<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/crypto-2.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://invezz.com/wp-content/uploads/2025/12/crypto-2.png"/></p>
<p>根据大多数传统指标，2025 年本应被铭记为加密货币的突破之年。</p>
<p>监管终于强势到来。机构资本通过受监管的渠道流入。比特币创下新高。</p>
<p>稳定币的交易量突破数万亿美元。链上市场从原生代币扩展到股票和商品。</p>
<p>然而，随着这一年的结束，主导情绪并非胜利而是焦虑。</p>
<p>加密货币在 2025 年积累了比历史上任何时候都更多的 “胜利”，却仍未能产生令人信服的胜利感。</p>
<p>价格在十月后逐渐下滑，反弹迅速消退，积极的发展，包括降息和政策明确，基本上被忽视。</p>
<p>取而代之的是一个市场，其结构成熟速度超过了自身的信心。</p>
<h2>一个有希望的开始，以及初现裂痕</h2>
<p>这一年以乐观的情绪开始。华盛顿的政治重置帮助在一月激发了风险偏好，推动数字资产与股票一起上涨。</p>
<p>比特币反弹，情绪改善，加密货币进入一个更稳定、机构友好的阶段的想法逐渐获得认可。</p>
<p>但这种信心并没有持续太久。二月早期的提醒表明，加密货币的旧脆弱性并未消失。</p>
<p>一场剧烈的迷因币抛售抹去了小型代币的投机性收益。</p>
<p>BitGet 的首席营销官 Ignacio Aguirre Franco 指出，这一迷因币的下跌是结构性的。</p>
<p> “突出的关键风险包括许多山寨币的不健康代币经济学和迷因币的集中度增加，这突显了需要更强的基本面…… [以] 推动行业朝向更具韧性、以价值为驱动的项目。”</p>
<p>这次抛售之后，Bybit 发生了一次重大安全漏洞，动摇了对集中交易场所的信任。</p>
<p>这些事件共同强化了当投机与薄弱的风险控制相碰撞时，流动性可能迅速蒸发。</p>
<h2>四月与宏观重力的回归</h2>
<p>到四月，加密货币对宏观独立性的主张受到了更严峻的考验。</p>
<p>随着特朗普的关税言论重新浮现，全球风险资产下跌，数字资产也随之下跌。</p>
<p>比特币大幅下跌，山寨币表现更差，与股票的相关性飙升。</p>
<p>对一些人来说，这次抛售令人失望。对另一些人来说，这次抛售则揭示了真相。加密货币不再在全球金融的边缘运作——它越来越嵌入其中。</p>
<p>这种整合将成为这一年的一个定义主题。随着链上市场的扩展和资本结构的深化，加密货币对影响传统市场的宏观冲击变得更加敏感，从贸易政策到利率预期。</p>
<p>Pi42 的联合创始人兼首席执行官 Avinash Shekhar 强调了这种与全球经济的新联系。</p>
<p> “今年提醒我们，加密市场仍然与更广泛的宏观经济条件紧密相关。当全球不确定性上升时，流动性可能迅速收紧，情绪可能在几天内发生变化。”</p>
<h2>年中：终于获得合法性</h2>
<p>如果四月暴露了加密货币的脆弱性，那么年中的时刻则展示了其迄今为止最强的基本面。</p>
<p>GENIUS 法案的通过标志着稳定币的一个重要时刻，为美国提供了期待已久的监管明确性，并解锁了更大的机构信心。</p>
<p>与此同时，数字资产国库公司的崛起使企业能够将比特币作为其储备的一部分，进一步模糊了加密货币与主流金融之间的界限。</p>
<p>“今年最重要的发展是 GENIUS 法案的通过，为稳定币提供了明确的监管框架，增强了机构信心，以及数字资产国库公司的崛起，使企业能够将比特币整合到其储备中，” Aguirre Franco 告诉 Invezz。</p>
<p>机构参与在各个领域加速。根据 Shekhar 的说法，加密市场跨越了一个心理里程碑，其全球市值达到了 4 万亿美元，突显了其从实验性资产类别演变为金融体系可信部分的过程。</p>
<p>“采用显著扩大，数百万新用户通过受监管和合规的平台进入，” Shekhar 告诉 Invezz，并指出流动性加深、市场结构改善以及主要经济体的监管信号更加明确。</p>
<p>在表面之下，加密货币的基础设施也在变化。链上衍生品市场迅速成熟，超越了加密原生资产。</p>
<p>“2025 年标志着数字资产生态系统的一个明确转折点，” Synfutures 的首席运营官 Wenny Cai 说。</p>
<p> “去中心化的永续合约不再局限于加密资产。今年，股票永续合约和黄金、原油等商品永续合约在去中心化交易所上获得了真正的关注。”</p>
<p>这一转变至关重要。交易者首次能够全天候无中介地访问传统资产的链上敞口，标志着现实世界资产开始迁移到加密货币的轨道上。</p>
<p>尽管间歇性的地缘政治紧张局势——从中东的冲突到美中贸易恐惧的重新出现——更广泛的趋势依然保持。</p>
<p>机构流入、监管进展和用例扩展帮助抵消了宏观焦虑。</p>
<p>在 “Uptober” 叙事和最终压倒卖家的 ETF 流入的推动下，比特币飙升至超过 120,000 美元的新历史高点。</p>
<h2>十月：是什么打破了加密货币？</h2>
<p>转折点来得突然。</p>
<p>在十月，一场大规模的清算事件席卷了衍生品市场，在几天内抹去了数十亿美元的杠杆头寸。</p>
<p>价格急剧下跌，波动性飙升，信心蒸发。</p>
<p>这不仅仅是另一次回调。这标志着心理上的破裂。</p>
<p>清算级联暴露了加密市场的相互关联程度，以及在压力下仍然脆弱的状态。</p>
<p>被迫出售压倒了现货需求，流动性稀薄，交易者变得越来越防御性。</p>
<p>关键是，市场从未完全恢复其立足点。</p>
<h2>当好消息不再奏效</h2>
<p>十月之后，加密货币进入了一个陌生的阶段。积极的发展持续出现——降息、政策进展、持续的机构兴趣——但价格走势依然低迷。</p>
