Coinbase Research：2025年4月在评论中 - 驱动加密货币前进的是什么

根据Coinbase的反思性研究，2025年4月的加密景观发生了重大转变。

April 2025 brought a major shift in the crypto landscape. As covered by Coinbase's Reflexivity Research, regulatory headwinds eased, institutional adoption deepened, and on-chain infrastructure saw significant developments — marking what analysts describe as a new phase in digital assets.

2025年4月，加密货币景观发生了重大转变。正如Coinbase的反思性研究所涵盖的那样，监管逆风缓解，机构采用加深和链上基础设施有了重大发展，这标志着分析师所说的数字资产的新阶段。

In the U.S., April saw the clearest easing in regulatory pressure since the 2021 bull run. Authorities repealed the controversial “DeFi broker” rule, which had previously threatened DeFi protocols with compliance obligations. The Department of Justice quietly disbanded its national crypto enforcement team. Additionally, the SEC dropped its high-profile case against PayPal's (NASDAQ:PYPL) stablecoin PYUSD and issued guidance that redeemable stablecoins, by default, should not be treated as securities.

在美国，自2021年公牛奔跑以来，四月的监管压力最明显。当局废除了有争议的“ Defi Broker”规则，该规则以前曾以合规义务威胁Defi协议。司法部安静地解散了其国家加密执法团队。此外，SEC放弃了针对PayPal（NASDAQ：PYPL）Stablecoin Pyusd的备受瞩目的案件，并发布了指导，默认情况下，可赎回的Stablecoins不应被视为证券。

These moves triggered a wave of new ETF filings. VanEck filed for a BNB ETF, Grayscale applied for a Solana Trust conversion, and Canary filed for a staked TRX ETF.

这些移动引发了一波新的ETF归档。 Vaneck申请了BNB ETF，灰度申请了Solana Trust的转换，并为固定的TRX ETF提出了金丝雀。

Analysts suggest that this new clarity around staking services and stablecoins has ultimately renewed institutional confidence in the space.

分析人士认为，围绕Staging Services和Stablecoins的新清晰度最终使机构对该领域的信心更加信心。

Institutions deepen commitment to digital assets

机构加深对数字资产的承诺

Circle filed to go public, disclosing $1.68 billion in 2024 revenue and a $1.15 billion net profit — supported by its $10 billion in U.S. Treasury holdings. The stablecoin issuer also announced its intent to redomicile in the U.S., further aligning with regulators.

Circle向Go Public申请，在2024年的收入中披露了16.8亿美元，净利润为11.5亿美元，并由其100亿美元的美国财政部持有。 Stablecoin发行人还宣布其意图在美国进行重新组合，进一步与监管机构保持一致。

Tether added $5 billion in Bitcoin to its reserves, surpassing 75,000 BTC.

Tether在其储备中增加了50亿美元的比特币，超过了75,000 BTC。

MicroStrategy (NASDAQ:MSTR), now operating as “Strategy," bought another $1.65 billion in BTC, aligning with President Trump's public support for U.S.-based Bitcoin accumulation.

MicroStrategy（NASDAQ：MSTR）现在以“战略”的价格购买了BTC的16.5亿美元，与特朗普总统对美国比特币积累的公众支持保持一致。

Other major moves included Cantor Fitzgerald announcing custody of over $100 billion in T-bills for stablecoin issuers, SoftBank launching a Japan-based stablecoin initiative, and Stripe unveiling USDC-based financial accounts in 101 countries.

其他重大举措包括康托尔·菲茨杰拉德（Cantor Fitzgerald）宣布了超过1000亿美元的T-bills为Stablecoin发行人提供监护，软银启动了一项基于日本的Stablecoin倡议，并在101个国家 /地区宣布了基于USDC的财务帐户。

Public companies also moved into the crypto space. Upexi and Semler Scientific both acquired Bitcoin, while World Liberty Financial voted to distribute its USD1 stablecoin via an on-chain airdrop.

上市公司还搬进了加密货币领域。 UPEXI和Semler Scientific都购买了比特币，而World Liberty Financial投票通过链式空调分发其USD1 Stablecoin。

Insiders at both Nvidia and Advanced Micro Devices hinted at the potential for a new generation of AI chips by the end of the year.

NVIDIA和Advanced Micro Devices的内部人士暗示，到年底，新一代AI芯片的可能性。

ETF momentum remains strong

ETF动量保持强大

Spot Bitcoin ETFs continued to see strong inflows, with $2.97 billion in net inflows for April. BlackRock's IBIT led the way, with $2.69 billion in outsized inflows, while Grayscale's GBTC saw outflows persist as some investors rotated to lower-fee products.

现货比特币ETF继续看到强劲的流入，四月份的净流入为29.7亿美元。贝莱德（Blackrock）的IBIT带领，以26.9亿美元的大量流入，而Grayscale的GBTC看到了流出的流量，因为一些投资者旋转到低价产品。

Ether ETFs also brought in a healthy $66 million in inflows, a positive sign for ETH exposure despite the regulatory overhang.

Ether ETF还带来了6600万美元的健康流入，尽管有监管的悬垂，但ETH曝光的积极迹象。

Infrastructure and exchange growth

基础设施和交换增长

Binance made significant strides in on-ramping users by adding Apple Pay and Google Pay for fiat deposits. The exchange also launched a USD1 perpetual contract on Binance Futures with 50x leverage, which immediately attracted substantial volume.

Binance通过添加Apple Pay和Google付费菲亚特存款来取得重大进步。该交易所还以50倍的杠杆率启动了一份关于二元期货的永久性合同，这立即吸引了大量量。

On the decentralized side, Hyperliquid advanced its governance decentralization by forming a validator council of 21 community members, each with a one-year term and multisig voting power. This marks a move toward more resilient protocol governance in decentralized finance.

在分散的一方，Hyperliquid通过组建一个由21个社区成员组成的验证者委员会提高了政府的权力下放化，每个委员会都有一年的任期和Multisig投票权。这标志着在分散财务中朝着更弹性的方案治理迈进。