由[作者的名字] | 2025年4月18日|市场与加密见解

金融市场正在通行一周的波动，并以传统股票指数的撤退和加密货币领域的重大发展为标志。

The financial markets experienced a week of mixed movements, with traditional equity indices pulling back slightly and cryptocurrency prices showing strength.

金融市场经历了一周的混合运动，传统股票指数略微退缩，加密货币价格显示出强度。

S&P 500 Drops 1.5%, Tech Drags on Index

标准普尔500指数下降1.5％，技术在指数上拖累

The S&P 500 dropped by 1.5% to 5,282.70 this week, extending the April decline to 5.9%, and marking a 10% drop year-to-date. This downturn has been driven largely by weakness in the tech sector, renewed concerns over inflation, and increased scrutiny on Federal Reserve Chair Jerome Powell’s handling of stagflation risks. Despite this broader pullback, the real estate and energy sectors outperformed, offering investors a sense of stability amidst the turbulence.

标准普尔500指数在本周下降了1.5％，至5,282.70，将四月下降到5.9％，并标志着10％的下降。这种低迷的主要是由于技术部门的疲软，对通货膨胀的担忧，并增加了对美联储主席杰罗姆·鲍威尔（Jerome Powell）处理暂存风险的审查。尽管有更广泛的回调，但房地产和能源部门的表现却超过了，在动荡中为投资者提供了一种稳定感。

Gold, which reached record highs earlier this month, saw a minor retreat, falling 0.6% to $3,319. Powell’s cautionary stance on inflation has tempered the precious metal’s rally. However, the broader uptrend in commodities and equities remains intact, suggesting that market conditions may stabilize in the near term.

黄金在本月初达到了记录最高的纪录，在较小的静修处，下降了0.6％，至3,319美元。鲍威尔对通货膨胀的警告态度抑制了贵金属的集会。但是，大宗商品和股票的更广泛的上升趋势仍然完好无损，表明市场状况可能会在短期内稳定。

Crypto Market Holds Firm with 0.77% Gain in 24 Hours, PYTH Surges 10.1%

加密货币市场持有24小时内增长0.77％的公司，Pyth飙升10.1％

In contrast to the broader equity market, the cryptocurrency sector has demonstrated relative strength, with the Coindesk Indices posting a 0.77% gain over the past 24 hours. Both Bitcoin and Ethereum rose by 0.64% and 0.72%, respectively, signaling investor confidence in digital assets despite external economic pressures.

与更广泛的股票市场相反，加密货币行业表现出相对强度，而Coindesk指数在过去24小时内的增长率为0.77％。尽管外部经济压力，比特币和以太坊分别增长了0.64％和0.72％。

One of the standout performers in the crypto market this week was PYTH, which surged by 10.1%. The rally was sparked by the launch of Pyth Entropy, a secure on-chain random number generation tool developed by Soneium. This breakthrough enhances Pyth Network’s role as a real-time blockchain oracle system, making it invaluable for smart contracts that require unpredictability—a key feature for gaming, AI, and DeFi applications.

本周加密货币市场中出色的表演者之一是Pyth，飙升了10.1％。集会是由Pyth Entropy推出的，Pyth Entropy是Soneium开发的一种安全的链上随机数生成工具。这一突破增强了Pyth Network作为实时区块链甲骨文系统的作用，这对于需要不可预测性的智能合约来说是无价的，这是游戏，AI和DEFI应用程序的关键功能。

As projects like HandsNFT AI and 2p2e integrate Pyth Entropy, the real-world adoption of this technology further underscores the growing utility of blockchain oracles and the expanding possibilities for decentralized applications.

随着Handnft AI和2P2E等项目整合了Pyth的熵，该技术的现实采用进一步强调了区块链甲壳的效用以及分散应用程序的不断扩展的可能性。

Hong Kong Approves Ethereum ETF with Staking Capability

香港批准具有占有能力的以太坊ETF

In a landmark development for the digital asset industry, Hong Kong’s Securities and Futures Commission (SFC) has approved a new Ethereum ETF with staking capabilities, set to launch by May 15. This innovative ETF is the result of a partnership between China Asset Management (ChinaAMC) and OSL Digital Securities and represents a significant shift in institutional investors' engagement with Ethereum.

在数字资产行业的具有里程碑意义的开发中，香港的证券和期货委员会（SFC）批准了具有储藏能力的新的以太坊ETF，该ETF将于5月15日发起。这一创新的ETF是中国资产管理（ChinaAmc）和OSL数字证券之间的合作伙伴关系的结果，并代表了Ethereereemaum intereereereemaum interyeeremaum interceptional intercemental intercemental interepeermaum genteremeum intereereemeum interereemeum。

The ETF, set to be launched with an initial size of HK$500 million ($63.9 million), will not only offer passive exposure to Ethereum but will allow investors to earn rewards directly tied to Ethereum's consensus mechanism through staking. Kiln will provide the staking infrastructure, while OSL will handle custody and insurance, ensuring the safety of institutional assets.

该ETF的最初规模为5亿港元（6,390万美元），不仅将为以太坊提供被动曝光，而且还将允许投资者通过放入与以太坊的共识机制直接赢得奖励。窑炉将提供存放基础设施，而OSL将处理监护权和保险，以确保机构资产的安全。

A key feature of the ETF is that staking rewards will be integrated into the fund’s Net Asset Value (NAV), aligning the interests of institutional investors with the long-term performance of Ethereum's blockchain. This structure stands in contrast to traditional crypto ETFs, which typically do not include staking rewards and may not necessarily be linked to the underlying asset's blockchain.

ETF的一个关键特征是，将存放奖励集成到基金的净资产价值（NAV）中，使机构投资者的利益与以太坊区块链的长期绩效保持一致。这种结构与传统的加密ETF形成鲜明对比，该结构通常不包含放入奖励，并且不一定与基础资产的区块链相关。

The approval of the Ethereum ETF by the SFC is a testament to Hong Kong's commitment to fostering innovation in the financial industry. As the first of its kind in the region, the ETF is poised to revolutionize how institutional investors engage with cryptocurrencies, particularly in the wake of macroeconomic volatility and the growing interest in alternative asset classes.

SFC获得以太坊ETF的批准证明了香港致力于促进金融行业创新的承诺。作为该地区的第一个同类产品，ETF准备彻底改变机构投资者如何与加密货币互动，尤其是在宏观经济波动和对替代资产类别的兴趣日益兴趣之后。

The new ETF is expected to attract significant attention from both institutional and retail investors in Hong Kong and beyond, further integrating the cryptocurrency sector into the mainstream financial landscape.

预计新的ETF将引起香港及其他地区的机构和散户投资者的极大关注，将加密货币部门进一步整合到主流金融景观中。