<p>反弹迅速消退。波动性保持在高位。市场情绪变得谨慎。</p>
<p>稳定币说明了这种脱节。根据 Concordium 首席执行官 Boris Bohrer-Bilowitzki 的说法，2025 年的交易量超过了 7 万亿美元，但其中不到 1% 的活动反映了现实世界的支付。</p>
<p>“这突显了稳定币增长的主要瓶颈：用户缺乏信任和对安全性的担忧，” 他对 Invezz 表示。</p>
<p>“2026 年是炒作与现实世界实用性分开的年份。”</p>
<p>换句话说，基础设施的发展速度超过了采用的速度。虽然存在监管，但各个司法管辖区之间的碎片化仍然存在。</p>
<p>流动性更深，但杠杆仍然是一个不稳定的因素。使用案例不断扩展，但日常实用性仍落后于头条新闻。</p>
<p>Hashgraph 首席执行官 Eric Piscini 表示，2025 年为投机与基础设施之间的日益分化奠定了基础。</p>
<p>“能够提供安全性、成本节约和更快结算的项目将受益最大，” 他补充道。</p>
<p>“随着美国有效地采用以私营部门为主导的模式，受监管和有储备支持的稳定币将塑造可编程货币的未来，” Piscini 对 Invezz 表示。</p>
<blockquote>
<p>但在全球范围内，不同的司法管辖区正在实施各自的框架。这种碎片化将是 2026 年的定义性挑战，首席执行官补充道。</p>
</blockquote>
<h2>这是加密货币的一年吗？</h2>
<p>到年底，加密货币实现了曾经看似不可能的目标。它赢得了监管认可、机构接入，并在全球金融市场中占有一席之地。</p>
<p>然而，它也继承了同样的脆弱性——宏观敏感性、杠杆驱动的波动性和信心冲击——这些问题困扰着传统系统。</p>
<p>该行业在追求验证的过程中进入了这一年，并在结束时与成熟度作斗争。</p>
<p>教训不是加密货币的承诺已经消退，而是单靠合法性并不能保证动能。</p>
<p>2025 年最终可能被铭记为加密货币征服世界的年份，而不是作为它意识到征服与胜利感觉截然不同的年份。</p>
<p>这篇文章最初出现在 Invezz 上，标题为《为什么 2025 年是加密货币的胜利之年，却是其最不令人满意的胜利》。</p>

CRCL

<p>在 2025 年，加密货币迎来了监管的明确性、机构资本的流入以及链上市场的扩展，但仍未能实现胜利的感觉。尽管结构上趋于成熟，价格在十月后下跌，反弹也逐渐消退。关键事件包括一个迷因币的抛售、Bybit 的安全漏洞以及宏观经济冲击。GENIUS 法案提升了对稳定币的信心，而数字资产财政公司将比特币纳入储备。加密货币的市场总值达到了 4 万亿美元，标志着其向主流金融的演变，链上衍生品也超越了原生资产</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/crypto-2.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/crypto-2.png"/></p>
<p>By most conventional measures, 2025 should have been remembered as crypto’s breakthrough year.</p>
<div class="lb-trans"><p>根据大多数传统指标，2025 年本应被铭记为加密货币的突破之年。</p>
</div><p>Regulation finally arrived in force. Institutional capital flowed through regulated channels. Bitcoin printed a new high.</p>
<div class="lb-trans"><p>监管终于强势到来。机构资本通过受监管的渠道流入。比特币创下新高。</p>
</div><p>Stablecoins crossed multi-trillion-dollar volumes. On-chain markets expanded beyond native tokens into equities and commodities.</p>
<div class="lb-trans"><p>稳定币的交易量突破数万亿美元。链上市场从原生代币扩展到股票和商品。</p>
</div><p>And yet, as the year closes, the dominant mood is not triumph but unease.</p>
<div class="lb-trans"><p>然而，随着这一年的结束，主导情绪并非胜利而是焦虑。</p>
</div><p>Crypto ended 2025 having accumulated more “wins” than at any point in its history, and still failed to produce a convincing sense of victory.</p>
<div class="lb-trans"><p>加密货币在 2025 年积累了比历史上任何时候都更多的 “胜利”，却仍未能产生令人信服的胜利感。</p>
</div><p>Prices drifted lower after October, rallies faded quickly, and positive developments, including rate cuts and policy clarity, were largely ignored.</p>
<div class="lb-trans"><p>价格在十月后逐渐下滑，反弹迅速消退，积极的发展，包括降息和政策明确，基本上被忽视。</p>
</div><p>What emerged instead was a market that had matured structurally faster than its own confidence.</p>
