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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>

Sam Altman reveals the inside story of GPT-5's failure

Sam Altman亲揭GPT-5失败内幕 用户怒轰「冷冰冰」急复旧版救火

Sam Altman親揭GPT-5失敗內幕 用戶怒轟「冷冰冰」急復舊版救火

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</div></div><p>The Financial Services Agency (FSA) of Japan has announced that it will approve the issuance of yen-denominated stablecoins for the first time this autumn, marking a significant transformation for Japan's fintech industry.&nbsp;</p><p>&nbsp;</p><p>Tokyo-based fintech company JPYC will become the first yen stablecoin and is expected to complete the registration process for funds transfer operators by the end of the month.</p><p>&nbsp;</p><p>JPYC stablecoins will be pegged to the yen at a 1:1 ratio, with their value supported by bank deposits and Japanese government bonds. However, it is important to note that the interest generated from these bonds will belong to JPYC, and users will not receive any interest income. This approach differs from mainstream dollar-denominated stablecoins, such as USDC and Tether, which typically return some profits to users.</p><p>&nbsp;</p><p>This approval signifies Japan's formal entry into the global stablecoin market, which currently exceeds $250 billion (approximately 37 trillion yen). The Japanese government's aim is not only to participate in international competition but also to enhance the efficiency of international remittances and cross-border transactions, hoping to achieve faster, cheaper, and more convenient payment methods through the yen-denominated stablecoin.</p><p>&nbsp;</p><p>JPYC will issue its stablecoin using existing public blockchain technology instead of developing a new blockchain, which helps maintain the openness of the ecosystem and avoids creating a closed system. Ryosuke Okabe, a representative for JPYC, noted on X platform that the demand for government bonds from stablecoin issuers will act like a giant "absorption machine," potentially influencing the interest rates of Japanese government bonds and impacting the overall financial market, including lending rates and mortgage costs.</p><p>&nbsp;</p><p>However, this innovation also comes with certain risks. JPYC acknowledges the risk of decoupling in the secondary market, particularly if the liquidity of the supporting Japanese government bonds decreases or their value declines, which could cause the stablecoin price to fall below 1 yen. While users can still redeem JPYC priced below 1 yen at full value, Okabe admitted that if Japanese government bonds default or crash, market panic selling could exacerbate the decoupling risk, leading the stablecoin price to remain below par for an extended period.</p><p>&nbsp;</p><p>To mitigate liquidity shortage risks, JPYC must deposit 101% of the maximum issuance value within one week after issuing stablecoins and complete the process within three business days. This regulation reflects the Japanese regulatory authority's emphasis on risk management for stablecoins.</p><p>&nbsp;</p><p>Overall, Japan's approval of yen-denominated stablecoin issuance is a significant milestone in the development of the global stablecoin market. It also highlights the delicate balance between stablecoin issuance and regulation. The JPYC model, along with its associated risks and opportunities, will provide insights for regulatory policies in other countries and regions and will influence the future direction of the stablecoin market.</p><p>&nbsp;</p>

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</div></div><p>日本金融服务厅（FSA）宣布，将于今年秋季首次批准日圆计价稳定币发行，此举将为日本金融科技产业带来重大变革。东京金融科技公司JPYC将成首个日圆稳定币，并预计在月底前完成资金转移营运商的注册程序。</p><p>&nbsp;</p><p>JPYC稳定币将以1:1的比例与日圆挂钩，其价值将由银行存款和日本政府债券提供支持。然而，值得注意的是，这些债券产生的利息将归JPYC所有，用户将无法获得任何利息收入。此举与目前市场上主流的美元计价稳定币（如USDC和Tether）有所不同，后者通常会将部分利润回馈给用户。</p><p>&nbsp;</p><h3><strong>JPYC将成首个日圆稳定币 该市场目前规模已超过2500亿美元</strong></h3><p>&nbsp;</p><p>此项批准标志着日本正式加入全球稳定币市场，该市场目前规模已超过2500亿美元（约37兆日圆）。日本政府此举的目标并非仅仅为了参与国际竞争，而是著眼于提升国际汇款和跨境交易的效率，期望透过日元计价稳定币实现更快、更便宜、更便捷的支付方式。</p><p>&nbsp;</p><p>JPYC将采用现有的公共区块链进行稳定币发行，而非自行开发新的区块链，此举有助于维持生态系统的开放性，避免形成新的封闭系统。 JPYC代表冈部典孝(Ryosuke Okabe)在X平台上指出，稳定币发行商对于政府债券的需求，将如同巨大的「吸收机器」，可能影响日本政府债券的利率，进而影响到整体的金融市场，例如贷款利率和房贷成本。</p><p>&nbsp;</p><p>然而，此项创新也伴随着一定的风险。 JPYC承认，在次级市场存在脱钩风险，尤其当支持稳定币的日本政府债券流动性下降或价值缩水时，稳定币价格可能低于1日元。虽然用户仍可将低于1日元的JPYC以全额赎回，但冈部良介也坦承，如果日本政府债券违约或价格崩溃，市场恐慌性抛售将使脱钩风险加剧，稳定币价格可能长时间维持在低于面值状态。</p><p>&nbsp;</p><p>为降低流动性短缺风险，JPYC必须在发行稳定币后一周内，存入最高发行价值的101%的存款，且需在三个营业日内完成。此项规定反映了日本监管机构对于稳定币风险管理的重视。</p><p>&nbsp;</p><p>总体而言，日本批准日圆计价稳定币发行，是全球稳定币市场发展的重要里程碑，但也突显出稳定币发行与监管之间的微妙平衡。 JPYC的模式，以及其所面临的风险与机遇，将为其他国家和地区的监管政策提供参考，也将影响未来稳定币市场的发展走向。</p>

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</div></div><p>日本金融服務廳（FSA）宣佈，將於今年秋季首次批准日圓計價<a href="https://cftime.io/chain-reaction-after-the-genius-act/">穩定幣</a>發行，此舉將為日本金融科技產業帶來重大變革。東京金融科技公司JPYC將成首個日圓穩定幣，並預計在月底前完成資金轉移營運商的註冊程序。</p><p>&nbsp;</p><p>JPYC穩定幣將以1:1的比例與日圓掛鉤，其價值將由銀行存款和日本政府債券提供支持。然而，值得注意的是，這些債券產生的利息將歸JPYC所有，用戶將無法獲得任何利息收入。此舉與目前市場上主流的美元計價穩定幣（如USDC和Tether）有所不同，後者通常會將部分利潤回饋給用戶。</p><p>&nbsp;</p><h3><strong>JPYC將成首個日圓穩定幣 該市場目前規模已超過2500億美元</strong></h3><p>&nbsp;</p><p>此項批准標誌著日本正式加入全球穩定幣市場，該市場目前規模已超過2500億美元（約37兆日圓）。日本政府此舉的目標並非僅僅為了參與國際競爭，而是著眼於提升國際匯款和跨境交易的效率，期望透過日元計價穩定幣實現更快、更便宜、更便捷的支付方式。</p><p>&nbsp;</p><p>JPYC將採用現有的公共區塊鏈進行穩定幣發行，而非自行開發新的區塊鏈，此舉有助於維持生態系統的開放性，避免形成新的封閉系統。JPYC代表岡部典孝(Ryosuke Okabe)<a href="https://x.com/noritaka_okabe/status/1955920555003273338">在X平台上指出</a>，穩定幣發行商對於政府債券的需求，將如同巨大的「吸收機器」，可能影響日本政府債券的利率，進而影響到整體的金融市場，例如貸款利率和房貸成本。</p><p>&nbsp;</p><p>然而，此項創新也伴隨著一定的風險。JPYC承認，在次級市場存在脫鉤風險，尤其當支持穩定幣的日本政府債券流動性下降或價值縮水時，穩定幣價格可能低於1日元。雖然用戶仍可將低於1日元的JPYC以全額贖回，但岡部良介也坦承，如果日本政府債券違約或價格崩潰，市場恐慌性拋售將使脫鉤風險加劇，穩定幣價格可能長時間維持在低於面值狀態。</p><p>&nbsp;</p><p>為降低流動性短缺風險，JPYC必須在發行穩定幣後一週內，存入最高發行價值的101%的存款，且需在三個營業日內完成。此項規定反映了日本監管機構對於穩定幣風險管理的重視。</p><p>&nbsp;</p><p>總體而言，日本批准日圓計價穩定幣發行，是全球穩定幣市場發展的重要里程碑，但也突顯出穩定幣發行與監管之間的微妙平衡。JPYC的模式，以及其所面臨的風險與機遇，將為其他國家和地區的監管政策提供參考，也將影響未來穩定幣市場的發展走向。</p>

