<h2>2025 年加密貨幣市場市值淨流出超過 3000 億美元</h2>
<p><strong>TradingKey -</strong> 2025 年，加密貨幣市場以總市值 3.26 萬億美元開局，隨後在接下來的半個月內逐漸上升，累計增長超過 11%，達到 3.64 萬億美元。然而，加密市場的上漲勢頭短暫，隨後經歷了三個月的調整。1 月 20 日，加密貨幣市場達到峯值後開始下滑，市值 <strong>降至 2.42 萬億美元，創下年度最低點</strong>，資本流出超過 1 萬億美元，累計下降超過 33%。</p>
<p>4 月 9 日，加密貨幣市場從底部反彈，開啓了六個月的上漲趨勢。到 10 月 7 日，加密市場市值已上升至 <strong>4.28 萬億美元，創下歷史新高，</strong> 較最低點反彈超過 76%。然而，加密市場未能維持其上漲勢頭，隨後經歷了持續下滑，目前市值為 2.94 萬億美元。在過去一年中，加密貨幣市場總市值經歷了兩次顯著的上漲和下跌，最終累計 <strong>下降近 10%，淨流出 3200 億美元。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251226/cryptocurrency-market-capitalization-222c450bf54f4020854a5585533176c2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="971" height="321" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251226/cryptocurrency-market-capitalization-222c450bf54f4020854a5585533176c2.png"/></p>
<p>加密貨幣市場市值（2025 年），來源：CoinMarketCap。</p>
<h2>2025 年加密貨幣市場發生了哪些事件？</h2>
<p>2025 年，加密貨幣市場經歷了兩次過山車週期，主要影響因素源自美國。這主要包括三件事件，即：<strong>唐納德·特朗普當選總統、美國加密監管的重大變化，以及美聯儲的利率決策。</strong></p>
<p>2025 年 1 月 20 日，唐納德·特朗普宣誓就任第 47 任總統，正式開始他的第二個任期。在那一天，加密貨幣市場出現了廣泛的上漲，市值飆升至第一季度的高點。隨後，市場經歷了 “買傳聞，賣消息” 的現象，導致加密市場市值持續下滑。</p>
<p>4 月 10 日，特朗普提名的新 SEC 主席保羅·阿特金斯上任，提升了加密貨幣市場的信心；其市值隨後觸底並逐漸上升。在保羅·阿特金斯接管 SEC 後，拜登政府對加密貨幣的敵對監管立場結束，主要體現在逐步撤回對 Coinbase 和 TRX 等項目的先前指控、重新定義和分類加密貨幣、推動資產代幣化以及對加密公司創新豁免等措施。</p>
<p>9 月 17 日，美聯儲將利率下調 25 個基點，開啓了四年多以來的寬鬆週期，這進一步增強了加密市場的信心，總市值飆升至歷史新高。然而，儘管美聯儲在 10 月和 12 月繼續降息，但也釋放出鷹派信號，暗示可能收緊流動性；這嚴重損害了投資者信心，導致大規模資本外流。</p>
<h2>2026 年加密貨幣市場市值將如何變化？</h2>
<p>根據富達、摩根大通、Bitwise、Bernstein 和 Grayscale 等機構的觀點，加密貨幣市場的四年週期模式已被打破，加密牛市尚未結束。預計 2026 年將迎來更大規模的市場反彈，比特幣將達到新的歷史高點。</p>
<p>從這個角度來看，加密貨幣市場市值不僅有可能重新奪回 10 月的 4.28 萬億美元高點，還可能超越該水平，建立新的歷史高點。然而，在目前可預見的事件中，美聯儲的降息和美國中期選舉並未提供催化因素，因為它們具有高度的不確定性，可能會轉向負面。</p>
<p>換句話説，在沒有重大積極事件催化的情況下，所有機構和專業人士所倡導的四年週期失效理論似乎顯得無力。這一敍述不會為市場提供動力，加密貨幣市場將繼續沿着最小阻力的路徑下滑，意味着它將逐漸進入熊市，按照過去的趨勢，極端情況下可能跌至 1 萬億美元。</p>
<p>需要注意的是，儘管加密貨幣市場在 2026 年可能整體偏向看跌，但局部的上漲走勢並不能完全排除。很可能，類似於 2025 年，它可能在經歷重大調整前衝高至新高，導致這一年最終是下跌而非上漲。</p>
<p>瞭解更多</p>

<p>在 2025 年，加密貨幣市場出現了超過 3000 億美元的淨流出，受到特朗普當選、美國加密監管變化以及美聯儲利率決策等事件的影響。儘管市場波動，最終仍以下跌收尾。對 2026 年的預測顯示可能會出現新的高點，但關於美聯儲降息和選舉的不確定性可能導致市場走向熊市，可能跌至 1 萬億美元</p>

<h2>2025 Cryptocurrency Market Cap Net Outflows Exceed $300 Billion</h2>
<div class="lb-trans"><h2>2025 年加密貨幣市場市值淨流出超過 3000 億美元</h2>
</div><p><strong>TradingKey -</strong> In 2025, the cryptocurrency market began with a total market capitalization of $3.26 trillion, subsequently rising gradually over the next half-month, accumulating a gain of over 11% to $3.64 trillion. However, the crypto market's rally was short-lived, followed by a three-month correction. On January 20, the cryptocurrency market peaked before declining, with its market capitalization <strong>falling to $2.42 trillion, marking its lowest point of the year</strong>, with capital outflows exceeding $1 trillion and a cumulative decline of over 33%.</p>
<div class="lb-trans"><p><strong>TradingKey -</strong> 2025 年，加密貨幣市場以總市值 3.26 萬億美元開局，隨後在接下來的半個月內逐漸上升，累計增長超過 11%，達到 3.64 萬億美元。然而，加密市場的上漲勢頭短暫，隨後經歷了三個月的調整。1 月 20 日，加密貨幣市場達到峯值後開始下滑，市值 <strong>降至 2.42 萬億美元，創下年度最低點</strong>，資本流出超過 1 萬億美元，累計下降超過 33%。</p>
