Steno Research 斷言 2025 年將是加密貨幣最好的一年，預測比特幣和以太坊價格將會上漲

隨著新年的到來，加密貨幣領域充斥著 2025 年狀況的預測。在最近分享前景的公司中

As the new year begins, the crypto space is abuzz with predictions for 2025. Among the firms that have recently shared their outlook is Steno Research. In their December 2024 report, the company outlined its predictions for the new year, which are largely optimistic.

新年伊始，加密貨幣領域充斥著 2025 年的預測。在 2024 年 12 月的報告中，該公司概述了對新的一年的預測，基本上是樂觀的。

According to analysts at financial research firm Steno Research, 2025 will be crypto's best year yet. They made this announcement in the December 2024 report, which included predictions for the upcoming year.

金融研究公司 Steno Research 的分析師表示，2025 年將是加密貨幣領域迄今為止最好的一年。他們在 2024 年 12 月的報告中宣布了這一消息，其中包括對來年的預測。

Steno Research pointed to several factors that supported its conviction, including anticipated favorable regulations under a Donald Trump-led administration, supportive macroeconomic conditions as interest rates decline to boost liquidity, and unparalleled levels of institutional adoption driven by spot Bitcoin and Ethereum exchange-traded funds (ETFs).

Steno Research 指出了支持其信念的幾個因素，包括唐納德·川普領導的政府預期的有利監管、利率下降以增加流動性而帶來的支持性宏觀經濟條件，以及現貨比特幣和以太坊交易所交易基金推動的無與倫比的機構採用水準（ETF）。

Similar to 2024, we expect the U.S. crypto ETFs to take center stage once again in 2025, partly due to the direct buying pressure they generate and partly because they serve as a proxy for non-native crypto retail and institutional interest in the asset class.

與 2024 年類似，我們預計美國加密貨幣 ETF 將在 2025 年再次成為焦點，部分原因是它們產生的直接購買壓力，部分原因是它們充當了非本地加密貨幣零售和機構對該資產類別興趣的代表。

We project that… pic.twitter.com/T8cs5gEbJy

我們預計… pic.twitter.com/T8cs5gEbJy

— Mads Eberhardt (@MadsEberhardt) December 30, 2024

- 麥茲·埃伯哈特 (@MadsEberhardt) 2024 年 12 月 30 日

The firm expects inflows into these products to spike in 2025. Bitcoin ETFs will attract $48 billion in net inflows in 2025, the firm said, averaging $4 billion in monthly inflows. This would mark a 36% increase from the $35.24 billion recorded in 2024, per SoSoValue data.

該公司預計這些產品的資金流入將在 2025 年激增。根據 SoSoValue 數據，這將比 2024 年記錄的 352.4 億美元增加 36%。

At the same time, Steno Research believes Ethereum ETFs will generate a total of $28.5 billion in net inflows in 2025, averaging $2 billion a month in the first half of the year and $3.5 billion in the second half. The firm bases this estimate on the belief that these products will eventually be able to stake a portion of their holdings to earn yield for investors by the second half of the year under a more favorable SEC.

同時，Steno Research認為，以太坊ETF將在2025年產生總計285億美元的淨流入，上半年平均每月20億美元，下半年平均每月35億美元。該公司的這一估計基於這樣的信念：在更有利的 SEC 監管下，這些產品最終將能夠在今年下半年之前將其持有的部分資產出售，從而為投資者賺取收益。

Unsurprisingly, all of these factors equate to higher crypto asset prices. For one, Steno Research predicts that Bitcoin will soar as high as $150,000, representing a nearly 56% increase from the current price of about $96,200.

毫不奇怪，所有這些因素都等同於更高的加密資產價格。其一，Steno Research 預測比特幣將飆升至 15 萬美元，較目前約 96,200 美元的價格上漲近 56%。

Interestingly, Steno Research expects Ethereum to outperform Bitcoin in 2025, predicting that the ETH/BTC ratio will recover to 0.06 from current levels around 0.0357. For the firm, this ETH/BTC ratio recovery translates to a $8,000 price target for ETH, representing an over 135% increase from the current price of about $3,400.

有趣的是，Steno Research 預計以太坊將在 2025 年跑贏比特幣，預測 ETH/BTC 比率將從目前 0.0357 左右的水平恢復至 0.06。對於該公司來說，ETH/BTC 比率的恢復意味著 ETH 的目標價格為 8,000 美元，較目前約 3,400 美元的價格上漲了 135% 以上。

Altcoins to the Moon?

山寨幣去月球？

Beyond Ethereum, Steno Research believes that altcoins, in general, will likely be on a tear in 2025. The firm makes this case by arguing that the Donald Trump administration favors altcoins more than Bitcoin as the latter already had significant regulatory clarity.

除了以太坊之外，Steno Research 認為，總體而言，山寨幣可能會在2025 年大幅上漲。的監管明確性。

However, the firm expects the anticipated clarity for altcoins to increase adoption, especially by institutions that have long been restrained by regulatory considerations.

然而，該公司預計山寨幣的預期清晰度將增加採用率，尤其是長期受到監管考慮限制的機構。

The result is expected to be a significant drop in Bitcoin’s market dominance from the present 57.42% to as low as 45%. At the same time, total value locked (TVL) in decentralized protocols is expected to hit record highs of $300 billion, up over 140% from roughly $123 billion at the time of writing.

預計結果將是比特幣的市場主導地位從目前的 57.42% 大幅下降至 45%。同時，去中心化協議的鎖定總價值 (TVL) 預計將創下 3000 億美元的歷史新高，比撰寫本文時的約 1230 億美元增長超過 140%。

According to Steno Research, these factors will usher in the so-called altcoin season.

據 Steno Research 稱，這些因素將迎來所謂的山寨幣季節。

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