Japan's Financial Services Agency approves JPYC as the first Japanese Yen stablecoin in autumn

日本金融厅秋季放行！ JPYC将成首个日圆稳定币

日本金融廳秋季放行！ JPYC將成首個日圓穩定幣

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</div></div><p>Apple Inc. announced on Wednesday that it will invest an additional $100 billion in U.S. manufacturing, bringing its total investment in the country to $600 billion over the next four years. This significant investment comes in the context of President Trump threatening to impose tariffs on imported chips and is seen as a strategic adjustment by Apple to avoid potential penalties and align with the White House's manufacturing goals.</p><p>&nbsp;</p><p>This investment continues Apple's commitment made in February to invest $500 billion in U.S. infrastructure. The new American Manufacturing Program will focus on enhancing domestic production capabilities for key components of Apple devices, including chips, component manufacturing, and rare earth mineral extraction. Apple CEO Tim Cook stated at a press conference with Trump at the White House that the new factory in Houston has already produced its first advanced AI server testing units last month.</p><p>&nbsp;</p><p>However, this move by Apple coincides with challenges facing its AI strategy. Since the release of "Apple Intelligence" in October 2024, progress has been slow, and in June, it was reported that the head of the foundational models division, Rouming Pang, had moved to Meta. Despite these challenges, Tim Cook emphasized that Apple will continue to expand its AI investments, including the construction of data centers in North Carolina, Nevada, Iowa, Arizona, and Oregon.</p><p>&nbsp;</p><p>Apple's massive investment is expected to create 450,000 jobs across all 50 states. Trump praised this initiative, stressing that the U.S. government will ensure Apple is treated fairly while reiterating that high tariffs will be imposed on chips and semiconductors not produced in the U.S. However, companies that produce or invest in the U.S. will be exempt from these tariffs.</p><p>&nbsp;</p><p>Apple's substantial investment aligns with actions taken by other tech giants. In January, OpenAI launched the $500 billion Stargate Project in collaboration with Oracle and SoftBank, while Nvidia committed to investing $500 billion in building AI supercomputers in the U.S. in April.</p><p>&nbsp;</p><p>The announcement has elicited mixed reactions in the market. Some praise Apple's move as beneficial for U.S. jobs and manufacturing, while others criticize it as catering to Trump's policies. Social media has seen both supportive and opposing voices, reflecting the complex perceptions of Apple's investment decision.</p>

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</div></div><p>苹果公司（Apple Inc.）周三宣布将额外投资1000亿美元于美国制造业，使其未来四年在美国的总投资额达到6000亿美元。苹果千亿投资美国制造，是在美国总统特朗普威胁对进口晶片加征关税的背景下发生的，被解读为苹果为规避潜在惩罚并配合白宫制造业目标的策略性调整。</p><p>&nbsp;</p><p>此次投资延续了苹果二月提出的5000亿美元投资美国基础设施的承诺。新的「美国制造计划」(American Manufacturing Program) 将重点放在提升苹果设备关键零组件的美国本土生产能力，涵盖晶片、组件生产以及稀土矿物开采等领域。苹果行政总裁 Tim Cook 在白宫与特朗普共同出席的记者会上表示，休士顿新建的工厂已于上月生产出首批先进AI伺服器测试机组。</p><h3>&nbsp;</h3><h3><strong>苹果千亿投资美国制造 正值其AI战略面临挑战之际</strong></h3><p>&nbsp;</p><p>然而，苹果此举也正值其AI战略面临挑战之际。自2024年10月发布的「Apple Intelligence」至今进展缓慢，6月更传出基础模型部门主管Rouming Pang跳槽至Meta的消息。尽管如此，Tim Cook仍强调苹果将持续扩大AI投资，包括增建位于北卡罗来纳州、内华达州、爱荷华州、亚利桑那州和俄勒冈州的数据中心。</p><p>&nbsp;</p><p>苹果此番大规模投资，预计将在全美50个州创造45万个就业机会。特朗普对此表示赞赏，并强调美国政府将确保苹果获得公平待遇，同时也重申将对未在美国生产的晶片和半导体征收高额关税，但已承诺在美生产或投资的企业将免除关税。</p><p>&nbsp;</p><p>苹果的巨额投资与其他科技巨头的行动相呼应。 OpenAI于1月与Oracle和SoftBank合作启动了价值5000亿美元的「星门计划」(Stargate Project)，Nvidia也在4月承诺投资5000亿美元用于建设美国AI超级电脑。</p><p>&nbsp;</p><p>此消息引发市场反应两极分化。部分人士赞扬苹果此举有助于提振美国就业和制造业，但也有人批评苹果此举是为了迎合特朗普政府的政策。社群媒体上出现了支持和反对的声音，反映出社会对苹果此项投资决策的复杂观感。</p>

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</div></div><p>蘋果公司（Apple Inc.）週三宣佈將額外投資1000億美元於美國製造業，使其未來四年在美國的總投資額達到6000億美元。蘋果千億投資美國製造，是在美國總統特朗普威脅對進口晶片加徵關稅的背景下發生的，被解讀為蘋果為規避潛在懲罰並配合白宮製造業目標的策略性調整。</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>此次投資延續了蘋果二月提出的5000億美元投資美國基礎設施的承諾。新的「美國製造計劃」(American Manufacturing Program) 將重點放在提升蘋果設備關鍵零組件的美國本土生產能力，涵蓋晶片、組件生產以及稀土礦物開採等領域。蘋果行政總裁 Tim Cook 在白宮與特朗普共同出席的記者會上表示，休士頓新建的工廠已於上月生產出首批先進AI伺服器測試機組。</p><h3>&nbsp;</h3><h3><strong>蘋果千億投資美國製造 正值其AI戰略面臨挑戰之際</strong></h3><p>&nbsp;</p><p>然而，蘋果此舉也正值其AI戰略面臨挑戰之際。自2024年10月發布的「<a href="https://cftime.io/apple-intelligence/">Apple Intelligence</a>」至今進展緩慢，6月更傳出基礎模型部門主管Rouming Pang跳槽至Meta的消息。儘管如此，Tim Cook仍強調蘋果將持續擴大AI投資，包括增建位於北卡羅來納州、內華達州、愛荷華州、亞利桑那州和俄勒岡州的數據中心。</p><p>&nbsp;</p><p>蘋果此番大規模投資，預計將在全美50個州創造45萬個就業機會。特朗普對此表示讚賞，並強調美國政府將確保蘋果獲得公平待遇，同時也重申將對未在美國生產的晶片和半導體徵收高額關稅，但已承諾在美生產或投資的企業將免除關稅。</p><p>&nbsp;</p><p>蘋果的巨額投資與其他科技巨頭的行動相呼應。OpenAI於1月與Oracle和SoftBank合作啟動了價值5000億美元的<a href="https://cftime.io/stargate/">「星門計劃」(Stargate Project)</a>，Nvidia也在4月承諾投資5000億美元用於建設美國AI超級電腦。</p><p>&nbsp;</p><p>此消息引發市場反應<a href="https://bsky.app/profile/jennofmanythings.bsky.social/post/3lvrjoqq76223">兩極分化</a>。部分人士讚揚蘋果此舉有助於提振美國就業和製造業，但也有人批評蘋果此舉是為了迎合特朗普政府的政策。社群媒體上出現了支持和反對的聲音，反映出社會對蘋果此項投資決策的複雜觀感。</p><p>&nbsp;</p>

