Coinbase Research：2025年4月在評論中 - 驅動加密貨幣前進的是什麼

根據Coinbase的反思性研究，2025年4月的加密景觀發生了重大轉變。

April 2025 brought a major shift in the crypto landscape. As covered by Coinbase's Reflexivity Research, regulatory headwinds eased, institutional adoption deepened, and on-chain infrastructure saw significant developments — marking what analysts describe as a new phase in digital assets.

2025年4月，加密貨幣景觀發生了重大轉變。正如Coinbase的反思性研究所涵蓋的那樣，監管逆風緩解，機構採用加深和鏈上基礎設施有了重大發展，這標誌著分析師所說的數字資產的新階段。

In the U.S., April saw the clearest easing in regulatory pressure since the 2021 bull run. Authorities repealed the controversial “DeFi broker” rule, which had previously threatened DeFi protocols with compliance obligations. The Department of Justice quietly disbanded its national crypto enforcement team. Additionally, the SEC dropped its high-profile case against PayPal's (NASDAQ:PYPL) stablecoin PYUSD and issued guidance that redeemable stablecoins, by default, should not be treated as securities.

在美國，自2021年公牛奔跑以來，四月的監管壓力最明顯。當局廢除了有爭議的“ Defi Broker”規則，該規則以前曾以合規義務威脅Defi協議。司法部安靜地解散了其國家加密執法團隊。此外，SEC放棄了針對PayPal（NASDAQ：PYPL）Stablecoin Pyusd的備受矚目的案件，並發布了指導，默認情況下，可贖回的Stablecoins不應被視為證券。

These moves triggered a wave of new ETF filings. VanEck filed for a BNB ETF, Grayscale applied for a Solana Trust conversion, and Canary filed for a staked TRX ETF.

這些移動引發了一波新的ETF歸檔。 Vaneck申請了BNB ETF，灰度申請了Solana Trust的轉換，並為固定的TRX ETF提出了金絲雀。

Analysts suggest that this new clarity around staking services and stablecoins has ultimately renewed institutional confidence in the space.

分析人士認為，圍繞Staging Services和Stablecoins的新清晰度最終使機構對該領域的信心更加信心。

Institutions deepen commitment to digital assets

機構加深對數字資產的承諾

Circle filed to go public, disclosing $1.68 billion in 2024 revenue and a $1.15 billion net profit — supported by its $10 billion in U.S. Treasury holdings. The stablecoin issuer also announced its intent to redomicile in the U.S., further aligning with regulators.

Circle向Go Public申請，在2024年的收入中披露了16.8億美元，淨利潤為11.5億美元，並由其100億美元的美國財政部持有。 Stablecoin發行人還宣布其意圖在美國進行重新組合，進一步與監管機構保持一致。

Tether added $5 billion in Bitcoin to its reserves, surpassing 75,000 BTC.

Tether在其儲備中增加了50億美元的比特幣，超過了75,000 BTC。

MicroStrategy (NASDAQ:MSTR), now operating as “Strategy," bought another $1.65 billion in BTC, aligning with President Trump's public support for U.S.-based Bitcoin accumulation.

MicroStrategy（NASDAQ：MSTR）現在以“戰略”的價格購買了BTC的16.5億美元，與特朗普總統對美國比特幣積累的公眾支持保持一致。

Other major moves included Cantor Fitzgerald announcing custody of over $100 billion in T-bills for stablecoin issuers, SoftBank launching a Japan-based stablecoin initiative, and Stripe unveiling USDC-based financial accounts in 101 countries.

其他重大舉措包括康托爾·菲茨杰拉德（Cantor Fitzgerald）宣布了超過1000億美元的T-bills為Stablecoin發行人提供監護，軟銀啟動了一項基於日本的Stablecoin倡議，並在101個國家 /地區宣布了基於USDC的財務帳戶。

Public companies also moved into the crypto space. Upexi and Semler Scientific both acquired Bitcoin, while World Liberty Financial voted to distribute its USD1 stablecoin via an on-chain airdrop.

上市公司還搬進了加密貨幣領域。 UPEXI和Semler Scientific都購買了比特幣，而World Liberty Financial投票通過鍊式空調分發其USD1 Stablecoin。

Insiders at both Nvidia and Advanced Micro Devices hinted at the potential for a new generation of AI chips by the end of the year.

NVIDIA和Advanced Micro Devices的內部人士暗示，到年底，新一代AI芯片的可能性。

ETF momentum remains strong

ETF動量保持強大

Spot Bitcoin ETFs continued to see strong inflows, with $2.97 billion in net inflows for April. BlackRock's IBIT led the way, with $2.69 billion in outsized inflows, while Grayscale's GBTC saw outflows persist as some investors rotated to lower-fee products.

現貨比特幣ETF繼續看到強勁的流入，四月份的淨流入為29.7億美元。貝萊德（Blackrock）的IBIT帶領，以26.9億美元的大量流入，而Grayscale的GBTC看到了流出的流量，因為一些投資者旋轉到低價產品。

Ether ETFs also brought in a healthy $66 million in inflows, a positive sign for ETH exposure despite the regulatory overhang.

Ether ETF還帶來了6600萬美元的健康流入，儘管有監管的懸垂，但ETH曝光的積極跡象。

Infrastructure and exchange growth

基礎設施和交換增長

Binance made significant strides in on-ramping users by adding Apple Pay and Google Pay for fiat deposits. The exchange also launched a USD1 perpetual contract on Binance Futures with 50x leverage, which immediately attracted substantial volume.

Binance通過添加Apple Pay和Google付費菲亞特存款來取得重大進步。該交易所還以50倍的槓桿率啟動了一份關於二元期貨的永久性合同，這立即吸引了大量量。

On the decentralized side, Hyperliquid advanced its governance decentralization by forming a validator council of 21 community members, each with a one-year term and multisig voting power. This marks a move toward more resilient protocol governance in decentralized finance.

在分散的一方，Hyperliquid通過組建一個由21個社區成員組成的驗證者委員會提高了政府的權力下放化，每個委員會都有一年的任期和Multisig投票權。這標誌著在分散財務中朝著更彈性的方案治理邁進。