数字资产：一周回顾

加密货币市场在夏季陷入低迷，反映出动荡的春季之后的一段停滞期。

Digital Assets: Week in Review

数字资产：一周回顾

By Jason Leibowitz, Managing Director, Head of Private Wealth at Hashnote

作者：Jason Leibowitz，Hashnote 董事总经理、私人财富主管

The crypto market finds itself in the summer doldrums, reflecting a period of stagnation following a tumultuous spring. The CoinDesk 20 Index, a barometer for the industry's health, declined by 11% this week, closing at 1919.91 on Monday. This drop, with all 20 assets registering losses and 16 recording double-digit declines, underscores the current bearish sentiment. Despite this, the index maintains a year-to-date gain of over 10%, hinting at the underlying resilience and potential for recovery in the market.

加密货币市场在夏季陷入低迷，反映出动荡的春季之后的一段停滞期。作为行业健康状况晴雨表的CoinDesk 20指数本周下跌11%，周一收于1919.91。此次下跌，所有 20 种资产均出现亏损，其中 16 种资产出现两位数跌幅，凸显了当前的看跌情绪。尽管如此，该指数今年迄今仍保持超过 10% 的涨幅，暗示市场的潜在弹性和复苏潜力。

Among the assets, Solana (SOL) and Polkadot (DOT) emerged relatively unscathed, losing 6.2% and 6.3%, respectively. Their resilience amid the broader downturn highlights investor confidence in these projects' long-term viability. In stark contrast, Aptos (APT) suffered the most significant decline, plummeting by 19% week-to-date. This divergence in performance within the index offers a glimpse into the varied risk profiles and investor perceptions across different blockchain projects.

在这些资产中，Solana (SOL) 和 Polkadot (DOT) 相对未受影响，分别下跌 6.2% 和 6.3%。它们在更广泛的经济低迷时期的韧性凸显了投资者对这些项目的长期生存能力的信心。与此形成鲜明对比的是，Aptos (APT) 的跌幅最为显着，本周迄今暴跌 19%。指数内表现的差异可以让我们了解不同区块链项目的不同风险状况和投资者看法。

The CoinDesk 20 Index's latest quarterly rebalance and reconstitution also marked significant changes. Dogecoin and Shiba Inu, previously mainstays of the index, were removed, making way for Hedera and Render. This shift signals a broader trend within the crypto market towards prioritizing innovative and cutting-edge blockchain projects over meme-based assets. The inclusion of Hedera and Render aligns with an industry-wide focus on technological advancement and real-world applications, positioning the index as a reflection of the market's forward-looking outlook.

CoinDesk 20 指数最新的季度重新平衡和重组也标志着重大变化。此前该指数的支柱狗狗币和柴犬被删除，为 Hedera 和 Render 让路。这一转变标志着加密货币市场中更广泛的趋势，即优先考虑创新和尖端的区块链项目，而不是基于模因的资产。 Hedera 和 Render 的纳入符合全行业对技术进步和实际应用的关注，使该指数反映了市场的前瞻性前景。

The current market stagnation is partly attributed to the drop in Bitcoin's hashrate following the latest halving event this spring. This decrease in mining activity has tempered the bullish momentum that often accompanies halving cycles. Meanwhile, the market eagerly anticipates the launch of Ethereum ETFs, which could inject fresh capital and interest into the sector. Additionally, global Bitcoin mining companies are in the process of accumulating new miners, set to be deployed in the coming months, potentially boosting the hashrate and reinforcing the network's security and robustness.

目前的市场停滞部分归因于今年春季最近一次减半事件后比特币算力的下降。采矿活动的减少削弱了通常伴随减半周期的看涨势头。与此同时，市场热切期待以太坊ETF的推出，这可能会为该行业注入新的资本和兴趣。此外，全球比特币挖矿公司正在积累新的矿机，预计将在未来几个月内部署，这可能会提高算力并增强网络的安全性和稳健性。

Looking ahead, there appears to be a confluence of positive fundamentals that could reignite a crypto rally post-summer. The anticipated launch of the Ethereum ETFs, coupled with a projected increase in Bitcoin's hashrate, creates a favorable environment for market growth. Moreover, macroeconomic factors, such as the Federal Reserve's potential shift towards cutting rates after an extended period of hikes, could further stimulate investment into risk assets, including cryptocurrencies.

展望未来，积极的基本面因素似乎汇合在一起，可能会在夏季后重新点燃加密货币的反弹。以太坊 ETF 的预期推出，加上比特币算力的预计增长，为市场增长创造了有利的环境。此外，宏观经济因素，例如美联储在长时间加息后可能转向降息，可能会进一步刺激对包括加密货币在内的风险资产的投资。

While the crypto market is currently navigating through a phase of consolidation and reduced activity, the horizon holds promising developments. The resilience of projects like Solana and Polkadot, the strategic realignment of the CoinDesk 20 Index, and the impending catalysts in the form of Ethereum ETFs and increased mining activity collectively point towards a potential resurgence. Investors with a long-term perspective may find this an opportune moment to position themselves ahead of the anticipated market upturn.

虽然加密货币市场目前正处于整合和活动减少的阶段，但前景光明。 Solana 和 Polkadot 等项目的弹性、CoinDesk 20 指数的战略调整、以太坊 ETF 形式的即将到来的催化剂以及采矿活动的增加，共同预示着潜在的复苏。具有长远眼光的投资者可能会发现，这是在预期的市场好转之前做好准备的好时机。

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Authors' views and opinions are their own and not associated with CoinDesk Indices.

作者的观点和意见仅代表他们自己，与 CoinDesk 指数无关。

This content was produced by CoinDesk Indices, Inc. (“CDI”) and not the CoinDesk Editorial team. CDI does not sponsor, endorse, sell, promote or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index.

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Jason Leibowitz is the Head of Private Wealth for Hashnote.

Jason Leibowitz 是 Hashnote 私人财富部门的负责人。