<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>根據大多數傳統指標，2025 年本應被銘記為加密貨幣的突破之年。</p>
<p>監管終於強勢到來。機構資本通過受監管的渠道流入。比特幣創下新高。</p>
<p>穩定幣的交易量突破數萬億美元。鏈上市場從原生代幣擴展到股票和商品。</p>
<p>然而，隨着這一年的結束，主導情緒並非勝利而是焦慮。</p>
<p>加密貨幣在 2025 年積累了比歷史上任何時候都更多的 “勝利”，卻仍未能產生令人信服的勝利感。</p>
<p>價格在十月後逐漸下滑，反彈迅速消退，積極的發展，包括降息和政策明確，基本上被忽視。</p>
<p>取而代之的是一個市場，其結構成熟速度超過了自身的信心。</p>
<h2>一個有希望的開始，以及初現裂痕</h2>
<p>這一年以樂觀的情緒開始。華盛頓的政治重置幫助在一月激發了風險偏好，推動數字資產與股票一起上漲。</p>
<p>比特幣反彈，情緒改善，加密貨幣進入一個更穩定、機構友好的階段的想法逐漸獲得認可。</p>
<p>但這種信心並沒有持續太久。二月早期的提醒表明，加密貨幣的舊脆弱性並未消失。</p>
<p>一場劇烈的迷因幣拋售抹去了小型代幣的投機性收益。</p>
<p>BitGet 的首席營銷官 Ignacio Aguirre Franco 指出，這一迷因幣的下跌是結構性的。</p>
<p> “突出的關鍵風險包括許多山寨幣的不健康代幣經濟學和迷因幣的集中度增加，這突顯了需要更強的基本面…… [以] 推動行業朝向更具韌性、以價值為驅動的項目。”</p>
<p>這次拋售之後，Bybit 發生了一次重大安全漏洞，動搖了對集中交易場所的信任。</p>
<p>這些事件共同強化了當投機與薄弱的風險控制相碰撞時，流動性可能迅速蒸發。</p>
<h2>四月與宏觀重力的迴歸</h2>
<p>到四月，加密貨幣對宏觀獨立性的主張受到了更嚴峻的考驗。</p>
<p>隨着特朗普的關税言論重新浮現，全球風險資產下跌，數字資產也隨之下跌。</p>
<p>比特幣大幅下跌，山寨幣表現更差，與股票的相關性飆升。</p>
<p>對一些人來説，這次拋售令人失望。對另一些人來説，這次拋售則揭示了真相。加密貨幣不再在全球金融的邊緣運作——它越來越嵌入其中。</p>
<p>這種整合將成為這一年的一個定義主題。隨着鏈上市場的擴展和資本結構的深化，加密貨幣對影響傳統市場的宏觀衝擊變得更加敏感，從貿易政策到利率預期。</p>
<p>Pi42 的聯合創始人兼首席執行官 Avinash Shekhar 強調了這種與全球經濟的新聯繫。</p>
<p> “今年提醒我們，加密市場仍然與更廣泛的宏觀經濟條件緊密相關。當全球不確定性上升時，流動性可能迅速收緊，情緒可能在幾天內發生變化。”</p>
<h2>年中：終於獲得合法性</h2>
<p>如果四月暴露了加密貨幣的脆弱性，那麼年中的時刻則展示了其迄今為止最強的基本面。</p>
<p>GENIUS 法案的通過標誌着穩定幣的一個重要時刻，為美國提供了期待已久的監管明確性，並解鎖了更大的機構信心。</p>
<p>與此同時，數字資產國庫公司的崛起使企業能夠將比特幣作為其儲備的一部分，進一步模糊了加密貨幣與主流金融之間的界限。</p>
<p>“今年最重要的發展是 GENIUS 法案的通過，為穩定幣提供了明確的監管框架，增強了機構信心，以及數字資產國庫公司的崛起，使企業能夠將比特幣整合到其儲備中，” Aguirre Franco 告訴 Invezz。</p>
<p>機構參與在各個領域加速。根據 Shekhar 的説法，加密市場跨越了一個心理里程碑，其全球市值達到了 4 萬億美元，突顯了其從實驗性資產類別演變為金融體系可信部分的過程。</p>
<p>“採用顯著擴大，數百萬新用户通過受監管和合規的平台進入，” Shekhar 告訴 Invezz，並指出流動性加深、市場結構改善以及主要經濟體的監管信號更加明確。</p>
<p>在表面之下，加密貨幣的基礎設施也在變化。鏈上衍生品市場迅速成熟，超越了加密原生資產。</p>
<p>“2025 年標誌着數字資產生態系統的一個明確轉折點，” Synfutures 的首席運營官 Wenny Cai 説。</p>
<p> “去中心化的永續合約不再侷限於加密資產。今年，股票永續合約和黃金、原油等商品永續合約在去中心化交易所上獲得了真正的關注。”</p>
<p>這一轉變至關重要。交易者首次能夠全天候無中介地訪問傳統資產的鏈上敞口，標誌着現實世界資產開始遷移到加密貨幣的軌道上。</p>
<p>儘管間歇性的地緣政治緊張局勢——從中東的衝突到美中貿易恐懼的重新出現——更廣泛的趨勢依然保持。</p>
<p>機構流入、監管進展和用例擴展幫助抵消了宏觀焦慮。</p>
<p>在 “Uptober” 敍事和最終壓倒賣家的 ETF 流入的推動下，比特幣飆升至超過 120,000 美元的新歷史高點。</p>
<h2>十月：是什麼打破了加密貨幣？</h2>
<p>轉折點來得突然。</p>
<p>在十月，一場大規模的清算事件席捲了衍生品市場，在幾天內抹去了數十億美元的槓桿頭寸。</p>