<div class="lb-trans"><p>取而代之的是一个市场，其结构成熟速度超过了自身的信心。</p>
</div><h2>A promising start, and the first cracks</h2>
<div class="lb-trans"><h2>一个有希望的开始，以及初现裂痕</h2>
</div><p>The year began with optimism. A political reset in Washington helped fuel a risk-on tone in January, lifting digital assets alongside equities.</p>
<div class="lb-trans"><p>这一年以乐观的情绪开始。华盛顿的政治重置帮助在一月激发了风险偏好，推动数字资产与股票一起上涨。</p>
</div><p>Bitcoin rallied, sentiment improved, and the idea that crypto was entering a more stable, institution-friendly phase gained traction.</p>
<div class="lb-trans"><p>比特币反弹，情绪改善，加密货币进入一个更稳定、机构友好的阶段的想法逐渐获得认可。</p>
</div><p>That confidence did not last long. February delivered an early reminder that crypto’s old vulnerabilities had not disappeared.</p>
<div class="lb-trans"><p>但这种信心并没有持续太久。二月早期的提醒表明，加密货币的旧脆弱性并未消失。</p>
</div><p>A sharp memecoin selloff wiped out speculative gains across smaller tokens.</p>
<div class="lb-trans"><p>一场剧烈的迷因币抛售抹去了小型代币的投机性收益。</p>
</div><p>Ignacio Aguirre Franco, CMO at BitGet, notes that this drop in meme coins was structural.</p>
<div class="lb-trans"><p>BitGet 的首席营销官 Ignacio Aguirre Franco 指出，这一迷因币的下跌是结构性的。</p>
</div><blockquote>
<p>“Key risks that stood out included unhealthy tokenomics in many altcoins and increasing concentration in meme coins, which highlight the need for stronger fundamentals… [to] drive the industry toward more resilient, value-driven projects.”</p>
</blockquote>
<div class="lb-trans"><p> “突出的关键风险包括许多山寨币的不健康代币经济学和迷因币的集中度增加，这突显了需要更强的基本面…… [以] 推动行业朝向更具韧性、以价值为驱动的项目。”</p>
</div><p>This selloff was followed by a major security breach at Bybit rattled trust in centralized venues.</p>
<div class="lb-trans"><p>这次抛售之后，Bybit 发生了一次重大安全漏洞，动摇了对集中交易场所的信任。</p>
</div><p>Together, the episodes reinforced how quickly liquidity could evaporate when speculation collided with weak risk controls.</p>
<div class="lb-trans"><p>这些事件共同强化了当投机与薄弱的风险控制相碰撞时，流动性可能迅速蒸发。</p>
</div><h2>April and the return of macro gravity</h2>
<div class="lb-trans"><h2>四月与宏观重力的回归</h2>
</div><p>By April, crypto’s claim to macro independence was tested more seriously.</p>
<div class="lb-trans"><p>到四月，加密货币对宏观独立性的主张受到了更严峻的考验。</p>
</div><p>As Trump’s tariff rhetoric resurfaced and global risk assets sold off, digital assets fell in tandem.</p>
<div class="lb-trans"><p>随着特朗普的关税言论重新浮现，全球风险资产下跌，数字资产也随之下跌。</p>
</div><p>Bitcoin dropped sharply, altcoins fared worse, and correlations with equities surged.</p>
<div class="lb-trans"><p>比特币大幅下跌，山寨币表现更差，与股票的相关性飙升。</p>
