<p><strong>Anchorage Digital</strong> 的研究主管 <strong>David Lawant</strong> 认为，加密货币市场在今年将继续表现良好；然而，<strong>SpaceX</strong>、<strong>OpenAI</strong> 和 <strong>Anthropic</strong> 的三项待上市公司（IPO）可能会对加密市场产生一定影响，因为它们的整体估值规模较大。</p>
<p>Lawant 在接受 Benzinga 采访时表示：&#34;我们所谈论的资本规模可能会从许多领域抽走资金。这是另一个与行业无关但也非宏观因素，我认为非常值得关注。&#34;</p>
<h2><strong>比特币价格动态</strong></h2>
<p><strong>比特币</strong> 的 (CRYPTO: BTC) 近期价格动态主要受到机构资金流动的驱动，在过去两个月中，从国库公司转向 ETF。</p>
<p>Lawant 指出，支持比特币积极趋势的三个核心驱动因素是：改善的宏观风险情绪、轻微的投资者头寸和不断增长的行业基本面。</p>
<p>尽管由于机械因素和市场定位，比特币的波动性在近期地缘政治压力下结构性降低，但 Lawant 警告称，这种低波动性环境不太可能无限期持续。</p>
<p>他说：&#34;我不认为这种情况会永远持续下去。我预计比特币的波动性在某个时候会回归，但可能需要一段时间。&#34;</p>
<p>他补充道：&#34;几乎所有想要出售比特币的人可能在四月之前就已经出售了。&#34;</p>
<p>尽管如此，由于市场结构法案等潜在监管里程碑以及机构对稳定币和去中心化金融（DeFi）的兴趣日益增加，行业乐观情绪正在上升。</p>
<p>Lawant 表示：&#34;我们看到的参与行业的机构水平绝对是前所未有的。每个人都看到了加密作为技术的长期潜力，以及作为资产类别的巨大潜力。&#34;</p>
<p><strong>另请阅读：</strong>
<strong>Thrive Capital, Alphabet 将主导 Isomorphic Labs 20 亿美元融资目标</strong></p>
<h2><strong>401k 中的加密货币采用</strong></h2>
<p>当被问及加密货币在 401k 计划中的采用将如何发展时，Lawant 表示他认为这将是一个巨大的趋势，但与市场早期采用 ETF 时的情况不同。</p>
<p>他说：&#34;ETF 为这一资产类别打开了全新的客户接入，但这基本上是一次性发生的。很多 ETF 一开始就筹集了数十亿美元。而在 401k 方面，我认为这将是一个更慢的推广过程。&#34;</p>
<p>Lawant 解释说，有一整套基金赞助商、顾问和基金管理人需要了解市场并参与其中。</p>
<p>他说：&#34;我认为这可能需要一段时间，但也许几年后我们回头看会意识到这是一个巨大的浪潮，很多人没有看到，因为它的推广过程非常渐进。&#34;</p>
<p>Lawant 补充道，市场应该关注像 Mercer、Tower Willis 和 401(k) 赞助商等公司将如何对加密货币发表意见。</p>
<p>他说：&#34;如果你看到这些公司开始发布关于加密货币的积极报告，无论是作为技术还是在投资组合中的作用，我认为这将是一个早期信号，表明事情正在朝着重要的方向发展。&#34;</p>
<h2><strong>展望</strong></h2>
<p>对于下半年的展望，Lawant 指出，宏观经济因素将继续在该行业的增长中发挥作用。</p>
<p>他说：&#34;我预计会看到与美国货币政策相关的主题，因为我们将迎来新的美联储主席。关于通胀和增长的前景，甚至是中期选举的政治环境，这些都影响市场，也可能影响加密货币。这是我认为将继续成为行业重要驱动因素的一点。&#34;</p>
<p>他还补充说，行业内的监管发展，如《清晰法案》和《市场结构法案》，可能会为该行业解锁重大机会。</p>
<p>从长远来看，典型的行业话题，如以太坊的升级和新用例的探索，将影响市场，即使它们不会影响短期价格波动。</p>
<p><em>照片来源：Shutterstock</em></p>
<p><strong>另请阅读：</strong>
<strong>2026 年 5 月 11 日 6:24 PM 3 分钟阅读 xAI、OpenAI、Grammarly、Character.ai 的诉讼风险正成为私人市场问题</strong></p>

MARA

<p>安克雷奇数字公司的大卫·劳安特预测，尽管今年加密货币市场表现良好，但即将上市的 SpaceX、OpenAI 和 Anthropic 可能会因其高估值而对市场产生影响。他指出，比特币近期的价格趋势受到机构资金流动和积极的宏观情绪驱动，但警告称，低波动性可能不会持续。劳安特预计，401k 计划中加密货币的逐步采用，并强调监管发展和宏观经济因素在塑造市场未来中的重要性</p>

