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</div></div><p>Ant Group and JD.com have suspended their stablecoin plans. According to the Financial Times, several informed sources revealed that the Chinese government has intervened to slow down the stablecoin issuance plans of several tech giants, including Ant Group and JD.com (9618), in Hong Kong. Ant Group is an affiliate of e-commerce giant Alibaba (9988), while JD.com is one of China's largest retailers.</p><p>&nbsp;</p><p>Before the new stablecoin licensing system in Hong Kong took effect, both companies urged the People's Bank of China (PBoC) in closed-door meetings to approve the issuance of stablecoins pegged to the Chinese yuan.</p><p>&nbsp;</p><h3>Ant Group and JD.com Suspend Stablecoin Plans Amid Concerns from PBoC Officials</h3><p>&nbsp;</p><p>However, according to the Financial Times, the regulatory intervention by the PBoC and the Cyberspace Administration of China has led these two companies to pause their stablecoin plans. Five sources indicated that PBoC officials expressed concerns about private enterprises issuing any type of currency, noting that privately operated stablecoins could pose a challenge to China's central bank digital currency—the digital yuan (e-CNY).</p><p>&nbsp;</p><p>At a closed-door financial forum at the end of August, PBoC Governor Zhou Xiaochuan voiced concerns about the stability of stablecoins. He pointed out, "The central bank currently faces at least two concerns. The first is excessive currency issuance, which occurs when stablecoins are issued without a 100% reserve requirement, a phenomenon known as over-issuance. The second is high leverage, which refers to the multiplier effect of currency derivatives generated post-issuance." Zhou emphasized that while the U.S. GENIUS Act and Hong Kong's stablecoin regulations have addressed these issues, controls remain significantly inadequate.</p><p>&nbsp;</p><p>According to data from the Hong Kong Monetary Authority, Ant Group and JD.com are among the 77 companies expressing interest in applying for stablecoin licenses in Hong Kong. Despite cautious regulatory actions in mainland China, Hong Kong authorities continue to position the region as a space for crypto development, similar to a regulatory sandbox.</p><p>&nbsp;</p><h3>Chinese Regulators Slow Down Tokenization of Real Assets in Hong Kong</h3><p>&nbsp;</p><p>Recently, Chinese regulators have also intervened to slow down the tokenization of real assets in Hong Kong, advising some top brokers to pause their plans. Additionally, regulators requested major brokers to stop publishing research reports supporting stablecoins in August.</p><p>&nbsp;</p><p>The regulatory environment in Hong Kong initially appeared ready to facilitate the issuance of stablecoins. In May 2025, the region enacted legislation to establish licensing rules for fiat-backed stablecoin issuers, showcasing its ambition to become a digital asset hub in Asia. However, recent developments indicate that central authorities in mainland China continue to exert significant influence over tech companies' digital currency initiatives.</p><p>&nbsp;</p><p>This decision marks a shift in China's perspective on stablecoins and private digital asset initiatives. While tokenization and fintech innovation remain high priorities, this move underscores Beijing's stringent control over digital currency issuance.</p>

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</div></div><p>蚂蚁集团与京东暂停稳定币计划。根据《金融时报》报导，数位知情人士透露，中国政府已介入，减缓包括蚂蚁集团和京东（9618）在内的几家科技巨头在香港发行稳定币的计划。蚂蚁集团是电商巨头阿里巴巴（9988）的关联公司，而京东则是中国最大的零售商之一。这两家公司在香港的新稳定币许可制度生效前，曾在闭门会议中敦促中国人民银行（PBoC）批准发行以人民币挂钩的稳定币。</p><p>&nbsp;</p><h3>蚂蚁集团与京东暂停稳定币计划 人行官员对私人企业发行任何类型的货币表示担忧</h3><p>&nbsp;</p><p>然而，根据《金融时报》的报导，人民银行和中国网络空间管理局的监管介入使得这两家公司暂停了其稳定币计划。五位消息人士表示，人民银行官员对私人企业发行任何类型的货币表示担忧，并指出私人营运的稳定币可能对中国的中央银行数字货币——数字人民币（e-CNY）构成挑战。</p><p>&nbsp;</p><p>在8月末的一次闭门金融论坛上，人民银行行长周小川表达了对稳定币稳定性的担忧。他在会上指出：「中央银行目前至少面临两个担忧。首先是过度货币发行，即在没有100%储备要求的情况下发行稳定币，这种现象称为过度发行。其次是高杠杆，即发行后操作所产生的货币衍生品的乘数效应。」周小川强调，美国的GENIUS法案和香港的稳定币条例虽已针对这一问题进行处理，但控制仍然显著不足。</p><p>&nbsp;</p><p>根据香港金融管理局的数据，蚂蚁集团和京东是77间表达有意在香港申请稳定币许可证的公司之一。尽管中国内地的监管行动较为谨慎，香港当局仍将该地区定位为加密发展的空间，类似于监管沙盒。</p><p>&nbsp;</p><h3>中国监管机构放缓香港的实体资产代币化工作</h3><p>&nbsp;</p><p>最近，中国监管机构还介入，放缓香港的实体资产代币化工作，并建议一些顶尖经纪商暂停其计划。此外，监管机构在8月要求主要经纪商停止发布支持稳定币的研究报告。</p><p>&nbsp;</p><p>香港的监管环境本来似乎准备好释放稳定币的发行。 2025年5月，该地区通过立法，建立了法币支撑的稳定币发行者的许可规则，显示出其成为亚洲数字资产中心的雄心。然而，最新的发展表明，内地中央当局仍对科技公司的数字货币计划施加强大影响。</p><p>&nbsp;</p><p>此决定标志着中国对稳定币及私人数字资产倡议的看法发生了转变。尽管代币化和金融科技创新仍然是高优先事项，但此举凸显了北京对数字货币发行的严格控制。</p>

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</div></div><p><strong>螞蟻集團與京東暫停穩定幣計劃</strong>。<a href="https://www.ft.com/content/8bc1fcfa-8c69-4de0-b6cb-ab6f7117558b">根據《金融時報》報導</a>，數位知情人士透露，中國政府已介入，減緩包括螞蟻集團和京東（9618）在內的幾家科技巨頭在香港發行<a href="https://cftime.io/bochk-rumored-to-be-interested-in-issuing-a-stablecoin/">穩定幣的計劃</a>。螞蟻集團是電商巨頭阿里巴巴（9988）的關聯公司，而京東則是中國最大的零售商之一。這兩家公司在香港的新穩定幣許可制度生效前，曾在閉門會議中敦促中國人民銀行（PBoC）批准發行以人民幣掛鈎的穩定幣。</p><p>&nbsp;</p><h3>螞蟻集團與京東暫停穩定幣計劃 人行官員對私人企業發行任何類型的貨幣表示擔憂</h3><p>&nbsp;</p><p>然而，根據《金融時報》的報導，人民銀行和中國網絡空間管理局的監管介入使得這兩家公司暫停了其穩定幣計劃。五位消息人士表示，人民銀行官員對私人企業發行任何類型的貨幣表示擔憂，並指出私人營運的穩定幣可能對中國的中央銀行數字貨幣——數字人民幣（e-CNY）構成挑戰。</p><p>&nbsp;</p><p><a href="https://www.cf40.org.cn/article/1/289186">在8月末的一次閉門金融論壇上</a>，人民銀行行長周小川表達了對穩定幣穩定性的擔憂。他在會上指出：「中央銀行目前至少面臨兩個擔憂。首先是過度貨幣發行，即在沒有100%儲備要求的情況下發行穩定幣，這種現象稱為過度發行。其次是高槓桿，即發行後操作所產生的貨幣衍生品的乘數效應。」周小川強調，美國的GENIUS法案和香港的穩定幣條例雖已針對這一問題進行處理，但控制仍然顯著不足。</p><p>&nbsp;</p><p>根據香港金融管理局的數據，螞蟻集團和京東是77間表達有意在香港申請穩定幣許可證的公司之一。儘管中國內地的監管行動較為謹慎，香港當局仍將該地區定位為加密發展的空間，類似於監管沙盒。</p><p>&nbsp;</p><h3>中國監管機構放緩香港的實體資產代幣化工作</h3><p>&nbsp;</p><p>最近，中國監管機構還介入，放緩香港的實體資產代幣化工作，並建議一些頂尖經紀商暫停其計劃。此外，監管機構在8月要求主要經紀商停止發布支持穩定幣的研究報告。</p><p>&nbsp;</p><p>香港的監管環境本來似乎準備好釋放穩定幣的發行。2025年5月，該地區通過立法，建立了法幣支撐的穩定幣發行者的許可規則，顯示出其成為亞洲數字資產中心的雄心。然而，最新的發展表明，內地中央當局仍對科技公司的數字貨幣計劃施加強大影響。</p><p>&nbsp;</p><p>此決定標誌著中國對穩定幣及私人數字資產倡議的看法發生了轉變。儘管代幣化和金融科技創新仍然是高優先事項，但此舉凸顯了北京對數字貨幣發行的嚴格控制。</p>

