<p>这一周期确实让基本面重新回到了聚光灯下。</p>
<p>在价格方面，加密市场波动不定。</p>
<p>结果是，恐惧与贪婪指数显示市场信心动荡不安，持续在 “极度恐惧” 和更广泛的恐惧区间之间摆动。</p>
<p>值得注意的是，这一动荡造成了明显的分歧。</p>
<p>在图表上，比特币 [BTC] 相较于风险资产和传统资产显示出力量的减弱。例如，标准普尔 500 指数 [SPX] 本季度上涨了 2.18%，而 BTC 则下跌了 22%，距离抹去上季度的收益仅有 7%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/BTCUSD_2025-12-21_13-10-40.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/BTCUSD_2025-12-21_13-10-40.png"/></p>
<p>来源：TradingView (BTC/USDT)</p>
<p>在这种情况下，Michael Saylor 的观点开始引起关注。</p>
<p>在最近的一次采访中，他表示比特币的 “基本面在今年很强”。根据 AMBCrypto 的说法，这是一件大事。</p>
<p>这表明重磅投资者仍在支持 BTC，不是为了其短期波动，而是基于基本面。</p>
<p>值得注意的是，MicroStrategy (MSTR) 本季度增加了 31,000 BTC，坚定了其立场。这是否标志着市场处理 FUD 的新纪元，比特币的基本面成为其价值的真正驱动力？</p>
<h2><strong>Saylor 将比特币定位为下一代价值储存</strong></h2>
<p>展望未来，MSTR 的比特币路线图显然以未来为导向。</p>
<p>从人工智能（AI）驱动的金融模型和升级的数字黄金计划，到监管放松和量子 FUD，Saylor 认为公司将在未来几年内收购 5-7% 的 BTC 供应。</p>
<p>值得注意的是，这一信念的核心基于两个关键因素：比特币的日益代币化和监管透明度。Saylor 认为这将是推动 BTC 机构采用达到新高的主要驱动力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/1-1-4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/1-1-4.png"/></p>
<p>来源：Coin Metrics</p>
<p>2025 年 Coin Metrics 报告支持这一论点。</p>
<p>从上面的图表来看，自 2023 年 1 月以来，跨链的包裹比特币市场资本已经增长了五倍。实际上，两个最大的代币（WBTC 和 cbBTC）现在合计占据了 172,130 BTC。</p>
<p>换句话说，代币化比特币在今年激增，通过利用其他 L1 区块链的力量，增强了其在 DeFi 中的影响力。鉴于这一趋势，Michael Saylor 的比特币策略开始变得完全合理。</p>
<p>因此，随着基本面的增强，机构对 BTC 的需求可能刚刚开始，而 MicroStrategy 的大胆举措可能为其他比特币重磅玩家树立了榜样。</p>
<hr/>
<h2><strong>最终思考</strong></h2>
<ul>
<li><em>尽管市场波动，Michael Saylor 和 MicroStrategy 仍然基于基本面支持比特币，本季度增加了 31,000 BTC。</em></li>
<li><em>随着代币化比特币的激增和监管透明度的改善，比特币的基本面正在增强，为更广泛的机构参与铺平道路。</em></li>
</ul>
<hr/>

MSTR

<p>尽管比特币的表现不及标准普尔 500 指数，迈克尔·塞勒（Michael Saylor）和 MicroStrategy 仍对比特币的基本面持乐观态度。塞勒强调，比特币作为下一代价值储存工具的潜力，受到日益增长的代币化和监管透明度的推动。MicroStrategy 在本季度新增了 31,000 个比特币，反映出对比特币长期价值的信心。代币化比特币的市场总值激增，表明机构投资者的兴趣增加。塞勒的策略表明，他更关注基本面而非短期市场波动，这可能会影响其他机构投资者</p>

