加密貨幣，資本轉移和初創公司提高：這是怎麼回事？

加密財政部交易正在籌集創業資金。他們是在傷害創新，還是只是重定向資本？亞瑟·海斯（Arthur Hayes）的看漲預測增加了另一層。

The Crypto Treasury Tango: Capital's New Moves and Startup Raises

加密貨幣探戈：Capital的新舉動和初創公司提高

The crypto landscape is buzzing! Crypto treasury deals are grabbing capital, leaving traditional startup funding in the dust. Meanwhile, BitMEX's Arthur Hayes is out there predicting Bitcoin at $250k and Ethereum at $10k by the end of 2025. What's going on?

加密景觀嗡嗡作響！加密貨幣交易正在抓住資本，留下傳統的創業資金。同時，Bitmex的Arthur Hayes在那裡預測比特幣為25萬美元，到2025年底，以太坊的$ 100K。發生了什麼？

The Great Capital Shift: Crypto Treasuries vs. Startup Raises

巨大的資本轉移：加密貨幣與創業公司的提高

Traditional crypto startup VC rounds are taking a hit. In 2025, they're down 56% compared to last year, according to The Block Pro data. Total funding has also dipped. VCs are pointing fingers at crypto treasury deals (DATs), citing their liquidity advantages and instant pricing.

傳統的加密初創企業VC回合正在受到打擊。根據Block Pro數據，在2025年，與去年相比下跌了56％。總資金也下降了。 VC指著加密貨幣交易（DATS）指著他們的流動性優勢和即時定價。

Think of it this way: when a DAT trades high, it's like printing money. Funds raise more capital, buy more crypto, and everyone's happy. It's a flywheel effect, especially for those liquid funds and VCs managing extra cash.

這樣想：當Dat交易高點時，就像打印錢一樣。資金籌集了更多資金，購買更多加密貨幣，每個人都很高興。這是一種飛輪效應，尤其是對於那些流動基金和管理額外現金的風險投資。

Revenue Rules: The New VC Mantra

收入規則：新的VC口頭禪

VCs are getting smarter, though. They're now all about projects with real revenue. Protocols like Hyperliquid, which share revenue with token holders, are the new gold standard. Cosmo Jiang from Pantera Capital calls the decline of "fundamentally valueless tokens" a necessary reset.

不過，VC越來越聰明。他們現在全都關乎具有實際收入的項目。與代幣持有人共享收入的Hyperliquid等協議是新的黃金標準。 Pantera Capital的Cosmo Jiang稱“從根本上毫無價值的代幣”的下降是必要的重置。

World Liberty's Wild Ride: A Trump-Backed Crypto Treasury

世界自由的瘋狂之旅：特朗普支持的加密貨幣

World Liberty Financial (WLFI), backed by the Trump family, is trying to replicate Strategy's success with a $1.5 billion Nasdaq listing. Their governance token, while designed to prevent centralization, introduces complexity compared to Bitcoin's straightforward appeal.

由特朗普家族支持的世界自由金融（WLFI）試圖以15億美元的納斯達克上市來複製戰略的成功。與比特幣的直接吸引力相比，它們的治理令牌雖然旨在防止集中化，但引入了複雜性。

The platform's USD1 stablecoin adds another layer. By staking Ethereum, World Liberty is diversifying its revenue streams, a strategy that could protect it from token price swings.

該平台的USD1 Stablecoin添加了另一層。通過Staking Ethereum，World Liberty正在多元化其收入來源，該戰略可以保護其免受代幣價格波動的影響。

Hayes' High Hopes: Bitcoin to $250K, Ethereum to $10K

海耶斯的高希望：比特幣至$ 250k，以太坊至$ 10K

Arthur Hayes, co-founder of BitMEX, believes Bitcoin will hit $250,000 and Ethereum $10,000 by the end of 2025. He sees a "credit-heavy economic strategy" under a potential Trump administration fueling the rally. Stablecoins are funding federal deficits while recycling capital into credit creation. He also speculates that regulatory reforms under a Trump administration—such as allowing 401(k) investments in crypto or exempting digital assets from capital gains taxes—could catalyze institutional adoption.

BITMEX的聯合創始人Arthur Hayes認為，到2025年底，比特幣將達到25萬美元，以太坊將達到25萬美元，以太坊將達到10,000美元。在潛在的特朗普政府助長了集會的情況下，他認為比特幣將看到一項“信用高昂的經濟戰略”。 Stablecoins正在為聯邦赤字提供資金，同時將資本回收為信貸創造。他還推測，特朗普政府的監管改革，例如允許401（k）對加密貨幣進行投資或免除數字資產的資本利得稅，可以促進機構的採用。

While Hayes’ long-term targets remain ambitious, technical analysts caution that both assets face near-term challenges.

儘管海斯的長期目標仍然雄心勃勃，但技術分析師警告說，這兩種資產都面臨近期挑戰。

The Million-Dollar Question: Is It All Sustainable?

百萬美元的問題：一切都可持續嗎？

Crypto treasury deals might not be shrinking total startup funding, but they're definitely shaking things up. The question is, are they good for long-term innovation and venture diversity? We'll have to wait and see how it all plays out.

加密貨幣交易可能不會縮小啟動總資金，但它們肯定會震撼。問題是，它們適合長期創新和風險多樣性嗎？我們必須拭目以待，看看一切如何發揮作用。

Final Thoughts: Buckle Up!

最終想法：搭扣！

From crypto treasury deals to Hayes' wild predictions, the crypto world is never boring. Whether you're a seasoned investor or just curious, keep an eye on these trends. It's gonna be a bumpy, but potentially very rewarding, ride!

從加密貨幣交易到海斯的狂野預測，加密貨幣世界從來都不是無聊的。無論您是經驗豐富的投資者還是好奇，都要關注這些趨勢。這將是一個坎bump的，但有可能非常有意義！