Ant Group and JD.com suspend stablecoin plans

蚂蚁集团与京东暂停稳定币计划

螞蟻集團與京東暫停穩定幣計劃

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</div></div><p>&nbsp;</p><p>Last week, the market experienced a sell-off triggered by trade shocks, resulting in "the largest single-day liquidation in crypto history," followed by a gradual price recovery. On Friday, Bitcoin's price dropped from $121,000 to $109,000 in about seven hours, erasing the gains from the earlier "October rebound." According to CoinGecko, Ethereum's price fell to $3,686, while Solana hovered above $173.</p><p>&nbsp;</p><p>Join the CFTime TG discussion group! Stay updated on the latest trends in the crypto market and AI news, and get free Web 3 entry tickets anytime!</p><p>&nbsp;</p><h3><strong>Crypto’s Largest Single-Day Liquidation: Nearly $7 Billion Liquidated in One Hour</strong></h3><p><br>This trading session triggered a "liquidation flash crash," with nearly $7 billion in funds liquidated in one hour, of which $5.5 billion came from long positions. According to Sean Dawson, head of research at the on-chain options platform Derive, Friday's total liquidations approached $20 billion, primarily consisting of $16.7 billion in long positions, marking "the largest single-day liquidation in crypto history."</p><p>&nbsp;</p><p>The stock market was similarly affected, with the Nasdaq index dropping by 3.6%, the S&amp;P 500 decreasing by 2.7%, and the Dow Jones Industrial Average falling by 1.9%.</p><p>&nbsp;</p><p>October was initially considered a strong month for Bitcoin and cryptocurrency prices, but the market faced obstacles due to President Trump's trade war. According to CoinGlass, over $1 billion in crypto positions were liquidated in the past 24 hours, and as liquidations increased, cryptocurrency prices rapidly fell.</p><p>&nbsp;</p><p>This sell-off occurred following Trump's announcement to cancel a meeting with Chinese President Xi Jinping and to impose significant tariffs on Chinese imports, with Trump warning that this move could cause "potential pain" for Americans.</p><p>&nbsp;</p><h3><strong>Analysis: The Market Crash May Be Due to Short-term Overreactions to Geopolitics</strong></h3><p><br>After Trump's tariff warning, China also restricted the export of rare earth and critical minerals, further escalating tensions between the two major economies. By the weekend, China seemed to begin softening its stance, and analysts noted that the market's crash could be attributed to a short-term overreaction to geopolitical events.</p><p>&nbsp;</p><p>Following this plunge, Bitcoin's price has rebounded to $115,100, a 5% increase; Ethereum has risen by 10.5% to $4,138. Major altcoins like Solana, BNB, and Dogecoin saw increases of 12%, 16.5%, and 11.4%, respectively.</p><p>&nbsp;</p><p>Dean Serroni, CEO of Merkle Tree Capital, stated, "This rebound is a typical relief rally. Ethereum's 11% increase is a short-term recovery following the market's overreaction to Trump's sudden tariff news." He noted that with the reset of derivatives market pressure, selling pressure is relatively "weak," which has also facilitated the price recovery. Serroni added, "This market crash is an overreaction to geopolitics, not a structural breakdown."</p>

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</div></div><p>&nbsp;</p><p>上周市场经历了一次因贸易冲击而引发的抛售，成「加密历史上最大单日清算」，随后价格开始逐渐回升。周五，比特币的价格在约七小时内从121,000美元下滑至109,000美元，抹去早前「十月回升」所带来的涨幅。根据CoinGecko的数据，以太坊的价格降至3,686美元，而Solana在173美元以上徘徊。</p><p>&nbsp;</p><h3><strong>加密历史上最大单日清算 一小时内清算了近70亿美元的资金</strong></h3><p><br>此次交易引发了一场「清算的闪崩」，在一小时内清算了近70亿美元的资金，其中55亿美元来自多头头寸。根据链上选项平台Dervie的研究负责人Sean Dawson表示，周五的清算总额接近200亿美元，主要由167亿美元的多头位置组成，这标志着「加密历史上最大单日清算」。</p><p>&nbsp;</p><p>股市同样受到影响，纳斯达克指数下跌3.6%，标准普尔500指数下降2.7%，而道琼斯工业平均指数则下跌1.9%。</p><p>&nbsp;</p><p>十月原本被认为是比特币和加密货币价格的强势月份，但由于特朗普总统的贸易战影响，市场遭遇阻碍。根据CoinGlass的数据，过去24小时内超过10亿美元的加密头寸被清算，随着清算的增加，加密货币价格迅速下跌。</p><p>&nbsp;</p><p>此次抛售随着特朗普宣布取消与中国国家主席习近平的会议，以及对中国进口商品实施大幅关税的消息而发生，特朗普警告此举可能会对美国人造成「潜在痛苦」。</p><p>&nbsp;</p><p>分析：市场的暴跌可能是因为地缘政治的短期过度反应。</p><p><br>特朗普的关税警告发布后，中国也随之限制稀土和关键矿物的出口，进一步加剧了两大经济体之间的紧张关系。到了周末，中国似乎开始软化立场，分析师指出，市场的暴跌可能是因为地缘政治的短期过度反应。</p><p>&nbsp;</p><p>在经历了这次暴跌后，比特币的价格已回升至115,100美元，涨幅达5%；以太坊则上涨10.5%，至4,138美元。主要替代币如Solana、BNB和Dogecoin的涨幅分别为12%、16.5%和11.4%。</p><p>&nbsp;</p><p>Merkle Tree Capital行政总裁Dean Serroni表示：「此次反弹是典型的缓解反弹。以太坊的11%涨幅是市场对特朗普关税突发消息的过度反应后的短期回补。」他指出，随着衍生品市场开仓压力的重置，卖压相对「薄弱」，这也促进了价格回升。 Serroni补充道：「此次市场暴跌是一种地缘政治的过度反应，而非结构性破裂。」</p>

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</div></div><p>&nbsp;</p><p>上周市場經歷了一次因貿易衝擊而引發的拋售，成「加密歷史上最大單日清算」，隨後價格開始逐漸回升。周五，比特幣的價格在約七小時內從121,000美元下滑至109,000美元，抹去早前「<a href="https://cftime.io/uptober-effect/">十月回升</a>」所帶來的漲幅。根據CoinGecko的數據，以太坊的價格降至3,686美元，而Solana在173美元以上徘徊。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><h3><strong>加密歷史上最大單日清算 一小時內清算了近70億美元的資金</strong></h3><p>&nbsp;</p><p>此次交易引發了一場「清算的閃崩」，在一小時內清算了近70億美元的資金，其中55億美元來自多頭頭寸。根據鏈上選項平台Dervie的研究負責人Sean Dawson表示，周五的清算總額接近200億美元，主要由167億美元的多頭位置組成，這標誌著「加密歷史上最大單日清算」。</p><p>&nbsp;</p><p>股市同樣受到影響，納斯達克指數下跌3.6%，標準普爾500指數下降2.7%，而道瓊斯工業平均指數則下跌1.9%。</p><p>&nbsp;</p><p>十月原本被認為是比特幣和加密貨幣價格的強勢月份，但由於特朗普總統的貿易戰影響，市場遭遇阻礙。根據CoinGlass的數據，過去24小時內超過10億美元的加密頭寸被清算，隨著清算的增加，加密貨幣價格迅速下跌。</p><p>&nbsp;</p><p>此次拋售隨著特朗普宣布取消與中國國家主席習近平的會議，以及對中國進口商品實施大幅關稅的消息而發生，特朗普警告此舉可能會對美國人造成「潛在痛苦」。</p><p>&nbsp;</p><p>分析：市場的暴跌可能是因為地緣政治的短期過度反應。</p><p>&nbsp;</p><p>特朗普的關稅警告發布後，中國也隨之限制稀土和關鍵礦物的出口，進一步加劇了兩大經濟體之間的緊張關係。到了週末，<a href="https://www.reuters.com/world/china/china-says-its-rare-earth-export-controls-are-legitimate-2025-10-12/">中國似乎開始軟化立場</a>，分析師指出，市場的暴跌可能是因為地緣政治的短期過度反應。</p><p>&nbsp;</p><p>在經歷了這次暴跌後，比特幣的價格已回升至115,100美元，漲幅達5%；以太坊則上漲10.5%，至4,138美元。主要替代幣如Solana、BNB和Dogecoin的漲幅分別為12%、16.5%和11.4%。</p><p>&nbsp;</p><p>Merkle Tree Capital行政總裁Dean Serroni表示：「此次反彈是典型的緩解反彈。以太坊的11%漲幅是市場對特朗普關稅突發消息的過度反應後的短期回補。」他指出，隨著衍生品市場開倉壓力的重置，賣壓相對「薄弱」，這也促進了價格回升。Serroni補充道：「此次市場暴跌是一種地緣政治的過度反應，而非結構性破裂。」</p>

The largest single-day liquidation in crypto history

比特币与以太坊在「加密历史上最大单日清算」后回升

比特幣與以太坊在「加密歷史上最大單日清算」後回升

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</div></div><p>&nbsp;</p><p>Recently, Bitcoin surged past $125,000 during Asian trading hours, marking a new historical high and signaling the continuation of the market's upward momentum into October. Reports indicate that the cryptocurrency recorded an approximate increase of 2.7% on that day, reaching around $125,245, surpassing its previous peak of $124,480 recorded in August.</p><p>&nbsp;</p><h3><strong>Institutional Inflows and Political Signals</strong></h3><p>&nbsp;</p><p>The report highlights that the massive demand for spot Bitcoin ETFs (exchange-traded funds) listed in the U.S. is a key driving force behind this recent surge. The weekly net inflows into these funds are reported to be around $3.24 billion.</p><p>&nbsp;</p><p>Investors and traders also believe that the weakening of the dollar and a strong broader stock market are contributing factors to the rising prices. Some analysts attribute the shift in market sentiment to policy signals under President Trump and concerns over a potential government shutdown, prompting buyers to turn to alternative value storage assets.</p><p>&nbsp;</p><h3><strong>Traders Confirm Uptober Effect</strong></h3><p>&nbsp;</p><p>The term "Uptober"—a nickname for October that typically describes bullish market conditions—has resurfaced this year. Traders noted that after Bitcoin successfully converted the $120,000 level into a technical support point, the subsequent technical breakout added upward momentum. However, the report shows that Bitcoin subsequently pulled back, reflecting a phenomenon where some market participants took profits after a rapid buying spree.</p><p>&nbsp;</p><h3><strong>Tightening Exchange Liquidity</strong></h3><p>&nbsp;</p><p>According to the report, the amount of Bitcoin held in centralized exchanges has decreased, indicating that the supply available for immediate sale in the market has diminished as buyers enter.</p><p>&nbsp;</p><p>This tightening of supply, combined with a new wave of ETF demand, creates conditions for more significant price volatility when capital flows surge. Market observers warn that this pattern could amplify both upward and downward price movements.</p><h3>&nbsp;</h3><h3><strong>Analysts Focus on Resistance and Targets</strong></h3><p>&nbsp;</p><p>Options trading desks and chart analysts are closely monitoring recent resistance levels above the current highs. Meanwhile, some technical analysis scenarios point to larger targets in the coming months—some market participants have suggested figures of $135,000 or even higher, although these remain predictions rather than certainties. Volume and fund flows will be key in determining whether this rally can continue or cool off.</p><h3>&nbsp;</h3><h3><strong>Significance of the Rally and Subsequent Risks</strong></h3><p>&nbsp;</p><p>Observers believe this rally is significant as it brings Bitcoin back into discussions alongside major asset classes. By certain metrics, the token's market capitalization once surpassed that of Amazon, placing it among the world's largest assets by market value. However, volatility remains high. A sharp reversal, policy shifts, or sudden changes in ETF fund flows could quickly alter the current situation.</p><p>&nbsp;</p><p>In summary, the combination of institutional buying, seasonal momentum, and macro factors has propelled Bitcoin to new highs. This rally has attracted a new wave of investor attention, but it also carries inherent risks of substantial price volatility. The market will closely monitor fund flows, the U.S. dollar's performance, and any policy signals from Washington for clues on the next developments.</p>

