早上好，亚洲。这是市场上新闻的原因：

ETH的交易价格为2770美元。根据Coindesk Market数据的数据，本月ETH的表现优于BTC，本月的增长近11％，BTC增长了5％。

Good Morning, Asia. Here's what's making news in the markets:

早上好，亚洲。这是市场上新闻的原因：

As Asia begins its Thursday business day, ETH is trading at $2,770.

随着亚洲开始周四的工作日，ETH的交易价格为2,770美元。

ETH is up almost 11% this month, according to CoinDesk market data, outperforming BTC, which rose 5%.

根据Coindesk Market数据的数据，本月ETH的表现优于BTC，本月的增长近11％，BTC增长了5％。

Part of this could be because of institutional trading demand, and the fact that it's overtaken BTC in derivatives markets as sophisticated investors increasingly bet on ETH’s structural growth and role as a gateway between decentralized finance (DeFi) and traditional finance (TradFi), OKX Chief Commercial Officer Lennix Lai told CoinDesk in an interview.

OKX首席商业官员Lennix Lai Leii告诉Coindesk，这可能是由于机构交易需求的一部分是由于机构交易需求以及它在衍生品市场中超过了BTC的BTC。

"Ethereum is overshadowing BTC on our perpetual futures market, with ETH accounting for 45.2% of trading volume over the past week. BTC, by comparison, sits at 38.1%," Lai said.

莱说：“以太坊在我们的永久期货市场上覆盖了BTC，在过去一周中，ETH占交易量的45.2％。相比之下，BTC占38.1％。”

This is a similar finding to what's occurring on Derebit, CoinDesk recently reported.

Coindesk最近报道说，这与Derebit上发生的情况类似。

That's not to say that institutions have taken a disinterest in BTC. Far from it.

这并不是说机构对BTC不感兴趣。远离它。

A recent report from Glassnode shows that despite BTC's recent volatility, institutions are happily buying up the dips.

GlassNode最近的一份报告表明，尽管BTC最近的波动性，机构还是很高兴地购买了这些下降。

Long-term holders (LTHs) realized over $930 million in profits per day during recent rallies, Glassnode wrote, rivaling distribution levels seen at previous cycle peaks. Yet, instead of triggering a cascade of selling, the LTH supply actually grew.

GlassNode写道，在最近的集会中，长期持有人（LTHS）每天实现了超过9.3亿美元的利润。然而，LTH供应实际上并没有引发一系列销售，而是增加了。

“This dynamic highlights that maturation and accumulation pressures are outweighing distribution behavior,” Glassnode analysts wrote, noting that this is “highly atypical for late-stage bull markets.”

玻璃节分析师写道：“这种动态的重点是，成熟和积累压力大于分销行为。”

Neither, however, are immune to geopolitical risk or black swan events like the Trump-Musk blowout.

但是，都不适应地缘政治风险或黑天鹅事件，例如特朗普·穆斯克（Trump-Musk）的井喷。

These episodes serve as reminders that sentiment can shift quickly, even in structurally strong markets. But beneath the surface-level volatility, institutional conviction remains intact. ETH is emerging as the vehicle of choice for accessing regulated DeFi, while BTC continues to benefit from long-term accumulation by institutions via ETFs.

这些情节提醒人们，即使在结构强大的市场中，情感也会迅速转移。但是在表面水平的波动之下，机构信念仍然完好无损。 ETH正在成为访问受监管DEFI的首选工具，而BTC继续受益于机构通过ETF的长期积累。

"Macro uncertainties remain, but $3,000 ETH looks increasingly likely,” Lai concluded.

莱总结说：“宏观不确定性仍然存在，但3,000美元的ETH看起来越来越有可能。”

Tron Continues to Win Stablecoin Inflow

特隆继续赢得Stablecoin流入

The stablecoin market just hit an all-time high of $228 billion, up 17% year-to-date, according to a new CryptoQuant report.

根据一份新的CryptoQuant报告，Stablecoin市场的历史最高额度为2280亿美元，每年增长17％。

That surge in dollar-pegged liquidity, driven by renewed investor confidence showcased by the blockbuster Circle IPO, rising DeFi yields, and improving U.S. regulatory clarity, is quietly redrawing the map of where capital lives on-chain.