</div><p>For some, the selloff was disappointing. For others, it was revealing. Crypto was no longer operating on the fringes of global finance — it was increasingly embedded within it.</p>
<div class="lb-trans"><p>对一些人来说，这次抛售令人失望。对另一些人来说，这次抛售则揭示了真相。加密货币不再在全球金融的边缘运作——它越来越嵌入其中。</p>
</div><p>That integration would become a defining theme of the year. As on-chain markets expanded and capital structures deepened, crypto became more sensitive to the same macro shocks that move traditional markets, from trade policy to interest-rate expectations.</p>
<div class="lb-trans"><p>这种整合将成为这一年的一个定义主题。随着链上市场的扩展和资本结构的深化，加密货币对影响传统市场的宏观冲击变得更加敏感，从贸易政策到利率预期。</p>
</div><p>Avinash Shekhar, Co-Founder &amp; CEO of Pi42, emphasises this new tether to the global economy.</p>
<div class="lb-trans"><p>Pi42 的联合创始人兼首席执行官 Avinash Shekhar 强调了这种与全球经济的新联系。</p>
</div><blockquote>
<p>“This year reminded us that the crypto market is still closely linked to broader macroeconomic conditions. When global uncertainty rises, liquidity can tighten quickly and sentiment can shift in a matter of days.”</p>
</blockquote>
<div class="lb-trans"><p> “今年提醒我们，加密市场仍然与更广泛的宏观经济条件紧密相关。当全球不确定性上升时，流动性可能迅速收紧，情绪可能在几天内发生变化。”</p>
</div><h2>Mid-year: legitimacy, at last</h2>
<div class="lb-trans"><h2>年中：终于获得合法性</h2>
</div><p>If April exposed crypto’s vulnerabilities, the middle of the year showcased its strongest fundamentals to date.</p>
<div class="lb-trans"><p>如果四月暴露了加密货币的脆弱性，那么年中的时刻则展示了其迄今为止最强的基本面。</p>
</div><p>The passage of the GENIUS Act marked a watershed moment for stablecoins, providing long-awaited regulatory clarity in the US and unlocking greater institutional confidence.</p>
<div class="lb-trans"><p>GENIUS 法案的通过标志着稳定币的一个重要时刻，为美国提供了期待已久的监管明确性，并解锁了更大的机构信心。</p>
</div><p>Around the same time, the rise of Digital Asset Treasury Companies allowed corporates to hold Bitcoin as part of their reserves, further blurring the line between crypto and mainstream finance.</p>
<div class="lb-trans"><p>与此同时，数字资产国库公司的崛起使企业能够将比特币作为其储备的一部分，进一步模糊了加密货币与主流金融之间的界限。</p>
</div><p>“The most meaningful developments this year were the passage of the GENIUS Act, which provided a clear regulatory framework for stablecoins and boosted institutional confidence, alongside the rise of Digital Asset Treasury Companies that enabled corporations to integrate Bitcoin into their reserves,” Aguirre Franco told Invezz.</p>
<div class="lb-trans"><p>“今年最重要的发展是 GENIUS 法案的通过，为稳定币提供了明确的监管框架，增强了机构信心，以及数字资产国库公司的崛起，使企业能够将比特币整合到其储备中，” Aguirre Franco 告诉 Invezz。</p>