Apple's 100 billion investment in US

AI战略受挫后的大转向！苹果千亿投资美国制造 是自救还是政治妥协？

AI戰略受挫後的大轉向！蘋果千億投資美國製造 是自救還是政治妥協？

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</div></div><p>Bitwise investment director Matt Hougan recently made a startling prediction: the Bitcoin bull run might be delayed until 2026, implying the death of the four-year Bitcoin cycle. This prediction immediately sparked heated debate in the market, as other analysts hold differing views on Bitcoin's price trajectory. Some believe Bitcoin will deviate from historical patterns, while others predict it will follow the halving cycle, peaking in the coming months.</p><p>&nbsp;</p><p>Currently, Bitcoin is priced at $118,169, with an increase of over 10% in the past 30 days. In a Friday X video, Hougan stated, "I think 2026 is going to be a year where Bitcoin's price goes up, and we might be in for a good few years." He argues that the traditional four-year halving cycle is invalidated, citing reasons such as the diminishing halving effect (halving impact decreases by half every four years) and favorable interest rate cycles. Since April, US President Trump has continuously pressured Federal Reserve Chairman Powell to cut interest rates, a potential positive for Bitcoin as lower rates reduce the attractiveness of traditional assets like bonds and fixed deposits to investors.</p><p>&nbsp;</p><p>Hougan further points out that the risk of a significant Bitcoin price correction has lessened due to a clearer regulatory environment and continued institutional investment. "The bust risk has diminished because of regulatory improvement and the institutionalization of the industry," he emphasized. He suggests that the early stages of institutional investment and ongoing regulatory processes hint at a higher-than-historical-trend upside potential for Bitcoin within this cycle. He concludes, "The long-term forces favoring Bitcoin will overwhelm the traditional 'four-year cycle' forces, and 2026 will be a good year."</p><p>&nbsp;</p><h3><strong>Bitcoin Bull Run Delayed to 2026, but "Significant Cyclical Risks Remain"</strong></h3><p>&nbsp;</p><p>However, Hougan acknowledges significant cyclical risks remain, primarily stemming from the rise of Bitcoin-holding companies. "This is something to watch, and it's a big deal," he said. Asset management firm VanEck echoed similar concerns, warning that companies accumulating Bitcoin through issuing new shares or taking on debt face extremely high risks, even potential liquidity crunches, during a significant Bitcoin price drop.</p><p>&nbsp;</p><p>Hougan predicts that Bitcoin's price gains will be steady rather than explosive in the short term. "I think this is more of a 'sustained steady boom' than a supercycle," he added. "I could be wrong, and I'm sure there will be significant volatility."</p><p>&nbsp;</p><h3><strong>Analysis: The Bitcoin Four-Year Cycle Theory No Longer Applies</strong></h3><p>&nbsp;</p><p>Hougan's perspective resonates with other recent market players. CryptoQuant CEO Ki Young Ju also believes the Bitcoin four-year cycle theory is "dead." He stated, "My prediction was based on this theory—buy when whales accumulate, sell when retail joins. But this pattern no longer applies. In the last cycle, whales sold to retail; this time, old whales sold to new long-term whales. Institutional investment is bigger than we thought."</p><p>&nbsp;</p><p>However, not all analysts agree. Crypto analyst Rekt Capital cautions that if Bitcoin follows the 2020 historical pattern, its price expansion might only have a few months left, potentially peaking in October (550 days after the April 2024 halving).</p>

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</div></div><p>Bitwise投资总监Matt Hougan近日抛出震撼预测：<a href="https://cftime.io/satoshi-nakamoto-ranks-11th-worlds-richest/">比特币</a>暴涨时机可能延后至2026年，这意味着比特币四年周期已死。此预测一出，立即引发市场热议，因其他分析师对于比特币价格走势看法分歧，有人认为比特币将偏离历史模式，也有人预测其将遵循减半周期，在未来几个月达到价格峰值。</p><p>&nbsp;</p><p>目前比特币价格为118,169美元，过去30天升幅逾一成。 Hougan在上周五的<a href="https://x.com/Matt_Hougan/status/1948709817125593227">X影片中明确表示</a>：「我认为2026年将是比特币价格上涨的一年，而且我们可能将迎来持续几年的好光景。」他认为，传统的四年减半周期已失效，原因包括：减半效应每四年递减一半，以及有利的利率周期。自四月以来，美国总统特朗普持续施压联准会主席鲍尔减息，此举被视为比特币的潜在利多，因为低利率将降低债券和定期存款等传统资产对投资人的吸引力。</p><p>&nbsp;</p><p>Hougan进一步指出，随着监管环境日趋明朗，以及机构投资者持续进场，比特币价格大幅回调的风险已降低。 「爆雷风险已减弱，原因在于监管改善和行业的制度化。」他强调，机构投资的早期阶段和持续的监管过程，都暗示比特币在本周期内的上涨潜力可能高于历史趋势。他总结道：「长期有利于比特币的力量将压倒传统『四年周期』力量，2026年将是好年景。」</p><p>&nbsp;</p><h3><strong>比特币暴涨时机延后至2026 惟「仍存在显著的周期性风险」</strong></h3><p>&nbsp;</p><p>然而，Hougan也坦言，比特币仍存在显著的周期性风险，其中最主要来自于比特币库存公司的兴起。 「这值得关注，而且影响重大。」他表示。资产管理公司VanEck也表达了类似的担忧，警告那些透过发行新股或举债累积比特币的公司，在比特币价格大幅下跌时，将面临极高的风险，甚至资金过度紧张。</p><p>&nbsp;</p><p>Hougan预测，比特币价格的涨势短期内将趋于稳定，而非剧烈上涨。 「我认为这更像是『持续稳定的繁荣』，而非超级周期。」他补充道：「我可能错了，而且我确信会有很大的波动性。」</p><h3>&nbsp;</h3><h3><strong>分析：比特币四年周期理论不再适用</strong></h3><p>&nbsp;</p><p>Hougan的观点与近期其他市场人士的看法产生共鸣。 CryptoQuant 行政总监纪永柱也认为比特币四年周期理论「已死」。他表示：「我的预测是基于此理论——鲸鱼累积时买入，散户加入时卖出。但这种模式不再适用。上一轮周期，鲸鱼卖给散户；这次，老鲸鱼卖给新的长期鲸鱼。机构投资的规模比我们想像的还要大。」</p><p>&nbsp;</p><p>然而，并非所有分析师都同意此观点。加密分析师Rekt Capital则警告，如果比特币遵循2020年的历史模式，其价格扩张可能只剩下几个月，并可能在10月份（2024年4月减半后的550天）达到峰值。</p>