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</div></div><p>Uptober效应下，比特币日前在亚洲交易时段（ Asian hours ）冲破 $125,000 美元（下同），创下新的历史高位，标志着市场升势成功延续至 十月。据报道，该加密货币当日录得约 2.7% 的升幅，价格达到约 $125,245 ，超越了其先前于八月 录得的 $124,480 峰值。</p><p>&nbsp;</p><h3>机构资金涌入与政治信号</h3><p>&nbsp;</p><p>报告指出，美国 上市的现货 Bitcoin ETFs（比特币交易所买卖基金）涌现的庞大需求浪潮，是推动此轮升势的关键动力。这些基金的每周资金净流入额据报约为 $3.24 billion 。</p><p>&nbsp;</p><p>投资者和交易员亦认为，美元走弱及更广泛的股市强劲，亦是推高价格的因素。部分分析将市场情绪的转变，归因于 美国总统特朗普领导下的政策信号，以及对美国政府可能停摆的担忧，促使买家转向替代性的价值储存资产。</p><p>&nbsp;</p><h3>交易员确认Uptober效应</h3><p>&nbsp;</p><p>「Uptober」——这个形容 十月 通常看涨行情的昵称——今年再度出现。交易员表示，在比特币成功将 $120,000 关口转化为技术性支撑位后，随后的技术性突破为其增添了上涨动能。但报告显示， 比特币随后有所回落，这反映了部分市场在快速买入后，随即出现获利了结的现象。</p><h3>&nbsp;</h3><h3>交易所流动性收紧</h3><p>&nbsp;</p><p>根据报告，存放在中心化交易所的比特币数量有所下降，这意味着当买家进场时，市场上可即时抛售的供应量减少。</p><p>&nbsp;</p><p>供应收紧，加上新一轮的 ETF 需求，为资金流激增时价格带来更剧烈的波动创造了条件。市场观察家警告，这种模式可能会同步放大价格的上涨和下跌幅度。</p><p>&nbsp;</p><h3>分析师关注阻力与目标</h3><p>期权 交易柜台和图表分析师正关注当前高位上方的近期阻力水平。同时，一些技术分析情景指向未来数月更大的目标——部分市场参与者提出了 $135,000 甚至更高的数字，尽管这些仍属预测而非确定性结果。成交量（ Volume ）和基金流向（ fund flows ）将是决定此轮涨势能否持续或降温的关键。</p><p>&nbsp;</p><h3>升势意义与后续风险</h3><p>&nbsp;</p><p>观察家认为，此轮升势意义重大，因为它使比特币重新回到与主要资产类别并驾齐驱的讨论中。在某些衡量标准上，该代币的市值一度超越了 Amazon，跻身全球最大市值资产之列。然而，波动性（ volatility ）依然高企。急剧逆转、政策转变或 ETF 资金流向的突然变化，都可能迅速改变当前局面。</p><p>&nbsp;</p><p>综合而言，机构买盘、季节性动力和宏观因素的结合，共同将 Bitcoin 推向新高。这次涨势吸引了投资者的新一轮关注，但同时也伴随着大幅价格波动的固有风险。市场将密切关注资金流向、 US dollar 走势，以及来自华盛顿的任何政策信号，以寻找下一步发展的线索。</p>

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</div></div><p><a href="https://cftime.io/uptober-2024/">Uptober</a>效應下，<strong>比特幣</strong>日前在亞洲交易時段（ <strong>Asian hours</strong> ）衝破 $125,000 美元（下同），<a href="https://www.reuters.com/world/asia-pacific/bitcoin-hits-all-time-high-above-125000-2025-10-05/">創下新的歷史高位</a>，標誌著市場升勢成功延續至 十月。據報道，該加密貨幣當日錄得約 2.7% 的升幅，價格達到約 $125,245 ，超越了其先前於八月 錄得的 $124,480 峰值。</p><p>&nbsp;</p><h3>機構資金湧入與政治信號</h3><p>&nbsp;</p><p>報告指出，美國 上市的現貨 <strong>Bitcoin ETFs</strong>（比特幣交易所買賣基金）湧現的龐大需求浪潮，是推動此輪升勢的關鍵動力。這些基金的每週資金淨流入額據報約為 $3.24 billion 。</p><p>&nbsp;</p><p>投資者和交易員亦認為，美元走弱及更廣泛的股市強勁，亦是推高價格的因素。部分分析將市場情緒的轉變，歸因於 美國總統特朗普領導下的政策信號，以及對美國政府可能停擺的擔憂，促使買家轉向替代性的價值儲存資產。</p><p>&nbsp;</p><h3>交易員確認Uptober效應</h3><p>&nbsp;</p><p>「<strong>Uptober</strong>」——這個形容 十月 通常看漲行情的暱稱——今年再度出現。交易員表示，在比特幣成功將 $120,000 關口轉化為技術性支撐位後，隨後的技術性突破為其增添了上漲動能。但報告顯示， 比特幣隨後有所回落，這反映了部分市場在快速買入後，隨即出現獲利了結的現象。</p><p>&nbsp;</p><h3>交易所流動性收緊</h3><p>&nbsp;</p><p>根據報告，存放在中心化交易所的比特幣數量有所下降，這意味著當買家進場時，市場上可即時拋售的供應量減少。</p><p>&nbsp;</p><p>供應收緊，加上新一輪的 <strong>ETF</strong> 需求，為資金流激增時價格帶來更劇烈的波動創造了條件。市場觀察家警告，這種模式可能會同步放大價格的上漲和下跌幅度。</p><p>&nbsp;</p><h3>分析師關注阻力與目標</h3><p>期權 交易櫃台和圖表分析師正關注當前高位上方的近期阻力水平。同時，一些技術分析情景指向未來數月更大的目標——部分市場參與者提出了 $135,000 甚至更高的數字，儘管這些仍屬預測而非確定性結果。成交量（ <strong>Volume</strong> ）和基金流向（ <strong>fund flows</strong> ）將是決定此輪漲勢能否持續或降溫的關鍵。</p><p>&nbsp;</p><h3>升勢意義與後續風險</h3><p>&nbsp;</p><p>觀察家認為，此輪升勢意義重大，因為它使比特幣重新回到與主要資產類別並駕齊驅的討論中。在某些衡量標準上，該代幣的市值一度超越了 <strong>Amazon</strong>，躋身全球最大市值資產之列。然而，波動性（ <strong>volatility</strong> ）依然高企。急劇逆轉、政策轉變或 <strong>ETF</strong> 資金流向的突然變化，都可能迅速改變當前局面。</p><p>&nbsp;</p><p>綜合而言，機構買盤、季節性動力和宏觀因素的結合，共同將 <strong>Bitcoin</strong> 推向新高。這次漲勢吸引了投資者的新一輪關注，但同時也伴隨著大幅價格波動的固有風險。市場將密切關注資金流向、 US dollar 走勢，以及來自華盛頓的任何政策信號，以尋找下一步發展的線索。</p>

The Uptober effect is showing!

Uptober效应发威！比特币升穿12.5万 机构ETF每周狂吸32.4亿美元成最大推力

Uptober效應發威！比特幣升穿12.5萬 機構ETF每週狂吸32.4億美元成最大推力

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</div></div><p>The tokenization of real-world assets (RWA) is attracting the attention of institutional investors, sparking discussions in the market about whether this signals a new era of financial innovation for RWAs or if it is merely a speculative bubble on the verge of bursting. Market analyst Michael Van de Poppe emphasizes that the real asset market is poised to reshape the global financial landscape in the coming years.</p><h3>The RWA Wave: Rapid Expansion of the Real Asset Tokenization Market</h3><p>Over the past year, the size of the real asset market has surged from $29.6 billion to $72.85 billion, a growth of 143%, reflecting a growing confidence among investors in tokenized assets. These assets connect traditional finance with the blockchain ecosystem, opening up new market opportunities.</p><p>Van de Poppe states that institutions are gradually recognizing the potential of tokenized assets. He remarks, "Interest from Web2 and traditional finance (TradFi) in the real asset market is increasing. Recently, the supply of stablecoins has significantly grown, and Web2 institutions are paying more attention to stablecoins. For example, PayPal launched a stablecoin on the SEI blockchain, and Robinhood partnered with Ondo to issue tokenized stocks, driving the rapid rise of the real asset market and becoming a crucial pillar of this cycle."</p><h3>Institutional Participation Accelerates the Tokenization Process</h3><p>The London Stock Exchange Group (LSEG) has launched a new Digital Market Infrastructure (DMI) platform, placing the entire lifecycle of private equity funds (which fall under real assets, not crypto-native assets, but traditional investment funds) onto a distributed ledger technology (DLT), achieving tokenization from issuance to settlement. Once private equity fund shares are digitized, they become easier for investors to distribute and trade.</p><p>This platform bridges traditional finance with emerging blockchain technologies, serving as a link between traditional finance (TradFi) and decentralized finance (DeFi) tokenization markets. As global market operators like LSEG create platforms for real assets, tokenization moves from startups to the financial core. In addition to tokenized government bonds and real estate, private equity and credit funds are now being digitized, further expanding the scope of real assets.</p><p>Real assets often face limitations due to insufficient liquidity, but tokenization combined with digital market infrastructure can improve this issue through secondary market trading. LSEG is trusted by banks, asset management companies, and regulatory bodies, and its participation will encourage more institutions to recognize the legitimacy of tokenized real assets. This could significantly increase the total value locked (TVL) in real asset protocols, which currently stands at $15.79 billion.</p><h3>Nasdaq's Market Signals</h3><p>In the U.S., Nasdaq is seeking to change regulations to allow for the listing of tokenized stocks. Van de Poppe believes this is a positive signal for the real asset market. He states, "Key participants like Nasdaq actively exploring tokenization opportunities show that the market values it, indicating that this field will expand significantly."</p><h3>Challenges and Opportunities</h3><p>Despite the increase in institutional participation, the tokenization of real assets remains in its early stages. The infrastructure is not yet mature, and the regulatory environment is unclear, limiting widespread adoption and scalability in the market. Van de Poppe points out, "We are still in the early stages of tokenization, but the rapid growth of participants shows strong interest. BlackRock CEO Larry Fink has called tokenization the future and has invested over $1 billion through the BUIDL project. This indicates that the market is far from saturated, and platform development is accelerating. Although it will take years, the outlook is optimistic."</p><p>The tokenization of real assets is rapidly transforming the financial landscape, with its long-term potential dependent on improving infrastructure and clarifying the regulatory environment.</p>