</div><p>On April 9, the cryptocurrency market rebounded from its bottom, initiating a six-month uptrend. By October 7, the crypto market capitalization had risen to <strong>$4.28 trillion, reaching an all-time high,</strong> a rebound of over 76% from its lowest point. Similarly, the crypto market failed to sustain its upward momentum, subsequently experiencing a continuous decline and currently standing at $2.94 trillion. Over the past year, the total cryptocurrency market capitalization experienced two significant surges and declines, ultimately accumulating a <strong>decline of nearly 10%, with a net outflow of $320 billion.</strong></p>
<div class="lb-trans"><p>4 月 9 日，加密貨幣市場從底部反彈，開啓了六個月的上漲趨勢。到 10 月 7 日，加密市場市值已上升至 <strong>4.28 萬億美元，創下歷史新高，</strong> 較最低點反彈超過 76%。然而，加密市場未能維持其上漲勢頭，隨後經歷了持續下滑，目前市值為 2.94 萬億美元。在過去一年中，加密貨幣市場總市值經歷了兩次顯著的上漲和下跌，最終累計 <strong>下降近 10%，淨流出 3200 億美元。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251226/cryptocurrency-market-capitalization-222c450bf54f4020854a5585533176c2.png" alt="" original-src="https://resource.tradingkey.com/uploads/20251226/cryptocurrency-market-capitalization-222c450bf54f4020854a5585533176c2.png"/></p>
<p>Cryptocurrency Market Capitalization (2025), Source: CoinMarketCap.</p>
<div class="lb-trans"><p>加密貨幣市場市值（2025 年），來源：CoinMarketCap。</p>
</div><h2>What events occurred in the cryptocurrency market in 2025?</h2>
<div class="lb-trans"><h2>2025 年加密貨幣市場發生了哪些事件？</h2>
</div><p>The cryptocurrency market experienced two roller coaster cycles in 2025, with influencing factors primarily stemming from the United States. These mainly comprised three events, namely: <strong>Donald Trump's election as President, a significant shift in U.S. crypto regulation, and Federal Reserve interest rate decisions.</strong></p>
<div class="lb-trans"><p>2025 年，加密貨幣市場經歷了兩次過山車週期，主要影響因素源自美國。這主要包括三件事件，即：<strong>唐納德·特朗普當選總統、美國加密監管的重大變化，以及美聯儲的利率決策。</strong></p>
</div><p>On January 20, 2025, Donald Trump was sworn in as the 47th President, officially commencing his second term. On that day, the cryptocurrency market saw a broad rally, with its market capitalization surging to a first-quarter high. Subsequently, the market experienced a &#34;buy the rumor, sell the news&#34; phenomenon, leading to a sustained decline in crypto market capitalization.</p>
<div class="lb-trans"><p>2025 年 1 月 20 日，唐納德·特朗普宣誓就任第 47 任總統，正式開始他的第二個任期。在那一天，加密貨幣市場出現了廣泛的上漲，市值飆升至第一季度的高點。隨後，市場經歷了 “買傳聞，賣消息” 的現象，導致加密市場市值持續下滑。</p>
</div><p>On April 10, Paul Atkins, President Trump's nominee for the new SEC Chair, assumed office, boosting cryptocurrency market confidence; its market capitalization subsequently bottomed out and gradually trended higher. Following Paul Atkins' takeover of the SEC, the hostile crypto regulatory stance of the Biden administration concluded, primarily manifested through the gradual withdrawal of previous accusations against projects like Coinbase and TRX, a redefinition and classification of cryptocurrencies, the promotion of asset tokenization, and innovation exemptions for cryptocurrency companies, among other measures.</p>
<div class="lb-trans"><p>4 月 10 日，特朗普提名的新 SEC 主席保羅·阿特金斯上任，提升了加密貨幣市場的信心；其市值隨後觸底並逐漸上升。在保羅·阿特金斯接管 SEC 後，拜登政府對加密貨幣的敵對監管立場結束，主要體現在逐步撤回對 Coinbase 和 TRX 等項目的先前指控、重新定義和分類加密貨幣、推動資產代幣化以及對加密公司創新豁免等措施。</p>
