加密貨幣市場的2025年中期快照，通過A16Z突出顯示的主要指標鏡頭，並查看Stablecoin流量和經濟因素。

Crypto Market Check-in: A16z's Mid-Year Indicators and the Road Ahead

加密貨幣市場簽到：A16Z的年中指標和未來的道路

The crypto space is buzzing with activity, and it's time for a mid-year pulse check. We're diving into key indicators spotlighted by a16z, stablecoin dynamics, and the macroeconomic factors shaping our digital asset world.

加密空間隨著活動而嗡嗡作響，是時候進行年中脈衝檢查了。我們正在研究A16Z，Stablecoin Dynamics以及塑造我們數字資產世界的宏觀經濟因素的關鍵指標。

A16z's 2025 Crypto Indicators: How Are We Doing?

A16Z的2025加密指標：我們該怎麼樣？

Daren Matsuoka at a16z crypto outlined five crucial indicators to monitor the crypto industry's growth in 2025. Let's see how they're holding up:

A16Z Crypto的Daren Matsuoka概述了五個關鍵指標，以監視2025年加密貨幣行業的增長。讓我們看看他們的舉足輕重：

• Mobile Wallet Users: Up 23%! We're seeing an average of 34.4 million monthly active users compared to 27.9 million last year. Improved wallet infrastructure and user experience are clearly paying off.
• Adjusted Stablecoin Trading Volume: A whopping +49%! Average monthly volume hits $702 billion, smashing last year's $472 billion. Stablecoins are proving their product-market fit as a fast and cheap way to move value.
• ETP Net Inflows (Bitcoin and Ethereum): Up 28%. Institutional capital is flowing in, signaling the industry's maturation. By June 2025, ETP net inflows totaled $45 billion, with BTC dominating at $42 billion and ETH at $3.4 billion.
• Spot Trading Volume from DEXs to CEXs: Up 51%! Decentralized exchanges are gaining traction as more users enter the crypto world.
• Total Transaction Fees (Block Space Required): Down 43%. This one's a bit tricky, as projects aim to reduce user fees. The goal is for total fees to increase while individual transaction costs stay low.

Stablecoin Shuffle: Solana Outflows and Ethereum/BSC Gains

Stablecoin shuffle：Solana流出和以太坊/BSC收益

Last week saw some interesting shifts in the stablecoin landscape. Solana experienced a significant outflow of $663 million in USDT and USDC, while Ethereum and Binance Smart Chain (BSC) attracted inflows of $312 million and $300.1 million, respectively. This suggests a capital rotation away from Solana during a recent market correction.

上週，Stablecoin景觀發生了一些有趣的轉變。 Solana在USDT和USDC中經歷了6.63億美元的大量流出，而以太坊和Binance Smart Chain（BSC）分別吸引了3.12億美元和30010萬美元的流入。這表明在最近的市場校正期間，資本輪流遠離索拉納。

Institutional Interest Remains Strong

機構興趣仍然很大

Despite market dips, institutional interest in Bitcoin ETFs remains robust. Bitcoin ETFs saw net inflows of 9,904 BTC (about $1.04 billion), with BlackRock's iShares leading the charge. Ethereum ETFs experienced mixed movements, but overall, the trend is positive.

儘管市場下降，但對比特幣ETF的機構興趣仍然強大。比特幣ETF的淨流入量為9,904 BTC（約10.4億美元），貝萊德的iShares領先。以太坊ETF經歷了不同的運動，但總體而言，趨勢是積極的。

Macroeconomic Factors: Powell, Jobs, and PCE

宏觀經濟因素：鮑威爾，工作和PCE

Don't forget the traditional economic indicators! Jerome Powell's testimonies, jobless claims, and PCE data are all influencing Bitcoin's volatility. A hawkish stance from Powell or higher-than-expected inflation data could put pressure on Bitcoin, while dovish signals or rising jobless claims might give it a boost.

不要忘記傳統的經濟指標！杰羅姆·鮑威爾（Jerome Powell）的證詞，失業者主張和PCE數據都在影響比特幣的波動性。鮑威爾（Powell）的鷹派立場或超出預期的通貨膨脹數據可能會對比特幣施加壓力，而骯髒的信號或失業者的主張不斷增加，可能會帶來增強的。

The Token Economy: A Glimmer of Hope?

象徵性的經濟：一線希望？

There's an additional metric worth noting: the number of tokens with a monthly net profit of over $1 million. As of June 2025, only 22 tokens meet this criterion. However, with new regulations and market structures, the path for tokens to complete the economic closed loop is starting to clear. This could lead to more projects returning value directly to tokens, creating a healthier token economy.

還有一個值得注意的指標：每月淨利潤超過100萬美元的令牌數量。截至2025年6月，只有22個令牌符合此標準。但是，隨著新的法規和市場結構，代幣完成經濟封閉循環的途徑開始清楚。這可能導致更多的項目將價值直接返回給令牌，從而創造出更健康的代幣經濟。

Final Thoughts: Buckle Up, Buttercup!

最終想法：扣緊，毛cup！

The crypto market is a wild ride, but these indicators provide valuable insights into its underlying health and trends. Whether it's mobile wallet adoption, stablecoin flows, or macroeconomic pressures, keeping an eye on these factors can help you navigate the ever-changing landscape. So, stay informed, stay curious, and remember: even in crypto, knowledge is power!

加密市場是一個瘋狂的旅程，但是這些指標為其潛在的健康和趨勢提供了寶貴的見解。無論是採用移動錢包，穩定幣的流動還是宏觀經濟壓力，都可以關注這些因素，都可以幫助您瀏覽不斷變化的景觀。因此，請保持了解，保持好奇，並記住：即使在加密貨幣中，知識也是力量！