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</div></div><p>实物资产（RWA）代币化正吸引机构投资者目光，市场热议这是否预示RWA浪潮金融创新的新时代，抑或仅为即将破灭的投机泡沫。市场分析师MichaelVan de Poppe强调，实物资产市场有望在未来数年重塑全球金融格局。</p><p>&nbsp;</p><h3>RWA浪潮 实物资产代币化市场快速扩张</h3><p>&nbsp;</p><p>过去一年，实物资产市场规模从296亿美元激增至728.5亿美元，增长143%，反映投资者对代币化资产的信心持续增强。这些资产将传统金融与区块链生态系统相连，开启新的市场机遇。</p><p>&nbsp;</p><p>Van de Poppe 表示，机构正逐步认可代币化资产的潜力。他说：「Web2与传统金融（TradFi）对实物资产市场的兴趣日益浓厚。近期稳定币供应量显著增长，Web2机构对稳定币的关注增加。例如，PayPal在SEI区块链上推出稳定币，Robinhood与Ondo发行代币化股票，推动实物资产市场快速崛起，成为本周期的重要支柱。」</p><p>&nbsp;</p><h3>机构参与加速代币化进程</h3><p>&nbsp;</p><p>伦敦证券交易所集团（LSEG）推出全新的数位市场基础设施（DMI）平台，将私募基金（属实物资产范畴，非加密原生资产，而是传统投资基金）的全生命周期——从发行到结算——置于分散式帐本技术（DLT）上，实现代币化。私募基金份额数位化后，便于投资者分发与交易。</p><p>&nbsp;</p><p>该平台兼容传统金融与新兴区块链，成为传统金融（TradFi）与去中心化金融（DeFi）式代币化市场的桥梁。当LSEG这类全球市场运营商打造实物资产平台，代币化从新创公司走向金融核心。除了代币化的国债与房地产，私募股权及信贷基金现也数位化，进一步拓展实物资产范畴。</p><p>&nbsp;</p><p>实物资产常因流动性不足受限，但代币化结合数位市场基础设施可通过二级市场交易改善此问题。 LSEG深受银行、资产管理公司与监管机构信任，其参与将鼓励更多机构认可代币化实物资产的合法性。这亦可能大幅提升实物资产协议的总锁定价值（TVL），目前为157.9亿美元。</p><p>&nbsp;</p><h3>纳斯达克的市场信号</h3><p>&nbsp;</p><p>在美国，纳斯达克（Nasdaq）正寻求规则变更，允许上市代币化股票。 Van de Poppe认为，这对实物资产市场是一大正面讯号。他表示：「像Nasdaq这样的关键参与者积极探索代币化机遇，显示市场对其重视，预示该领域将显著扩张。」</p><p>&nbsp;</p><h3>挑战与机遇并存</h3><p>&nbsp;</p><p>尽管机构参与增加，实物资产代币化仍处于早期阶段。基础设施尚未成熟，监管环境不明朗，限制了市场的广泛采用与规模化。 Van de Poppe指出：「我们仍处于代币化的初级阶段，但参与方的快速增长显示出强烈兴趣。黑石集团（BlackRock）首席执行官LarryFink称代币化是未来，并通过BUIDL项目投资逾10亿美元。这表明市场远未饱和，平台建设正在加速，虽需数年，但前景乐观。」</p><p>&nbsp;</p><p>实物资产代币化正以惊人速度改变金融格局，其长期潜力取决于基础设施完善与监管环境的清晰化。</p>

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</div></div><p><a href="https://cftime.io/eth-accounts-for-rwa-tokenization/">實物資產</a>（RWA）代幣化正吸引機構投資者目光，市場熱議這是否預示RWA浪潮金融創新的新時代，抑或僅為即將破滅的投機泡沫。市場分析師MichaelVan de Poppe強調，實物資產市場有望在未來數年重塑全球金融格局。</p><p>&nbsp;</p><h3>RWA浪潮 實物資產代幣化市場快速擴張</h3><p>&nbsp;</p><p>過去一年，實物資產市場規模從296億美元激增至728.5億美元，增長143%，反映投資者對代幣化資產的信心持續增強。這些資產將傳統金融與區塊鏈生態系統相連，開啟新的市場機遇。</p><p>&nbsp;</p><p>Van de Poppe 表示，機構正逐步認可代幣化資產的潛力。他說：「Web2與傳統金融（TradFi）對實物資產市場的興趣日益濃厚。近期穩定幣供應量顯著增長，Web2機構對穩定幣的關注增加。例如，PayPal在SEI區塊鏈上推出穩定幣，Robinhood與Ondo發行代幣化股票，推動實物資產市場快速崛起，成為本週期的重要支柱。」</p><p>&nbsp;</p><h3>機構參與加速代幣化進程</h3><p>&nbsp;</p><p>倫敦證券交易所集團（LSEG）推出全新的<a href="https://www.lseg.com/en/media-centre/press-releases/2025/lseg-launches-digital-markets-infrastructure-platform-for-private-funds-and-facilitates-first-transaction">數位市場基礎設施（DMI）平台</a>，將私募基金（屬實物資產範疇，非加密原生資產，而是傳統投資基金）的全生命週期——從發行到結算——置於分散式帳本技術（DLT）上，實現代幣化。私募基金份額數位化後，便於投資者分發與交易。</p><p>&nbsp;</p><p>該平台兼容傳統金融與新興區塊鏈，成為傳統金融（TradFi）與去中心化金融（DeFi）式代幣化市場的橋樑。當LSEG這類全球市場運營商打造實物資產平台，代幣化從新創公司走向金融核心。除了代幣化的國債與房地產，私募股權及信貸基金現也數位化，進一步拓展實物資產範疇。</p><p>&nbsp;</p><p>實物資產常因流動性不足受限，但代幣化結合數位市場基礎設施可通過二級市場交易改善此問題。LSEG深受銀行、資產管理公司與監管機構信任，其參與將鼓勵更多機構認可代幣化實物資產的合法性。這亦可能大幅提升實物資產協議的總鎖定價值（TVL），目前為157.9億美元。</p><p>&nbsp;</p><h3>納斯達克的市場信號</h3><p>&nbsp;</p><p>在美國，納斯達克（Nasdaq）正尋求規則變更，允許上市代幣化股票。Van de Poppe認為，這對實物資產市場是一大正面訊號。他表示：「像Nasdaq這樣的關鍵參與者積極探索代幣化機遇，顯示市場對其重視，預示該領域將顯著擴張。」</p><p>&nbsp;</p><h3>挑戰與機遇並存</h3><p>&nbsp;</p><p>儘管機構參與增加，實物資產代幣化仍處於早期階段。基礎設施尚未成熟，監管環境不明朗，限制了市場的廣泛採用與規模化。Van de Poppe指出：「我們仍處於代幣化的初級階段，但參與方的快速增長顯示出強烈興趣。黑石集團（BlackRock）首席執行官LarryFink稱代幣化是未來，並通過BUIDL項目投資逾10億美元。這表明市場遠未飽和，平台建設正在加速，雖需數年，但前景樂觀。」</p><p>&nbsp;</p><p>實物資產代幣化正以驚人速度改變金融格局，其長期潛力取決於基礎設施完善與監管環境的清晰化。</p>

The RWA boom is just beginning

RWA浪潮才刚开始！但分析师警告：基础设施与监管是两大关卡

RWA浪潮才剛開始！但分析師警告：基礎設施與監管是兩大關卡

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</div></div><p>Fidelity Digital Assets has released a new research report indicating that Bitcoin is entering a new era dominated by scarcity. The report predicts that by the end of 2025, over 28% of the total Bitcoin supply (21 million coins) will be in a non-liquid state due to long-term holding and corporate ownership, meaning that Bitcoin will be locked away for an extended period.</p><p>&nbsp;</p><h3>Transition from Abundant Supply to Scarcity</h3><p>&nbsp;</p><p>The report's author, Zack Wainwright, notes that as 95% of the total Bitcoin supply approaches circulation, the market is transitioning from an abundant supply to a scarce supply. The report identifies two main factors contributing to Bitcoin's non-liquidity: first, long-term holders who have held Bitcoin for more than seven years; and second, publicly traded companies holding at least 1,000 BTC. Wainwright estimates that these two categories of holders will collectively own over 6 million Bitcoins by the end of 2025.</p><p>&nbsp;</p><p>Currently, publicly traded companies hold over 830,000 Bitcoins, accounting for 4% of the circulating supply, with 97% concentrated in companies holding more than 1,000 Bitcoins. However, according to data from BitcoinTreasuries, the combined holdings of public and private companies may be as high as 1.3 million Bitcoins, significantly exceeding the aforementioned figure.</p><p>&nbsp;</p><h3>Increasing Trend of Long-term Holders</h3><p>&nbsp;</p><p>By combining data from long-term holders and corporate holders, the report shows that the trend of Bitcoin holding is accelerating, with trading volumes relatively decreasing. Since the third quarter of 2024, publicly traded companies have actively allocated Bitcoin, further increasing the non-liquid supply.</p><p>&nbsp;</p><h3>Forecast for Non-liquid Assets by 2032</h3><p>&nbsp;</p><p>Looking ahead, the Fidelity report predicts that by 2032, nearly 42% of the current circulating supply (over 8.3 million BTC) will become non-liquid assets. The report concludes that as more entities hold Bitcoin long-term, its scarcity will increasingly become a focal point of market attention. It also mentions that if the trend of national adoption of Bitcoin strengthens and the regulatory environment continues to evolve, the growth rate of non-liquid supply may be even more pronounced.</p><p>&nbsp;</p><p>Although the report does not explicitly mention it, a similar trend is likely unfolding in the Ethereum market. Digital asset wallets have accumulated over 4% of the total Ethereum supply in just a few months, and since the launch of Ethereum ETFs last year, their absorption has exceeded 5.5% of the total supply.</p><p>&nbsp;</p><p>This report highlights significant changes in the Bitcoin market structure and the growing willingness of institutional investors to hold Bitcoin long-term, introducing new variables for Bitcoin's price movements and market supply-demand dynamics.</p>

