{"id":764,"date":"2025-03-12T22:17:19","date_gmt":"2025-03-12T14:17:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=764"},"modified":"2025-03-12T22:17:19","modified_gmt":"2025-03-12T14:17:19","slug":"5%e4%b8%aa%e8%ae%a9%e4%bd%a0%e6%83%b3%e7%ab%8b%e5%88%bb%e6%8a%84%e5%ba%95%e7%9a%84%e7%9c%8b%e6%b6%a8%e7%90%86%e7%94%b1","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=764","title":{"rendered":"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531"},"content":{"rendered":"<p>\u7f16\u8005\u6309\uff1a\u5fb7\u7f8e\u653f\u5e9c\u5356\u5e01\u4ee5\u53ca\u95e8\u5934\u6c9f\u6848\u4ef6\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u6e10\u5165\u5c3e\u58f0\uff0c\u793e\u533a\u60c5\u7eea\u5df2\u7ecf\u89e6\u5e95\u3002\u63a5\u4e0b\u6765\uff0c\u52a0\u5bc6\u5e02\u573a\u8be5\u8d70\u5411\u4f55\u65b9\uff1f\u8fd9\u4e2a\u8fc7\u7a0b\u4e2d\u6709\u8bb8\u591a\u56e0\u7d20\u9700\u8981\u8003\u8651\u3002\u672c\u6587\u4f5c\u8005 Tom Dunleavy \u5bf9\u672a\u6765\u5e02\u573a\u4fdd\u6301\u4e50\u89c2\uff0c\u8ba4\u4e3a\u5f53\u524d\u7684\u52a0\u5bc6\u5e02\u573a\u6b63\u7ad9\u5728\u5386\u53f2\u8f6c\u6298\u70b9\u4e0a\uff0c\u6bd4\u7279\u5e01\u6f5c\u529b\u5de8\u5927\uff0c\u5e02\u573a\u6ce2\u52a8\u53ea\u662f\u6682\u65f6\u7684\u8c03\u6574\u3002<\/p>\n<p>\u4e0e\u4e00\u822c\u7684\u7b80\u5355\u770b\u6da8\u53d1\u58f0\u4e0d\u540c\uff0cTom Dunleavy \u4ece\u6280\u672f\u6307\u6807\u3001\u5b8f\u89c2\u6d41\u52a8\u6027\u548c\u5e02\u573a\u7ed3\u6784\u7b49\u65b9\u9762\u7ed9\u51fa\u4e86\u770b\u6da8\u7684\u5177\u4f53\u539f\u56e0\uff0c\u5e76\u5bf9\u52a0\u5bc6\u5e02\u573a\u4e0a\u6f5c\u5728\u7684\u65b0\u5371\u673a\u4f5c\u51fa\u4e86\u81ea\u5df1\u7684\u5206\u6790\u3002\u65e0\u8bba\u662f\u6301\u6709\u770b\u6da8\u6216\u770b\u8dcc\u6001\u5ea6\u7684\u8bfb\u8005\u90fd\u80fd\u4ece\u672c\u6587\u7684\u68b3\u7406\u4e2d\u5f97\u5230\u4e00\u4e9b\u542f\u53d1\u3002<\/p>\n<p>\u5728\u8fd9\u7bc7\u6587\u7ae0\u4e2d\uff0c\u6211\u5c06\u8ba8\u8bba\uff1a<\/p>\n<p>\u5f53\u524d\u5e02\u573a\u72b6\u6001\uff1a\u6211\u4eec\u6b63\u7ad9\u5728\u5386\u53f2\u8f6c\u6298\u70b9\uff0c\u6bd4\u7279\u5e01\u6f5c\u529b\u5de8\u5927\uff0c\u5e02\u573a\u6ce2\u52a8\u662f\u6682\u65f6\u7684\u8c03\u6574\u3002<\/p>\n<p>\u672a\u6765 18 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\u5e74\u4e0a\u534a\u5e74\uff0c\u5e02\u573a\u5438\u5f15\u4e86\u5927\u7ea6 150 \u4ebf\u7f8e\u5143\u7684\u65b0\u8d44\u91d1\u6d41\u5165\u3002\u7279\u522b\u662f\u4ee5\u592a\u574a ETF \u5728 5 \u6708 23 \u65e5\u7684\u53d1\u5e03\uff0c\u4f7f\u5f97\u4ef7\u683c\u4e00\u5ea6\u98d9\u5347\u4e86 