原文作者：Murphy，链上数据分析师

筹码结构决定着 BTC 价格回调的下限

每一次推动市场情绪变化的事件发生，都伴随链上换手量的突然暴涨。经过数据筛选，把同一实体地址集群的转账剔除后，通常每日链上真实换手量大致在 10w 枚 BTC 左右（7 日平均），工作日多一些，周末少一些；如果超过 15w 枚，就是一个「非正常」的数据。

例如，2022 年 5 月 Luna 暴雷、2022 年 11 月 FTX 暴雷以及 2023 年 3 月至 4 月 Silicon Valley Bank、Signature Bank 等美国银行倒闭，都给市场带来极端的恐慌和焦虑，而链上的换上量峰值都高达 30w 枚以上（如图 1）。

原文来源：Bankless

整理、编译：Yuliya，PANews

在加密货币市场寻找下一个「比特币」是许多投资者的梦想。作为业内最具影响力的投资机构之一，Pantera Capital 于 2013 年以 65 美元的价格买入比特币，至今基金收益已超过 100 倍。在 Bankless 这期播客中，创始人 Dan Morehead 分享了他如何识别具有非对称回报潜力的资产，以及对加密货币市场未来的深度思考，PANews 对本播客进行了文字编译。

Many people are puzzled as to why PHA suddenly became popular. To put it abstractly, perhaps even Phala Network did not foresee how it became the chosen one overnight. The rise of PHA has both accidental and necessary factors behind it, which cannot simply be attributed to any explicit or covert schemes. There are three key points: sufficient preparation in TEE technology, the support from a16z, and the timely emergence of the AI Agent trend.

1) The efforts of Phala Network in TEE technology are the 'inevitable' reason for this occurrence. Why do I say this?

TEE (Trusted Execution Environment) is not a new concept, but it has been somewhat of a 'niche' in the mainstream narrative of Crypto technology over the past few years. For instance, there have been many high-performance chains competing with the advantages of languages like RUST and MOVE, and there has also been a wave of ZK technology centered around ZK. TEE, along with cryptographic technologies like MPC, FHE, and Blind Compute, occasionally appears in the differentiated positioning of some projects, but it is not on the same level as the trending ZK.

Destaques da semana

- A MicroStrategy anunciou planos de emitir mais ações no próximo ano para comprar Bitcoin, o que aumentou o sentimento do mercado e impulsionou uma recuperação do Bitcoin na quinta-feira. Até 23 de dezembro de 2024, a MicroStrategy acumulou 444,262 Bitcoins.

- Relatórios de análise indicam que as reservas de Bitcoin da Binance recentemente caíram abaixo de 570,000 BTC, o nível mais baixo desde janeiro deste ano. Normalmente, quando as reservas de uma exchange diminuem, isso significa que os investidores estão transferindo Bitcoins para carteiras frias, o que é geralmente visto como um sinal de que os investidores estão otimistas sobre as perspectivas de preço do Bitcoin a longo prazo.

Em meio a uma grande vitória legal para o Ripple Labs e às expectativas de que a SEC possa desistir de seu processo, o token XRP poderá retornar o dobro do Bitcoin em 2024.

Autor do artigo: Zoltan Vardai

Fonte do artigo: Cointelegraph

Compilação de artigos: Ada, MetaEra

O aumento histórico do Bitcoin para US$ 100.000 por moeda é uma das muitas histórias importantes de retorno da criptomoeda.

O ano viu o renascimento de muitos projetos criptográficos proeminentes que enfrentaram dificuldades, incluindo o Ripple Labs, que obteve uma grande vitória em seu processo contra os reguladores de valores mobiliários dos EUA, enquanto as indústrias de memecoin e tokenização de ativos também foram impulsionadas por fortes previsões de crescimento.

With political changes, optimism towards regulation, and growing institutional interest, these three cryptocurrencies have seen tremendous growth over the past year.

Article author: Shiraz Jagati

Source: Cointelegraph

Article compiled by: Ada, MetaEra

In 2024, the cryptocurrency market experienced a significant recovery, rising from a market cap of $1.8 trillion in January to $3.9 trillion by mid-December. This surge was largely led by Bitcoin's rise of 160% this year.

This sharp recovery has also sparked a bullish momentum across the industry—especially for some altcoins—injecting new vitality into projects that had previously stagnated or performed poorly, at least in the eyes of some observers.