<p>價格急劇下跌，波動性飆升，信心蒸發。</p>
<p>這不僅僅是另一次回調。這標誌着心理上的破裂。</p>
<p>清算級聯暴露了加密市場的相互關聯程度，以及在壓力下仍然脆弱的狀態。</p>
<p>被迫出售壓倒了現貨需求，流動性稀薄，交易者變得越來越防禦性。</p>
<p>關鍵是，市場從未完全恢復其立足點。</p>
<h2>當好消息不再奏效</h2>
<p>十月之後，加密貨幣進入了一個陌生的階段。積極的發展持續出現——降息、政策進展、持續的機構興趣——但價格走勢依然低迷。</p>
<p>反彈迅速消退。波動性保持在高位。市場情緒變得謹慎。</p>
<p>穩定幣説明了這種脱節。根據 Concordium 首席執行官 Boris Bohrer-Bilowitzki 的説法，2025 年的交易量超過了 7 萬億美元，但其中不到 1% 的活動反映了現實世界的支付。</p>
<p>“這突顯了穩定幣增長的主要瓶頸：用户缺乏信任和對安全性的擔憂，” 他對 Invezz 表示。</p>
<p>“2026 年是炒作與現實世界實用性分開的年份。”</p>
<p>換句話説，基礎設施的發展速度超過了採用的速度。雖然存在監管，但各個司法管轄區之間的碎片化仍然存在。</p>
<p>流動性更深，但槓桿仍然是一個不穩定的因素。使用案例不斷擴展，但日常實用性仍落後於頭條新聞。</p>
<p>Hashgraph 首席執行官 Eric Piscini 表示，2025 年為投機與基礎設施之間的日益分化奠定了基礎。</p>
<p>“能夠提供安全性、成本節約和更快結算的項目將受益最大，” 他補充道。</p>
<p>“隨着美國有效地採用以私營部門為主導的模式，受監管和有儲備支持的穩定幣將塑造可編程貨幣的未來，” Piscini 對 Invezz 表示。</p>
<blockquote>
<p>但在全球範圍內，不同的司法管轄區正在實施各自的框架。這種碎片化將是 2026 年的定義性挑戰，首席執行官補充道。</p>
</blockquote>
<h2>這是加密貨幣的一年嗎？</h2>
<p>到年底，加密貨幣實現了曾經看似不可能的目標。它贏得了監管認可、機構接入，並在全球金融市場中佔有一席之地。</p>
<p>然而，它也繼承了同樣的脆弱性——宏觀敏感性、槓桿驅動的波動性和信心衝擊——這些問題困擾着傳統系統。</p>
<p>該行業在追求驗證的過程中進入了這一年，並在結束時與成熟度作鬥爭。</p>
<p>教訓不是加密貨幣的承諾已經消退，而是單靠合法性並不能保證動能。</p>
<p>2025 年最終可能被銘記為加密貨幣征服世界的年份，而不是作為它意識到征服與勝利感覺截然不同的年份。</p>
<p>這篇文章最初出現在 Invezz 上，標題為《為什麼 2025 年是加密貨幣的勝利之年，卻是其最不令人滿意的勝利》。</p>

CRCL

<p>在 2025 年，加密貨幣迎來了監管的明確性、機構資本的流入以及鏈上市場的擴展，但仍未能實現勝利的感覺。儘管結構上趨於成熟，價格在十月後下跌，反彈也逐漸消退。關鍵事件包括一個迷因幣的拋售、Bybit 的安全漏洞以及宏觀經濟衝擊。GENIUS 法案提升了對穩定幣的信心，而數字資產財政公司將比特幣納入儲備。加密貨幣的市場總值達到了 4 萬億美元，標誌着其向主流金融的演變，鏈上衍生品也超越了原生資產</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>根據大多數傳統指標，2025 年本應被銘記為加密貨幣的突破之年。</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>監管終於強勢到來。機構資本通過受監管的渠道流入。比特幣創下新高。</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>穩定幣的交易量突破數萬億美元。鏈上市場從原生代幣擴展到股票和商品。</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，隨着這一年的結束，主導情緒並非勝利而是焦慮。</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>加密貨幣在 2025 年積累了比歷史上任何時候都更多的 “勝利”，卻仍未能產生令人信服的勝利感。</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>價格在十月後逐漸下滑，反彈迅速消退，積極的發展，包括降息和政策明確，基本上被忽視。</p>
</div><p>What emerged instead was a market that had matured structurally faster than its own confidence.</p>
<div class="lb-trans"><p>取而代之的是一個市場，其結構成熟速度超過了自身的信心。</p>
</div><h2>A promising start, and the first cracks</h2>