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</div></div><p>富达数位资产（Fidelity Digital Assets）发表最新研究报告，指出比特币正迈向一个由稀缺性主导的新时代。报告预测，到2025年底，超过28%的比特币总供应量（2100万枚）将因长期持有及企业级持有而呈现非流动性状态，即比特币将被长期锁死。</p><p>&nbsp;</p><h3><strong>比特币将被长期锁死 「供应充裕到供应稀缺的转变」</strong></h3><p>&nbsp;</p><p>报告作者Zack Wainwright指出，随着95%的比特币总供应量即将进入流通市场，市场正经历从供应充裕到供应稀缺的转变。 该报告将导致比特币非流动性的主要因素归纳为两类：一、持有时间超过七年的长期持有者；二、持有至少1,000枚BTC的上市公司。 Wainwright估计，这两类持有者到2025年底将合计持有超过600万枚比特币。</p><p>&nbsp;</p><p>目前，上市公司已持有超过83万枚比特币，占流通供应量的4%，其中97%集中在持有量超过1,000枚比特币的企业手中。 然而，若参考BitcoinTreasuries的数据，上市公司和非上市公司合计持有量可能高达130万枚比特币，远超前述数字。</p><p>&nbsp;</p><p>将长期持有者与企业持有者数据结合分析，报告显示比特币的持有趋势正在加速，交易量相对减少。 自2024年第三季度以来，上市公司财库积极配置比特币，进一步推高了非流动性供应量。</p><p>&nbsp;</p><h3><strong>料到2032年近42%的当前流通供应量 将成为非流动性资产</strong></h3><p>&nbsp;</p><p>展望未来，富达报告预测，到2032年，近42%的当前流通供应量（超过830万枚BTC）将成为非流动性资产。 报告结论指出，随着更多实体长期持有比特币，其稀缺性将日益成为市场关注的焦点。 报告同时提到，若国家层面采用比特币的趋势加强，以及监管环境持续演变，则非流动性供应量的增长速度可能更加显著。</p><p>&nbsp;</p><p>报告虽未明确提及，但类似趋势很可能也正在以太坊（Ethereum）市场上演。 数位资产库在短短几个月内已累积超过4%的以太坊总供应量，而自去年以太坊ETF推出以来，其吸纳量更已超过总供应量的5.5%。</p><p>&nbsp;</p><p>报告突显了比特币市场结构的重大变化，以及日益增长的机构投资者对比特币的长期持有意愿，为比特币的价格走势和市场供需关系带来新的变数。</p>

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</div></div><p>富達數位資產（Fidelity Digital Assets）<a href="https://fidelitydigitalassets.com/research-and-insights/bitcoins-illiquid-supply-new-era-investors">發表最新研究報告</a>，指出比特幣正邁向一個由稀缺性主導的新時代。報告預測，到2025年底，超過28%的比特幣總供應量（2100萬枚）將因長期持有及企業級持有而呈現非流動性狀態，即比特幣將被長期鎖死。</p><p>&nbsp;</p><h3><strong>比特幣將被長期鎖死 「供應充裕到供應稀缺的轉變」</strong></h3><p>&nbsp;</p><p>報告作者Zack Wainwright指出，隨著95%的比特幣總供應量即將進入流通市場，市場正經歷從供應充裕到供應稀缺的轉變。 該報告將導致比特幣非流動性的主要因素歸納為兩類：一、持有時間超過七年的長期持有者；二、持有至少1,000枚BTC的上市公司。 Wainwright估計，這兩類持有者到2025年底將合計持有超過600萬枚比特幣。</p><p>&nbsp;</p><p>目前，上市公司已持有超過83萬枚比特幣，佔流通供應量的4%，其中97%集中在持有量超過1,000枚比特幣的企業手中。 然而，若參考<a href="https://bitcointreasuries.net/">BitcoinTreasuries的數據</a>，上市公司和非上市公司合計持有量可能高達130萬枚比特幣，遠超前述數字。</p><p>&nbsp;</p><p>將長期持有者與企業持有者數據結合分析，報告顯示比特幣的持有趨勢正在加速，交易量相對減少。 自2024年第三季度以來，上市公司財庫積極配置比特幣，進一步推高了非流動性供應量。</p><p>&nbsp;</p><h3>料到2032年近42%的當前流通供應量 將成為非流動性資產</h3><p>&nbsp;</p><p>展望未來，富達報告預測，到2032年，近42%的當前<a href="https://cftime.io/bitcoin-accumulation-plan/">流通供應量</a>（超過830萬枚BTC）將成為非流動性資產。 報告結論指出，隨著更多實體長期持有比特幣，其稀缺性將日益成為市場關注的焦點。 報告同時提到，若國家層面採用比特幣的趨勢加強，以及監管環境持續演變，則非流動性供應量的增長速度可能更加顯著。</p><p>&nbsp;</p><p>報告雖未明確提及，但類似趨勢很可能也正在以太坊（Ethereum）市場上演。 數位資產庫在短短幾個月內已累積超過4%的以太坊總供應量，而自去年以太坊ETF推出以來，其吸納量更已超過總供應量的5.5%。</p><p>&nbsp;</p><p>報告突顯了比特幣市場結構的重大變化，以及日益增長的機構投資者對比特幣的長期持有意願，為比特幣的價格走勢和市場供需關係帶來新的變數。</p>

Fidelity warns: Over 28% of Bitcoin will be locked up by the end of the year

富达警告：年底超过28%比特币将被长期锁死 稀缺性新时代正式来临

富達警告：年底超過28%比特幣將被長期鎖死 稀缺性新時代正式來臨

Tokenized Stocks & RWA: The 2025 Blockchain Revolution You Can’t Ignore

代币化股票与RWA：2025年你不能错过的区块链革命

代幣化股票與RWA：2025年你不能錯過的區塊鏈革命

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</div></div><p>The Hong Kong Monetary Authority (HKMA) has announced a relaxation of capital requirements for financial institutions holding specific digital assets. The HKMA's easing of capital requirements for banks holding Bitcoin is viewed as a strategic move to solidify Hong Kong's status as an international financial center and actively develop the cryptocurrency industry. The HKMA is also implementing a new regulatory policy manual module, CRP-1, which clearly categorizes virtual assets under the Basel Committee's global capital standards and will take effect on January 1, 2026.</p><p>&nbsp;</p><h3>Easing of Capital Requirements Originating from August Notification</h3><p>&nbsp;</p><p>This new regulation stems from a notification issued by the HKMA in mid-August, confirming that the international Basel standards will be implemented in Hong Kong in early 2026. The authority has circulated a consultation document to the local banking sector outlining the specifics of how it will implement the Basel standards within Hong Kong's regulatory framework.</p><p>&nbsp;</p><p>Notably, the new regulation adopts a differentiated approach for cryptocurrencies operating on unlicensed blockchains, such as Bitcoin (BTC) and Ethereum (ETH). If issuers can effectively implement risk management and mitigation measures, their capital requirements may be reduced. This measure will distinguish tokenized assets and stablecoins from unendorsed cryptocurrencies, moving away from treating all digital assets uniformly.</p><p>&nbsp;</p><p>According to the Basel Agreement, digital assets originally bore a risk weight of 1250%, meaning that banks needed to hold capital equivalent to or exceeding 100% of the digital asset's value as a loss buffer, making participation in the virtual asset business economically unfeasible for banks. The new regulation is expected to lower this threshold.</p><p>&nbsp;</p><h3>Initial Approval for a Limited Number of Stablecoin Issuers</h3><p>&nbsp;</p><p>The HKMA indicated that initially, only a limited number of stablecoin issuers would be approved, allowing them ample time to prepare for the capital requirements set to take effect early next year. Over the years, Hong Kong has established a comprehensive regulatory framework for cryptocurrencies, encompassing licensing systems for cryptocurrency exchanges and stablecoin issuers. The Securities and Futures Commission (SFC) also updated its guidelines in August, requiring licensed cryptocurrency platforms to enhance customer fund custody measures and detailing new requirements for platform custody practices in response to vulnerabilities and customer losses exposed in several overseas incidents. These new requirements include responsibilities for senior management, cold wallet infrastructure, real-time threat monitoring, and third-party wallet oversight.</p><p>&nbsp;</p><p>For stablecoin issuers, the HKMA's new regulations require them to hold a license and issue stablecoins pegged to the Hong Kong dollar, maintaining a minimum capital of HKD 25 million, HKD 3 million in liquidity, and sufficient additional liquidity to cover at least 12 months of operating expenses. Stablecoin holders can redeem assets at face value within one business day, and issuers are prohibited from imposing unreasonable fees or conditions on redemption requests.</p><p>&nbsp;</p><p>Issuers operating regulated stablecoin activities without permission will face fines of up to HKD 5 million and imprisonment for up to seven years, along with daily fines of HKD 100,000 until the violations cease. This series of measures demonstrates the Hong Kong government's commitment to developing the cryptocurrency industry while emphasizing risk management and regulatory transparency.</p>