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</div></div><p>Bitwise投資總監Matt Hougan近日拋出震撼預測：<a href="https://cftime.io/satoshi-nakamoto-ranks-11th-worlds-richest/">比特幣</a>暴漲時機可能延後至2026年，這意味著比特幣四年週期已死。此預測一出，立即引發市場熱議，因其他分析師對於比特幣價格走勢看法分歧，有人認為比特幣將偏離歷史模式，也有人預測其將遵循減半週期，在未來幾個月達到價格峰值。</p><p>&nbsp;</p><p>目前比特幣價格為118,169美元，過去30天升幅逾一成。Hougan在上週五的<a href="https://x.com/Matt_Hougan/status/1948709817125593227">X影片中明確表示</a>：「我認為2026年將是比特幣價格上漲的一年，而且我們可能將迎來持續幾年的好光景。」他認為，傳統的四年減半週期已失效，原因包括：減半效應每四年遞減一半，以及有利的利率週期。自四月以來，美國總統特朗普持續施壓聯準會主席鮑爾減息，此舉被視為比特幣的潛在利多，因為低利率將降低債券和定期存款等傳統資產對投資人的吸引力。</p><p>&nbsp;</p><p>Hougan進一步指出，隨著監管環境日趨明朗，以及機構投資者持續進場，比特幣價格大幅回調的風險已降低。「爆雷風險已減弱，原因在於監管改善和行業的制度化。」他強調，機構投資的早期階段和持續的監管過程，都暗示比特幣在本週期內的上漲潛力可能高於歷史趨勢。他總結道：「長期有利於比特幣的力量將壓倒傳統『四年週期』力量，2026年將是好年景。」</p><p>&nbsp;</p><h3><strong>比特幣暴漲時機延後至2026 惟「仍存在顯著的週期性風險」</strong></h3><p>&nbsp;</p><p>然而，Hougan也坦言，比特幣仍存在顯著的週期性風險，其中最主要來自於比特幣庫存公司的興起。「這值得關注，而且影響重大。」他表示。資產管理公司VanEck也表達了類似的擔憂，警告那些透過發行新股或舉債累積比特幣的公司，在比特幣價格大幅下跌時，將面臨極高的風險，甚至資金過度緊張。</p><p>&nbsp;</p><p>Hougan預測，比特幣價格的漲勢短期內將趨於穩定，而非劇烈上漲。「我認為這更像是『持續穩定的繁榮』，而非超級週期。」他補充道：「我可能錯了，而且我確信會有很大的波動性。」</p><h3>&nbsp;</h3><h3><strong>分析：比特幣四年週期理論不再適用</strong></h3><p>&nbsp;</p><p>Hougan的觀點與近期其他市場人士的看法產生共鳴。CryptoQuant 行政總監紀永柱也認為比特幣四年週期理論「已死」。他表示：「我的預測是基於此理論——鯨魚累積時買入，散戶加入時賣出。但這種模式不再適用。上一輪週期，鯨魚賣給散戶；這次，老鯨魚賣給新的長期鯨魚。機構投資的規模比我們想像的還要大。」</p><p>&nbsp;</p><p>然而，並非所有分析師都同意此觀點。加密分析師Rekt Capital則警告，如果比特幣遵循2020年的歷史模式，其價格擴張可能只剩下幾個月，並可能在10月份（2024年4月減半後的550天）達到峰值。</p>

Bitcoin's four-year cycle theory is dead?

比特币四年周期理论「已死」三大关键原因曝光

比特幣四年週期理論「已死」三大關鍵原因曝光

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</div></div><p>&nbsp;</p><p>ApeX Protocol has released a data analysis ranking the most influential figures in cryptocurrency, with Tesla CEO Elon Musk surpassing Donald Trump to become the most influential person in the field. His $2 billion in cryptocurrency assets and 221.2 million social media followers far exceed those of other competitors.</p><p>The report notes that Trump ranks second with $1.34 million in cryptocurrency assets and 142.7 million followers. Salvadoran President Nayib Bukele comes in third with $8.44 million in cryptocurrency assets and 17.6 million followers. It’s worth mentioning that there is only one woman in the top ten, Senator Cynthia Lummis, as well as one non-U.S. leader, Bukele.</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/07/image-12-1024x397.png" alt=""></figure><h3>&nbsp;</h3><p>The influence index from ApeX Protocol shows that fame and follower count are significantly more important than mere wealth. Musk's leading position is based on his substantial cryptocurrency assets and expansive social media influence. Trump follows closely, with his influence primarily stemming from his active promotion of pro-cryptocurrency policies.</p><p>President Bukele maintains a top-three position due to his early adoption of Bitcoin and ongoing social media engagement. Following him are former presidential candidate Robert F. Kennedy Jr. and several U.S. Congress members who actively advocate for pro-cryptocurrency policies.</p><h3>Musk’s Cryptocurrency Strategy: A Blend of Bitcoin, Dogecoin, and Political Strategy</h3><p>Musk actively enhances his influence in the cryptocurrency space. On July 7, 2025, he announced the formation of a new "American Party" and confirmed on the X platform that the party would "embrace Bitcoin," bluntly stating that "fiat currency is hopeless."</p><p>Musk holds a significant amount of Bitcoin through Tesla: in early 2021, Tesla purchased $1.5 billion worth of Bitcoin and currently holds approximately 11,509 BTC (valued at about $1.26 billion). His public support for Dogecoin has also consistently influenced market fluctuations; for example, after announcing the formation of his political party, Dogecoin’s price rose by 5%. He frequently tweets about mysterious meme coins and payment hints, with past posts like "$Doge" causing significant price spikes or drops.</p><p>Even the feud between Musk and Trump relates to cryptocurrency: on July 1, Trump jokingly stated on social media that "DOGE should take a close look at Musk's company," highlighting how cryptocurrency has become a focal point in their social media war.</p><h3>Trump’s Cryptocurrency Plans: Bitcoin Reserves and Active Policy Promotion</h3><p>Ranking second, Trump actively promotes pro-cryptocurrency policies. On his first day back in office, he signed an executive order to establish a U.S. Strategic Bitcoin Reserve and digital asset reserves, aimed at using seized cryptocurrencies as reserve assets and pledging to make the U.S. the "crypto capital of the world." His plan proposed in March 2025 sparked a market rebound, with Bitcoin prices soaring 10% to reach $94,000—leading to increases in Cardano, Solana, and Ripple as well, as he listed them among reserve assets.</p><p>In early March, Trump hosted a White House cryptocurrency summit to reverse the previous administration's crackdown and lobbied Congress to pass pro-cryptocurrency legislation, publicly urging Republicans in mid-July to support a landmark cryptocurrency bill, stating on social media: "The House will soon vote on a bill that makes America the undisputed leader in digital assets—digital assets are the future."</p><p>However, this plan has faced resistance within the Republican Party: a small group of conservative House members briefly stalled the debate on Trump-supported cryptocurrency bills (the GENIUS Act and related measures). Nevertheless, Trump's administration's strong stance in favor of cryptocurrency keeps him at the forefront of the influence ranking. His nomination of Robert F. Kennedy Jr. as Secretary of Health and Human Services, along with Musk being viewed as a potential SEC chair, further solidifies this influence.</p><h3>Influence of Other Political Figures and Independents</h3><p>In addition to Musk and Trump, the report mentions other influential figures, such as Salvadoran President Bukele, whose early Bitcoin adoption and ongoing social media interaction maintain his influence. U.S. Senator Cynthia Lummis, as chair of the Senate Digital Assets Subcommittee, actively promotes pro-cryptocurrency legislation, such as reintroducing the "Bitcoin Bill" in March 2025 and assisting with the GENIUS stablecoin bill, securing her position on the list. Vice President J.D. Vance and Texas Congressman Ted Cruz also rank highly due to their pro-cryptocurrency policies. Additionally, Robert F. Kennedy Jr.’s public support for Bitcoin has elevated his influence.</p><h3>The Evolution of Regulation, Legislation, and Influence</h3><p>The regulatory wave of the first half of 2025, along with debates in Congress over cryptocurrency legislation, affects the influence rankings in the cryptocurrency space. Regulatory dynamics in places like Hong Kong, Singapore, and Brazil are also significant. All these political factors impact the influence of individuals who support or appear to support cryptocurrency. For example, the departure of former SEC nominee Jay Clayton paves the way for a pro-cryptocurrency SEC chair as promised by Trump. Progress on the "Bitcoin Bill" and the "GENIUS Act" will further influence the standing of related political figures.</p><p>In conclusion, the current power brokers in the cryptocurrency space are not limited to founders of coins or executives of exchanges but are a mix of tech billionaires, media figures, and politicians who are collectively shaping the future of this field.</p>

