由[作者的名字] | 2025年4月18日|市場與加密見解

金融市場正在通行一周的波動，並以傳統股票指數的撤退和加密貨幣領域的重大發展為標誌。

The financial markets experienced a week of mixed movements, with traditional equity indices pulling back slightly and cryptocurrency prices showing strength.

金融市場經歷了一周的混合運動，傳統股票指數略微退縮，加密貨幣價格顯示出強度。

S&P 500 Drops 1.5%, Tech Drags on Index

標準普爾500指數下降1.5％，技術在指數上拖累

The S&P 500 dropped by 1.5% to 5,282.70 this week, extending the April decline to 5.9%, and marking a 10% drop year-to-date. This downturn has been driven largely by weakness in the tech sector, renewed concerns over inflation, and increased scrutiny on Federal Reserve Chair Jerome Powell’s handling of stagflation risks. Despite this broader pullback, the real estate and energy sectors outperformed, offering investors a sense of stability amidst the turbulence.

標準普爾500指數在本週下降了1.5％，至5,282.70，將四月下降到5.9％，並標誌著10％的下降。這種低迷的主要是由於技術部門的疲軟，對通貨膨脹的擔憂，並增加了對美聯儲主席杰羅姆·鮑威爾（Jerome Powell）處理暫存風險的審查。儘管有更廣泛的回調，但房地產和能源部門的表現卻超過了，在動盪中為投資者提供了一種穩定感。

Gold, which reached record highs earlier this month, saw a minor retreat, falling 0.6% to $3,319. Powell’s cautionary stance on inflation has tempered the precious metal’s rally. However, the broader uptrend in commodities and equities remains intact, suggesting that market conditions may stabilize in the near term.

黃金在本月初達到了記錄最高的紀錄，在較小的靜修處，下降了0.6％，至3,319美元。鮑威爾對通貨膨脹的警告態度抑制了貴金屬的集會。但是，大宗商品和股票的更廣泛的上升趨勢仍然完好無損，表明市場狀況可能會在短期內穩定。

Crypto Market Holds Firm with 0.77% Gain in 24 Hours, PYTH Surges 10.1%

加密貨幣市場持有24小時內增長0.77％的公司，Pyth飆升10.1％

In contrast to the broader equity market, the cryptocurrency sector has demonstrated relative strength, with the Coindesk Indices posting a 0.77% gain over the past 24 hours. Both Bitcoin and Ethereum rose by 0.64% and 0.72%, respectively, signaling investor confidence in digital assets despite external economic pressures.

與更廣泛的股票市場相反，加密貨幣行業表現出相對強度，而Coindesk指數在過去24小時內的增長率為0.77％。儘管外部經濟壓力，比特幣和以太坊分別增長了0.64％和0.72％。

One of the standout performers in the crypto market this week was PYTH, which surged by 10.1%. The rally was sparked by the launch of Pyth Entropy, a secure on-chain random number generation tool developed by Soneium. This breakthrough enhances Pyth Network’s role as a real-time blockchain oracle system, making it invaluable for smart contracts that require unpredictability—a key feature for gaming, AI, and DeFi applications.

本週加密貨幣市場中出色的表演者之一是Pyth，飆升了10.1％。集會是由Pyth Entropy推出的，Pyth Entropy是Soneium開發的一種安全的鏈上隨機數生成工具。這一突破增強了Pyth Network作為實時區塊鏈甲骨文系統的作用，這對於需要不可預測性的智能合約來說是無價的，這是遊戲，AI和DEFI應用程序的關鍵功能。

As projects like HandsNFT AI and 2p2e integrate Pyth Entropy, the real-world adoption of this technology further underscores the growing utility of blockchain oracles and the expanding possibilities for decentralized applications.

隨著Handnft AI和2P2E等項目整合了Pyth的熵，該技術的現實採用進一步強調了區塊鏈甲殼的效用以及分散應用程序的不斷擴展的可能性。

Hong Kong Approves Ethereum ETF with Staking Capability

香港批准具有佔有能力的以太坊ETF

In a landmark development for the digital asset industry, Hong Kong’s Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, set to launch by May 15. This innovative ETF is the result of a partnership between China Asset Management (ChinaAMC) and OSL Digital Securities and represents a significant shift in institutional investors' engagement with Ethereum.

在數字資產行業的具有里程碑意義的開發中，香港的證券和期貨委員會（SFC）批准了具有儲藏能力的新的以太坊ETF，該ETF將於5月15日發起。這一創新的ETF是中國資產管理（ChinaAmc）和OSL數字證券之間的合作夥伴關係的結果，並代表了Ethereereemaum intereereereemaum interyeeremaum interceptional intercemental intercemental interepeermaum genteremeum intereereemeum interereemeum。

The ETF, set to be launched with an initial size of HK$500 million ($63.9 million), will not only offer passive exposure to Ethereum but will allow investors to earn rewards directly tied to Ethereum's consensus mechanism through staking. Kiln will provide the staking infrastructure, while OSL will handle custody and insurance, ensuring the safety of institutional assets.

該ETF的最初規模為5億港元（6,390萬美元），不僅將為以太坊提供被動曝光，而且還將允許投資者通過放入與以太坊的共識機制直接贏得獎勵。窯爐將提供存放基礎設施，而OSL將處理監護權和保險，以確保機構資產的安全。

A key feature of the ETF is that staking rewards will be integrated into the fund’s Net Asset Value (NAV), aligning the interests of institutional investors with the long-term performance of Ethereum's blockchain. This structure stands in contrast to traditional crypto ETFs, which typically do not include staking rewards and may not necessarily be linked to the underlying asset's blockchain.

ETF的一個關鍵特徵是，將存放獎勵集成到基金的淨資產價值（NAV）中，使機構投資者的利益與以太坊區塊鏈的長期績效保持一致。這種結構與傳統的加密ETF形成鮮明對比，該結構通常不包含放入獎勵，並且不一定與基礎資產的區塊鏈相關。

The approval of the Ethereum ETF by the SFC is a testament to Hong Kong's commitment to fostering innovation in the financial industry. As the first of its kind in the region, the ETF is poised to revolutionize how institutional investors engage with cryptocurrencies, particularly in the wake of macroeconomic volatility and the growing interest in alternative asset classes.

SFC獲得以太坊ETF的批准證明了香港致力於促進金融行業創新的承諾。作為該地區的第一個同類產品，ETF準備徹底改變機構投資者如何與加密貨幣互動，尤其是在宏觀經濟波動和對替代資產類別的興趣日益興趣之後。

The new ETF is expected to attract significant attention from both institutional and retail investors in Hong Kong and beyond, further integrating the cryptocurrency sector into the mainstream financial landscape.

預計新的ETF將引起香港及其他地區的機構和散戶投資者的極大關注，將加密貨幣部門進一步整合到主流金融景觀中。