</div><p>Institutional participation accelerated across the board. According to Shekhar, the crypto market crossed a psychological milestone as its global market capitalisation touched $4 trillion, underscoring its evolution from an experimental asset class to a credible part of the financial system.</p>
<div class="lb-trans"><p>机构参与在各个领域加速。根据 Shekhar 的说法，加密市场跨越了一个心理里程碑，其全球市值达到了 4 万亿美元，突显了其从实验性资产类别演变为金融体系可信部分的过程。</p>
</div><p>“Adoption expanded meaningfully, with millions of new users entering through regulated and compliant platforms,” Shekhar told Invezz, pointing to deeper liquidity, improved market structure, and clearer regulatory signals across major economies.</p>
<div class="lb-trans"><p>“采用显著扩大，数百万新用户通过受监管和合规的平台进入，” Shekhar 告诉 Invezz，并指出流动性加深、市场结构改善以及主要经济体的监管信号更加明确。</p>
</div><p>Beneath the surface, crypto’s infrastructure was also changing. Onchain derivatives markets matured rapidly, moving beyond crypto-native assets.</p>
<div class="lb-trans"><p>在表面之下，加密货币的基础设施也在变化。链上衍生品市场迅速成熟，超越了加密原生资产。</p>
</div><p>“2025 marked a clear turning point for the digital asset ecosystem,” said Wenny Cai, COO of Synfutures.</p>
<div class="lb-trans"><p>“2025 年标志着数字资产生态系统的一个明确转折点，” Synfutures 的首席运营官 Wenny Cai 说。</p>
</div><blockquote>
<p>“Decentralized perpetuals are no longer limited to crypto assets. Equity perps and commodity perps like gold and crude oil gained real traction on DEXs this year.”</p>
</blockquote>
<div class="lb-trans"><p> “去中心化的永续合约不再局限于加密资产。今年，股票永续合约和黄金、原油等商品永续合约在去中心化交易所上获得了真正的关注。”</p>
</div><p>That shift mattered. For the first time, traders were accessing exposure to traditional assets onchain, around the clock and without intermediaries, a sign that real-world assets were beginning to migrate into crypto’s orbit.</p>
<div class="lb-trans"><p>这一转变至关重要。交易者首次能够全天候无中介地访问传统资产的链上敞口，标志着现实世界资产开始迁移到加密货币的轨道上。</p>
</div><p>Despite intermittent geopolitical tensions — from flare-ups in the Middle East to renewed US–China trade fears — the broader trend held.</p>
<div class="lb-trans"><p>尽管间歇性的地缘政治紧张局势——从中东的冲突到美中贸易恐惧的重新出现——更广泛的趋势依然保持。</p>
</div><p>Institutional flows, regulatory progress, and expanding use cases helped offset macro anxiety.</p>
<div class="lb-trans"><p>机构流入、监管进展和用例扩展帮助抵消了宏观焦虑。</p>
</div><p>Driven by the “Uptober” narrative and a surge of ETF inflows that finally overwhelmed the sellers, Bitcoin ripped to a new all-time high above $120,000.</p>
<div class="lb-trans"><p>在 “Uptober” 叙事和最终压倒卖家的 ETF 流入的推动下，比特币飙升至超过 120,000 美元的新历史高点。</p>
</div><h2>October: what broke crypto?</h2>
<div class="lb-trans"><h2>十月：是什么打破了加密货币？</h2>
</div><p>The turning point came abruptly.</p>
<div class="lb-trans"><p>转折点来得突然。</p>
