加密货币，资本转移和初创公司提高：这是怎么回事？

加密财政部交易正在筹集创业资金。他们是在伤害创新，还是只是重定向资本？亚瑟·海斯（Arthur Hayes）的看涨预测增加了另一层。

The Crypto Treasury Tango: Capital's New Moves and Startup Raises

加密货币探戈：Capital的新举动和初创公司提高

The crypto landscape is buzzing! Crypto treasury deals are grabbing capital, leaving traditional startup funding in the dust. Meanwhile, BitMEX's Arthur Hayes is out there predicting Bitcoin at $250k and Ethereum at $10k by the end of 2025. What's going on?

加密景观嗡嗡作响！加密货币交易正在抓住资本，留下传统的创业资金。同时，Bitmex的Arthur Hayes在那里预测比特币为25万美元，到2025年底，以太坊的$ 100K。发生了什么？

The Great Capital Shift: Crypto Treasuries vs. Startup Raises

巨大的资本转移：加密货币与创业公司的提高

Traditional crypto startup VC rounds are taking a hit. In 2025, they're down 56% compared to last year, according to The Block Pro data. Total funding has also dipped. VCs are pointing fingers at crypto treasury deals (DATs), citing their liquidity advantages and instant pricing.

传统的加密初创企业VC回合正在受到打击。根据Block Pro数据，在2025年，与去年相比下跌了56％。总资金也下降了。 VC指着加密货币交易（DATS）指着他们的流动性优势和即时定价。

Think of it this way: when a DAT trades high, it's like printing money. Funds raise more capital, buy more crypto, and everyone's happy. It's a flywheel effect, especially for those liquid funds and VCs managing extra cash.

这样想：当Dat交易高点时，就像打印钱一样。资金筹集了更多资金，购买更多加密货币，每个人都很高兴。这是一种飞轮效应，尤其是对于那些流动基金和管理额外现金的风险投资。

Revenue Rules: The New VC Mantra

收入规则：新的VC口头禅

VCs are getting smarter, though. They're now all about projects with real revenue. Protocols like Hyperliquid, which share revenue with token holders, are the new gold standard. Cosmo Jiang from Pantera Capital calls the decline of "fundamentally valueless tokens" a necessary reset.

不过，VC越来越聪明。他们现在全都关乎具有实际收入的项目。与代币持有人共享收入的Hyperliquid等协议是新的黄金标准。 Pantera Capital的Cosmo Jiang称“从根本上毫无价值的代币”的下降是必要的重置。

World Liberty's Wild Ride: A Trump-Backed Crypto Treasury

世界自由的疯狂之旅：特朗普支持的加密货币

World Liberty Financial (WLFI), backed by the Trump family, is trying to replicate Strategy's success with a $1.5 billion Nasdaq listing. Their governance token, while designed to prevent centralization, introduces complexity compared to Bitcoin's straightforward appeal.

由特朗普家族支持的世界自由金融（WLFI）试图以15亿美元的纳斯达克上市来复制战略的成功。与比特币的直接吸引力相比，它们的治理令牌虽然旨在防止集中化，但引入了复杂性。

The platform's USD1 stablecoin adds another layer. By staking Ethereum, World Liberty is diversifying its revenue streams, a strategy that could protect it from token price swings.

该平台的USD1 Stablecoin添加了另一层。通过Staking Ethereum，World Liberty正在多元化其收入来源，该战略可以保护其免受代币价格波动的影响。

Hayes' High Hopes: Bitcoin to $250K, Ethereum to $10K

海耶斯的高希望：比特币至$ 250k，以太坊至$ 10K

Arthur Hayes, co-founder of BitMEX, believes Bitcoin will hit $250,000 and Ethereum $10,000 by the end of 2025. He sees a "credit-heavy economic strategy" under a potential Trump administration fueling the rally. Stablecoins are funding federal deficits while recycling capital into credit creation. He also speculates that regulatory reforms under a Trump administration—such as allowing 401(k) investments in crypto or exempting digital assets from capital gains taxes—could catalyze institutional adoption.

BITMEX的联合创始人Arthur Hayes认为，到2025年底，比特币将达到25万美元，以太坊将达到25万美元，以太坊将达到10,000美元。在潜在的特朗普政府助长了集会的情况下，他认为比特币将看到一项“信用高昂的经济战略”。 Stablecoins正在为联邦赤字提供资金，同时将资本回收为信贷创造。他还推测，特朗普政府的监管改革，例如允许401（k）对加密货币进行投资或免除数字资产的资本利得税，可以促进机构的采用。

While Hayes’ long-term targets remain ambitious, technical analysts caution that both assets face near-term challenges.

尽管海斯的长期目标仍然雄心勃勃，但技术分析师警告说，这两种资产都面临近期挑战。

The Million-Dollar Question: Is It All Sustainable?

百万美元的问题：一切都可持续吗？

Crypto treasury deals might not be shrinking total startup funding, but they're definitely shaking things up. The question is, are they good for long-term innovation and venture diversity? We'll have to wait and see how it all plays out.

加密货币交易可能不会缩小启动总资金，但它们肯定会震撼。问题是，它们适合长期创新和风险多样性吗？我们必须拭目以待，看看一切如何发挥作用。

Final Thoughts: Buckle Up!

最终想法：搭扣！

From crypto treasury deals to Hayes' wild predictions, the crypto world is never boring. Whether you're a seasoned investor or just curious, keep an eye on these trends. It's gonna be a bumpy, but potentially very rewarding, ride!

从加密货币交易到海斯的狂野预测，加密货币世界从来都不是无聊的。无论您是经验丰富的投资者还是好奇，都要关注这些趋势。这将是一个坎bump的，但有可能非常有意义！