<div class="lb-trans"><h2>一個有希望的開始，以及初現裂痕</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>這一年以樂觀的情緒開始。華盛頓的政治重置幫助在一月激發了風險偏好，推動數字資產與股票一起上漲。</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>比特幣反彈，情緒改善，加密貨幣進入一個更穩定、機構友好的階段的想法逐漸獲得認可。</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>但這種信心並沒有持續太久。二月早期的提醒表明，加密貨幣的舊脆弱性並未消失。</p>
</div><p>A sharp memecoin selloff wiped out speculative gains across smaller tokens.</p>
<div class="lb-trans"><p>一場劇烈的迷因幣拋售抹去了小型代幣的投機性收益。</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 的首席營銷官 Ignacio Aguirre Franco 指出，這一迷因幣的下跌是結構性的。</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> “突出的關鍵風險包括許多山寨幣的不健康代幣經濟學和迷因幣的集中度增加，這突顯了需要更強的基本面…… [以] 推動行業朝向更具韌性、以價值為驅動的項目。”</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>這次拋售之後，Bybit 發生了一次重大安全漏洞，動搖了對集中交易場所的信任。</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>這些事件共同強化了當投機與薄弱的風險控制相碰撞時，流動性可能迅速蒸發。</p>
</div><h2>April and the return of macro gravity</h2>
<div class="lb-trans"><h2>四月與宏觀重力的迴歸</h2>
</div><p>By April, crypto’s claim to macro independence was tested more seriously.</p>
<div class="lb-trans"><p>到四月，加密貨幣對宏觀獨立性的主張受到了更嚴峻的考驗。</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>隨着特朗普的關税言論重新浮現，全球風險資產下跌，數字資產也隨之下跌。</p>
</div><p>Bitcoin dropped sharply, altcoins fared worse, and correlations with equities surged.</p>
<div class="lb-trans"><p>比特幣大幅下跌，山寨幣表現更差，與股票的相關性飆升。</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>對一些人來説，這次拋售令人失望。對另一些人來説，這次拋售則揭示了真相。加密貨幣不再在全球金融的邊緣運作——它越來越嵌入其中。</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>這種整合將成為這一年的一個定義主題。隨着鏈上市場的擴展和資本結構的深化，加密貨幣對影響傳統市場的宏觀衝擊變得更加敏感，從貿易政策到利率預期。</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 的聯合創始人兼首席執行官 Avinash Shekhar 強調了這種與全球經濟的新聯繫。</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> “今年提醒我們，加密市場仍然與更廣泛的宏觀經濟條件緊密相關。當全球不確定性上升時，流動性可能迅速收緊，情緒可能在幾天內發生變化。”</p>
</div><h2>Mid-year: legitimacy, at last</h2>
