Mt. Gox、比特幣和 XRP：駕馭 2025 年末的加密貨幣格局

探索 Mt. Gox 償還、比特幣的機構吸引力以及 XRP 在不斷發展的加密生態系統中的戰略定位的相互交織的敘述。

The crypto world is a whirlwind, ain't it? From market jitters to institutional investments and regulatory rumblings, there's never a dull moment. Today, we're diving into a few key players: Mt. Gox, Bitcoin, and XRP, to make sense of it all.

加密世界是一陣旋風，不是嗎？從市場動盪到機構投資和監管風聲，從來沒有一個沉悶的時刻。今天，我們將深入探討幾個關鍵參與者：Mt. Gox、比特幣和 XRP，以了解這一切。

Mt. Gox: The Ghost That Still Haunts

Mt. Gox：仍然困擾的幽靈

Remember Mt. Gox? That name still sends shivers down the spines of OG crypto folks. The deadline for Mt. Gox creditor repayments came and went. While the trustee had until Oct. 31st to complete the repayments, the court extended the cutoff date by one year after processing delays. The big question on everyone's mind: what happens when those Bitcoins hit the market?

還記得Mt. Gox嗎？這個名字仍然讓 OG 加密貨幣愛好者不寒而栗。 Mt. Gox 債權人還款的最後期限來了又去。雖然受託人必須在 10 月 31 日之前完成還款，但法院在處理延誤後將截止日期延長了一年。每個人都關心的一個大問題：當這些比特幣進入市場時會發生什麼？

Back in October 2024, analysts were sweating bullets over the potential for a massive dump. With 34,689 BTC still in Mt. Gox-linked wallets, the fear was real. History showed that a significant chunk of distributed BTC tends to end up on exchanges, potentially creating major sell pressure. However, distributions are staggered, with Bitstamp and Kraken needing up to 90 days to process payouts. This means the doomsday scenario of a $2.4 billion dump happening overnight was avoided.

早在 2024 年 10 月，分析師就對大規模拋售的可能性感到緊張。與 Mt. Gox 相關的錢包中仍有 34,689 比特幣，恐懼是真實存在的。歷史表明，很大一部分分佈式比特幣往往最終會出現在交易所，這可能會造成巨大的拋售壓力。然而，分配是交錯的，Bitstamp 和 Kraken 需要長達 90 天的時間來處理付款。這意味著一夜之間發生 24 億美元拋售的世界末日情景得以避免。

Bitcoin: Institutional Darling or Just Another Fad?

比特幣：機構寵兒還是另一種時尚？

Despite the Mt. Gox overhang, Bitcoin's been holding its own. Coinbase Institutional's latest survey reveals that roughly two-thirds of institutional investors are still bullish on Bitcoin heading into 2026. They see Bitcoin as a core asset, shrugging off recent volatility. However, the recent weakness wasn’t caused by manipulation but by “good old-fashioned sellers,” noting that this wave of profit-taking has become the main resistance keeping Bitcoin below key price levels.

儘管Mt. Gox懸而未決，比特幣仍然保持著自己的地位。 Coinbase機構的最新調查顯示，進入2026年，大約三分之二的機構投資者仍然看好比特幣。他們將比特幣視為核心資產，擺脫了近期的波動。然而，最近的疲軟並不是由操縱造成的，而是由“優秀的老式賣家”造成的，他們指出，這波獲利了結已成為使比特幣低於關鍵價格水平的主要阻力。

BlackRock even launched a Bitcoin ETP in London after the FCA loosened its ban on crypto-linked products, giving British institutional players a regulated gateway into BTC. Whales are playing both sides, with some opening massive short positions, suggesting a market ripe for a short squeeze.

