2024 年 12 月 2 日：我们的每周机构洞察探讨最新的市场发展

如果美国经济增长强劲，美联储为何考虑降息？最近向美联储主席杰罗姆·鲍威尔提出了这个问题。

Our weekly Institutional Insights covers the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

我们每周的机构洞察涵盖最新的市场动态——市场表现、行业新闻、交易所交易基金 (ETF) 流量、趋势主题、即将发生的事件和代币解锁——帮助您增强加密货币交易。

Enjoy our weekly take on the market!

享受我们每周对市场的看法！

Weekly Highlight — U.S. Economy Growth Driven by Improved Productivity

每周亮点——生产率提高推动美国经济增长

Source: Bloomberg

资料来源：彭博社

If U.S. economic growth is strong, why is the Federal Reserve considering interest rate cuts? This question was recently put to Fed Chair Jerome Powell.

如果美国经济增长强劲，美联储为何考虑降息？这个问题最近被提交给美联储主席杰罗姆·鲍威尔。

Instead of focusing solely on the Fed's actions, we should explore the reasons behind the robust growth, and see how it can be sustained.

我们不应该仅仅关注美联储的行动，而应该探讨强劲增长背后的原因，并看看如何才能维持这种增长。

Real GDP is expected to exceed pre-pandemic levels for the second consecutive year. Typically, strong growth raises concerns about overheating, but inflation has actually fallen. Recent growth is largely due to increased productivity and a growing workforce, which are not inflationary and can help rebalance supply and demand.

实际GDP预计将连续第二年超过大流行前的水平。通常情况下，强劲增长会引发对过热的担忧，但通胀实际上已经下降。最近的增长主要是由于生产力的提高和劳动力的增加，这不会引发通货膨胀，并且有助于重新平衡供需。

A significant factor behind this success is the rise in labor productivity, averaging 2.3% over the past two years — faster than the four years before the pandemic. This uptick is linked to a surge in new business applications, especially in the tech sector, as the pandemic's economic shifts and relief measures lowered barriers to entrepreneurship, particularly benefiting underrepresented groups.

这一成功背后的一个重要因素是劳动生产率的提高，过去两年平均提高了 2.3%，比疫情爆发前的四年还要快。这种上升与新业务应用程序的激增有关，特别是在科技领域，因为大流行的经济转变和救济措施降低了创业障碍，特别是有利于代表性不足的群体。

The boost in productivity also reflects workers moving to roles better suited to their skills, a trend accelerated by the Great Resignation. This mobility has been essential for productivity gains, as higher job turnover correlates with increased business dynamism.

生产率的提高还反映出工人正在转向更适合自己技能的岗位，“大辞职”加速了这一趋势。这种流动性对于提高生产率至关重要，因为更高的工作流动率与增强的业务活力相关。

However, sustaining higher productivity is a challenge. The Fed must avoid overly restricting the economy, as high interest rates can deter investment in technology. Additionally, a gradual cooling of the labor market, with declining job quits, is concerning.

然而，维持较高的生产率是一个挑战。美联储必须避免过度限制经济，因为高利率会阻碍对技术的投资。此外，劳动力市场逐渐降温以及辞职人数下降也令人担忧。

For policymakers, monitoring labor market dynamics and business formation is crucial. If these indicators decline, productivity and growth could wane. The U.S. economy has made significant progress, and maintaining this momentum is essential.

对于政策制定者来说，监测劳动力市场动态和企业形成至关重要。如果这些指标下降，生产力和增长可能会下降。美国经济已取得重大进展，保持这一势头至关重要。

Weekly Crypto Highlight — Sui Is Poised for Growth

每周加密亮点——Sui 蓄势待发

Bybit has released the Sui ecosystem report, with its key takeaways below. (Read the full report here.)

Bybit 发布了 Sui 生态系统报告，其主要内容如下。 （请在此处阅读完整报告。）

Performance Metrics: Sui has achieved impressive performance, processing over 297,000 transactions per second (TPS) while maintaining low latency. This positions it among the fastest blockchains available.

性能指标：Sui 取得了令人印象深刻的性能，每秒处理超过 297,000 个事务 (TPS)，同时保持低延迟。这使其成为最快的区块链之一。

Market Growth: In 2024, Sui's market capitalization skyrocketed over 1,000%, reaching $9.5 billion and reflecting strong investor confidence and growing adoption.