</div><p>In October, a large-scale liquidation event ripped through derivatives markets, wiping out billions in leveraged positions within days.</p>
<div class="lb-trans"><p>在十月，一场大规模的清算事件席卷了衍生品市场，在几天内抹去了数十亿美元的杠杆头寸。</p>
</div><p>Prices fell sharply, volatility spiked, and confidence evaporated.</p>
<div class="lb-trans"><p>价格急剧下跌，波动性飙升，信心蒸发。</p>
</div><p>This was not just another drawdown. It marked a psychological break.</p>
<div class="lb-trans"><p>这不仅仅是另一次回调。这标志着心理上的破裂。</p>
</div><p>The liquidation cascade exposed how interconnected crypto markets had become, and how fragile they still were under stress.</p>
<div class="lb-trans"><p>清算级联暴露了加密市场的相互关联程度，以及在压力下仍然脆弱的状态。</p>
</div><p>Forced selling overwhelmed spot demand, liquidity thinned, and traders became increasingly defensive.</p>
<div class="lb-trans"><p>被迫出售压倒了现货需求，流动性稀薄，交易者变得越来越防御性。</p>
</div><p>Crucially, the market never fully recovered its footing.</p>
<div class="lb-trans"><p>关键是，市场从未完全恢复其立足点。</p>
</div><h2>When good news stopped working</h2>
<div class="lb-trans"><h2>当好消息不再奏效</h2>
</div><p>After October, crypto entered an unfamiliar phase. Positive developments continued to arrive — rate cuts, policy progress, ongoing institutional interest — but price action remained subdued.</p>
<div class="lb-trans"><p>十月之后，加密货币进入了一个陌生的阶段。积极的发展持续出现——降息、政策进展、持续的机构兴趣——但价格走势依然低迷。</p>
</div><p>Rallies faded quickly. Volatility stayed elevated. Sentiment grew cautious.</p>
<div class="lb-trans"><p>反弹迅速消退。波动性保持在高位。市场情绪变得谨慎。</p>
</div><p>Stablecoins illustrate the disconnect. Transaction volumes surged past $7 trillion in 2025, yet less than 1% of that activity reflected real-world payments, according to Boris Bohrer-Bilowitzki, CEO of Concordium.</p>
<div class="lb-trans"><p>稳定币说明了这种脱节。根据 Concordium 首席执行官 Boris Bohrer-Bilowitzki 的说法，2025 年的交易量超过了 7 万亿美元，但其中不到 1% 的活动反映了现实世界的支付。</p>
</div><p>“This highlights the main bottleneck for the growth of stablecoins: users’ lack of trust and concerns about safety,” he told Invezz.</p>
<div class="lb-trans"><p>“这突显了稳定币增长的主要瓶颈：用户缺乏信任和对安全性的担忧，” 他对 Invezz 表示。</p>
</div><p>“2026 is the year when hype gets separated from real-world utility.”</p>
<div class="lb-trans"><p>“2026 年是炒作与现实世界实用性分开的年份。”</p>
</div><p>In other words, infrastructure had raced ahead of adoption. Regulation existed, but fragmentation across jurisdictions persisted.</p>
<div class="lb-trans"><p>换句话说，基础设施的发展速度超过了采用的速度。虽然存在监管，但各个司法管辖区之间的碎片化仍然存在。</p>
</div><p>Liquidity was deeper, but leverage remained a destabilising force. Use cases expanded, but everyday utility lagged behind the headlines.</p>