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</div></div><p>香港金融管理局（HKMA）宣布放宽持有特定数位资产的金融机构资本要求。金管局放宽香港银行持有比特币资本要求，被视为香港巩固其国际金融中心地位，积极发展加密货币产业的最新策略。 金管局同时推行新的监管政策手册模组CRP-1，明确规范虚拟资产在巴塞尔银行监管委员会全球资本标准下的分类，并将在2026年1月1日起生效。</p><p>即加入CFTime TG讨论区！想掌握最新加密市场动态与AI新闻与资讯，更能随时获得免费web 3入场券！</p><p>金管局放宽香港银行持有比特币资本要求源于金管局在8月中旬发布的通知</p><p>这项新规定，源于金管局在8月中旬发布的通知，确认国际巴塞尔标准将于2026年初在香港实施。该局已向本地银行业发放咨询文件，详述其在香港监管框架下实施巴塞尔标准的具体方法。</p><p>值得注意的是，新规定针对在无许可区块链上运作的加密资产，例如比特币（BTC）和以太币（ETH），采取差异化处理。 若发行者能有效执行风险管理及缓解措施，则其资本要求可望降低。 这项措施将符合稳定币框架的代币化资产和稳定币，与未经背书的加密货币区隔开来，不再将所有数位资产一概而论。</p><p>根据巴塞尔协议，数位资产原本需承受1250%的风险权重，意味着银行需持有等值于或超过数位资产价值100%的资本作为损失缓冲，此举曾使银行参与虚拟资产业务变得不经济。 新规定则有望降低此门槛。</p><p>初期将仅批准少数稳定币发行者</p><p>金管局表示，初期将仅批准少数稳定币发行者，让其有充足时间准备，应对即将在明年初生效的资本要求。 多年来，香港已建立完善的加密货币监管架构，涵盖加密货币交易所及稳定币发行者的发牌制度。 香港证券及期货事务监察委员会（SFC）也在8月更新指引，要求持牌加密货币平台加强客户资金托管措施，并针对海外多起事件中暴露的漏洞及客户损失，详细说明其对平台托管实务的新要求，包括高级管理人员的责任、冷钱包基础设施、实时威胁监控及第三方钱包监督。</p><p>针对稳定币发行者，金管局的新规定要求其持有牌照，发行以港元为基准维持稳定价值的稳定币，并维持不少于2,500万港元的股本、300万港元的流动资金，以及足以应付至少12个月营运费用的额外流动资金。 稳定币持有人可在一个营业日内按面值赎回资产，发行者也被禁止对赎回请求施加不合理的费用或条件。</p><p>未经许可经营受规管稳定币活动的发行者，将面临最高500万港元的罚款及最高七年的监禁，并每日处以10万港元的罚款，直至违规行为停止。 此一系列措施，展现香港政府在发展加密货币产业的同时，也着重风险管理及监管透明度的决心。</p>

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</div></div><p>香港金融管理局（HKMA）宣佈放寬持有特定數碼資產的金融機構資本要求。金管局放寬香港銀行持有比特幣資本要求，被視為香港鞏固其國際金融中心地位，積極發展加密貨幣產業的最新策略。 金管局同時推行新的監管政策手冊模組CRP-1，明確規範虛擬資產在巴塞爾銀行監管委員會全球資本標準下的分類，並將於2026年1月1日起生效。</p><p>&nbsp;</p><p>金管局放寬香港銀行持有比特幣資本要求 源於金管局在8月中旬發布的通知</p><p>&nbsp;</p><p>此項新規定，<a href="https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20250815-1-EN/20250815-1-EN.pdf">源於金管局在8月中旬發布的通知</a>，確認國際巴塞爾標準將於<a href="https://cftime.io/basel-standards-implemented-in-hong-kong/"><i>2026年初在香港實施</i></a>。該局已向本地銀行業發放諮詢文件，詳述其在香港監管框架下實施巴塞爾標準的具體方法。</p><p>&nbsp;</p><p>值得注意的是，新規定針對在無許可區塊鏈上運作的加密資產，例如比特幣（BTC）和以太幣（ETH），採取差異化處理。 若發行者能有效執行風險管理及緩解措施，則其資本要求可望降低。 這項措施將符合穩定幣框架的代幣化資產和穩定幣，與未經背書的加密貨幣區隔開來，不再將所有數碼資產一概而論。</p><p>&nbsp;</p><p>根據巴塞爾協議，數碼資產原本需承受1250%的風險權重，意味著銀行需持有等值於或超過數碼資產價值100%的資本作為損失緩衝，此舉曾使銀行參與虛擬資產業務變得不經濟。 新規定則有望降低此門檻。</p><p>&nbsp;</p><p>初期將僅批准少數穩定幣發行者</p><p>&nbsp;</p><p>金管局表示，初期將僅批准少數穩定幣發行者，讓其有充足時間準備，應對即將於明年初生效的資本要求。 多年來，香港已建立完善的加密貨幣監管架構，涵蓋加密貨幣交易所及穩定幣發行者的發牌制度。 香港證券及期貨事務監察委員會（SFC）<a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR124">亦於8月更新指引</a>，要求持牌加密貨幣平台加強客戶資金託管措施，並針對海外多起事件中暴露的漏洞及客戶損失，詳細說明其對平台託管實務的新要求，包括高級管理人員的責任、冷錢包基礎設施、實時威脅監控及第三方錢包監督。</p><p>&nbsp;</p><p>針對穩定幣發行者，<a href="https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers">金管局的新規定要求其持有牌照</a>，發行以港元為基準維持穩定價值的穩定幣，並維持不少於2,500萬港元的股本、300萬港元的流動資金，以及足以應付至少12個月營運費用的額外流動資金。 穩定幣持有人可於一個營業日內按面值贖回資產，發行者亦被禁止對贖回請求施加不合理的費用或條件。</p><p>&nbsp;</p><p>未經許可經營受規管穩定幣活動的發行者，將面臨最高500萬港元的罰款及最高七年的監禁，並每日處以10萬港元的罰款，直至違規行為停止。 此一系列措施，展現香港政府在發展加密貨幣產業的同時，亦著重風險管理及監管透明度的決心。</p>

HKMA relaxes capital requirements for HK banks holding Bitcoin

金管局放宽香港银行持有比特币资本要求 抢攻全球加密金融霸主地位

金管局放寬香港銀行持有比特幣資本要求 搶攻全球加密金融霸主地位

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</div></div><p>BlackRock, the world's largest asset management company, has made a significant change in its cryptocurrency investment strategy this year, increasing its holdings in Ethereum (ETH) at a pace far exceeding that of Bitcoin (BTC). This shift has sent shockwaves through the crypto market and provides important insights for institutional investors' future strategies.</p><p>&nbsp;</p><p>According to Finbold's analysis of Arkham Intel wallet cluster data, as of September 9, 2025, BlackRock's Bitcoin holdings amount to 732,384 BTC, valued at approximately $81.7 billion based on a price of $111,513 at that time. In contrast, its Ethereum holdings have reached an impressive 3.74 million ETH, valued at around $16 billion (at a price of $4,301).</p><p>&nbsp;</p><p>Compared to January 1, 2025, BlackRock's Bitcoin holdings have increased by over 30%. However, the growth in Ethereum holdings is even more remarkable, having increased by 2.5 times. In other words, in terms of percentage growth, BlackRock's accumulation of Ethereum is 7.6 times that of Bitcoin.</p><p>&nbsp;</p><p>Despite both Ethereum and Bitcoin prices rising during this period, the increase in token holdings far outpaces the price growth, indicating that BlackRock's actions are not merely reactive to market cap changes but represent proactive net purchases.</p><p>&nbsp;</p><h3>Shift in Portfolio Allocation: From 6.6% to 17.2%</h3><p>&nbsp;</p><p>This strategic adjustment has significantly altered the composition of BlackRock's cryptocurrency investment portfolio. At the beginning of the year, Ethereum accounted for just 6.6% of its portfolio ($3.59 billion out of $54.83 billion). As of September 2, this allocation has risen to 17.2% ($16.58 billion out of $96.44 billion), an increase of 10.6 percentage points.</p><p>&nbsp;</p><p>The massive accumulation by BlackRock is likely to have a considerable impact on the market. Firstly, the increase of 2.71 million Ethereum relative to its total circulating supply represents a substantial amount of stable buying pressure. Secondly, this signals that institutional investors are reassessing their cryptocurrency strategies, gradually extending their investments beyond Bitcoin and actively engaging with the Ethereum ecosystem. This aligns with the increasing maturity of Ethereum-related products and capital flows.</p><p>&nbsp;</p><p>BlackRock's actions indicate a growing confidence among institutional investors in Ethereum, potentially leading to further institutional participation and driving both the price and market position of Ethereum.</p>

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</div></div><p>全球最大资产管理公司贝莱德今年以来对加密货币的投资策略出现重大转变，其增持以太币(ETH)的速度远超比特币(BTC)，贝莱德投资策略，为加密货币市场投下震撼弹，也为机构投资者的未来布局提供了重要参考。</p><p>&nbsp;</p><p>根据Finbold分析Arkham Intel钱包集群数据显示，截至2025年9月9日，贝莱德的比特币持有量为732,384个BTC，按当时价格111,513美元计算，价值约817亿美元；而以太币持有量则达到惊人的374万个ETH，价值约160亿美元（当时价格4,301美元）。</p><p>&nbsp;</p><p>与2025年1月1日相比，贝莱德的比特币持有量增加了y逾三成；但以太币持有量增长则更加显著，增加2.5倍， 换言之，以百分比增长计算，贝莱德增持以太币的速度是比特币的7.6倍。</p><p>&nbsp;</p><p>尽管以太币和比特币价格在测量期间均有所上涨，但代币持有量的增长幅度远远超过价格涨幅，显示贝莱德的增持行为并非仅仅是市值变动的结果，而是积极的净购买行为。</p><h3>&nbsp;</h3><h3><strong>贝莱德投资策略 占比由6.6%跃升至17.2%</strong></h3><p>&nbsp;</p><p>这种策略性调整也明显改变了贝莱德加密货币投资组合的结构。年初，以太币在其投资组合中仅占6.6%（35.9亿美元/548.3亿美元），但截至9月2日，其占比已跃升至17.2%（165.8亿美元/964.4亿美元），增长了10.6个百分点。</p><p>贝莱德的巨额增持对市场的影响不容小觑。首先，271万个以太币的增长规模相对于以太币的总流通量而言相当可观，将为市场注入大量的稳定买盘。其次，这也发出了强烈的信号，表明机构投资者正在重新评估其加密货币投资策略，逐步将投资范围扩展至比特币之外，并积极布局以太坊生态系统，这与以太坊相关产品和资金流的日益成熟相呼应。 贝莱德的行动，预示着机构投资者对以太币的信心与日俱增，并可能引领更多机构跟进，进一步推动以太币的价格和市场地位。</p>