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</div></div><p>ApeX Protocol发布的数据分析公布加密货币最具影响力排行榜，特斯拉行政总裁马斯克赢川普，成为加密货币领域最具影响力人物，其20亿美元的加密货币资产和2.212亿社群媒体粉丝数，远超其他竞争者。</p><p>&nbsp;</p><p>报告指出，川普以134万美元的加密货币资产和1.427亿粉丝数位居第二。萨尔瓦多总统Nayib Bukele则以844万美元的加密货币资产和1,760万粉丝数排名第三。值得关注的是，前十名中仅有一位女性，参议员Cynthia Lummis，以及一位非美国领导人Bukele。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/07/image-12-1024x397.png" alt=""></figure><p><strong>加密货币最具影响力排行榜。</strong></p><p>&nbsp;</p><p>ApeX Protocol的影响指数显示，名气和粉丝数的重要性远超单纯的财富。 马斯克的领先地位，正是基于其庞大的加密货币资产和广大的社群媒体影响力。川普紧随其后，其影响力主要来自其积极推动的亲加密货币政策。</p><p>&nbsp;</p><p>萨尔瓦多总统 Bukele则凭借其早期的比特币采用和持续的社群媒体互动，稳居前三名。 紧随其后的是前总统候选人小罗伯特·F·肯尼迪以及其他几位积极推动亲加密货币政策的美国国会议员。</p><p>&nbsp;</p><p>加密货币最具影响力排行榜！马斯克的加密货币策略：比特币、狗狗币与政治策略的结合</p><p>&nbsp;</p><p>马斯克积极提升在加密货币领域的影响力。 2025年7月7日，他宣布成立一个新的“美国党”，并在X平台上确认该党将“拥抱比特币”，更直言“法币已无望”。</p><p>&nbsp;</p><p>马斯克透过特斯拉持有大量比特币：2021年初，特斯拉斥资15亿美元购买比特币，至今仍持有约11,509个比特币（价值约12.6亿美元）。他公开支持狗狗币的历史，也持续影响市场波动，例如，在其宣布成立政党后，狗狗币价格上涨了5%。他经常发布关于神秘迷因币和支付暗示的推文，他过去的「$Doge」贴文曾引发价格大幅上涨或下跌。</p><p>&nbsp;</p><p>甚至马斯克与川普之间的纷争也与加密货币有关：7月1日，川普在其社群媒体上戏谑地表示，「DOGE应该仔细审视马斯克的公司」，突显加密货币已成为他们社群媒体战争的焦点。</p><p>&nbsp;</p><h3>川普的加密货币计画：比特币储备与积极的政策推动</h3><p>&nbsp;</p><p>排名第二的川普，积极推动亲加密货币政策。去年再次就任美国总统第一天，他就签署行政命令，成立美国战略比特币储备和数位资产储备，旨在将政府查封的加密货币作为储备资产，并誓言让美国成为「世界加密货币之都」。他于2025年3月提出的计划，引发了市场反弹——比特币价格飙升10%，达到94,000美元——卡尔达诺、索拉纳和瑞波币也随之上涨，因为他将它们列入储备名单。</p><p>&nbsp;</p><p>川普还在3月初召开了白宫加密货币峰会，扭转了前政府的打压行动，并大力游说国会通过亲加密货币的法案，例如在7月中旬公开敦促共和党通过具有里程碑意义的加密货币法案，并在社交媒体上表示：“众议院很快将就一项让美国成为数字资产领域无可争议的领导者的法案进行投票——数字资产是未来投票。</p><p>&nbsp;</p><p>然而，这项计画也遭遇了共和党内部的阻力：一小部分保守派众议院议员曾 briefly 阻止了川普支持的加密货币法案（GENIUS法案及相关措施）的辩论。尽管如此，川普政府积极支持加密货币的立场，使其在加密货币影响力榜上保持领先地位。 其提名人小罗伯特·F·肯尼迪担任卫生与公共服务部长，以及马斯克被视为潜在的证券交易委员会主席，都强化了这种影响力。</p><h3>&nbsp;</h3><h3>其他政治人物及独立人物的影响力</h3><p>&nbsp;</p><p>除了马斯克和川普，报告中还提及其他有影响力的人物，例如萨尔瓦多总统Bukele，他早期的比特币采用和持续的社群媒体互动，使其影响力持续存在。 美国参议员Cynthia Lummis作为参议院数字资产小组委员会主席，积极推动亲加密货币法案，例如在2025年3月重新提出“比特币法案”，以及协助推动GENIUS稳定币法案，也使其在榜单上占有一席之地。 美国副总统J.D. Vance和德州众议员Ted Cruz也因其亲加密货币政策而名列前茅。 此外，小罗伯特·F·肯尼迪作为公开的比特币支持者，其政治立场也提升了他的影响力。</p><p>&nbsp;</p><h3>监管、立法与影响力的演变</h3><p>&nbsp;</p><p>2025年上半年的监管浪潮，以及美国国会关于加密货币法案的辩论，都影响着加密货币领域的影响力排名。 香港、新加坡和巴西等地的监管动态也同样重要。 所有这些政治因素，都会影响那些支持或似乎支持加密货币的人物之影响力。 例如，前证券交易委员会提名人Jay Clayton的离职，为川普承诺的亲加密货币证券交易委员会主席铺平了道路。 「比特币法案」和「GENIUS法案」的进展，也会进一步影响相关政治人物的影响力。</p><p>&nbsp;</p><p>总而言之，目前加密货币领域的权力掮客，并非仅限于币圈创始人或交易所行政总裁，而是科技亿万富翁、媒体人物和政治人物的混合体，他们正共同塑造这个领域的未来。</p>