<p>This cycle has really put fundamentals back in the spotlight.</p>
<div class="lb-trans"><p>这一周期确实让基本面重新回到了聚光灯下。</p>
</div><p>On the price side, the crypto market has been all over the place.</p>
<div class="lb-trans"><p>在价格方面，加密市场波动不定。</p>
</div><p>The result? The Fear and Greed Index showed market confidence rattling, swinging continuously between “extreme fear” and the broader fear zone.</p>
<div class="lb-trans"><p>结果是，恐惧与贪婪指数显示市场信心动荡不安，持续在 “极度恐惧” 和更广泛的恐惧区间之间摆动。</p>
</div><p>Notably, that shake-up has created a clear divergence.</p>
<div class="lb-trans"><p>值得注意的是，这一动荡造成了明显的分歧。</p>
</div><p>On the charts, Bitcoin [BTC] showed a loss of strength versus risk-on and legacy assets. For instance, the S&amp;P500 [SPX] was up 2.18% QTD, while BTC sat at -22%, only 7% away from erasing last quarter’s gains.</p>
<div class="lb-trans"><p>在图表上，比特币 [BTC] 相较于风险资产和传统资产显示出力量的减弱。例如，标准普尔 500 指数 [SPX] 本季度上涨了 2.18%，而 BTC 则下跌了 22%，距离抹去上季度的收益仅有 7%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/BTCUSD_2025-12-21_13-10-40.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/BTCUSD_2025-12-21_13-10-40.png"/></p>
<p>Source: TradingView (BTC/USDT)</p>
<div class="lb-trans"><p>来源：TradingView (BTC/USDT)</p>
</div><p>In this setup, Michael Saylor’s take starts to click.</p>
<div class="lb-trans"><p>在这种情况下，Michael Saylor 的观点开始引起关注。</p>
</div><p>In a recent interview, he said Bitcoin’s “fundamentals are strong this year.” According to AMBCrypto, that’s a big deal.</p>
<div class="lb-trans"><p>在最近的一次采访中，他表示比特币的 “基本面在今年很强”。根据 AMBCrypto 的说法，这是一件大事。</p>
</div><p>It showed the heavy hitters were still backing BTC, not for its short-term swings, but for the fundamentals.</p>
<div class="lb-trans"><p>这表明重磅投资者仍在支持 BTC，不是为了其短期波动，而是基于基本面。</p>
</div><p>Notably, MicroStrategy (MSTR) has added 31k BTC this quarter, staying firm on its stance. Could this mark a new era in how the market handles FUD, with Bitcoin’s fundamentals becoming the true driver of its value?</p>
<div class="lb-trans"><p>值得注意的是，MicroStrategy (MSTR) 本季度增加了 31,000 BTC，坚定了其立场。这是否标志着市场处理 FUD 的新纪元，比特币的基本面成为其价值的真正驱动力？</p>
</div><h2><strong>Saylor positions Bitcoin as the next-gen store of value</strong></h2>
<div class="lb-trans"><h2><strong>Saylor 将比特币定位为下一代价值储存</strong></h2>
</div><p>Looking ahead, MSTR’s Bitcoin roadmap is clearly future-focused.</p>
<div class="lb-trans"><p>展望未来，MSTR 的比特币路线图显然以未来为导向。</p>
</div><p>From Artificial Intelligence (AI)-driven financial models and upgraded digital gold plans to regulatory easing and quantum FUD, Saylor sees the company snapping up 5-7% of BTC supply over the next few years.</p>
<div class="lb-trans"><p>从人工智能（AI）驱动的金融模型和升级的数字黄金计划，到监管放松和量子 FUD，Saylor 认为公司将在未来几年内收购 5-7% 的 BTC 供应。</p>
</div><p>Notably, the core of this conviction rests on two key factors: Bitcoin’s growing tokenization and regulatory clarity. Saylor sees these as the main drivers likely to push BTC’s institutional adoption to new highs.</p>
<div class="lb-trans"><p>值得注意的是，这一信念的核心基于两个关键因素：比特币的日益代币化和监管透明度。Saylor 认为这将是推动 BTC 机构采用达到新高的主要驱动力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/1-1-4.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/1-1-4.png"/></p>
<p>Source: Coin Metrics</p>
<div class="lb-trans"><p>来源：Coin Metrics</p>
</div><p>The 2025 Coin Metrics report backs this thesis.</p>
<div class="lb-trans"><p>2025 年 Coin Metrics 报告支持这一论点。</p>
</div><p>Looking at the chart above, the market cap of wrapped Bitcoin across chains has quintupled since January 2023. In fact, the two largest tokens (WBTC and cbBTC) now account for a combined 172,130 BTC.</p>
<div class="lb-trans"><p>从上面的图表来看，自 2023 年 1 月以来，跨链的包裹比特币市场资本已经增长了五倍。实际上，两个最大的代币（WBTC 和 cbBTC）现在合计占据了 172,130 BTC。</p>
</div><p>In other words, tokenized Bitcoin has surged this year, strengthening its DeFi footprint by tapping into the power of other L1 blockchains. Given this trend, Michael Saylor’s Bitcoin strategy starts to make complete sense.</p>
<div class="lb-trans"><p>换句话说，代币化比特币在今年激增，通过利用其他 L1 区块链的力量，增强了其在 DeFi 中的影响力。鉴于这一趋势，Michael Saylor 的比特币策略开始变得完全合理。</p>
</div><p>As a result, with fundamentals getting stronger, institutional appetite for BTC could just be kicking off, and MicroStrategy’s bold moves may set the tone for other Bitcoin heavyweights to follow.</p>
<div class="lb-trans"><p>因此，随着基本面的增强，机构对 BTC 的需求可能刚刚开始，而 MicroStrategy 的大胆举措可能为其他比特币重磅玩家树立了榜样。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最终思考</strong></h2>
</div><ul>
<li><em>Despite market volatility, Michael Saylor and MicroStrategy continue to back Bitcoin based on fundamentals, adding 31k BTC this quarter.</em></li>
<li><em>With tokenized Bitcoin surging and regulatory clarity improving, Bitcoin’s fundamentals are strengthening, setting the stage for broader institutional participation.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>尽管市场波动，Michael Saylor 和 MicroStrategy 仍然基于基本面支持比特币，本季度增加了 31,000 BTC。</em></li>
<li><em>随着代币化比特币的激增和监管透明度的改善，比特币的基本面正在增强，为更广泛的机构参与铺平道路。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

比特币表现不如 SPX，然而 Saylor 却加倍下注——原因如下