2024 年 12 月 2 日：我們的每週機構洞察探討最新的市場發展

如果美國經濟成長強勁，聯準會為何考慮降息？最近向聯準會主席鮑威爾提出了這個問題。

Our weekly Institutional Insights covers the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

我們每週的機構洞察涵蓋最新的市場動態——市場表現、行業新聞、交易所交易基金 (ETF) 流量、趨勢主題、即將發生的事件和代幣解鎖——幫助您增強加密貨幣交易。

Enjoy our weekly take on the market!

享受我們每週對市場的看法！

Weekly Highlight — U.S. Economy Growth Driven by Improved Productivity

每周亮點－生產力提高推動美國經濟成長

Source: Bloomberg

資料來源：彭博社

If U.S. economic growth is strong, why is the Federal Reserve considering interest rate cuts? This question was recently put to Fed Chair Jerome Powell.

如果美國經濟成長強勁，聯準會為何考慮降息？這個問題最近被提交給聯準會主席鮑威爾。

Instead of focusing solely on the Fed's actions, we should explore the reasons behind the robust growth, and see how it can be sustained.

我們不應該只關注聯準會的行動，而應該探討強勁成長背後的原因，並看看如何才能維持這種成長。

Real GDP is expected to exceed pre-pandemic levels for the second consecutive year. Typically, strong growth raises concerns about overheating, but inflation has actually fallen. Recent growth is largely due to increased productivity and a growing workforce, which are not inflationary and can help rebalance supply and demand.

實際GDP預計將連續第二年超過疫情前的水準。通常情況下，強勁成長會引發對過熱的擔憂，但通膨實際上已經下降。最近的成長主要是由於生產力的提高和勞動力的增加，這不會引發通貨膨脹，並有助於重新平衡供需。

A significant factor behind this success is the rise in labor productivity, averaging 2.3% over the past two years — faster than the four years before the pandemic. This uptick is linked to a surge in new business applications, especially in the tech sector, as the pandemic's economic shifts and relief measures lowered barriers to entrepreneurship, particularly benefiting underrepresented groups.

這項成功背後的一個重要因素是勞動生產力的提高，過去兩年平均提高了 2.3%，比疫情爆發前的四年還要快。這種上升與新業務應用程式的激增有關，特別是在科技領域，因為大流行的經濟轉變和救濟措施降低了創業障礙，特別是有利於代表性不足的群體。

The boost in productivity also reflects workers moving to roles better suited to their skills, a trend accelerated by the Great Resignation. This mobility has been essential for productivity gains, as higher job turnover correlates with increased business dynamism.

生產力的提高也反映出工人正在轉向更適合自己技能的職位，「大辭職」加速了這一趨勢。這種流動性對於提高生產力至關重要，因為更高的工作流動率與增強的業務活力有關。

However, sustaining higher productivity is a challenge. The Fed must avoid overly restricting the economy, as high interest rates can deter investment in technology. Additionally, a gradual cooling of the labor market, with declining job quits, is concerning.

然而，維持較高的生產力是一個挑戰。聯準會必須避免過度限制經濟，因為高利率會阻礙對科技的投資。此外，勞動市場逐漸降溫，辭職人數下降，也令人擔憂。

For policymakers, monitoring labor market dynamics and business formation is crucial. If these indicators decline, productivity and growth could wane. The U.S. economy has made significant progress, and maintaining this momentum is essential.

對於政策制定者來說，監測勞動市場動態和企業形成至關重要。如果這些指標下降，生產力和成長可能會下降。美國經濟已取得重大進展，維持這一動能至關重要。

Weekly Crypto Highlight — Sui Is Poised for Growth

每週加密亮點－Sui 蓄勢待發

Bybit has released the Sui ecosystem report, with its key takeaways below. (Read the full report here.)

Bybit 發布了 Sui 生態系統報告，其主要內容如下。 （請在此閱讀完整報告。）

Performance Metrics: Sui has achieved impressive performance, processing over 297,000 transactions per second (TPS) while maintaining low latency. This positions it among the fastest blockchains available.

效能指標：Sui 取得了令人印象深刻的效能，每秒處理超過 297,000 個交易 (TPS)，同時保持低延遲。這使其成為最快的區塊鏈之一。

Market Growth: In 2024, Sui's market capitalization skyrocketed over 1,000%, reaching $9.5 billion and reflecting strong investor confidence and growing adoption.