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</div></div><p><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQk2WeflN9espF70lonMGah905afogRdp7onwfBGA98BSgfgONDcBieQjOOvxIBTmQMA9X3QMY2wiB1/pubhtml#">ApeX Protocol發布的</a>數據分析公佈加密貨幣最具影響力排行榜，特斯拉行政總裁<a href="https://cftime.io/teslas-bitcoin-holdings/">馬斯克</a>贏特朗普，成為加密貨幣領域最具影響力人物，其20億美元的加密貨幣資產和2.212億社群媒體粉絲數，遠超其他競爭者。</p><p>&nbsp;</p><p>報告指出，特朗普以134萬美元的加密貨幣資產和1.427億粉絲數位居第二。薩爾瓦多總統Nayib Bukele則以844萬美元的加密貨幣資產和1760萬粉絲數排名第三。值得關注的是，前十名中僅有一位女性，參議員Cynthia Lummis，以及一位非美國領導人Bukele。</p><p>&nbsp;</p><figure class="image"><img src="https://cftime.io/wp-content/uploads/2025/07/image-12-1024x397.png" alt=""></figure><p><strong>加密貨幣最具影響力排行榜。</strong></p><p>&nbsp;</p><p>ApeX Protocol的影響力指數顯示，名氣和粉絲數的重要性遠超單純的財富。 馬斯克的領先地位，正是基於其龐大的加密貨幣資產和廣大的社群媒體影響力。特朗普緊隨其後，其影響力主要來自其積極推動的親加密貨幣政策。</p><p>&nbsp;</p><p><a href="https://cftime.io/el-salvador-bitcoin-strategy-2/">薩爾瓦多</a>總統 Bukele則憑藉其早期的比特幣採用和持續的社群媒體互動，穩居前三。 緊隨其後的是前總統候選人小羅伯特·F·甘迺迪以及其他幾位積極推動親加密貨幣政策的美國國會議員。</p><p>&nbsp;</p><p>加密貨幣最具影響力排行榜！<strong>馬斯克的加密貨幣策略：比特幣、狗狗幣與政治策略的結合</strong></p><p>&nbsp;</p><p>馬斯克積極提升其在加密貨幣領域的影響力。2025年7月7日，他宣布成立一個新的「美國黨」，並在X平台上確認該黨將「擁抱比特幣」，更直言「法幣已無望」。</p><p>&nbsp;</p><p>馬斯克通過特斯拉持有大量比特幣：2021年初，特斯拉斥資15億美元購買比特幣，<a href="https://cftime.io/tesla-holds-bitcoin-value/">至今仍持有約11,509個比特幣（價值約12.6億美元）</a>。他公開支持狗狗幣的歷史，也持續影響著市場波動，例如，在其宣布成立政黨後，狗狗幣價格上漲了5%。他經常發佈關於神秘迷因幣和支付暗示的推文，他過去的「$Doge」貼文曾引發價格大幅上漲或下跌。</p><p>&nbsp;</p><p>甚至馬斯克與特朗普之間的紛爭也與加密貨幣有關：7月1日，特朗普在其社群媒體上戲謔地表示，「DOGE應該仔細審視一下馬斯克的公司」，突顯加密貨幣已成為他們社群媒體戰爭的焦點。</p><p>&nbsp;</p><h3><strong>特朗普的加密貨幣計劃：比特幣儲備與積極的政策推動</strong></h3><p>&nbsp;</p><p>排名第二的<a href="https://cftime.io/410k-btc/">特朗普</a>，積極推動親加密貨幣政策。去年再次就任美國總統第一天，他就簽署行政命令，成立美國戰略比特幣儲備和數位資產儲備，旨在將政府查封的加密貨幣作為儲備資產，並誓言讓美國成為「世界加密貨幣之都」。他於2025年3月提出的計劃，引發了市場反彈——比特幣價格飆升10%，達到94,000美元——卡爾達諾、索拉納和瑞波幣也隨之上漲，因為他將它們列入儲備名單。</p><p>&nbsp;</p><p>特朗普還於3月初召開了白宮加密貨幣峰會，扭轉了前任政府的打壓行動，並大力遊說國會通過親加密貨幣的法案，例如在7月中旬公開敦促共和黨通過具有里程碑意義的加密貨幣法案，並在社群媒體上表示：「眾議院很快將就一項讓美國成為數位資產領域無可爭議的領導者的法案進行投票——數位資產是未來。」</p><p>&nbsp;</p><p>然而，這一計劃也遭遇了共和黨內部的阻力：一小部分保守派眾議院議員曾 briefly 阻止了特朗普支持的加密貨幣法案（GENIUS法案及相關措施）的辯論。儘管如此，特朗普政府積極支持加密貨幣的立場，使其在加密貨幣影響力榜單上保持領先地位。 其提名人小羅伯特·F·甘迺迪擔任衛生與公共服務部長，以及馬斯克被視為潛在的證券交易委員會主席，都強化了這種影響力。</p><p>&nbsp;</p><h3><strong>其他政治人物及獨立人物的影響力</strong></h3><p>&nbsp;</p><p>除了馬斯克和特朗普，報告還提及其他具有影響力的人物，例如薩爾瓦多總統Bukele，他早期的比特幣採用和持續的社群媒體互動，使其影響力持續存在。 美國參議員Cynthia Lummis作為參議院數位資產小組委員會主席，積極推動親加密貨幣法案，例如在2025年3月重新提出「比特幣法案」，以及協助推動GENIUS穩定幣法案，也使其在榜單上佔有一席之地。 美國副總統J.D. Vance和德州眾議員Ted Cruz也因其親加密貨幣政策而位列前茅。 此外，小羅伯特·F·甘迺迪作為公開的比特幣支持者，其政治立場也提升了他的影響力。</p><p>&nbsp;</p><h3><strong>監管、立法與影響力的演變</strong></h3><p>&nbsp;</p><p>2025年上半年的監管浪潮，以及美國國會關於加密貨幣法案的辯論，都影響著加密貨幣領域的影響力排名。 香港、新加坡和巴西等地的監管動態也同樣重要。 所有這些政治因素，都會影響那些支持或似乎支持加密貨幣的人物之影響力。 例如，前證券交易委員會提名人Jay Clayton的離職，為特朗普承諾的親加密貨幣證券交易委員會主席鋪平了道路。「比特幣法案」和「GENIUS法案」的進展，也會進一步影響相關政治人物的影響力。</p><p>&nbsp;</p><p>總而言之，目前加密貨幣領域的權力掮客，並非僅限於幣圈創始人或交易所行政總裁，而是科技億萬富翁、媒體人物和政治人物的混合體，他們正共同塑造著這個領域的未來。</p>

Musk surpasses Trump to become the most influential person in crypto

马斯克超越川普 成加密货币影响力最大人物

馬斯克超越特朗普，成加密貨幣影響力最大人物

馬斯克超越特朗普 成加密貨幣影響力最大人物

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</div></div><p>According to the Financial Times, U.S. President Donald Trump plans to issue an upcoming executive order that would allow cryptocurrencies, gold, private equity, and other "alternative investments" to be included in the U.S. 401(k) retirement plans. This move is expected to have a significant impact on the U.S. retirement investment market.</p><p>&nbsp;</p><p>The report cites three informed sources indicating that once Trump’s executive order goes into effect, regulatory bodies will need to carefully review existing regulations to address barriers preventing alternative investments from entering professionally managed 401(k) retirement funds.</p><p>&nbsp;</p><p>This initiative comes as other federal agencies in the U.S. have recently relaxed their stance on allowing cryptocurrencies in retirement funds. Earlier reports indicated that the Department of Labor rescinded previous guidance on May 28, which had cautioned fund managers to be "extremely cautious" before incorporating cryptocurrencies into investment strategies. The Department of Labor claimed this move aimed to correct what it described as the Biden administration's "overreach."</p><p>&nbsp;</p><p>Members of Congress have also attempted to expand the acceptable investment options for 401(k) plans to include cryptocurrencies and other alternative assets. In 2022, Michigan Republican Representative Peter Meijer introduced the Retirement Savings Modernization Act, aimed at amending the Employee Retirement Income Security Act of 1974 to include digital assets, private equity, and venture capital; however, the bill ultimately did not receive a vote.</p><p>&nbsp;</p><p>According to the Investment Company Institute, as of March, Americans held approximately $8.7 trillion in 401(k) retirement funds. The 401(k) plan allows employees to transfer a portion of their wages into tax-deferred investment accounts, with employers often providing matching contributions.</p><p>&nbsp;</p><h3><strong>Some State Governments Begin Allowing Retirement Funds to Buy Bitcoin</strong></h3><p>&nbsp;</p><p>Some state governments have started to allow or are considering allowing digital assets to be included in state retirement investment plans. For example, the North Carolina legislature proposed two bills in March allowing up to 5% of specific retirement fund balances to be invested in cryptocurrencies. The Michigan Retirement System disclosed in 2024 that it holds approximately $6.6 million in ARKB Bitcoin ETF and $10 million in Ethereum ETF investments; the Wisconsin Investment Board revealed holdings worth $163 million in spot Bitcoin ETFs.</p><p>&nbsp;</p><p>Trump's potential executive order would have a profound impact on the U.S. retirement investment market and is expected to prompt a reevaluation of regulatory and investment strategies. However, the specific details of this initiative and its ultimate implementation remain to be seen.</p>