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</div></div><p>全球最大資產管理公司<a href="https://cftime.io/usd-hegemony-is-under-threat/">貝萊德</a>今年以來對加密貨幣的投資策略出現重大轉變，其增持以太幣(ETH)的速度遠超比特幣(BTC)，貝萊德投資策略，為加密貨幣市場投下震撼彈，也為機構投資者的未來佈局提供了重要參考。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p>根據Finbold分析Arkham Intel錢包集群數據顯示，截至2025年9月9日，貝萊德的比特幣持有量為732,384個BTC，以當時價格111,513美元計算，價值約817億美元；而以太幣持有量則達到驚人的374萬個ETH，價值約1601億美元（當時價格約1401萬美元）。</p><p>&nbsp;</p><p>與2025年1月1日相比，貝萊德的比特幣持有量增加了y逾三成；但以太幣持有量增長則更加顯著，增加2.5倍， 換言之，以百分比增長計算，貝萊德增持以太幣的速度是比特幣的7.6倍。</p><p>&nbsp;</p><p>儘管以太幣和比特幣價格在測量期間均有所上漲，但代幣持有量的增長幅度遠遠超過價格漲幅，顯示貝萊德的增持行為並非僅僅是市值變動的結果，而是積極的淨購買行為。</p><p>&nbsp;</p><h3><strong>貝萊德投資策略 佔比由6.6%躍升至17.2%</strong></h3><p>&nbsp;</p><p>這種策略性調整也明顯改變了貝萊德加密貨幣投資組合的結構。年初，以太幣在其投資組合中僅佔6.6%（35.9億美元/548.3億美元），但截至9月2日，其佔比已躍升至17.2%（165.8億美元/964.4億美元），增長了10.6個百分點。</p><p>&nbsp;</p><p>貝萊德的巨額增持對市場的影響不容小覷。首先，271萬個以太幣的增長規模相對於以太幣的總流通量而言相當可觀，將為市場注入大量的穩定買盤。其次，這也發出了強烈的信號，表明機構投資者正在重新評估其加密貨幣投資策略，逐步將投資範圍擴展至比特幣之外，並積極布局以太坊生態系統，這與以太坊相關產品和資金流的日益成熟相呼應。 貝萊德的行動，預示著機構投資者對以太幣的信心與日俱增，並可能引領更多機構跟進，進一步推動以太幣的價格和市場地位。</p>

BlackRock's investment strategy shifts from Bitcoin to Ethereum

贝莱德投资策略由比特币转向以太坊 数据揭秘惊人增持策略

貝萊德投資策略由比特幣轉向以太坊 數據揭秘驚人增持策略

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</div></div><p>Bank of China (Hong Kong) has reportedly expressed its intention to apply for the issuance of a stablecoin, officially entering the stablecoin market. The Hong Kong Monetary Authority (HKMA) had previously called for interested institutions to express their intentions by the end of August and advised well-prepared organizations to submit their applications as soon as possible, no later than the end of September. Following the announcement by the joint venture Anchorpoint, led by Standard Chartered Hong Kong (which holds a 50.5% stake), to apply, Bank of China (Hong Kong) (2388) has also joined the fray, actively preparing to apply for a stablecoin issuance license.</p><p>Today, Bank of China (Hong Kong) opened at HKD 36.8, rising by 4.49%.</p><h3>Renminbi Internationalization as a Key Consideration</h3><p>The issuance license for stablecoins in Hong Kong has not yet been granted but has already attracted significant market attention. Although Bank of China (Hong Kong) was not among the three institutions selected by the HKMA for the initial stablecoin sandbox, it has established a dedicated team to actively study related matters. Analysts point out that stablecoins play a crucial role in the macro layout of digital currencies and are likely to be linked to offshore renminbi in the future, further promoting the internationalization of the renminbi. Bank of China (Hong Kong) clearly values the development of stablecoins and is actively seeking to participate.</p><p>A spokesperson from Bank of China (Hong Kong) did not comment on the market rumors. At a recent earnings announcement, the bank stated that it is actively researching the application scenarios and risk management mechanisms for digital assets and digital currencies, and supports the development of Hong Kong's fintech and digital asset markets. An HKMA spokesperson mentioned that some institutions have expressed intentions to apply for stablecoin licenses, but did not disclose specific names.</p><h3>Other Institutions Applying for Stablecoin Licenses</h3><p>In July last year, the HKMA announced three institutions participating in the stablecoin sandbox: Anchorpoint, formed by Standard Chartered Hong Kong in collaboration with the AIA Group and Hong Kong Telecommunications (6823), Jingdong Coin Chain Technology (Hong Kong), and Round Coin Innovation Technology (a subsidiary of Round Coin Technology, founded by former HKMA president Norman Chan). As of now, Jingdong and Round Coin Technology have not responded regarding their intentions to apply.</p><p>Ant Group previously stated that it would apply as soon as the Stablecoin Ordinance comes into effect, but it has not responded on whether it has expressed its intention to the HKMA.</p><h3>Standard Chartered Leads, but Regulatory Requirements May Affect Planning</h3><p>Market analysis suggests that among the institutions that have expressed interest in applying, Standard Chartered's joint venture Anchorpoint currently leads in terms of technical readiness and cross-border market coverage. However, the HKMA's licensing requirements, particularly the identity verification regulations for each stablecoin holder, may impact the original application scenario planning and cost budgets for some applicants.</p><p>It is worth noting that eight years ago, the HKMA promoted the development of fintech in Hong Kong, and both Bank of China (Hong Kong) and Standard Chartered Hong Kong led consortiums that became among the first operators to receive virtual banking licenses in 2019.</p><p>HKMA Vice President Eddie Yue has previously stated that to ensure stable development, only a few stablecoin licenses will be issued in the first phase, with issuance expected early next year. Initial business profitability remains highly uncertain.</p>

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</div></div><p>传中银香港有意申发稳定币，正式杀入稳定币战场！金管局早前呼吁有意申请的机构于8月底前表达意向，并建议准备充足的机构尽快，最迟于9月底前提交申请。据市场消息，继渣打香港牵头成立的合资公司Anchorpoint（渣打持股50.5%）公开表示有意申请后，另一发钞行中银香港（2388）亦加入战局，正积极准备申请，力争成为首批获得稳定币发行牌照的机构。</p><p>&nbsp;</p><p>中银香港今日开报36.8元，升4.49%。</p><p>&nbsp;</p><h3>人民币国际化成关键考量</h3><p>&nbsp;</p><p>香港稳定币发行牌照尚未发放，已备受市场关注。虽然中银香港并非金管局先前选定的三间稳定币沙盒参与机构之一，但该行已成立专责小组积极研究相关事宜。分析人士指出，稳定币在数位货币领域的宏观布局中扮演关键角色，未来更可能与离岸人民币挂钩，进而促进人民币国际化。中银香港显然重视稳定币发展，并积极争取参与其中。</p><p>&nbsp;</p><p>中银香港发言人对此市场传闻未予置评。该行在近期业绩发布会上，仅表示积极研究数位资产和数位货币的应用场景及风险管理机制，并支持香港金融科技及数位资产市场的发展。金管局发言人则表示，已有部分机构表达申请稳定币牌照的意向，但未透露具体机构名单。</p><p>&nbsp;</p><h3>传中银香港有意申发稳定币 其他申请机构动态</h3><p>&nbsp;</p><p>去年7月，金管局公布的三间稳定币沙盒参与机构包括：渣打香港联同安拟集团及香港电讯（6823）组成的Anchorpoint、京东币链科技（香港）以及圆币创新科技（圆币科技旗下子公司，由金管局前总裁陈德霖创立）。 截至目前，京东及圆币科技尚未回覆是否已表达申请意向。</p><p>&nbsp;</p><p>蚂蚁集团此前曾表示，将在《稳定币条例》生效后尽快申请，但对于是否已向金管局表达申请意向，则未有回应。</p><p>&nbsp;</p><h3>渣打领先，但监管要求或影响申请机构规划</h3><p>&nbsp;</p><p>市场分析认为，在已表态有意申请的机构中，渣打牵头的合资公司Anchorpoint在技术准备和跨境市场覆盖方面暂时领先。然而，金管局发牌要求中，每位稳定币持有人的身份核实规定，可能影响部分申请机构原先的应用场景规划和成本预算。</p><p>&nbsp;</p><p>值得回顾的是，八年前金管局推动香港金融科技发展，中银香港和渣打香港分别牵头成立的财团，均成为2019年首批获发虚拟银行牌照的营运商。</p><p>&nbsp;</p><p>金管局副总裁陈维民曾表示，为确保稳定发展，首阶段将只发放数个稳定币牌照，预计明年初发放，初期业务盈利存在很大不确定性。</p>

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</div></div><p>傳中銀香港有意申發穩定幣，正式殺入<a href="https://cftime.io/basel-standards-implemented-in-hong-kong/">穩定幣</a>戰場！金管局早前<a href="https://www.hkma.gov.hk/chi/news-and-media/press-releases/2025/07/20250729-4/">呼籲有意申請的機構</a>於8月底前表達意向，並建議準備充足的機構盡快，最遲於9月底前提交申請。據市場消息，繼渣打香港牽頭成立的合資公司Anchorpoint（渣打持股50.5%）公開表示有意申請後，另一發鈔行中銀香港（2388）亦加入戰局，正積極準備申請，力爭成為首批獲得穩定幣發行牌照的機構。</p><p>&nbsp;</p><p>中銀香港今日開報36.8元，升4.49%。</p><p>&nbsp;</p><h3><strong>人民幣國際化成關鍵考量</strong></h3><p>&nbsp;</p><p>香港穩定幣發行牌照尚未發放，已備受市場關注。雖然中銀香港並非金管局先前選定的三間穩定幣沙盒參與機構之一，但該行已成立專責小組積極研究相關事宜。分析人士指出，穩定幣在數位貨幣領域的宏觀布局中扮演關鍵角色，未來更可能與離岸人民幣掛鈎，進而促進人民幣國際化。中銀香港顯然重視穩定幣發展，並積極爭取參與其中。</p><p>&nbsp;</p><p>中銀香港發言人對此市場傳聞未予置評。該行在近期業績發佈會上，僅表示積極研究數位資產和數位貨幣的應用場景及風險管理機制，並支持香港金融科技及數位資產市場的發展。金管局發言人則表示，已有部分機構表達申請穩定幣牌照的意向，但未透露具體機構名單。</p><p>&nbsp;</p><h3>傳中銀香港有意申發穩定幣 <strong>其他申請機構動態</strong></h3><p>&nbsp;</p><p>去年7月，金管局公布的三間穩定幣沙盒參與機構包括：渣打香港聯同安擬集團及香港電訊（6823）組成的Anchorpoint、京東幣鏈科技（香港）以及圓幣創新科技（圓幣科技旗下子公司，由金管局前總裁陳德霖創立）。 截至目前，京東及圓幣科技尚未回覆是否已表達申請意向。</p><p>&nbsp;</p><p>螞蟻集團此前曾表示，將在《穩定幣條例》生效後盡快申請，但對於是否已向金管局表達申請意向，則未有回應。</p><p>&nbsp;</p><h3><strong>渣打領先，但監管要求或影響申請機構規劃</strong></h3><p>&nbsp;</p><p>市場分析認為，在已表態有意申請的機構中，渣打牽頭的合資公司Anchorpoint在技術準備和跨境市場覆蓋方面暫時領先。然而，金管局發牌要求中，每位穩定幣持有人的身份核實規定，可能影響部分申請機構原先的應用場景規劃和成本預算。</p><p>&nbsp;</p><p>值得回顧的是，八年前金管局推動香港金融科技發展，中銀香港和渣打香港分別牽頭成立的財團，均成為2019年首批獲發虛擬銀行牌照的營運商。</p><p>&nbsp;</p><p>金管局副總裁陳維民曾表示，為確保穩定發展，首階段將只發放數個穩定幣牌照，預計明年初發放，初期業務盈利存在很大不確定性。</p><p>&nbsp;</p>