30% \u4ee5\u4e0a\uff0c\u5c3d\u7ba1\u6700\u8fd1\u51e0\u5468\u6709\u6240\u56de\u8c03\uff0c\u4f46\u8fd9\u53ea\u662f\u5468\u671f\u5185\u7684\u6b63\u5e38\u6ce2\u52a8\uff0c\u4e0d\u5fc5\u8fc7\u4e8e\u62c5\u5fc3\u3002<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u6211\u4eec\u4e5f\u7ecf\u5386\u4e86\u4e00\u6b21\u5927\u89c4\u6a21\u7684\u53bb\u6760\u6746\u4e8b\u4ef6\u3002\u7b2c\u4e8c\u5b63\u5ea6\u672b\uff0c\u4e00\u4e2a\u5468\u672b\u5185\u8fd1 10 \u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u88ab\u6e05\u7b97\u3002\u867d\u7136\u8fd9\u770b\u8d77\u6765\u6709\u4e9b\u5413\u4eba\uff0c\u4f46\u5b9e\u9645\u4e0a\u6709\u52a9\u4e8e\u5e02\u573a\u6446\u8131\u8fc7\u5ea6\u6760\u6746\u7684\u8d1f\u62c5\uff0c\u4f7f\u5176\u66f4\u52a0\u5065\u5eb7\u7a33\u5b9a\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/098a5899-7c81-4e0c-869c-014426fc0195.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/098a5899-7c81-4e0c-869c-014426fc0195.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<p><strong>\u5173\u952e\u6307\u6807\uff1aMVRV<\/strong><\/p>\n<p>\u6211\u4eec\u770b\u770b\u4e00\u4e2a\u975e\u5e38\u91cd\u8981\u7684\u5e02\u573a\u6307\u6807\u2014\u2014MVRV\uff0c\u5373\u5e02\u573a\u4ef7\u503c\u4e0e\u5b9e\u73b0\u4ef7\u503c\u7684\u6bd4\u7387\u3002\u8fd9\u4e2a\u6bd4\u7387\u662f\u5224\u65ad\u5e02\u573a\u9ad8\u4f30\u6216\u4f4e\u4f30\u7684\u91cd\u8981\u53c2\u8003\uff0c\u4e5f\u662f\u63d0\u793a BTC \u5356\u7a7a\u6216\u8d85\u5356\u60c5\u51b5\u6700\u53ef\u9760\u7684\u6307\u6807\u3002\u76ee\u524d\uff0cBTC \u7684 MVRV \u6bd4\u7387\u4e3a 1.5\uff0c\u8bf4\u660e\u5e02\u573a\u76f8\u5bf9\u4f4e\u4f30\u3002<\/p>\n<p>\u968f\u7740\u5e02\u573a\u4e2d\u7684\u5927\u91cf\u6760\u6746\u88ab\u6e05\u9664\uff0c\u5f53\u524d\u7684\u4f4e MVRV \u503c\u6697\u793a\u5e02\u573a\u6709\u8fdb\u4e00\u6b65\u4e0a\u5347\u7684\u6f5c\u529b\u3002\u5386\u53f2\u6570\u636e\u663e\u793a\uff0c\u5f53\u6bd4\u7387\u8d85\u8fc7 4 \u65f6\uff0c\u5f80\u5f80\u662f\u5356\u51fa\u7684\u4fe1\u53f7\uff1b\u800c\u4f4e\u4e8e 1 \u65f6\uff0c\u5219\u662f\u4e70\u5165\u7684\u597d\u65f6\u673a\u3002\u56e0\u6b64\uff0c\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u672a\u6765\u8fd8\u6709\u5f88\u5927\u7684\u4e0a\u5347\u7a7a\u95f4\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/44c58dda-b4e2-4743-a603-eaaa3a678d74.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/44c58dda-b4e2-4743-a603-eaaa3a678d74.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<p><strong>\u5168\u7403\u6d41\u52a8\u6027\u7684\u5229\u597d\u523a\u6fc0<\/strong><\/p>\n<p>\u5168\u7403\u6d41\u52a8\u6027\u662f\u5e02\u573a\u5468\u671f\u7684\u91cd\u8981\u63a8\u624b\u3002\u5927\u5bb6\u90fd\u77e5\u9053\uff0c\u5168\u7403\u592e\u884c\u548c\u653f\u5e9c\u7684\u523a\u6fc0\u653f\u7b56\u5bf9\u5e02\u573a\u6709\u7740\u6df1\u8fdc\u7684\u5f71\u54cd\uff0c\u5c24\u5176\u662f\u7f8e\u56fd\u3002\u4f5c\u4e3a\u5168\u7403\u6700\u5927\u7684\u7ecf\u6d4e\u4f53\uff0c\u7f8e\u56fd\u7684\u653f\u7b56\u53d8\u5316\u5bf9\u5e02\u573a\u81f3\u5173\u91cd\u8981\u3002\u76ee\u524d\uff0c\u5e02\u573a\u9884\u8ba1\u4eca\u5e74\u7f8e\u8054\u50a8\u53ef\u80fd\u4f1a\u964d\u606f 