早上好，亞洲。這是市場上新聞的原因：

ETH的交易價格為2770美元。根據Coindesk Market數據的數據，本月ETH的表現優於BTC，本月的增長近11％，BTC增長了5％。

Good Morning, Asia. Here's what's making news in the markets:

早上好，亞洲。這是市場上新聞的原因：

As Asia begins its Thursday business day, ETH is trading at $2,770.

隨著亞洲開始週四的工作日，ETH的交易價格為2,770美元。

ETH is up almost 11% this month, according to CoinDesk market data, outperforming BTC, which rose 5%.

根據Coindesk Market數據的數據，本月ETH的表現優於BTC，本月的增長近11％，BTC增長了5％。

Part of this could be because of institutional trading demand, and the fact that it's overtaken BTC in derivatives markets as sophisticated investors increasingly bet on ETH’s structural growth and role as a gateway between decentralized finance (DeFi) and traditional finance (TradFi), OKX Chief Commercial Officer Lennix Lai told CoinDesk in an interview.

OKX首席商業官員Lennix Lai Leii告訴Coindesk，這可能是由於機構交易需求的一部分是由於機構交易需求以及它在衍生品市場中超過了BTC的BTC。

"Ethereum is overshadowing BTC on our perpetual futures market, with ETH accounting for 45.2% of trading volume over the past week. BTC, by comparison, sits at 38.1%," Lai said.

萊說：“以太坊在我們的永久期貨市場上覆蓋了BTC，在過去一周中，ETH佔交易量的45.2％。相比之下，BTC佔38.1％。”

This is a similar finding to what's occurring on Derebit, CoinDesk recently reported.

Coindesk最近報導說，這與Derebit上發生的情況類似。

That's not to say that institutions have taken a disinterest in BTC. Far from it.

這並不是說機構對BTC不感興趣。遠離它。

A recent report from Glassnode shows that despite BTC's recent volatility, institutions are happily buying up the dips.

GlassNode最近的一份報告表明，儘管BTC最近的波動性，機構還是很高興地購買了這些下降。

Long-term holders (LTHs) realized over $930 million in profits per day during recent rallies, Glassnode wrote, rivaling distribution levels seen at previous cycle peaks. Yet, instead of triggering a cascade of selling, the LTH supply actually grew.

GlassNode寫道，在最近的集會中，長期持有人（LTHS）每天實現了超過9.3億美元的利潤。然而，LTH供應實際上並沒有引發一系列銷售，而是增加了。

“This dynamic highlights that maturation and accumulation pressures are outweighing distribution behavior,” Glassnode analysts wrote, noting that this is “highly atypical for late-stage bull markets.”

玻璃節分析師寫道：“這種動態的重點是，成熟和積累壓力大於分銷行為。”

Neither, however, are immune to geopolitical risk or black swan events like the Trump-Musk blowout.

但是，都不適應地緣政治風險或黑天鵝事件，例如特朗普·穆斯克（Trump-Musk）的井噴。

These episodes serve as reminders that sentiment can shift quickly, even in structurally strong markets. But beneath the surface-level volatility, institutional conviction remains intact. ETH is emerging as the vehicle of choice for accessing regulated DeFi, while BTC continues to benefit from long-term accumulation by institutions via ETFs.

這些情節提醒人們，即使在結構強大的市場中，情感也會迅速轉移。但是在表面水平的波動之下，機構信念仍然完好無損。 ETH正在成為訪問受監管DEFI的首選工具，而BTC繼續受益於機構通過ETF的長期積累。

"Macro uncertainties remain, but $3,000 ETH looks increasingly likely,” Lai concluded.

萊總結說：“宏觀不確定性仍然存在，但3,000美元的ETH看起來越來越有可能。”

Tron Continues to Win Stablecoin Inflow

特隆繼續贏得Stablecoin流入

The stablecoin market just hit an all-time high of $228 billion, up 17% year-to-date, according to a new CryptoQuant report.

根據一份新的CryptoQuant報告，Stablecoin市場的歷史最高額度為2280億美元，每年增長17％。

That surge in dollar-pegged liquidity, driven by renewed investor confidence showcased by the blockbuster Circle IPO, rising DeFi yields, and improving U.S. regulatory clarity, is quietly redrawing the map of where capital lives on-chain.