BoCHK is rumored to be interested in issuing a stablecoin! A Chinese-backed issuer is poised to reshape the market.

传中银香港有意申发稳定币！中国背景发行商将改写市场格局

傳中銀香港有意申發穩定幣！中國背景發行商將改寫市場格局

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</div></div><p>OpenAI's GPT-5 launch has been met with widespread criticism, prompting CEO Sam Altman to acknowledge significant errors in its rollout and the negative user response. The incident, which saw a large number of users threatening cancellations, has directly impacted the development direction of GPT-6. While ChatGPT boasts over 700 million weekly active users—a fourfold increase year-on-year—Altman warns of a potential AI industry bubble fueled by over-investment.</p><p>&nbsp;</p><p>In a private meeting with journalists in San Francisco, Altman admitted the replacement of the popular GPT-4o model with GPT-5 caused considerable user dissatisfaction. He stated, "I think we completely messed up some things in the launch." GPT-4o was praised for its warm and natural conversational style, while GPT-5 was criticized for being cold, robotic, and lacking support. To appease users, OpenAI has reinstated access to GPT-4o for paying subscribers. Altman considers this a critical lesson, emphasizing the challenges of upgrading a product for hundreds of millions of users in a single day.</p><p>&nbsp;</p><p>The GPT-5 debacle highlighted the emotional connection users are forming with AI. While some users on Reddit forums like r/MyBoyfriendisAI, r/AISoulmates, and r/AIRelationships express dependence on, and even emotional relationships with, AI companions, Altman estimates this represents less than 1% of ChatGPT users. OpenAI is closely monitoring this phenomenon and will prioritize personalization in GPT-6 while mitigating the exploitation of vulnerable users.</p><p>&nbsp;</p><p>Despite the ongoing GPT-5 rollout, OpenAI is already developing GPT-6, anticipating a shorter development cycle compared to the transition from GPT-4 to GPT-5. However, GPU shortages pose a significant bottleneck, leading Altman to project the need for "hundreds of billions of dollars" in data center investment.</p><p>&nbsp;</p><p>Beyond GPT-6, OpenAI's future plans include investing in a brain-computer interface startup to rival Elon Musk's Neuralink, potentially bidding for Google Chrome, and collaborating with former Apple design chief Jony Ive on an undisclosed AI device.</p><p>&nbsp;</p><p>Altman concludes that despite ChatGPT's user base exceeding 700 million, the AI industry is currently experiencing an overheated investment climate, characterized by bubble-like risk. He affirms, "Are we in a phase where investors are generally over-excited about AI? Yes. Is AI the most important thing in many years? Yes."</p><p>&nbsp;</p>

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</div></div><p>OpenAI自推出GPT-5后，外界劣评如潮，更称GPT-5失败。公司行政总裁Sam Altman承认公司在GPT-5的推出上犯下错误，引发用户强烈反弹，并表示这一经验将直接影响GPT-6的开发方向。 目前ChatGPT的周活跃用户已突破7亿，较去年同期增长四倍，但Altman同时警告AI产业可能正处于过热的泡沫阶段。</p><p>&nbsp;</p><p>Altman在旧金山与记者私下会晤时坦承，GPT-5取代广受好评的GPT-4o模型后，引发大量用户不满，部分用户甚至威胁取消订阅。 他表示：「我认为我们在推出方面完全搞砸了一些事情。」 GPT-4o以其温暖且自然的对话风格而闻名，而GPT-5则被许多用户批评为冷淡、机械化且缺乏支援。 为平息众怒，OpenAI已为付费用户恢复了GPT-4o的使用权限。 Altman将此事件视为警讯，强调「我们已经从中吸取了教训，了解到如何在一天之内为数亿用户升级产品的意义」。</p><p>&nbsp;</p><h3><strong>GPT-5失败内幕 OpenAI正密切关注此现象</strong></h3><p>&nbsp;</p><p>Altman指出，GPT-5的推出凸显了用户与AI之间的情感连结。 尽管在r/MyBoyfriendisAI、r/AISoulmates和r/AIRelationships等Reddit论坛上，部分用户表达了对AI伴侣的依赖，甚至建立了情感关系，但Altman估计，只有少于1%的ChatGPT用户与AI存在「不健康的关系」。 他强调，OpenAI正密切关注此现象。 他表示，GPT-6的开发重点将放在如何让系统更具个人化，同时避免利用弱势用户。</p><p>&nbsp;</p><p>尽管GPT-5仍在持续推出中，Altman透露OpenAI已着手开发GPT-6，预计两者之间的开发周期将比GPT-4与GPT-5更短。然而，他坦承GPU短缺是限制进展的主要瓶颈，并表示OpenAI未来需要投入「数万亿美元」于数据中心建设以解决此问题。</p><p>&nbsp;</p><p>除了GPT-6的开发，Altman还透露OpenAI的未来规划，包括投资一家与Elon Musk的Neuralink竞争的大脑计算机介面新创公司，以及考虑参与竞购Google Chrome的战局。 此外，OpenAI也正与苹果前设计总监Jony Ive合作开发一款尚未公开的AI设备。</p><p>&nbsp;</p><p>Altman总结道，尽管ChatGPT用户已突破7亿，但他认为AI产业目前投资过热，存在泡沫风险。 「我们是否正处于投资者整体对AI过度兴奋的阶段？我的答案是肯定的。AI是否是很多年来最重要的事情？我的答案也是肯定的。」</p>

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</div></div><p>OpenAI自推出<a href="https://cftime.io/gpt-5-roadmap/">GPT-5</a>後，外界劣評如潮，更稱GPT-5失敗。公司行政總裁<a href="https://cftime.io/gen-z-needs-to-adapt-to-ai-quickly/">Sam Altman</a>承認公司在GPT-5的推出上犯下錯誤，引發用戶強烈反彈，並表示這一經驗將直接影響GPT-6的開發方向。 目前ChatGPT的周活躍用戶已突破7億，較去年同期增長四倍，但Altman同時警告AI產業可能正處於過熱的泡沫階段。</p><p>&nbsp;</p><p><strong>即加入</strong><a href="https://t.me/+l--9PJpFdIgxOTk9"><strong>CFTime TG 討論區</strong></a><strong>！想掌握最新加密市場動態與 AI 新聞與資訊，更能隨時獲得免費 web 3入場券！</strong></p><p>&nbsp;</p><p><a href="https://www.theverge.com/command-line-newsletter/759897/sam-altman-chatgpt-openai-social-media-google-chrome-interview">Altman在舊金山與記者私下會晤時</a>坦承，GPT-5取代廣受好評的GPT-4o模型後，引發大量用戶不滿，部分用戶甚至威脅取消訂閱。 他表示：「我認為我們在推出方面完全搞砸了一些事情。」 GPT-4o以其溫暖且自然的對話風格而聞名，而GPT-5則被許多用戶批評為冷淡、機械化且缺乏支援。 為平息眾怒，OpenAI已為付費用戶恢復了GPT-4o的使用權限。 Altman將此事件視為警訊，強調「我們已經從中吸取了教訓，了解到如何在一天之內為數億用戶升級產品的意義」。</p><p>&nbsp;</p><h3><strong>GPT-5失敗內幕 OpenAI正密切關注此現象</strong></h3><p>&nbsp;</p><p>Altman指出，GPT-5的推出凸顯了用戶與AI之間的情感連結。 儘管在r/MyBoyfriendisAI、r/AISoulmates和r/AIRelationships等Reddit論壇上，部分用戶表達了對AI伴侶的依賴，甚至建立了情感關係，但Altman估計，只有少於1%的ChatGPT用戶與AI存在「不健康的關係」。 他強調，OpenAI正密切關注此現象。 他表示，GPT-6的開發重點將放在如何讓系統更具個人化，同時避免利用弱勢用戶。</p><p>&nbsp;</p><p>儘管GPT-5仍在持續推出中，Altman透露OpenAI已著手開發GPT-6，預計兩者之間的開發週期將比GPT-4與GPT-5更短。然而，他坦承GPU短缺是限制進展的主要瓶頸，並表示OpenAI未來需要投入「數萬億美元」於數據中心建設以解決此問題。</p><p>&nbsp;</p><p>除了GPT-6的開發，Altman還透露OpenAI的未來規劃，包括投資一家與Elon Musk的Neuralink競爭的大腦計算機介面新創公司，以及考慮參與競購Google Chrome的戰局。 此外，OpenAI也正與蘋果前設計總監Jony Ive合作開發一款尚未公開的AI設備。</p><p>&nbsp;</p><p>Altman總結道，儘管ChatGPT用戶已突破7億，但他認為AI產業目前投資過熱，存在泡沫風險。「我們是否正處於投資者整體對AI過度興奮的階段？我的答案是肯定的。AI是否是很多年來最重要的事情？我的答案也是肯定的。」</p>

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