<p>加密行业在 2025 年迎来了更为积极的政治和监管环境的预期，认为这将支持一个新的增长阶段，此前唐纳德·特朗普总统对该行业的接触以及主要金融机构的更深入参与。在年初，这种乐观情绪似乎得到了验证，数字资产价格上涨，公司加快了 IPO 计划，几起高调的法律行动被撤回或解决。行业参与者指出，围绕加密货币的合法性和其在金融中长期角色的认知发生了转变，尽管市场表现未能完全反映出改善的情绪。</p>
<p>整个行业的表现最终出现了分化。比特币在 12 月中旬下跌了约 6%，许多其他代币进一步下滑，给知名创始人和高管带来了压力。与此同时，与稳定币和加密基础设施相关的企业表现优于以代币为主的模式。Circle 的上市提升了投资者对 USDC 的热情，而 Tether 则扩大了 USDT 的流通，支付了超过 100 亿美元的股息，并探索了一项可能使其估值高达 5000 亿美元的融资。Galaxy Digital Inc. 也受益于企业加密财库公司的崛起，第三季度的总收入达到 284 亿美元，比去年增长了 200% 以上，尽管其创始人警告称，新进入者可能面临资金限制。</p>
<p>其他主要参与者的结果则较为平淡。Coinbase 扩展了股票交易、预测市场和代币化资产，并加入了标准普尔 500 指数，但其股票交易价格接近年初水平。该公司继续积累比特币，但由于竞争压缩了其估值溢价而滞后。Binance 的赵长鹏在总统特赦和与 World Liberty Financial 的新商业联系后重新获得了影响力，尽管他的净资产有所下降。与此同时，Gemini 的 IPO 暴露了与更大竞争对手相比的规模挑战，自 9 月以来其股票下跌了约 60%。综合来看，2025 年表明监管放松和政治顺风可能对加密货币的长期定位具有重要意义，尽管将这些发展转化为持续的投资回报仍然不均衡。</p>

GLXY

银河数码

GEMI

<p>在 2025 年，尽管监管和政治环境出现积极发展，加密市场的表现却不均衡。到 12 月中旬，比特币下跌了 6%，而与稳定币相关的企业如 Circle 和 Tether 则蓬勃发展。Galaxy Digital 的收入显著增长，但其他主要参与者如 Coinbase 和 Gemini 面临挑战。监管宽松和政治支持改善了加密货币的长期前景，但投资者的回报仍然不稳定</p>

<p>The crypto industry entered 2025 with expectations that a more constructive political and regulatory backdrop could support a renewed phase of growth, following President Donald Trump's outreach to the sector and deeper engagement from major financial institutions. Early in the year, that optimism appeared justified as digital-asset prices rose, companies accelerated IPO plans, and several high-profile legal actions were dropped or resolved. Industry participants pointed to a perception shift around crypto's legitimacy and long-term role in finance, even as market performance failed to fully reflect the improving sentiment.</p>
<div class="lb-trans"><p>加密行业在 2025 年迎来了更为积极的政治和监管环境的预期，认为这将支持一个新的增长阶段，此前唐纳德·特朗普总统对该行业的接触以及主要金融机构的更深入参与。在年初，这种乐观情绪似乎得到了验证，数字资产价格上涨，公司加快了 IPO 计划，几起高调的法律行动被撤回或解决。行业参与者指出，围绕加密货币的合法性和其在金融中长期角色的认知发生了转变，尽管市场表现未能完全反映出改善的情绪。</p>
</div><p>Performance across the sector ultimately diverged. Bitcoin was down roughly 6% through mid-December, with many other tokens declining further, creating pressure on prominent founders and executives. At the same time, businesses tied to stablecoins and crypto infrastructure fared better than token-heavy models. Circle's public listing lifted investor enthusiasm around USDC, while Tether expanded USDT circulation, paid out more than $10 billion in dividends and explored a fundraising that could imply a valuation as high as $500 billion. Galaxy Digital Inc.  also benefited from the rise of corporate crypto treasury firms, generating third-quarter gross revenue of $28.4 billion, more than 200% higher than a year earlier, even as its founder cautioned that newer entrants could face funding constraints.</p>
<div class="lb-trans"><p>整个行业的表现最终出现了分化。比特币在 12 月中旬下跌了约 6%，许多其他代币进一步下滑，给知名创始人和高管带来了压力。与此同时，与稳定币和加密基础设施相关的企业表现优于以代币为主的模式。Circle 的上市提升了投资者对 USDC 的热情，而 Tether 则扩大了 USDT 的流通，支付了超过 100 亿美元的股息，并探索了一项可能使其估值高达 5000 亿美元的融资。Galaxy Digital Inc. 也受益于企业加密财库公司的崛起，第三季度的总收入达到 284 亿美元，比去年增长了 200% 以上，尽管其创始人警告称，新进入者可能面临资金限制。</p>
</div><p>Other major players saw more muted outcomes. Coinbase expanded into stock trading, prediction markets and tokenized assets and joined the S&amp;P 500 Index, yet its shares traded close to where they began the year. Strategy continued accumulating Bitcoin but lagged as competition compressed its valuation premium. Binance's Changpeng Zhao regained influence following a presidential pardon and new commercial ties linked to World Liberty Financial, though his net worth edged lower. Meanwhile, Gemini's IPO exposed scale challenges relative to larger rivals, with shares down about 60% since September. Taken together, 2025 suggested that regulatory relief and political tailwinds could be meaningful for crypto's long-term positioning, even as translating those developments into sustained investor returns remains uneven.</p>
<div class="lb-trans"><p>其他主要参与者的结果则较为平淡。Coinbase 扩展了股票交易、预测市场和代币化资产，并加入了标准普尔 500 指数，但其股票交易价格接近年初水平。该公司继续积累比特币，但由于竞争压缩了其估值溢价而滞后。Binance 的赵长鹏在总统特赦和与 World Liberty Financial 的新商业联系后重新获得了影响力，尽管他的净资产有所下降。与此同时，Gemini 的 IPO 暴露了与更大竞争对手相比的规模挑战，自 9 月以来其股票下跌了约 60%。综合来看，2025 年表明监管放松和政治顺风可能对加密货币的长期定位具有重要意义，尽管将这些发展转化为持续的投资回报仍然不均衡。</p>
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加密货币的监管利好未能在动荡的 2025 年提升价格