<p><strong>Anchorage Digital</strong>'s head of research, <strong>David Lawant,</strong> believes the cryptocurrency market will continue to perform well this year; however, the three pending IPO's from <strong>SpaceX, OpenAI,</strong> and <strong>Anthropic</strong> will likely have some impact on the crypto market given the size of their collective valuations.</p>
<div class="lb-trans"><p><strong>Anchorage Digital</strong> 的研究主管 <strong>David Lawant</strong> 认为，加密货币市场在今年将继续表现良好；然而，<strong>SpaceX</strong>、<strong>OpenAI</strong> 和 <strong>Anthropic</strong> 的三项待上市公司（IPO）可能会对加密市场产生一定影响，因为它们的整体估值规模较大。</p>
</div><p>&#34;The amount of capital that we're talking about here will probably suck air from a lot of the rooms. That's another non-industry-related but also non-macro factor that I think is very important to watch,&#34; Lawant told Benzinga in an interview.</p>
<div class="lb-trans"><p>Lawant 在接受 Benzinga 采访时表示：&#34;我们所谈论的资本规模可能会从许多领域抽走资金。这是另一个与行业无关但也非宏观因素，我认为非常值得关注。&#34;</p>
</div><h2><strong>Bitcoin Price Action</strong></h2>
<div class="lb-trans"><h2><strong>比特币价格动态</strong></h2>
</div><p><strong>Bitcoin</strong>'s (CRYPTO: BTC) recent price action has largely been driven by institutional flows, shifting from treasury companies to ETFs over the last two months.</p>
<div class="lb-trans"><p><strong>比特币</strong> 的 (CRYPTO: BTC) 近期价格动态主要受到机构资金流动的驱动，在过去两个月中，从国库公司转向 ETF。</p>
</div><p>Lawant identified three core drivers supporting Bitcoin's positive trend: improving macro risk sentiment, light investor positioning, and growing industry fundamentals.</p>
<div class="lb-trans"><p>Lawant 指出，支持比特币积极趋势的三个核心驱动因素是：改善的宏观风险情绪、轻微的投资者头寸和不断增长的行业基本面。</p>
</div><p>While Bitcoin's volatility has been structurally lower amid recent geopolitical stress due to mechanical factors and market positioning, Lawant cautioned that this low-volatility environment is unlikely to persist indefinitely.</p>
<div class="lb-trans"><p>尽管由于机械因素和市场定位，比特币的波动性在近期地缘政治压力下结构性降低，但 Lawant 警告称，这种低波动性环境不太可能无限期持续。</p>
</div><p>&#34;I don’t think this is going to be the case forever, though. I would expect Bitcoin’s volatility to come back at some point, but it might take a while,&#34; he said.</p>
<div class="lb-trans"><p>他说：&#34;我不认为这种情况会永远持续下去。我预计比特币的波动性在某个时候会回归，但可能需要一段时间。&#34;</p>
</div><p>&#34;Pretty much everyone who wanted to sell Bitcoin probably sold it by April,&#34; he added.</p>
<div class="lb-trans"><p>他补充道：&#34;几乎所有想要出售比特币的人可能在四月之前就已经出售了。&#34;</p>
</div><p>Despite this, industry optimism is rising due to potential regulatory milestones like the market structure bill and increasing institutional interest in stablecoins and DeFi.</p>
<div class="lb-trans"><p>尽管如此，由于市场结构法案等潜在监管里程碑以及机构对稳定币和去中心化金融（DeFi）的兴趣日益增加，行业乐观情绪正在上升。</p>
</div><p>&#34;The caliber of institutions that we are seeing engage with the industry right now is absolutely off the charts. Everybody's seeing the long-term potential for crypto as a technology and in a big way, as an asset class too,&#34; Lawant said.</p>
<div class="lb-trans"><p>Lawant 表示：&#34;我们看到的参与行业的机构水平绝对是前所未有的。每个人都看到了加密作为技术的长期潜力，以及作为资产类别的巨大潜力。&#34;</p>
</div><p><strong>Read Also:</strong>
<strong>Thrive Capital, Alphabet To Lead Isomorphic Labs $2 Billion Fundraising Goal</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>Thrive Capital, Alphabet 将主导 Isomorphic Labs 20 亿美元融资目标</strong></p>
</div><h2><strong>Crypto Adoption In 401ks</strong></h2>
<div class="lb-trans"><h2><strong>401k 中的加密货币采用</strong></h2>
</div><p>When asked about how crypto adoption will play out in 401k plans, Lawant stated that he believes it will be a massive trend, but different from what the market saw with the early adoption of ETFs.</p>
<div class="lb-trans"><p>当被问及加密货币在 401k 计划中的采用将如何发展时，Lawant 表示他认为这将是一个巨大的趋势，但与市场早期采用 ETF 时的情况不同。</p>
