =>
)
[moderators] => Array
(
[1590] => 1
[1752] =>
[1603] =>
[1753] =>
[1754] =>
[1755] =>
[1655] =>
[1756] =>
[1757] =>
[1760] =>
[1758] =>
[1759] => 1
[1661] =>
)
)
[threadsorts] => Array
(
)
[viewperm] => 9 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 31 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3 7 8
[postperm] => 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[replyperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[getattachperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[postattachperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[postimageperm] => 26 22 11 12 13 14 15 27 43 44 60 61 62 63 64 19 67 68 69 73 75 76 83 84 87 90 91 92 33 38 57 58 65 66 74 77 79 80 85 86 1 2 3
[spviewperm] =>
[seotitle] =>
[keywords] =>
[seodescription] =>
[supe_pushsetting] =>
[modrecommend] => Array
(
[open] => 0
[num] => 10
[imagenum] => 0
[imagewidth] => 300
[imageheight] => 250
[maxlength] => 0
[cachelife] => 0
[dateline] => 0
)
[threadplugin] => Array
(
)
[replybg] =>
[extra] => a:2:{s:9:"namecolor";s:0:"";s:9:"iconwidth";s:2:"60";}
[jointype] => 0
[gviewperm] => 0
[membernum] => 0
[dateline] => 0
[lastupdate] => 0
[activity] => 0
[founderuid] => 0
[foundername] =>
[banner] =>
[groupnum] => 0
[commentitem] =>
[relatedgroup] =>
[picstyle] => 0
[widthauto] => 0
[noantitheft] => 0
[noforumhidewater] => 0
[noforumrecommend] => 0
[livetid] => 0
[price] => 0
[fup] => 6729
[type] => forum
[name] => 虚拟币讨论大厅
[status] => 1
[displayorder] => 3
[styleid] => 0
[threads] => 28176
[posts] => 457314
[todayposts] => 29
[yesterdayposts] => 188
[rank] => 2
[oldrank] => 1
[lastpost] => 2769230 加密货币继续暴跌，以太坊失守3900美元大关，多头惨遭大规模强平！（转） 1759021604 舞出精彩
[domain] =>
[allowsmilies] => 1
[allowhtml] => 1
[allowbbcode] => 1
[allowimgcode] => 1
[allowmediacode] => 0
[allowanonymous] => 0
[allowpostspecial] => 21
[allowspecialonly] => 0
[allowappend] => 0
[alloweditrules] => 1
[allowfeed] => 0
[allowside] => 0
[recyclebin] => 1
[modnewposts] => 2
[jammer] => 1
[disablewatermark] => 0
[inheritedmod] => 0
[autoclose] => 0
[forumcolumns] => 3
[catforumcolumns] => 0
[threadcaches] => 0
[alloweditpost] => 1
[simple] => 16
[modworks] => 1
[allowglobalstick] => 1
[level] => 0
[commoncredits] => 0
[archive] => 0
[recommend] => 0
[favtimes] => 0
[sharetimes] => 0
[disablethumb] => 0
[disablecollect] => 0
[ismoderator] => 0
[threadtableid] => 0
[allowreply] =>
[allowpost] =>
[allowpostattach] =>
)
[虚拟币交流]
