MicroStrategy (MSTR) 股价自 11 月加入纳斯达克 100 指数并上涨 600% 见顶以来下跌近 50%

对于由软件开发商转型为比特币 (BTC) 累加器的 MicroStrategy (MSTR) 来说，这是艰难的一个月。自 11 月以来，其股价已下跌近 50%

MicroStrategy (MSTR) stock has fallen almost 50% since November, when it joined the Nasdaq 100 index and peaked at a 600% gain since the start of the year.

MicroStrategy (MSTR) 股票自 11 月加入纳斯达克 100 指数以来已下跌近 50%，并自年初以来涨幅达到 600% 的峰值。

But that still leaves the Tysons Corner, Virginia-based company a whopping 342% ahead in 2024, easily the biggest return among the highest-profile crypto-linked assets in traditional finance (TradFi).

但这仍然使这家总部位于弗吉尼亚州泰森斯角的公司在 2024 年领先 342%，轻松成为传统金融 (TradFi) 中最受瞩目的加密货币相关资产中的最大回报。

It's been a volatile year, packed with geopolitical and technological developments to rattle financial markets. The continuing wars in eastern Europe and the Middle East, elections across the globe, the unwinding of the yen carry trade in August and the growth of artificial intelligence (AI) have all left their marks.

这是动荡的一年，地缘政治和技术的发展扰乱了金融市场。东欧和中东持续不断的战争、全球各地的选举、八月份日元套利交易的平仓以及人工智能 (AI) 的发展都留下了印记。

MicroStrategy's gain is almost double that of Nvidia (NVDA), the chipmaker whose production of integrated circuits needed for AI applications fueled a 185% return, the best among the so-called magnificent seven tech stocks. The next best, Meta Platforms (META), turned in 71%.

MicroStrategy 的涨幅几乎是 Nvidia (NVDA) 的两倍，这家芯片制造商生产人工智能应用所需的集成电路，带来了 185% 的回报率，是所谓的七大科技股中表现最好的。其次是 Meta Platforms (META)，回报率为 71%。

Bitcoin itself rose 100% in a year that included April's reward halving and multiple record highs. Demand for the largest cryptocurrency was driven by the January approval of spot exchange-traded funds (ETFs) in the U.S. Bitcoin outperformed two of its biggest competitors, ether (ETH), up 42%, and Solana (SOL), up 79%.

比特币本身在一年内上涨了 100%，其中包括 4 月份的奖励减半和多个历史新高。对最大的加密货币的需求受到 1 月份美国现货交易所交易基金 (ETF) 批准的推动，比特币的表现超过了其两个最大的竞争对手：以太坊 (ETH) 上涨 42% 和 Solana (SOL) 上涨 79%。

Among the ETF's iShares Bitcoin Trust (IBIT) also returned over 100% and became the fastest ETF in history to hit $50 billion in assets.

其中，iShares Bitcoin Trust (IBIT) 的回报率也超过 100%，成为历史上资产规模突破 500 亿美元最快的 ETF。

Bitcoin mining companies, on the whole, disappointed. The Valkyrie Bitcoin Miners ETF (WGMI), a proxy for mining stocks, rose just under 30%.

总体而言，比特币挖矿公司感到失望。矿业股的代表 Valkyrie 比特币矿工 ETF (WGMI) 上涨了近 30%。

That's despite demand for the miners' computing capabilities and power supply agreements from artificial intelligence and high-performance computing (HPC) companies. Still, individual companies benefited, in particular, Bitdeer (BTDR), which added 151%, and WULF (WULF), which gained 131%.

尽管人工智能和高性能计算（HPC）公司对矿工的计算能力和供电协议有需求，但情况仍然如此。尽管如此，个别公司仍受益，尤其是 Bitdeer (BTDR)，上涨了 151%，WULF (WULF) 上涨了 131%。

Nevertheless, the miners' gains beat the broader equities market. The tech-heavy Nasdaq 100 Index (NDX) added 28% while the S&P 500 Index (SPX) rose 25%.

尽管如此，矿业股的涨幅还是跑赢了大盘。以科技股为主的纳斯达克 100 指数 (NDX) 上涨 28%，而标准普尔 500 指数 (SPX) 上涨 25%。

The S&P 500 also trailed behind gold's 27% increase. The precious commodity has now topped the equity gauge in three of the past five years.

标准普尔 500 指数也落后于黄金 27% 的涨幅。这种贵重商品在过去五年中的三年中一直位居股票指标榜首。

Concerns about U.S. inflation and the country's budget deficit added to the geopolitical uncertainties to prompt a massive rise in U.S. treasury yields, which move in the opposite direction to price.

对美国通胀和预算赤字的担忧加剧了地缘政治的不确定性，促使美国国债收益率大幅上升，其走势与价格走势相反。

The yield on the 10-Year Treasury added 15% to 4.5% over the course of the year, and surprisingly gained a full 100 basis points since the Federal Reserve started cutting interest rates in September.

10 年期国债收益率在这一年中上涨了 15% 至 4.5%，并且自美联储 9 月开始降息以来令人惊讶地上涨了整整 100 个基点。

The iShares 20+ Year Treasury Bond ETF (TLT), which tracks bond prices, dropped 10% this year and has lost 40% in the past five years.

跟踪债券价格的 iShares 20+ 年期国债 ETF (TLT) 今年下跌了 10%，在过去五年中下跌了 40%。

The dollar, on the other hand, showed its strength. The DXY Index (DXY), a measure of the greenback against a basket of the currencies of the U.S.' biggest trading partners, rose to the highest since September 2022.

另一方面，美元则显示出强势。衡量美元兑美国最大贸易伙伴一篮子货币的指标 DXY 指数 (DXY) 升至 2022 年 9 月以来的最高水平。

West Texas Intermediate (USOIL), the benchmark oil price in the U.S., ends the year little changed, up less than 1% to around $71 a barrel. But it was a bumpy ride, with the price rising to almost $90 at some points in the past 12 months.

美国基准油价西德克萨斯中质油 (USOIL) 年底变化不大，上涨不到 1%，至每桶 71 美元左右。但这是一段坎坷的旅程，在过去 12 个月的某些时候价格上涨到近 90 美元。

As we head into the new year, all eyes will be on the debt ceiling discussion, the policies of President-elect Donald Trump and whether the U.S. can continue with its impressive growth story.

当我们进入新的一年时，所有人的目光都将集中在债务上限讨论、当选总统唐纳德·特朗普的政策以及美国能否继续其令人印象深刻的增长故事上。