<div class="lb-trans"><p>流动性更深，但杠杆仍然是一个不稳定的因素。使用案例不断扩展，但日常实用性仍落后于头条新闻。</p>
</div><p>Eric Piscini, CEO of Hashgraph, said 2025 set the stage for a growing divide between speculation and infrastructure.</p>
<div class="lb-trans"><p>Hashgraph 首席执行官 Eric Piscini 表示，2025 年为投机与基础设施之间的日益分化奠定了基础。</p>
</div><p>“Projects that can deliver security, cost savings, and faster settlement will benefit the most,” he added.</p>
<div class="lb-trans"><p>“能够提供安全性、成本节约和更快结算的项目将受益最大，” 他补充道。</p>
</div><p>“With the US effectively adopting a private-sector-led model, regulated and reserve-backed stablecoins will shape the future of programmable money,” Piscini told Invezz.</p>
<div class="lb-trans"><p>“随着美国有效地采用以私营部门为主导的模式，受监管和有储备支持的稳定币将塑造可编程货币的未来，” Piscini 对 Invezz 表示。</p>
</div><blockquote>
<p>But globally, different jurisdictions are implementing their own frameworks. That fragmentation will be the defining challenge of 2026, the CEO added.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>但在全球范围内，不同的司法管辖区正在实施各自的框架。这种碎片化将是 2026 年的定义性挑战，首席执行官补充道。</p>
</blockquote>
</div><h2>Was it crypto’s year?</h2>
<div class="lb-trans"><h2>这是加密货币的一年吗？</h2>
</div><p>By year-end, crypto had achieved what once seemed improbable. It had won regulatory recognition, institutional access, and a seat within global financial markets.</p>
<div class="lb-trans"><p>到年底，加密货币实现了曾经看似不可能的目标。它赢得了监管认可、机构接入，并在全球金融市场中占有一席之地。</p>
</div><p>Yet it had also inherited the same vulnerabilities — macro sensitivity, leverage-driven volatility, and confidence shocks — that plague traditional systems.</p>
<div class="lb-trans"><p>然而，它也继承了同样的脆弱性——宏观敏感性、杠杆驱动的波动性和信心冲击——这些问题困扰着传统系统。</p>
</div><p>The industry entered the year chasing validation and ended it grappling with maturity.</p>
<div class="lb-trans"><p>该行业在追求验证的过程中进入了这一年，并在结束时与成熟度作斗争。</p>
</div><p>The lesson was not that crypto’s promise had faded, but that legitimacy alone does not guarantee momentum.</p>
<div class="lb-trans"><p>教训不是加密货币的承诺已经消退，而是单靠合法性并不能保证动能。</p>
</div><p>2025 may ultimately be remembered not as the year crypto conquered the world, but as the year it realised that conquest feels very different from victory.</p>
<div class="lb-trans"><p>2025 年最终可能被铭记为加密货币征服世界的年份，而不是作为它意识到征服与胜利感觉截然不同的年份。</p>
</div><p>The post Why 2025 was crypto’s year of wins, yet its least satisfying victory appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章最初出现在 Invezz 上，标题为《为什么 2025 年是加密货币的胜利之年，却是其最不令人满意的胜利》。</p>
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为什么 2025 年是加密货币的胜利之年，但却是最不令人满意的胜利