由大片圈子IPO展示的重新投資者信心，提高的Defi收益率和提高美國監管清晰度的新投資者信心驅動的美元流動性激增，正在悄悄地重新繪製鍊子上的資本生活的地圖。

"The amount of stablecoins on centralized exchanges has also reached record high levels, supporting crypto trading liquidity," CryptoQuant reported.

CryptoQuant報導：“集中交易所的穩定幣數量也達到了創紀錄的高水平，支持加密貨幣交易流動性。”

CryptoQuant noted that the total value of ERC20 stablecoins on centralized exchanges has climbed to a record $50 billion.

CryptoQuant指出，集中式交易所中ERC20 Stablecoins的總價值已攀升至創紀錄的500億美元。

Most of this growth in exchange stablecoin reserves has been a result of the increase in USDC reserves on exchanges, per their data, which have grown by 1.6x so far in 2025 to $8 billion.

交換穩定儲備中的大部分增長都是由於其數據增長了USDC儲備金的結果，該儲量根據其數據增長，這些儲量在2025年到目前為止增長了1.6倍，達到了80億美元。

As far as protocols that have been a net beneficiary of all of this, Tron leads the pack. Tron's blend of fast finality and deep integrations with stablecoin issuers like Tether is credited with making it a liquidity magnet

至於所有這一切淨受益人的協議，Tron都領導了這一問題。 Tron融合了快速終止和與Tether這樣的Stablecoin發行人的深入整合，這使它成為流動性磁鐵

Presto Research, which recently released a similarly themed report, wrote that it notched over $6 billion in net stablecoin inflows in May, topping all other chains and posting the second-highest number of daily active users behind Solana and was the top performer in native total value locked (TVL) growth.

普雷斯托研究（Presto Research）最近發布了類似主題的報告，他寫道，5月，它在5月的淨穩定幣流入量超過60億美元，在所有其他連鎖店中脫穎而出，並在Solana之後發布了第二高的每日活躍用戶，並且是本地總價值鎖定（TVL）增長的最佳表現。

By contrast, Ethereum and Solana bled capital, Presto's data said.

Presto的數據說，相比之下，以太坊和Solana Bled Capital。

Both chains experienced significant stablecoin outflows and bridge volume losses, indicating a lack of new yield opportunities or major protocol upgrades. Presto’s data confirms a broader trend: institutional and retail capital alike are rotating toward Base, Solana, and Tron.

這兩個連鎖店都經歷了大量的穩定流出和橋樑量損失，這表明缺乏新的收益機會或主要協議升級。 Presto的數據證實了更廣泛的趨勢：機構和零售資本都向基礎，Solana和Tron旋轉。

The commonality? These chains offer faster execution, more dynamic ecosystems, and in some cases, bigger incentive programs

共同點？這些連鎖店提供更快的執行，更具動態的生態系統，在某些情況下，更大的激勵程序

Agent Economies Are Coming, but They Need Crypto Rails to Work

代理商經濟來了，但是他們需要加密貨幣才能工作

The next generation of AI won’t just talk to us, it’ll talk to itself. As autonomous agents grow more capable, they'll increasingly handle tasks end-to-end: booking flights, sourcing data, even commissioning other bots to complete subtasks. But there’s a problem: right now, these AI agents are trapped in silos and they need crypto to get them out.

下一代的AI不僅會與我們交談，它會與自己交談。隨著自主代理的發展越來越有能力，他們將越來越多地處理端到端的任務：預訂航班，採購數據，甚至調試其他機器人以完成子任務。但是有一個問題：目前，這些AI代理被困在孤島中，他們需要加密貨幣才能將它們取出。

In a recent a16z Crypto essay, Scott Duke Kominers, a Research Partner at a16z Crypto and a Faculty Affiliate at Harvard, argues that today’s agent-to-agent interactions are mostly hardcoded API calls or internal features within closed ecosystems.

在最近的A16Z加密文章中，A16Z加密貨幣的研究合作夥伴Scott Duke Kominers和哈佛大學的教職員工認為，當今的代理與代理商的互動主要是封閉的生態系統中的硬編碼API或內部功能。

There’s no shared infrastructure for agents to find each other, collaborate, or transact across systems. That’s where crypto comes in. Blockchains, with their open

沒有共同的基礎架構可以供代理商互相找到彼此，合作或跨系統進行交易。那是加密貨幣的地方。區塊鏈，他們的開放