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</div></div><p>据《金融时报》报道，美国总统特朗普计划透过一项即将发布的行政命令，允许将加密货币、黄金、私募股权及其他「另类投资」纳入美国的401(k)退休计划。此举将对美国退休投资市场产生重大影响。</p><p>&nbsp;</p><p>报道引述三位知情人士指出，特朗普的行政命令一旦生效，监管机构将需要仔细审查现有法规，以解决阻碍另类投资进入专业管理的401(k)退休基金的障碍。</p><p>&nbsp;</p><p>此举正值美国联邦政府其他机构近期放宽加密货币进入退休基金立场之际。 早前报道指，劳工部于5月28日撤销了先前发布的指引，该指引曾告诫基金经理在将加密货币纳入投资策略前应「极度谨慎」。劳工部声称此举旨在纠正拜登政府的「越权」行为。</p><p>&nbsp;</p><p>国会方面也曾有议员尝试扩大401(k)计划可接受的投资范围，纳入加密货币等另类资产。 2022年，密歇根州共和党众议员 Rep. Peter Meijer 提出的《退休储蓄现代化法案》(Retirement Savings Modernization Act) 旨在修订1974年《雇员退休收入保障法案》(Employee Retirement Income Security Act of 1974)，将数位资产、私募股权、风险投资等纳入其中，但该法案最终未能获得投票表决。</p><p>&nbsp;</p><p>根据投资公司协会（Investment Company Institute）数据，截至3月份，美国人持有约8.7万亿美元的401(k)退休基金。 401(k)计划允许雇员将部分工资转入免税投资账户，通常雇主也会提供相应供款。</p><p>&nbsp;</p><h3><strong>部分州政府已开始允许退休金买比特币</strong></h3><p>&nbsp;</p><p>部分州政府已开始允许或正考虑允许将数位资产纳入州立退休投资计划。例如，北卡罗来纳州议会在3月份提出两项法案，允许将特定退休基金余额的最多5%投资于加密货币。 密歇根州退休系统在2024年披露，持有约660万美元的ARKB比特币ETF和1000万美元的以太坊ETF投资；威斯康星州投资委员会则透露，持有价值1.63亿美元的现货比特币ETF。</p><p>&nbsp;</p><p>特朗普此项潜在的行政命令，将对美国退休投资市场带来深远影响，预计将引发市场对监管及投资策略的重新评估。 然而，此举的具体细节及最终能否实施，仍有待观察。</p>

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</div></div><p><a href="https://www.ft.com/content/07906211-5ab8-4917-bcad-5397c0bc3170">據《金融時報》報道</a>，美國總統特朗普計劃透過一項即將發佈的行政命令，允許將加密貨幣、黃金、私募股權及其他「另類投資」納入美國的401(k)退休計劃。此舉將對美國退休投資市場產生重大影響。</p><p>&nbsp;</p><p>報道引述三位知情人士指出，<a href="https://cftime.io/three-major-u-s-crypto-regulation-bills/">特朗普</a>的行政命令一旦生效，監管機構將需要仔細審查現有法規，以解決阻礙另類投資進入專業管理的401(k)退休基金的障礙。</p><p>&nbsp;</p><p>此舉正值美國聯邦政府其他機構近期放寬加密貨幣進入退休基金立場之際。 早前報道指，勞工部於5月28日撤銷了先前發佈的指引，該指引曾告誡基金經理在將加密貨幣納入投資策略前應「極度謹慎」。勞工部聲稱此舉旨在糾正拜登政府的「越權」行為。</p><p>&nbsp;</p><p>國會方面也曾有議員嘗試擴大401(k)計劃可接受的投資範圍，納入加密貨幣等另類資產。2022年，密歇根州共和黨眾議員 Rep. Peter Meijer 提出的《退休儲蓄現代化法案》(Retirement Savings Modernization Act) 旨在修訂1974年《僱員退休收入保障法案》(Employee Retirement Income Security Act of 1974)，將數位資產、私募股權、風險投資等納入其中，但該法案最終未能獲得投票表決。</p><p>&nbsp;</p><p><a href="https://www.ici.org/statistical-report/ret_25_q1#:~:text=Americans%20held%20%2412.2%20trillion%20in,in%20401(k)%20plans.">根據投資公司協會（Investment Company Institute）數據，截至3月份</a>，美國人持有約8.7萬億美元的401(k)退休基金。401(k)計劃允許僱員將部分工資轉入免稅投資賬戶，通常僱主也會提供相應供款。</p><p>&nbsp;</p><h3>部分州政府已開始允許退休金買比特幣</h3><p>&nbsp;</p><p>部分州政府已開始允許或正考慮允許將數位資產納入州立退休投資計劃。例如，<a href="https://cftime.io/americans-do-not-support-us-cryptocurrency-reserve-plan/">北卡羅來納州</a>議會在3月份提出兩項法案，允許將特定退休基金餘額的最多5%投資於加密貨幣。 密歇根州退休系統在2024年披露，持有約660萬美元的ARKB比特幣ETF和1000萬美元的以太坊ETF投資；威斯康星州投資委員會則透露，持有價值1.63億美元的現貨比特幣ETF。</p><p>&nbsp;</p><p>特朗普此項潛在的行政命令，將對美國退休投資市場帶來深遠影響，預計將引發市場對監管及投資策略的重新評估。 然而，此舉的具體細節及最終能否實施，仍有待觀察。</p>