企业金库加密货币购买量暴跌76%，加密货币市场重要支撑松动（转）
[复制链接]
|
当前离线
经验:
天策币:
活跃币:
策小分:
总在线: 12605 小时
本月在线: 7 小时
|
|
2 i) c! h7 k z. Y3 [
7 R1 L# w: E: H* z% |4 }
' V1 g& K3 p" X t7 W3 F8 U
2 r8 S: h# x) o6 H 比特币本应已迈入新时代。华尔街通过推出 “数字资产金库”（旨在将加密货币纳入企业资产负债表）接纳加密货币，这曾让市场看到稳定与增长的希望。如今，这一机构性支撑正在松动，暴露出与早期市场周期相似的脆弱性。
0 o2 k; S3 f) q& ^
! C% V( ?+ ?5 ^+ o, a" T3 G- ]0 a# H6 d3 v) ~( z" C2 Z
据 CryptoQuant 数据显示，上市企业 “数字资产金库” 的比特币购买量从 7 月的 6.4 万枚骤降至 8 月的 1.26 万枚，9 月截至目前仅为 1.55 万枚。相较于初夏的购买热潮，9 月的购买量已暴跌 76%。过去一周，比特币与以太坊
9 A; a7 f" ]) \: {. ~' F" T+ D; A2 x6 I L
同步下跌，跌幅近 6%，此次抛售还伴随着突如其来的强制平仓。部分曾通过 “私募投资公开股票”（PIPE）交易融资的金库企业，其股价较发行价已下跌多达 97%。9 j1 R$ V' _9 I5 |" F+ L0 c# Z
* h1 `5 w0 l' @
总体而言，今年数字资产金库已募集超 440 亿美元。这些金库被宣传为 “稳定买家”，有望将比特币及其他加密货币从投机性代币转变为金融基础设施。其核心逻辑很简单：企业金库、养老基金及上市公司将把比特币作为资产
$ O1 K; l2 {/ r2 x F# _$ ~8 x/ _( J6 ]% E
负债表中的资产持有，从而为比特币创造 “需求底线”。* M+ [1 _, h4 y
. Q' Q' Q6 k8 W7 n1 n/ V* N
然而，这一 “底线” 如今正摇摇欲坠。据报道，监管机构已开始调查数字资产金库股票的异常交易行为。
2 u: J6 I1 p! b7 \* V* \
: g6 X; {0 f' N) m7 I 10x Research 负责人马库斯・蒂伦表示：“此外，我们对这些金库所持加密货币的收购价格及真实股份数量的了解极为有限 —— 许多 PIPE 交易中包含认股权证，而这类工具的波动性及股权稀释效应透明度极低。” j/ \" L% A6 W* w( a
! N' D9 ]' F; I _# d2 b- d& {
部分曾以高溢价交易的金库企业，其估值倍数已大幅缩水，当前市值接近其所持比特币的价值。这种溢价被称为 “市值与资产净值比率”（market-cap-to-NAV multiple，简称 mNAV），用于衡量企业股价相对其比特币储备价值
) O* H |+ z7 v. |5 P# o! |6 a. \
/ \, d/ V8 D. L+ r7 B8 F的溢价或折价幅度。
0 b7 n: e' M, D, q2 |
|: P: F; m: t: y; A 由于可用于 “逆周期买入” 的资金减少，这些金库企业的购买退缩削弱了关键买家的市场影响力。最终形成了一个令人沮丧的恶性循环：机构支持曾既是需求的信号，也是需求的支撑；而如今机构影响力减弱，这两重作用也随
( F) E N: a* R$ _: [9 k. y W) D& B$ A+ }8 @1 _
之瓦解。9 n1 U5 j- }& I6 S) S/ D
. N; m4 P7 t- `5 y 加密货币市场已呈现 “双速分化” 格局。一方面，衍生品市场显露压力：长期期货合约需求骤降，过去 24 小时内比特币多头头寸强制平仓规模达 2.75 亿美元，凸显市场避险情绪；另一方面，面向散户的加密货币产品资金流入/ g8 t ]$ [+ i
" ?- M7 ^9 k, U; [6 J3 G! |
仍保持稳定节奏。
7 ]( L! h9 f' }2 x$ e i7 [! W; R- F) }# f+ [. m
彭博社汇编数据显示，9 月 iShares 比特币信托 ETF（iShares Bitcoin Trust ETF）吸引资金 25 亿美元，较 8 月的 7.07 亿美元大幅增长。即便企业买家逐步退场，ETF 投资者仍在持续寻求比特币敞口。. q: l& O; x* g) C9 U
4 j$ [" ^; i- _( e0 Y7 o# g( y% M Arca 首席投资官杰夫・多曼表示：“加密货币市场走弱，更可能是因为数字资产金库（DATs）的疲软 —— 这并非因为金库引发抛售压力，而是因为它们从市场中撤走了一个重要买家。”+ |3 r5 R, ?( \
Y2 |7 w3 l6 q* y6 Y
莫滕・克里斯滕森见证了 8 月比特币狂热的顶峰。他并未看到传统周期顶部的典型信号 —— 没有抛物线式暴涨，也没有突如其来的大规模强制平仓 —— 但市场氛围已显 “稀薄”。当比特币价格突破 12.3 万美元时，这位警惕加
! N. T# S' B: u7 A6 v2 {% x; v2 @! g
密货币 “月内波动 50%”特性的资深交易员，建议亲友抛售持仓。
7 M5 J7 c% H: L$ E9 A/ k8 h% E+ I. N
$ T4 ^+ U6 |' i: o- I% W2 j% F 运营AirdropAlert.com的克里斯滕森称：“在我看来，所有这些金库企业的出现，本身就是一个强烈的顶部信号。”
5 V# i+ c4 L( U- b6 \" K% _8 S
) }3 B1 `: Q% g# M |
|
|
|
|
|
|
|
|
|