由大片圈子IPO展示的重新投资者信心，提高的Defi收益率和提高美国监管清晰度的新投资者信心驱动的美元流动性激增，正在悄悄地重新绘制链子上的资本生活的地图。

"The amount of stablecoins on centralized exchanges has also reached record high levels, supporting crypto trading liquidity," CryptoQuant reported.

CryptoQuant报道：“集中交易所的稳定币数量也达到了创纪录的高水平，支持加密货币交易流动性。”

CryptoQuant noted that the total value of ERC20 stablecoins on centralized exchanges has climbed to a record $50 billion.

CryptoQuant指出，集中式交易所中ERC20 Stablecoins的总价值已攀升至创纪录的500亿美元。

Most of this growth in exchange stablecoin reserves has been a result of the increase in USDC reserves on exchanges, per their data, which have grown by 1.6x so far in 2025 to $8 billion.

交换稳定储备中的大部分增长都是由于其数据增长了USDC储备金的结果，该储量根据其数据增长，这些储量在2025年到目前为止增长了1.6倍，达到了80亿美元。

As far as protocols that have been a net beneficiary of all of this, Tron leads the pack. Tron's blend of fast finality and deep integrations with stablecoin issuers like Tether is credited with making it a liquidity magnet

至于所有这一切净受益人的协议，Tron都领导了这一问题。 Tron融合了快速终止和与Tether这样的Stablecoin发行人的深入整合，这使它成为流动性磁铁

Presto Research, which recently released a similarly themed report, wrote that it notched over $6 billion in net stablecoin inflows in May, topping all other chains and posting the second-highest number of daily active users behind Solana and was the top performer in native total value locked (TVL) growth.

普雷斯托研究（Presto Research）最近发布了类似主题的报告，他写道，5月，它在5月的净稳定币流入量超过60亿美元，在所有其他连锁店中脱颖而出，并在Solana之后发布了第二高的每日活跃用户，并且是本地总价值锁定（TVL）增长的最佳表现。

By contrast, Ethereum and Solana bled capital, Presto's data said.

Presto的数据说，相比之下，以太坊和Solana Bled Capital。

Both chains experienced significant stablecoin outflows and bridge volume losses, indicating a lack of new yield opportunities or major protocol upgrades. Presto’s data confirms a broader trend: institutional and retail capital alike are rotating toward Base, Solana, and Tron.

这两个连锁店都经历了大量的稳定流出和桥梁量损失，这表明缺乏新的收益机会或主要协议升级。 Presto的数据证实了更广泛的趋势：机构和零售资本都向基础，Solana和Tron旋转。

The commonality? These chains offer faster execution, more dynamic ecosystems, and in some cases, bigger incentive programs

共同点？这些连锁店提供更快的执行，更具动态的生态系统，在某些情况下，更大的激励程序

Agent Economies Are Coming, but They Need Crypto Rails to Work

代理商经济来了，但是他们需要加密货币才能工作

The next generation of AI won’t just talk to us, it’ll talk to itself. As autonomous agents grow more capable, they'll increasingly handle tasks end-to-end: booking flights, sourcing data, even commissioning other bots to complete subtasks. But there’s a problem: right now, these AI agents are trapped in silos and they need crypto to get them out.

下一代的AI不仅会与我们交谈，它会与自己交谈。随着自主代理的发展越来越有能力，他们将越来越多地处理端到端的任务：预订航班，采购数据，甚至调试其他机器人以完成子任务。但是有一个问题：目前，这些AI代理被困在孤岛中，他们需要加密货币才能将它们取出。

In a recent a16z Crypto essay, Scott Duke Kominers, a Research Partner at a16z Crypto and a Faculty Affiliate at Harvard, argues that today’s agent-to-agent interactions are mostly hardcoded API calls or internal features within closed ecosystems.

在最近的A16Z加密文章中，A16Z加密货币的研究合作伙伴Scott Duke Kominers和哈佛大学的教职员工认为，当今的代理与代理商的互动主要是封闭的生态系统中的硬编码API或内部功能。

There’s no shared infrastructure for agents to find each other, collaborate, or transact across systems. That’s where crypto comes in. Blockchains, with their open

没有共同的基础架构可以供代理商互相找到彼此，合作或跨系统进行交易。那是加密货币的地方。区块链，他们的开放