</div><p>&#34;ETFs opened a whole new client access to the asset class, but it happened basically all at once. A lot of them came out with billions of dollars right off the bat. On the 401k side, I think it’s going to be a much slower rollout,&#34; he said.</p>
<div class="lb-trans"><p>他说：&#34;ETF 为这一资产类别打开了全新的客户接入，但这基本上是一次性发生的。很多 ETF 一开始就筹集了数十亿美元。而在 401k 方面，我认为这将是一个更慢的推广过程。&#34;</p>
</div><p>Lawan explained that there is a whole network of fund sponsors, consultants and fund administrators that need to get on board with understanding the market.</p>
<div class="lb-trans"><p>Lawant 解释说，有一整套基金赞助商、顾问和基金管理人需要了解市场并参与其中。</p>
</div><p>&#34;I think it's probably going to take a while, but maybe a couple of years from now we'll look back and realize this was a massive wave that not everybody saw coming because it was rolling out so gradually,&#34; he said.</p>
<div class="lb-trans"><p>他说：&#34;我认为这可能需要一段时间，但也许几年后我们回头看会意识到这是一个巨大的浪潮，很多人没有看到，因为它的推广过程非常渐进。&#34;</p>
</div><p>What the market should be keeping an eye on, Lawant added, is how companies such as Mercer, Tower Willis, and 401 (k) sponsors will issue their opinions on crypto.</p>
<div class="lb-trans"><p>Lawant 补充道，市场应该关注像 Mercer、Tower Willis 和 401(k) 赞助商等公司将如何对加密货币发表意见。</p>
</div><p>&#34;If you see one of these firms starting to issue positive reports about crypto either as a technology or the role it can have in a portfolio, I think that will be one early signal that things are moving in a significant way,&#34; he said.</p>
<div class="lb-trans"><p>他说：&#34;如果你看到这些公司开始发布关于加密货币的积极报告，无论是作为技术还是在投资组合中的作用，我认为这将是一个早期信号，表明事情正在朝着重要的方向发展。&#34;</p>
</div><h2><strong>Outlook</strong></h2>
<div class="lb-trans"><h2><strong>展望</strong></h2>
</div><p>For the second half of the year, Lawant noted that macroeconomic factors will continue to play a part in the sector’s growth.</p>
<div class="lb-trans"><p>对于下半年的展望，Lawant 指出，宏观经济因素将继续在该行业的增长中发挥作用。</p>
</div><p>&#34;I would expect to see themes related to U.S. monetary policy now that we’re going to have a new Fed chairman. Questions around the outlook for inflation and growth, even the political environment with the midterms. All these things, they impact markets, and they can impact crypto as well. That’s one thing that I believe will continue to be a big driver in terms of industry,&#34; Lawant said.</p>
<div class="lb-trans"><p>他说：&#34;我预计会看到与美国货币政策相关的主题，因为我们将迎来新的美联储主席。关于通胀和增长的前景，甚至是中期选举的政治环境，这些都影响市场，也可能影响加密货币。这是我认为将继续成为行业重要驱动因素的一点。&#34;</p>
</div><p>He also added that regulatory developments within the industry, such as the Clarity Act and the Market Structure Bill, could unlock significant opportunities for the sector.</p>
<div class="lb-trans"><p>他还补充说，行业内的监管发展，如《清晰法案》和《市场结构法案》，可能会为该行业解锁重大机会。</p>
</div><p>In the long term, typical industry topics such as upgrades to Ethereum and the exploration of new use cases will affect the market, even if they don't impact short-term price movements, he said.</p>
<div class="lb-trans"><p>从长远来看，典型的行业话题，如以太坊的升级和新用例的探索，将影响市场，即使它们不会影响短期价格波动。</p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div><p><strong>Read Also:</strong>
<strong>May 11, 2026 6:24 PM3 min read xAI, OpenAI, Grammarly, Character.ai's Litigation Risk Is Becoming A Private Markets Problem</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>2026 年 5 月 11 日 6:24 PM 3 分钟阅读 xAI、OpenAI、Grammarly、Character.ai 的诉讼风险正成为私人市场问题</strong></p>
</div>

EXCLUSIVE: SpaceX, OpenAI, Anthropic IPOs Could 'Suck Air' From Crypto Market, Says Anchorage Digital's Lawant

- David Lawant 认为，加密货币市场在 2026 年将继续表现良好。
- 三个待审 IPO 的规模可能会对市场产生影响，尤其是 SpaceX 和 OpenAI。
- 比特币价格受机构资金流影响，行业乐观情绪因监管里程碑和稳定币兴趣上升而增强。

benzinga_article

Block

Hut 8 Mining

Marathon Digital

Coinbase

Galaxy Digital

2 倍做多加密货币行业 ETF - Direxion

ProShares Bitcoin Strategy ETF

1 倍做空加密货币行业 ETF - Direxion

OpenAI

谷歌-A

谷歌-C

Willis Towers Watson

独家报道：Anchorage Digital 的 Lawant 表示，SpaceX、OpenAI 和 Anthropic 的 IPO 可能会对加密货币市场产生巨大影响