市場成長：2024 年，Sui 的市值飆升超過 1,000%，達到 95 億美元，反映出投資者的強勁信心和不斷增長的採用率。

DeFi Expansion: The total value locked (TVL) in Sui’s DeFi ecosystem has surpassed $1.5 billion, ranking it 11th among major blockchain networks and highlighting its rapid growth in decentralized finance.

DeFi擴張：Sui的DeFi生態系統的總鎖定價值（TVL）已超過15億美元，在主要區塊鏈網路中排名第11位，凸顯了其去中心化金融的快速成長。

Institutional Interest: The launch of the Grayscale Sui Trust has significantly increased institutional interest, resulting in an 89% price surge for the SUI token in Q3 2024, indicating its appeal to accredited investors.

機構興趣：Grayscale Sui Trust 的推出顯著增加了機構興趣，導致 SUI 代幣價格在 2024 年第三季飆升 89%，顯示其對合格投資者的吸引力。

Gaming Developments: Sui is making strides in the gaming sector, introducing the SuiPlay0X1 handheld gaming device and various web3 games, enhancing user engagement and expanding its ecosystem.

遊戲發展：Sui 在遊戲領域取得了長足的進步，推出了 SuiPlay0X1 手持遊戲裝置和各種 web3 遊戲，增強了用戶參與度並擴展了其生態系統。

Developed by Mysten Labs, Sui is a Layer 1 proof of stake (PoS) blockchain launched on May 3, 2023. Its object-centric data model allows for parallel transaction processing, enhancing throughput and reducing latency. Its use of the Move programming language ensures resource safety through rigorous bytecode verification, mitigating common blockchain vulnerabilities.

Sui 由 Mysten Labs 開發，是於 2023 年 5 月 3 日推出的第 1 層權益證明 (PoS) 區塊鏈。它使用 Move 程式語言，透過嚴格的字節碼驗證確保資源安全，減少常見的區塊鏈漏洞。

Institutional Partnerships: Partnerships with firms like Copper and Zero Hash strengthen Sui’s infrastructure and credibility in the financial sector, enhancing its offerings in digital asset custody and transaction facilitation.

機構合作夥伴關係：與 Copper 和 Zero Hash 等公司的合作夥伴關係加強了 Sui 在金融領域的基礎設施和信譽，增強了其在數位資產託管和交易便利化方面的產品。

Growth in DeFi and Gaming: Sui’s DeFi sector is thriving, with leading protocols like NAVI and Scallop offering diverse financial services. In gaming, initiatives such as the SuiPlay0X1 device and various web3 projects bolster user engagement.

DeFi 和遊戲的成長：隋的 DeFi 領域正在蓬勃發展，NAVI 和 Scallop 等領先協議提供多樣化的金融服務。在遊戲領域，SuiPlay0X1 裝置和各種 web3 專案等措施增強了用戶參與度。

In summary, Sui is poised for continued growth, driven by technological innovations that are expanding its presence in both DeFi and gaming.

總而言之，在技術創新的推動下，Sui 預計將持續成長，這些技術創新正在擴大其在 DeFi 和遊戲領域的影響力。

Other Top Performing Tokens

其他表現最佳的代幣

Token

代幣

Catalyst

催化劑

Virtuals Protocol (VIRTUAL)

虛擬協定（VIRTUAL）

VIRTUAL surged 53.6% following the launch of the $MUSIC token by Agentstarter, which features AI-driven music video capabilities and community-focused tokenomics. Read more here.

Agentstarter 推出 $MUSIC 代幣後，VIRTUAL 飆升 53.6%，該代幣具有人工智慧驅動的音樂視訊功能和以社群為中心的代幣經濟。在這裡閱讀更多內容。

Ethereum Name Service (ENS)

以太坊名稱服務 (ENS)

ENS surged 45.0% following the announcement of Namechain's vision for simplified, gas-free registration with faster transactions. Read more here.

在 Namechain 宣布簡化、無 Gas 註冊和更快交易的願景後，ENS 飆升 45.0%。在這裡閱讀更多內容。

Sonic Labs (FTM)

索尼克實驗室 (FTM)

FTM surged 9.9% following Sonic Labs' partnership with Octav for advanced on-chain financial management. Read more here.

Sonic Labs 與 Octav 合作提供先進的鏈上財務管理後，FTM 飆升 9.9%。在這裡閱讀更多內容。