比特幣，財政部股票和2025年崩潰現實

當我們注視著潛在的湍流2025時，瀏覽比特幣，國庫庫存和監管變化的揮發性交集。

Hold on to your hats, folks! The world of Bitcoin treasury stocks is looking a bit like a rollercoaster that’s lost its brakes. With regulatory shifts and market corrections, are we headed for a crash in 2025? Let’s dive in.

抓住你的帽子，伙計們！比特幣財政部股票的世界看起來有點像失去剎車的過山車。隨著監管轉變和市場校正，我們是否在2025年墜毀了？讓我們潛水。

The Plunge of Bitcoin Treasury Stocks

比特幣財政部股票

This year hasn't been kind to Bitcoin treasury stocks. Companies like MicroStrategy (MSTR) and Metaplanet have seen their stock prices take a nosedive. MSTR, for instance, plummeted from a high of $543 to around $300. Metaplanet isn't doing any better, dropping over 73% from its peak. Ouch!

今年對比特幣國庫股並不友善。像MicroStrategy（MSTR）和Metaplanet這樣的公司已經看到他們的股價毫無疑問。例如，MSTR從$ 543的高處下降到$ 300。 Metaplanet做得不好，從其峰值下降了73％以上。哎喲!

Even Bullish, fresh off a successful IPO, has tumbled. Other names like Trump Media, GameStop, and Gemini Space Station are feeling the heat. Why all the doom and gloom?

即使看漲，成功的IPO剛開始，也跌倒了。特朗普媒體，GameStop和Gemini空間站等其他名字也感到熱火。為什麼所有的厄運和憂鬱？

Why the Struggle?

為什麼要鬥爭？

First off, Bitcoin's own struggles are a major factor. When Bitcoin sneezes, these stocks catch a cold. But there's more to it than just Bitcoin's price fluctuations.

首先，比特幣自己的掙扎是一個主要因素。當比特幣打噴嚏時，這些股票感冒了。但是，不僅僅是比特幣的價格波動。

Investors aren't giving these companies the premium they used to. MicroStrategy's mNAV multiple has dropped significantly, and some companies are even trading below their net asset value. Investors are getting picky, and business models focused solely on buying Bitcoin are under scrutiny.

投資者沒有給這些公司以前的保費。 MicroStrategy的MNAV倍數大大下降了，一些公司的交易甚至低於其淨資產價值。投資者越來越挑剔，只關注購買比特幣的商業模式受到審查。

The ETF Effect

ETF效應

Here's a plot twist: Bitcoin ETFs are stealing the show. Investors are flocking to ETFs, which have seen massive inflows this year. Why buy a company holding Bitcoin when you can buy Bitcoin directly through an ETF?

這是一個情節扭曲：比特幣ETF正在竊取節目。投資者正在湧向ETF，這些ETF今年已經大量流入。當您可以直接通過ETF購買比特幣時，為什麼要購買擁有比特幣的公司？

ETF Bloodbath: A Crypto Exodus?

ETF Bloodbath：加密出埃及記？

Speaking of ETFs, last week was brutal. Ethereum and Bitcoin ETFs saw record outflows, with investors pulling nearly $800 million from ETH products and over $900 million from BTC funds. Fidelity’s FBTC took a big hit, while BlackRock’s IBIT proved more resilient. What's driving this exodus?

說到ETF，上周是殘酷的。以太坊和比特幣ETF看到了創紀錄的流出，投資者從ETH產品中籌集了近8億美元，而從BTC基金中賺了超過9億美元。 Fidelity的FBTC受到了很大的打擊，而BlackRock的IBIT證明更具彈性。是什麼驅動此出埃及記？

• Macroeconomic jitters
• Technical breakdowns
• Cascading liquidations

The message is clear: keep an eye on those fund flows. They’re becoming a reliable early warning system for crypto prices.

消息很明確：請密切關注這些基金流。他們成為加密價格的可靠預警系統。

2025: The Regulatory Reckoning

2025年：監管計算

Fast forward to 2025, and regulatory changes are shaking things up. Nasdaq's new rules, like requiring shareholder approval for crypto-related share issuances, are adding friction to fundraising. While these rules aim to enhance transparency, they also make it harder for companies to raise capital for Bitcoin purchases.

快進到2025年，監管變化正在振作起來。納斯達克的新規則，例如要求股東批准與加密相關的股份發行，也在籌款中增加了摩擦。儘管這些規則旨在提高透明度，但它們也使公司更難為購買比特幣購買資本。

This shift is pushing companies to explore alternative fundraising methods like token sales and DeFi. Binance is dominating new token trades, showing how liquidity is shifting to platforms that balance compliance with efficiency.

這種轉變正在促使公司探索諸如代幣銷售和defi之類的替代籌款方法。 Binance正在主導新的代幣交易，顯示流動性如何轉移到平衡符合效率的平台。

The DAT Model: A Potential Solution?

DAT模型：潛在解決方案？

Enter the Digital Asset Treasury (DAT) model. Companies are using stock issuance to fund token acquisitions, aiming for returns from both token price appreciation and token-per-share growth. It's a clever approach, but its success hinges on regulatory stability.

輸入數字資產財政（DAT）模型。公司正在使用股票發行資助代幣的收購，旨在從代幣價格讚賞和每股代幣增長中獲得回報。這是一種聰明的方法，但其成功取決於監管穩定性。

Buying Opportunity or Cautionary Signal?

購買機會還是警告信號？

So, is this a buying opportunity or a warning sign? It depends on your risk appetite. Nasdaq's rules have created a more transparent ecosystem, attracting index fund inflows. But the Mantle hack and Arbitrum's price plunge remind us of the sector's inherent volatility.

那麼，這是購買機會還是警告標誌？這取決於您的風險食慾。納斯達克的規則創造了一個更透明的生態系統，吸引了指數基金的流入。但是，地幔駭客和仲裁的價格下跌使我們想起了該行業固有的波動性。

Final Thoughts

最後的想法

The intersection of Bitcoin, treasury stocks, and regulatory changes is a complex and dynamic landscape. As we look toward 2025, it's crucial to stay informed, adapt to the changing rules, and tread carefully. Will it be a crash landing or a soft landing? Only time will tell. But one thing’s for sure: it’s going to be an interesting ride!

比特幣，國庫庫存和監管變化的交集是一個複雜而動態的景觀。當我們看2025年時，保持知情，適應不斷變化的規則並仔細踩踏至關重要。是墜機降落還是軟降落？只有時間會證明。但是可以肯定的是：這將是一個有趣的旅程！