<div class="lb-trans"><h2>年中：終於獲得合法性</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貨幣的脆弱性，那麼年中的時刻則展示了其迄今為止最強的基本面。</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 法案的通過標誌着穩定幣的一個重要時刻，為美國提供了期待已久的監管明確性，並解鎖了更大的機構信心。</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>與此同時，數字資產國庫公司的崛起使企業能夠將比特幣作為其儲備的一部分，進一步模糊了加密貨幣與主流金融之間的界限。</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>“今年最重要的發展是 GENIUS 法案的通過，為穩定幣提供了明確的監管框架，增強了機構信心，以及數字資產國庫公司的崛起，使企業能夠將比特幣整合到其儲備中，” Aguirre Franco 告訴 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>機構參與在各個領域加速。根據 Shekhar 的説法，加密市場跨越了一個心理里程碑，其全球市值達到了 4 萬億美元，突顯了其從實驗性資產類別演變為金融體系可信部分的過程。</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>“採用顯著擴大，數百萬新用户通過受監管和合規的平台進入，” Shekhar 告訴 Invezz，並指出流動性加深、市場結構改善以及主要經濟體的監管信號更加明確。</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，加密貨幣的基礎設施也在變化。鏈上衍生品市場迅速成熟，超越了加密原生資產。</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 年標誌着數字資產生態系統的一個明確轉折點，” Synfutures 的首席運營官 Wenny Cai 説。</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> “去中心化的永續合約不再侷限於加密資產。今年，股票永續合約和黃金、原油等商品永續合約在去中心化交易所上獲得了真正的關注。”</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>這一轉變至關重要。交易者首次能夠全天候無中介地訪問傳統資產的鏈上敞口，標誌着現實世界資產開始遷移到加密貨幣的軌道上。</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>儘管間歇性的地緣政治緊張局勢——從中東的衝突到美中貿易恐懼的重新出現——更廣泛的趨勢依然保持。</p>
</div><p>Institutional flows, regulatory progress, and expanding use cases helped offset macro anxiety.</p>
<div class="lb-trans"><p>機構流入、監管進展和用例擴展幫助抵消了宏觀焦慮。</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” 敍事和最終壓倒賣家的 ETF 流入的推動下，比特幣飆升至超過 120,000 美元的新歷史高點。</p>
</div><h2>October: what broke crypto?</h2>
<div class="lb-trans"><h2>十月：是什麼打破了加密貨幣？</h2>
</div><p>The turning point came abruptly.</p>
<div class="lb-trans"><p>轉折點來得突然。</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，一場大規模的清算事件席捲了衍生品市場，在幾天內抹去了數十億美元的槓桿頭寸。</p>
</div><p>Prices fell sharply, volatility spiked, and confidence evaporated.</p>
<div class="lb-trans"><p>價格急劇下跌，波動性飆升，信心蒸發。</p>
</div><p>This was not just another drawdown. It marked a psychological break.</p>
<div class="lb-trans"><p>這不僅僅是另一次回調。這標誌着心理上的破裂。</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>清算級聯暴露了加密市場的相互關聯程度，以及在壓力下仍然脆弱的狀態。</p>
</div><p>Forced selling overwhelmed spot demand, liquidity thinned, and traders became increasingly defensive.</p>
<div class="lb-trans"><p>被迫出售壓倒了現貨需求，流動性稀薄，交易者變得越來越防禦性。</p>
</div><p>Crucially, the market never fully recovered its footing.</p>