</div><p>On September 17, the Federal Reserve cut interest rates by 25 basis points, restarting an easing cycle after more than four years, which further bolstered crypto market confidence, with the total cryptocurrency market capitalization surging to an all-time high. However, despite the Fed continuing to cut rates in October and December, it also released hawkish signals suggesting potential liquidity tightening; this significantly damaged investor confidence, leading to a massive capital flight.</p>
<div class="lb-trans"><p>9 月 17 日，美聯儲將利率下調 25 個基點，開啓了四年多以來的寬鬆週期，這進一步增強了加密市場的信心，總市值飆升至歷史新高。然而，儘管美聯儲在 10 月和 12 月繼續降息，但也釋放出鷹派信號，暗示可能收緊流動性；這嚴重損害了投資者信心，導致大規模資本外流。</p>
</div><h2>How will cryptocurrency market capitalization change in 2026?</h2>
<div class="lb-trans"><h2>2026 年加密貨幣市場市值將如何變化？</h2>
</div><p>According to institutions such as Fidelity, JPMorgan, Bitwise, Bernstein, and Grayscale, the four-year cycle pattern in the cryptocurrency market has been broken, and the crypto bull market has not ended. A larger market rally is expected in 2026, with Bitcoin reaching new all-time highs.</p>
<div class="lb-trans"><p>根據富達、摩根大通、Bitwise、Bernstein 和 Grayscale 等機構的觀點，加密貨幣市場的四年週期模式已被打破，加密牛市尚未結束。預計 2026 年將迎來更大規模的市場反彈，比特幣將達到新的歷史高點。</p>
</div><p>According to this perspective, the cryptocurrency market capitalization could not only reclaim its October high of $4.28 trillion but also surpass that level to establish new all-time highs. However, among the currently foreseeable events, Federal Reserve interest rate cuts and the U.S. midterm elections do not provide a catalytic factor, as they possess a high degree of uncertainty and could potentially turn negative.</p>
<div class="lb-trans"><p>從這個角度來看，加密貨幣市場市值不僅有可能重新奪回 10 月的 4.28 萬億美元高點，還可能超越該水平，建立新的歷史高點。然而，在目前可預見的事件中，美聯儲的降息和美國中期選舉並未提供催化因素，因為它們具有高度的不確定性，可能會轉向負面。</p>
</div><p>In other words, without the catalyst of major positive events, the four-year cycle invalidation theory championed by all institutions and professionals appears anemic. This narrative will not provide impetus to the market, and the cryptocurrency market will continue to decline along the path of least resistance, meaning it will gradually descend into a bear market in line with past trends, potentially falling to $1 trillion in extreme scenarios.</p>
<div class="lb-trans"><p>換句話説，在沒有重大積極事件催化的情況下，所有機構和專業人士所倡導的四年週期失效理論似乎顯得無力。這一敍述不會為市場提供動力，加密貨幣市場將繼續沿着最小阻力的路徑下滑，意味着它將逐漸進入熊市，按照過去的趨勢，極端情況下可能跌至 1 萬億美元。</p>
</div><p>It should be noted that, while the cryptocurrency market may generally lean bearish in 2026, local upward movements cannot be entirely ruled out. It is highly probable that, similar to 2025, it could surge to new highs before a significant correction, resulting in a year where it ultimately declines rather than rises.</p>
<div class="lb-trans"><p>需要注意的是，儘管加密貨幣市場在 2026 年可能整體偏向看跌，但局部的上漲走勢並不能完全排除。很可能，類似於 2025 年，它可能在經歷重大調整前衝高至新高，導致這一年最終是下跌而非上漲。</p>
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<div class="lb-trans"><p>瞭解更多</p>
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2025 年加密貨幣市場淨流出超過 3000 億美元：2026 年市值會如何變化？