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[lastpost] => 2768025 加密货币已不再是单纯的炒币...现在可用币买房买车交学费，连“冷冻身体”都行... 1758903906 天策-瑶娥
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[虚拟币交流]
灰度发布加密市场第三季度报告 加密资产板块均实现回报-转
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灰度近期发布《Grayscale Research Insights: Crypto Sectors in Q4 2025》，报告指2025年第三季度，*六大加密资产板块（Crypto Sectors）均实现正向价格回报，但基本面数据呈现分化。Grayscale Research 与 FTSE/Russell 联合开发的“Crypto Sectors”框架，用于对数字资产市场进行分类和收益追踪。 *六大加密资产板块（Crypto Sectors）指：智能合约平台、基础设施与服务、消费与文化、货币、金融、人工智能
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9 E4 W' R6 Z# R2 v+ b/ X比特币表现落后于其他市场板块( W2 D, I7 ]2 x) Z# @" ~. X* Q6 Y5 f; @
比特币表现落后于其他市场板块，回报模式呈现类似“山寨币季”的特征，但与以往比特币主导地位下降的时期有所不同。根据波动率调整后的价格回报排名，本季度前20名代币反映了市场的三个关键驱动因素：稳定币立法与采用、中心化交易所交易量上升，以及数字资产国库（DATs）的增长。
& X! r8 p( s+ v, V& _: N0 G区块链基本面尽管区块链不是传统意义上的企业，但其经济活动可通过用户数量、交易量及交易费用等指标进行评估。分析师通常使用“活跃地址”（至少发生过一次交易的区块链地址）作为用户数量的替代指标。 2025年第三季度，各板块基本面表现分化。货币类和智能合约平台板块的用户、交易量及手续费环比下降。自2025年第一季度以来，与迷因币相关的投机活动减少，导致交易量及链上活动下降。 另一方面，区块链应用手续费环比增长28%，主要受少数领先应用驱动，包括Solana的去中心化交易所Jupiter、领先借贷协议Aave及永续合约交易所Hyperliquid。按年化计算，应用层手续费收入已超过100亿美元，显示区块链技术采用率上升。 ! a3 H2 M( z( d* o4 w* V& T$ n, a
9 G3 u% e* |2 I5 p' j价格表现2025年第三季度，六大加密板块均录得正向回报。比特币表现落后，金融板块领涨，受到中心化交易所交易量增长的推动。智能合约平台受益于稳定币立法和采用。AI板块表现相对滞后，反映出与AI股类似的低迷回报，货币板块同样表现逊色，因比特币价格增幅有限。 前20名波动率调整后的代币中，包括大市值代币ETH、BNB、SOL、LINK和AVAX，以及部分市值低于5亿美元的小型代币。金融板块（7个代币）和智能合约平台板块（5个代币）在前20名单中占比最多。 ! G2 l# N, y2 o( ~. h
本季度主要市场主题- 数字资产国库（DATs）： 公共公司将加密资产纳入资产负债表，为股权投资者提供敞口，推动ETH、SOL、BNB、ENA、CRO等代币表现。
- 稳定币采用： 2025年7月18日，川普签署GENIUS法案，为美国稳定币提供全面监管框架。稳定币供应量增长16%，达到超过2900亿美元。智能合约平台托管的稳定币，如ETH、TRX、AVAX受益显著，稳定币发行方Ethena（ENA）价格亦表现强劲。
- 交易所交易量上升： 8月中心化交易所交易量创年内新高，带动BNB、CRO、OKB、KCS等代币表现。去中心化永续合约也持续增长，Hyperliquid手续费收入跻身前三，DRIFT和ASTER等协议市场交易量与市值快速增长。
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2025年第四季度展望第四季度市场可能受以下因素影响：美国参议院推进加密市场结构立法、SEC批准商品型ETP上市标准，增加美国投资者可接触的加密资产数量。 9 V! f! T4 B3 I3 t7 c
宏观环境方面，美联储降息、股市高估值、劳动力市场疲软及地缘ZZ不确定性可能带来下行风险，但降息通常利好加密资产。
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