<div class="lb-trans"><p>關鍵是，市場從未完全恢復其立足點。</p>
</div><h2>When good news stopped working</h2>
<div class="lb-trans"><h2>當好消息不再奏效</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>十月之後，加密貨幣進入了一個陌生的階段。積極的發展持續出現——降息、政策進展、持續的機構興趣——但價格走勢依然低迷。</p>
</div><p>Rallies faded quickly. Volatility stayed elevated. Sentiment grew cautious.</p>
<div class="lb-trans"><p>反彈迅速消退。波動性保持在高位。市場情緒變得謹慎。</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>穩定幣説明了這種脱節。根據 Concordium 首席執行官 Boris Bohrer-Bilowitzki 的説法，2025 年的交易量超過了 7 萬億美元，但其中不到 1% 的活動反映了現實世界的支付。</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>“這突顯了穩定幣增長的主要瓶頸：用户缺乏信任和對安全性的擔憂，” 他對 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 年是炒作與現實世界實用性分開的年份。”</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>換句話説，基礎設施的發展速度超過了採用的速度。雖然存在監管，但各個司法管轄區之間的碎片化仍然存在。</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>流動性更深，但槓桿仍然是一個不穩定的因素。使用案例不斷擴展，但日常實用性仍落後於頭條新聞。</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 首席執行官 Eric Piscini 表示，2025 年為投機與基礎設施之間的日益分化奠定了基礎。</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>“能夠提供安全性、成本節約和更快結算的項目將受益最大，” 他補充道。</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>“隨着美國有效地採用以私營部門為主導的模式，受監管和有儲備支持的穩定幣將塑造可編程貨幣的未來，” Piscini 對 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>但在全球範圍內，不同的司法管轄區正在實施各自的框架。這種碎片化將是 2026 年的定義性挑戰，首席執行官補充道。</p>
</blockquote>
</div><h2>Was it crypto’s year?</h2>
<div class="lb-trans"><h2>這是加密貨幣的一年嗎？</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，加密貨幣實現了曾經看似不可能的目標。它贏得了監管認可、機構接入，並在全球金融市場中佔有一席之地。</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，它也繼承了同樣的脆弱性——宏觀敏感性、槓桿驅動的波動性和信心衝擊——這些問題困擾着傳統系統。</p>
</div><p>The industry entered the year chasing validation and ended it grappling with maturity.</p>
<div class="lb-trans"><p>該行業在追求驗證的過程中進入了這一年，並在結束時與成熟度作鬥爭。</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>教訓不是加密貨幣的承諾已經消退，而是單靠合法性並不能保證動能。</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 年最終可能被銘記為加密貨幣征服世界的年份，而不是作為它意識到征服與勝利感覺截然不同的年份。</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>這篇文章最初出現在 Invezz 上，標題為《為什麼 2025 年是加密貨幣的勝利之年，卻是其最不令人滿意的勝利》。</p>
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為什麼 2025 年是加密貨幣的勝利之年，但卻是最不令人滿意的勝利