Mt. Gox、比特币和 XRP：驾驭 2025 年末的加密货币格局

探索 Mt. Gox 偿还、比特币的机构吸引力以及 XRP 在不断发展的加密生态系统中的战略定位的相互交织的叙述。

The crypto world is a whirlwind, ain't it? From market jitters to institutional investments and regulatory rumblings, there's never a dull moment. Today, we're diving into a few key players: Mt. Gox, Bitcoin, and XRP, to make sense of it all.

加密世界是一阵旋风，不是吗？从市场动荡到机构投资和监管风声，从来没有一个沉闷的时刻。今天，我们将深入探讨几个关键参与者：Mt. Gox、比特币和 XRP，以了解这一切。

Mt. Gox: The Ghost That Still Haunts

Mt. Gox：仍然困扰的幽灵

Remember Mt. Gox? That name still sends shivers down the spines of OG crypto folks. The deadline for Mt. Gox creditor repayments came and went. While the trustee had until Oct. 31st to complete the repayments, the court extended the cutoff date by one year after processing delays. The big question on everyone's mind: what happens when those Bitcoins hit the market?

还记得Mt. Gox吗？这个名字仍然让 OG 加密货币爱好者不寒而栗。 Mt. Gox 债权人还款的最后期限来了又去。虽然受托人必须在 10 月 31 日之前完成还款，但法院在处理延误后将截止日期延长了一年。每个人都关心的一个大问题：当这些比特币进入市场时会发生什么？

Back in October 2024, analysts were sweating bullets over the potential for a massive dump. With 34,689 BTC still in Mt. Gox-linked wallets, the fear was real. History showed that a significant chunk of distributed BTC tends to end up on exchanges, potentially creating major sell pressure. However, distributions are staggered, with Bitstamp and Kraken needing up to 90 days to process payouts. This means the doomsday scenario of a $2.4 billion dump happening overnight was avoided.

早在 2024 年 10 月，分析师就对大规模抛售的可能性感到紧张。与 Mt. Gox 相关的钱包中仍有 34,689 比特币，恐惧是真实存在的。历史表明，很大一部分分布式比特币往往最终会出现在交易所，这可能会造成巨大的抛售压力。然而，分配是交错的，Bitstamp 和 Kraken 需要长达 90 天的时间来处理付款。这意味着一夜之间发生 24 亿美元抛售的世界末日情景得以避免。

Bitcoin: Institutional Darling or Just Another Fad?

比特币：机构宠儿还是另一种时尚？

Despite the Mt. Gox overhang, Bitcoin's been holding its own. Coinbase Institutional's latest survey reveals that roughly two-thirds of institutional investors are still bullish on Bitcoin heading into 2026. They see Bitcoin as a core asset, shrugging off recent volatility. However, the recent weakness wasn’t caused by manipulation but by “good old-fashioned sellers,” noting that this wave of profit-taking has become the main resistance keeping Bitcoin below key price levels.

尽管Mt. Gox悬而未决，比特币仍然保持着自己的地位。 Coinbase机构的最新调查显示，进入2026年，大约三分之二的机构投资者仍然看好比特币。他们将比特币视为核心资产，摆脱了近期的波动。然而，最近的疲软并不是由操纵造成的，而是由“优秀的老式卖家”造成的，他们指出，这波获利了结已成为使比特币低于关键价格水平的主要阻力。

BlackRock even launched a Bitcoin ETP in London after the FCA loosened its ban on crypto-linked products, giving British institutional players a regulated gateway into BTC. Whales are playing both sides, with some opening massive short positions, suggesting a market ripe for a short squeeze.

在 FCA 放宽对加密货币相关产品的禁令后，贝莱德甚至在伦敦推出了比特币 ETP，为英国机构参与者提供了进入 BTC 的受监管门户。鲸鱼双方都在进行交易，其中一些鲸鱼开设了大量空头头寸，这表明市场已经成熟，可以进行轧空。

XRP: Quietly Building a Financial Empire

XRP：悄然打造金融帝国

While Bitcoin grabs the headlines, XRP is quietly making moves. Chad Steingraber highlighted that Walmart's fintech arm, OnePay, is building its crypto services with support from ZeroHash, which utilizes Ripple's RLUSD stablecoin. ZeroHash confirmed support for RLUSD in early 2025, enabling deposits, withdrawals, and trading for the stablecoin. This connection strengthens XRP's strategic position as institutional adoption builds and the asset gains more prominent roles in large financial systems. By supporting RLUSD, ZeroHash effectively extends the ledger’s presence into new consumer-facing financial systems.

当比特币占据头条新闻时，XRP 正在悄然采取行动。 Chad Steingraber 强调，沃尔玛的金融科技部门 OnePay 正在 ZeroHash 的支持下构建其加密服务，该服务利用 Ripple 的 RLUSD 稳定币。 ZeroHash 于 2025 年初确认支持 RLUSD，支持稳定币的存款、取款和交易。随着机构采用的建立以及该资产在大型金融系统中发挥更重要的作用，这种联系加强了 XRP 的战略地位。通过支持 RLUSD，ZeroHash 有效地将分类账的存在扩展到新的面向消费者的金融系统中。

Ripple CLO Stuart Alderoty even attended a Senate roundtable to discuss market structure legislation and DeFi regulation, pushing for parity with banks in the U.S. financial system.

Ripple CLO Stuart Alderoty 甚至参加了参议院圆桌会议，讨论市场结构立法和 DeFi 监管，推动美国金融体系中与银行的平等。

The Crystal Ball: What's Next?

水晶球：下一步是什么？

Predicting the future in crypto is like trying to catch smoke with a butterfly net. But here's my two cents. Mt. Gox is still a lurking variable in the equation. The fear of oversupply will continue to weigh on rallies, especially if ETF flows remain negative. Bitcoin's path forward depends on institutional adoption and overcoming the sell-side pressure from long-term holders cashing out after years of gains.

预测加密货币的未来就像试图用蝴蝶网捕捉烟雾。但这是我的两分钱。 Mt. Gox 仍然是方程式中的一个潜伏变量。对供应过剩的担忧将继续打压股市反弹，特别是如果 ETF 流量仍为负值的话。比特币的前进道路取决于机构的采用以及克服长期持有者在多年收益后套现的卖方压力。

XRP's strategic positioning with RLUSD and growing institutional acceptance makes it one to watch. The integration of RLUSD across ZeroHash’s infrastructure aligns with Ripple’s ongoing effort to enhance the utility of the XRP Ledger for institutional-grade payments and tokenized assets.

XRP 与 RLUSD 的战略定位以及不断增长的机构接受度使其值得关注。 RLUSD 在 ZeroHash 基础设施中的集成与 Ripple 不断努力增强 XRP 账本在机构级支付和代币化资产方面的实用性相一致。

Final Thoughts

最后的想法

So, there you have it. Mt. Gox, Bitcoin, and XRP, all intertwined in the grand crypto narrative. It's a wild ride, full of ups, downs, and enough plot twists to make your head spin. But hey, that's what makes it so damn interesting, right? Keep your eyes peeled, your wits about you, and maybe, just maybe, we'll all make it through to the other side with a few more sats in our pockets. Cheers!

所以，你就知道了。 Mt. Gox、比特币和 XRP，都在加密货币的宏大叙事中交织在一起。这是一次疯狂的旅程，充满了跌宕起伏，还有足够多的情节曲折，让你头晕目眩。但是，嘿，这就是它如此有趣的原因，对吧？睁大你的眼睛，保持你的智慧，也许，只是也许，我们都会带着更多的钱到达另一边。干杯!