文章来源：橙新闻

文章作者：香港证券及期货专业总会干事 熊佩斯

根据消息人士所知，瑞士证券交易所（SIX）正在积极探索在欧洲建立一个专门的加密货币交易平台，旨在与 Binance、OKX 和 Coinbase 等数位资产巨头竞争，争取在这个快速增长的市场中占有一席之地。个人估计，瑞士证券交易所希望利用他们在金融市场的良好声誉以及当地优秀的数字资产法律来吸引对数位资产交易感兴趣的大型投资者。该交易所现正深入研究创建一个平台，未来该平台将进行各类数位资产的交易，包括现货加密货币和衍生性产品等。显而易见瑞士证券交易所对数位资产市场有着深远的远见和重视，也反映出全球金融市场对加密货币的日益关注。

2024 年全年 Wiki 已收录加密行业投融资笔数共计 979 笔，其中工具和基础设施 354 笔、 DeFi 领域 196 笔、资管领域 112 笔、链游和 NFT 领域 137 笔，已披露投融资总金额约 115.83 亿美元。

文章作者：aididiaojp.eth，Foresight News

据 Foresight Wiki 统计，2024 年全年 Wiki 已收录加密行业投融资笔数共计 979 笔，其中工具和基础设施 354 笔、 DeFi 领域 196 笔、资管领域 112 笔、链游和 NFT 领域 137 笔，已披露投融资总金额约 115.83 亿美元。其中已披露投融资总金额较去年持平，DeFi 领域融资笔数较去年增长显著，同比增长 37%。

Este artigo se concentra nas disposições regulatórias do MiCA para ARTs, resumindo os pontos de conformidade que os emissores de stablecoins da Europa enfrentam sob o MiCA em quatro aspectos: autorização, obrigações, reservas e 'significância'.

Autor do artigo: Liu Honglin, fundador do escritório de advocacia Shanghai Mankun;

Bai Qian, chefe do escritório de Hong Kong do escritório de advocacia Shanghai Mankun;

Song Kewei, assistente jurídico do escritório de advocacia Shanghai Mankun

De acordo com dados da DefiLlama, 'o valor de mercado total de stablecoins cresceu 2,46% na última semana, agora totalizando 182,489 bilhões de dólares. O valor de mercado total de USDT cresceu 0,07%, agora totalizando 114,518 bilhões de dólares, com uma participação de mercado de 69,82%.' A emissão de stablecoins se tornou um importante ponto de crescimento no mercado de criptomoedas.

由于尚未获得MiCA框架下的稳定币发行许可，Tether正通过投资新兴项目积极寻找应对之道。

文章作者：Weilin，PANews

欧盟(加密资产市场监管法案)（MiCA）对稳定币发行方的监管规则已于6月30日生效，并计划在今年12月30日全面实施。作为欧盟针对加密行业的首个完整监管框架，MiCA的落地不仅影响了欧元稳定币市场，还对全球稳定币的监管模式提供了一定的参考。

不过，USDT发行商Tether在此背景下面临迫切的挑战。由于尚未获得MiCA框架下的稳定币发行许可，Tether正通过投资新兴项目积极寻找应对之道。11月18日，Tether宣布对荷兰公司Quantoz投资，后者将推出两种MiCA合规稳定币。

Shaw 聊了聊他心目中 10 个有潜力的 AI Agent 项目。

文章作者：周舟

文章来源：Foresight News

2024 年 12 月 22 日下午，ai16z 创始人 Shaw 和他的妻子 Jill 落地上海，落地当晚，我和 706 社区（中国最大的青年社区之一）的成员，以及加密社区的开发者和投资人一起为他接风洗尘并共进晚餐。随后第二天，我邀请 Shaw 来到我家中交流后一同前往餐厅吃饭，随后将 Shaw 送往他来到中国的第一场 meetup 会场。可以说较为完整的见证了 Shaw 在上海的行程。

比推数据显示，比特币在美国东部时间周一13:30 左右创下 107,822 美元历史新高，较上周五尾盘上涨约 5.5%。与此同时，以太坊一度升至 4,081 美元，这是自 2021 年 12 月以来记录的最高价格，略高于今年 3 月和 12 月初的峰值。

截至发稿时，比特币涨势略有回落，目前价格为 105,815 美元，当日上涨近 3%，周涨幅为9%。ETH 为 4,029 美元，当日上涨超过 3%，但仍比 2021 年 11 月创下的 4,878 美元的历史高点低 16%。加密货币总市值为 3.7 万亿美元，过去 24 小时内上涨了 2.97%。

Fonte: Coindesk

Autores: Angela Minster, Eric Stone, Nelson Wang

Compilado por: Bitpush BitpushNews

Os verdadeiros inovadores do Web3 serão aqueles que conseguem destilar as regras de ouro que impulsionam o crescimento a partir de dados brutos.

O espaço cripto já foi inundado com várias métricas, muitas das quais pintam um quadro confuso. Volume de negócios, preços de tokens e manchetes exageradas muitas vezes obscurecem o que realmente importa: a qualidade da participação dos usuários e o potencial de crescimento orgânico e exponencial. À medida que a indústria se afasta do hype, sinais de sucesso confiáveis e baseados em dados não são mais descartáveis - são essenciais.