Trump's executive order unlocks 401(k) investments in crypto

特朗普行政命令解锁401(k)投资加密货币，市场准备迎接史诗级流动性

特朗普行政命令『解鎖』401(k)投資加密貨幣，市場準備迎接史詩級流動性

特朗普行政命令解鎖401(k)投資加密貨幣 市場準備迎接史詩級流動性

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</div></div><p>Bitcoin's price has broken through $120,000. Despite this astronomical rise, several on-chain indicators suggest that the current bull market is not overheating but rather indicates potential for continued growth.</p><p>&nbsp;</p><h3><strong>Bitcoin Soars as On-Chain Data Indicates Bull Market Sustainability</strong></h3><p>&nbsp;</p><p>Compared to the price peaks before March and December 2024, the current Bitcoin price surge exhibits different characteristics. In previous peaks, the Market Value to Realized Value (MVRV) ratio spiked above 2.7, reflecting high market speculation. However, the current MVRV ratio is only 2.2, indicating a relatively stable market environment.</p><p>&nbsp;</p><p>Data from CryptoQuant shows that short-term holders (those holding for less than a month) currently make up only 15% of the market, significantly lower than the 30% seen during prior price peaks. This suggests limited inflow of new funds and a relatively cautious investor sentiment. Additionally, the Short-Term Holder Profit and Loss Ratio (SOPR) indicates that recent buyers are not actively selling, resulting in relatively low selling pressure.</p><p>&nbsp;</p><p>The Miner Position Index (MPI) has also continued to decline, indicating that miners prefer to hold Bitcoin rather than sell, contrasting with the past phenomenon where rising prices prompted significant selling by miners.</p><p>&nbsp;</p><h3><strong>Institutional Investors Driving Growth, Not Speculative Trading</strong></h3><p>&nbsp;</p><p>CryptoQuant analysis indicates that the recent Bitcoin price increase is not driven by speculative trading but may be supported by strategic adoption by nations and corporations, suggesting a structurally different bull market cycle. Analysts emphasize that relying solely on historical patterns for on-chain data analysis is insufficient and requires deeper contextual interpretation. With no signs of overheating after breaking new highs, there is significant potential for further price increases in the medium to long term.</p><p>&nbsp;</p><h3><strong>Exchange Balances Continue to Decline, Reducing Sell-Off Risks</strong></h3><p>&nbsp;</p><p>Data from Santiment shows that despite Bitcoin's price rising nearly 20% since the low on June 22, traders have not been transferring large amounts of Bitcoin back to exchanges. Instead, holders are continuously moving Bitcoin to self-custody wallets. Over the past four months, exchange Bitcoin balances have decreased by 315,830 BTC, a drop of 21%; since July 2020, they have decreased by 1.88 million BTC, a decline of 61%. The ongoing decrease in exchange balances reduces the risk of large-scale sell-offs, indicating that long-term investors are more inclined to hold.</p><p>&nbsp;</p><p>In conclusion, while Bitcoin's price has reached a historic high, multiple on-chain data indicators suggest that this bull market differs from previous ones, exhibiting higher sustainability and potential for long-term development. However, market risks remain, and investors should remain cautious.</p>

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</div></div><p>比特币(BTC)价格突破12万美元，创下历史新高。尽管比特币冲破天际，但多项链上指标显示，当前牛市并未过热，反而暗示着持续增长的潜力。</p><p>&nbsp;</p><h3>比特币冲破天际 链上数据显示牛市可持续性</h3><p>&nbsp;</p><p>与2024年3月和12月之前的价格峰值相比，此次比特币价格上涨呈现出不同的特征。 以往峰值时，市值与实现价格比率 (MVRV) 曾飙升至2.7以上，反映市场投机情绪高涨。然而，目前MVRV比率仅为2.2，显示市场环境相对稳定。</p><p>&nbsp;</p><p>CryptoQuant的数据显示，短期持有者（持有时间少于一个月）目前仅占市场的15%，远低于先前价格高点时的30%。这意味着新增资金流入有限，投资者态度相对谨慎。 同时，短期持有者的短期持有者盈亏比率 (SOPR) 表明近期买家并未积极抛售，卖压相对低迷。</p><p>&nbsp;</p><p>矿工持仓指数 (MPI) 也持续下跌，显示矿工倾向于持有比特币而非抛售，与过去价格上涨引发矿工大量抛售的现象形成鲜明对比。</p><p>&nbsp;</p><h3>机构投资者推动，而非投机炒作</h3><p>&nbsp;</p><p>CryptoQuant分析指出，此次比特币价格上涨并非由投机炒作驱动，而是可能受到国家和企业战略性采用的支持，暗示着一个结构性不同的牛市周期。 分析师强调，单纯依靠历史模式分析链上数据已不足够，需要更深入的情境化解读。 由于突破新高未出现过热迹象，中长期价格进一步上涨的潜力巨大。</p><h3>&nbsp;</h3><h3>交易所余额持续下降，降低抛售风险</h3><p>&nbsp;</p><p>Santiment数据显示，尽管比特币价格自6月22日低点上涨近20%，但交易者并未将比特币大量转回交易所。 相反，持有者持续将比特币转移至自托管钱包。过去四个月，交易所比特币余额减少了315,830个BTC，降幅达21%；自2020年7月以来，减少了188万个BTC，降幅达61%。交易所余额的持续下降，降低了大规模抛售的风险，显示长期投资者更倾向于长期持有。</p><p>&nbsp;</p><p>总而言之，尽管比特币价格创下历史新高，但多项链上数据指标显示，此次牛市与以往不同，其可持续性较高，并可能拥有更长远的发展潜力。 然而，市场风险依然存在，投资者仍需保持谨慎。</p>

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</div></div><p><a href="https://cftime.io/bitcoin-breaks-through-110k/">比特幣</a>(BTC)價格突破12萬美元，創下歷史新高。儘管比特幣衝破天際，但多項鏈上指標顯示，當前牛市並未過熱，反而暗示著持續增長的潛力。</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>比特幣衝破天際 <strong>鏈上數據顯示牛市可持續性</strong></h3><p>&nbsp;</p><p>與2024年3月和12月之前的價格峰值相比，此次比特幣價格上漲呈現出不同的特徵。 以往峰值時，市值與實現價格比率 (MVRV) 曾飆升至2.7以上，反映市場投機情緒高漲。然而，目前MVRV比率僅為2.2，顯示市場環境相對穩定。</p><p>&nbsp;</p><p><a href="https://cryptoquant.com/insights/quicktake/68703bb04cb15045bedc7859-New-All-Time-High-Without-Overheating-On-Chain-Data-Suggests-Room-for-Further-Gr">CryptoQuant的數據顯示</a>，短期持有者（持有時間少於一個月）目前僅佔市場的15%，遠低於先前價格高點時的30%。這意味著新增資金流入有限，投資者態度相對謹慎。 同時，短期持有者的短期持有者盈虧比率 (SOPR) 表明近期買家並未積極拋售，賣壓相對低迷。</p><p>&nbsp;</p><p>礦工持倉指數 (MPI) 也持續下跌，顯示礦工傾向於持有比特幣而非拋售，與過去價格上漲引發礦工大量拋售的現象形成鮮明對比。</p><p>&nbsp;</p><h3><strong>機構投資者推動，而非投機炒作</strong></h3><p>&nbsp;</p><p>CryptoQuant分析指出，此次比特幣價格上漲並非由投機炒作驅動，而是可能受到國家和企業戰略性採用的支持，暗示著一個結構性不同的牛市週期。 分析師強調，單純依靠歷史模式分析鏈上數據已不足夠，需要更深入的情境化解讀。 由於突破新高未出現過熱跡象，中長期價格進一步上漲的潛力巨大。</p><h3>&nbsp;</h3><h3><strong>交易所餘額持續下降，降低拋售風險</strong></h3><p>&nbsp;</p><p>Santiment數據顯示，儘管比特幣價格自6月22日低點上漲近20%，但交易者並未將比特幣大量轉回交易所。 相反，持有者持續將比特幣轉移至自託管錢包。過去四個月，交易所比特幣餘額減少了315,830個BTC，降幅達21%；自2020年7月以來，減少了188萬個BTC，降幅達61%。交易所餘額的持續下降，降低了大規模拋售的風險，顯示長期投資者更傾向於長期持有。</p><p>&nbsp;</p><p>總而言之，儘管比特幣價格創下歷史新高，但多項鏈上數據指標顯示，此次牛市與以往不同，其可持續性較高，並可能擁有更長遠的發展潛力。 然而，市場風險依然存在，投資者仍需保持謹慎。</p>

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