市场增长：2024 年，Sui 的市值飙升超过 1,000%，达到 95 亿美元，反映出投资者的强劲信心和不断增长的采用率。

DeFi Expansion: The total value locked (TVL) in Sui’s DeFi ecosystem has surpassed $1.5 billion, ranking it 11th among major blockchain networks and highlighting its rapid growth in decentralized finance.

DeFi扩张：Sui的DeFi生态系统的总锁定价值（TVL）已超过15亿美元，在主要区块链网络中排名第11位，凸显了其去中心化金融的快速增长。

Institutional Interest: The launch of the Grayscale Sui Trust has significantly increased institutional interest, resulting in an 89% price surge for the SUI token in Q3 2024, indicating its appeal to accredited investors.

机构兴趣：Grayscale Sui Trust 的推出显着增加了机构兴趣，导致 SUI 代币价格在 2024 年第三季度飙升 89%，表明其对合格投资者的吸引力。

Gaming Developments: Sui is making strides in the gaming sector, introducing the SuiPlay0X1 handheld gaming device and various web3 games, enhancing user engagement and expanding its ecosystem.

游戏发展：Sui 在游戏领域取得了长足的进步，推出了 SuiPlay0X1 手持游戏设备和各种 web3 游戏，增强了用户参与度并扩展了其生态系统。

Developed by Mysten Labs, Sui is a Layer 1 proof of stake (PoS) blockchain launched on May 3, 2023. Its object-centric data model allows for parallel transaction processing, enhancing throughput and reducing latency. Its use of the Move programming language ensures resource safety through rigorous bytecode verification, mitigating common blockchain vulnerabilities.

Sui 由 Mysten Labs 开发，是于 2023 年 5 月 3 日推出的第 1 层权益证明 (PoS) 区块链。其以对象为中心的数据模型允许并行事务处理，提高吞吐量并减少延迟。它使用 Move 编程语言，通过严格的字节码验证确保资源安全，减少常见的区块链漏洞。

Institutional Partnerships: Partnerships with firms like Copper and Zero Hash strengthen Sui’s infrastructure and credibility in the financial sector, enhancing its offerings in digital asset custody and transaction facilitation.

机构合作伙伴关系：与 Copper 和 Zero Hash 等公司的合作伙伴关系加强了 Sui 在金融领域的基础设施和信誉，增强了其在数字资产托管和交易便利化方面的产品。

Growth in DeFi and Gaming: Sui’s DeFi sector is thriving, with leading protocols like NAVI and Scallop offering diverse financial services. In gaming, initiatives such as the SuiPlay0X1 device and various web3 projects bolster user engagement.

DeFi 和游戏的增长：隋的 DeFi 领域正在蓬勃发展，NAVI 和 Scallop 等领先协议提供多样化的金融服务。在游戏领域，SuiPlay0X1 设备和各种 web3 项目等举措增强了用户参与度。

In summary, Sui is poised for continued growth, driven by technological innovations that are expanding its presence in both DeFi and gaming.

总而言之，在技术创新的推动下，Sui 有望持续增长，这些技术创新正在扩大其在 DeFi 和游戏领域的影响力。

Other Top Performing Tokens

其他表现最佳的代币

Token

代币

Catalyst

催化剂

Virtuals Protocol (VIRTUAL)

虚拟协议（VIRTUAL）

VIRTUAL surged 53.6% following the launch of the $MUSIC token by Agentstarter, which features AI-driven music video capabilities and community-focused tokenomics. Read more here.

Agentstarter 推出 $MUSIC 代币后，VIRTUAL 飙升 53.6%，该代币具有人工智能驱动的音乐视频功能和以社区为中心的代币经济。在这里阅读更多内容。

Ethereum Name Service (ENS)

以太坊名称服务 (ENS)

ENS surged 45.0% following the announcement of Namechain's vision for simplified, gas-free registration with faster transactions. Read more here.

在 Namechain 宣布简化、无 Gas 注册和更快交易的愿景后，ENS 飙升 45.0%。在这里阅读更多内容。

Sonic Labs (FTM)

索尼克实验室 (FTM)

FTM surged 9.9% following Sonic Labs' partnership with Octav for advanced on-chain financial management. Read more here.

Sonic Labs 与 Octav 合作提供先进的链上财务管理后，FTM 飙升 9.9%。在这里阅读更多内容。