作者：ML

编译：深潮 TechFlow

写给自己的备忘录：2024 年的 15 个重要教训

不要害怕尝试那些一开始看起来不太明显的机会。

不要因为懒惰、不熟悉、已经持有其他币种或者参与竞争币种等原因而忽视某些潜在机会。

对 Crypto Twitter (CT) 上的各种推荐保持警惕。在分析机会时，务必进行深度思考和多层次推理。

相信自己的分析，信任直觉，并对自己的投资决策负责：最终的盈亏 (PNL) 是由你自己承担的。

Analistas e especialistas afirmam que a aplicação de agentes de inteligência artificial, uma série de atualizações significativas na rede e melhorias regulatórias nos EUA são todas coisas que os apoiadores do Ethereum esperam ansiosamente para 2025.

Autor do artigo: Tom Mitchelhill

Fonte: Cointelegraph

Artigo traduzido por: Ada, MetaEra

Os apoiadores do Ethereum afirmam que a aplicação de agentes de inteligência artificial, grandes atualizações na rede, aumento do interesse institucional e uma série de reformas regulatórias a serem implementadas pelo novo governo amigável às criptomoedas liderado pelo presidente dos EUA Donald Trump são todas coisas extremamente esperadas para 2025.

Dollar-denominated Bitcoin trading is more concentrated in U.S. hours, with CME's Bitcoin and Ethereum futures open interest reaching an all-time high.

Article author, source: Jinshi Data

With the approach of 2025, the focus of the cryptocurrency market has returned to the U.S., thanks to Trump's re-election and the expanding demand for U.S. digital asset funds and derivatives contracts.

Trump's vow to make the U.S. a key player in the cryptocurrency industry ignited a trading frenzy, along with the unexpectedly successful launch of U.S. Bitcoin exchange-traded funds (ETFs) starting in 2024, triggering a surge in trading activity.

Author: Mario Laul

Compiled by: Deep Tide TechFlow

The foundation of public blockchains was laid by the Cypherpunks. Although the cryptocurrency industry was destined to encompass diverse ideas and practices from the very beginning, the core principles of decentralization, open-source software, cryptographic security, privacy protection, and self-sovereignty have always been the cornerstones of its most disruptive achievements.

However, this field also faces a core issue: in the absence of a regulatory framework that supports innovation and recognizes blockchain as an administrative infrastructure with unique functions, crypto entrepreneurs are forced to confront a difficult choice—whether to adhere to purist ideals, thus complicating the structure and operation of their projects; or to compromise on original ideals in exchange for regulatory recognition and a more traditional mainstream path to success.

Currently, Bitcoin's price hovers around $98,000, with only five days left until the new year. Here’s an overview of four major economic events that could influence Bitcoin's future trajectory.

Article written by: Jamie Redman

Source: Bitcoin.com News

Article translated by: Ada, MetaEra

With only a little time left in 2024, Bitcoin enthusiasts are buzzing about Bitcoin's performance in 2025. As this year comes to a close, many exciting developments are expected next year—some may be a boon, while others could pose challenges to Bitcoin's value in fiat currencies. Besides the appetite for Bitcoin Exchange-Traded Products (ETPs) and companies like MicroStrategy hoarding Bitcoin as their asset, numerous external factors could stir the Bitcoin market. Therefore, keep a close eye on these four economic events in 2025.

Original title: How I Missed My First 100X as a VC
Original author: Marco Manoppo,

Original translation by: Azuma, Odaily Planet Daily

Editor's note: Marco Manoppo from Primitive Ventures has been quite prolific recently. After the article detailing how he missed the Virtuals opportunity went viral last week (see VC's narrative: How I Missed the 100-fold Return Opportunity in Virtuals), Manoppo has released a new article today.

In the article, Manoppo outlines the trend of Bitcoin gradually approaching traditional finance, especially after MicroStrategy (stock code: MSTR) was officially included in the Nasdaq 100 index, and the potential impact of passive investment funds on Bitcoin buying pressure. Against this backdrop, Manoppo states that despite recent pullbacks in the cryptocurrency market, we are currently in a price discovery range, but he is more optimistic about Bitcoin than ever.

Are you ready to embrace the next wave of BTC?

Author of the article, source: Meta-Luban.

A shining year, Bitcoin welcomes a historic moment.

The year 2024 is destined to be recorded in the history of the cryptocurrency circle, with Bitcoin's market capitalization exceeding $1.9 trillion, ranking seventh among the world's most valuable assets and companies.

Looking back on this year, Bitcoin not only broke through several historic thresholds but also solidified a more important position in the capital markets and the minds of global investors. Whether it is the approval of spot ETFs, the policy dividends brought by Trump's re-election, or the price breaking the $100,000 mark, Bitcoin has completed a transformation from a safe-haven asset to a core global investment target this year.