加密货币市场的2025年中期快照，通过A16Z突出显示的主要指标镜头，并查看Stablecoin流量和经济因素。

Crypto Market Check-in: A16z's Mid-Year Indicators and the Road Ahead

加密货币市场签到：A16Z的年中指标和未来的道路

The crypto space is buzzing with activity, and it's time for a mid-year pulse check. We're diving into key indicators spotlighted by a16z, stablecoin dynamics, and the macroeconomic factors shaping our digital asset world.

加密空间随着活动而嗡嗡作响，是时候进行年中脉冲检查了。我们正在研究A16Z，Stablecoin Dynamics以及塑造我们数字资产世界的宏观经济因素的关键指标。

A16z's 2025 Crypto Indicators: How Are We Doing?

A16Z的2025加密指标：我们该怎么样？

Daren Matsuoka at a16z crypto outlined five crucial indicators to monitor the crypto industry's growth in 2025. Let's see how they're holding up:

A16Z Crypto的Daren Matsuoka概述了五个关键指标，以监视2025年加密货币行业的增长。让我们看看他们的举足轻重：

• Mobile Wallet Users: Up 23%! We're seeing an average of 34.4 million monthly active users compared to 27.9 million last year. Improved wallet infrastructure and user experience are clearly paying off.
• Adjusted Stablecoin Trading Volume: A whopping +49%! Average monthly volume hits $702 billion, smashing last year's $472 billion. Stablecoins are proving their product-market fit as a fast and cheap way to move value.
• ETP Net Inflows (Bitcoin and Ethereum): Up 28%. Institutional capital is flowing in, signaling the industry's maturation. By June 2025, ETP net inflows totaled $45 billion, with BTC dominating at $42 billion and ETH at $3.4 billion.
• Spot Trading Volume from DEXs to CEXs: Up 51%! Decentralized exchanges are gaining traction as more users enter the crypto world.
• Total Transaction Fees (Block Space Required): Down 43%. This one's a bit tricky, as projects aim to reduce user fees. The goal is for total fees to increase while individual transaction costs stay low.

Stablecoin Shuffle: Solana Outflows and Ethereum/BSC Gains

Stablecoin shuffle：Solana流出和以太坊/BSC收益

Last week saw some interesting shifts in the stablecoin landscape. Solana experienced a significant outflow of $663 million in USDT and USDC, while Ethereum and Binance Smart Chain (BSC) attracted inflows of $312 million and $300.1 million, respectively. This suggests a capital rotation away from Solana during a recent market correction.

上周，Stablecoin景观发生了一些有趣的转变。 Solana在USDT和USDC中经历了6.63亿美元的大量流出，而以太坊和Binance Smart Chain（BSC）分别吸引了3.12亿美元和30010万美元的流入。这表明在最近的市场校正期间，资本轮流远离索拉纳。

Institutional Interest Remains Strong

机构兴趣仍然很大

Despite market dips, institutional interest in Bitcoin ETFs remains robust. Bitcoin ETFs saw net inflows of 9,904 BTC (about $1.04 billion), with BlackRock's iShares leading the charge. Ethereum ETFs experienced mixed movements, but overall, the trend is positive.

尽管市场下降，但对比特币ETF的机构兴趣仍然强大。比特币ETF的净流入量为9,904 BTC（约10.4亿美元），贝莱德的iShares领先。以太坊ETF经历了不同的运动，但总体而言，趋势是积极的。

Macroeconomic Factors: Powell, Jobs, and PCE

宏观经济因素：鲍威尔，工作和PCE

Don't forget the traditional economic indicators! Jerome Powell's testimonies, jobless claims, and PCE data are all influencing Bitcoin's volatility. A hawkish stance from Powell or higher-than-expected inflation data could put pressure on Bitcoin, while dovish signals or rising jobless claims might give it a boost.

不要忘记传统的经济指标！杰罗姆·鲍威尔（Jerome Powell）的证词，失业者主张和PCE数据都在影响比特币的波动性。鲍威尔（Powell）的鹰派立场或超出预期的通货膨胀数据可能会对比特币施加压力，而肮脏的信号或失业者的主张不断增加，可能会带来增强的。

The Token Economy: A Glimmer of Hope?

象征性的经济：一线希望？

There's an additional metric worth noting: the number of tokens with a monthly net profit of over $1 million. As of June 2025, only 22 tokens meet this criterion. However, with new regulations and market structures, the path for tokens to complete the economic closed loop is starting to clear. This could lead to more projects returning value directly to tokens, creating a healthier token economy.

还有一个值得注意的指标：每月净利润超过100万美元的令牌数量。截至2025年6月，只有22个令牌符合此标准。但是，随着新的法规和市场结构，代币完成经济封闭循环的途径开始清楚。这可能导致更多的项目将价值直接返回给令牌，从而创造出更健康的代币经济。

Final Thoughts: Buckle Up, Buttercup!

最终想法：扣紧，毛cup！

The crypto market is a wild ride, but these indicators provide valuable insights into its underlying health and trends. Whether it's mobile wallet adoption, stablecoin flows, or macroeconomic pressures, keeping an eye on these factors can help you navigate the ever-changing landscape. So, stay informed, stay curious, and remember: even in crypto, knowledge is power!

加密市场是一个疯狂的旅程，但是这些指标为其潜在的健康和趋势提供了宝贵的见解。无论是采用移动钱包，稳定币的流动还是宏观经济压力，都可以关注这些因素，都可以帮助您浏览不断变化的景观。因此，请保持了解，保持好奇，并记住：即使在加密货币中，知识也是力量！