在 FCA 放寬對加密貨幣相關產品的禁令後，貝萊德甚至在倫敦推出了比特幣 ETP，為英國機構參與者提供了進入 BTC 的受監管門戶。鯨魚雙方都在進行交易，其中一些鯨魚開設了大量空頭頭寸，這表明市場已經成熟，可以進行軋空。

XRP: Quietly Building a Financial Empire

XRP：悄然打造金融帝國

While Bitcoin grabs the headlines, XRP is quietly making moves. Chad Steingraber highlighted that Walmart's fintech arm, OnePay, is building its crypto services with support from ZeroHash, which utilizes Ripple's RLUSD stablecoin. ZeroHash confirmed support for RLUSD in early 2025, enabling deposits, withdrawals, and trading for the stablecoin. This connection strengthens XRP's strategic position as institutional adoption builds and the asset gains more prominent roles in large financial systems. By supporting RLUSD, ZeroHash effectively extends the ledger’s presence into new consumer-facing financial systems.

當比特幣佔據頭條新聞時，XRP 正在悄然採取行動。 Chad Steingraber 強調，沃爾瑪的金融科技部門 OnePay 正在 ZeroHash 的支持下構建其加密服務，該服務利用 Ripple 的 RLUSD 穩定幣。 ZeroHash 於 2025 年初確認支持 RLUSD，支持穩定幣的存款、取款和交易。隨著機構採用的建立以及該資產在大型金融系統中發揮更重要的作用，這種聯繫加強了 XRP 的戰略地位。通過支持 RLUSD，ZeroHash 有效地將分類賬的存在擴展到新的面向消費者的金融系統中。

Ripple CLO Stuart Alderoty even attended a Senate roundtable to discuss market structure legislation and DeFi regulation, pushing for parity with banks in the U.S. financial system.

Ripple CLO Stuart Alderoty 甚至參加了參議院圓桌會議，討論市場結構立法和 DeFi 監管，推動美國金融體系中與銀行的平等。

The Crystal Ball: What's Next?

水晶球：下一步是什麼？

Predicting the future in crypto is like trying to catch smoke with a butterfly net. But here's my two cents. Mt. Gox is still a lurking variable in the equation. The fear of oversupply will continue to weigh on rallies, especially if ETF flows remain negative. Bitcoin's path forward depends on institutional adoption and overcoming the sell-side pressure from long-term holders cashing out after years of gains.

預測加密貨幣的未來就像試圖用蝴蝶網捕捉煙霧。但這是我的兩分錢。 Mt. Gox 仍然是方程式中的一個潛伏變量。對供應過剩的擔憂將繼續打壓股市反彈，特別是如果 ETF 流量仍為負值的話。比特幣的前進道路取決於機構的採用以及克服長期持有者在多年收益後套現的賣方壓力。

XRP's strategic positioning with RLUSD and growing institutional acceptance makes it one to watch. The integration of RLUSD across ZeroHash’s infrastructure aligns with Ripple’s ongoing effort to enhance the utility of the XRP Ledger for institutional-grade payments and tokenized assets.

XRP 與 RLUSD 的戰略定位以及不斷增長的機構接受度使其值得關注。 RLUSD 在 ZeroHash 基礎設施中的集成與 Ripple 不斷努力增強 XRP 賬本在機構級支付和代幣化資產方面的實用性相一致。

Final Thoughts

最後的想法

So, there you have it. Mt. Gox, Bitcoin, and XRP, all intertwined in the grand crypto narrative. It's a wild ride, full of ups, downs, and enough plot twists to make your head spin. But hey, that's what makes it so damn interesting, right? Keep your eyes peeled, your wits about you, and maybe, just maybe, we'll all make it through to the other side with a few more sats in our pockets. Cheers!

所以，你就知道了。 Mt. Gox、比特幣和 XRP，都在加密貨幣的宏大敘事中交織在一起。這是一次瘋狂的旅程，充滿了跌宕起伏，還有足夠多的情節曲折，讓你頭暈目眩。但是，嘿，這就是它如此有趣的原因，對吧？睜大你的眼睛，保持你的智慧，也許，只是也許，我們都會帶著更多的錢到達另一邊。乾杯!