2 \u6b21\uff0c\u800c\u82b1\u65d7\u94f6\u884c\u751a\u81f3\u9884\u6d4b\u672a\u6765 12 \u4e2a\u6708\u5185\u53ef\u80fd\u4f1a\u964d\u606f 8 \u6b21\u3002\u8fd9\u5c06\u5927\u5927\u589e\u52a0\u5e02\u573a\u7684\u6d41\u52a8\u6027\uff0c\u5bf9\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6765\u8bf4\u65e0\u7591\u662f\u4e2a\u5229\u597d\u6d88\u606f\u3002<\/p>\n<p>\u4e13\u6ce8\u4e8e\u6d41\u52a8\u6027\u7684\u673a\u6784 crossbordercap\uff0c\u5df2\u7ecf\u547c\u5401\u5c06 2024 \u5e74\u4e0b\u534a\u5e74\u7684\u6d41\u52a8\u6027\u589e\u957f\u7387\u63d0\u9ad8\u5230 20%\u3002\u6b64\u5916\uff0c\u745e\u5178\u548c\u6b27\u6d32\u592e\u884c\u4e5f\u8868\u793a\u5c06\u5f00\u59cb\u653e\u677e\u8d27\u5e01\u653f\u7b56\u3002\u8fd9\u6837\u7684\u653f\u7b56\u53d8\u5316\uff0c\u5c06\u4e3a\u5e02\u573a\u6ce8\u5165\u66f4\u591a\u7684\u8d44\u91d1\uff0c\u63a8\u52a8\u98ce\u9669\u8d44\u4ea7\u4ef7\u683c\u4e0a\u6da8\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/59df44b2-4ff9-44a5-9e9a-ffafdaf903ae.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/59df44b2-4ff9-44a5-9e9a-ffafdaf903ae.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<p><strong>\u9009\u4e3e\u5468\u671f\u7684\u5f71\u54cd<\/strong><\/p>\n<p>\u9009\u4e3e\u5468\u671f\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u540c\u6837\u4e0d\u5bb9\u5ffd\u89c6\u3002\u6bcf\u9022\u9009\u4e3e\u5e74\uff0c\u653f\u5e9c\u7684\u652f\u51fa\u5f80\u5f80\u4f1a\u589e\u52a0\uff0c\u8fd9\u5bf9\u5e02\u573a\u6765\u8bf4\u4e5f\u662f\u4e00\u4e2a\u79ef\u6781\u4fe1\u53f7\u3002\u7279\u522b\u662f\u73b0\u4efb\u653f\u5e9c\u5728\u7ade\u9009\u671f\u95f4\u901a\u5e38\u4f1a\u52a0\u5927\u76f4\u63a5\u548c\u95f4\u63a5\u7684\u652f\u51fa\uff0c\u8fd9\u901a\u5e38\u4f1a\u5bfc\u81f4\u5e74\u521d\u5e02\u573a\u8868\u73b0\u5f3a\u52b2\uff0c\u590f\u5b63\u7a0d\u663e\u5e73\u9759\uff0c\u800c\u5230\u4e86\u4e0b\u534a\u5e74\u5e02\u573a\u4f1a\u518d\u6b21\u53cd\u5f39\u30022024 \u5e74\u7684\u9009\u4e3e\u5468\u671f\u4e5f\u4e0d\u4f8b\u5916\uff0c\u9884\u8ba1\u4e0b\u534a\u5e74\u5e02\u573a\u5c06\u8868\u73b0\u51fa\u8272\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/a4e20db0-ce32-4dd8-a8f2-ab86c2a29a44.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/a4e20db0-ce32-4dd8-a8f2-ab86c2a29a44.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/709b7992-fdaf-46ba-8694-eab55c562693.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/709b7992-fdaf-46ba-8694-eab55c562693.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<p><strong>\u6765\u81ea FTX \u7684\u65b0\u589e\u8d2d\u4e70\u529b<\/strong><\/p>\n<p>\u6211\u4eec\u8fd8\u6709\u989d\u5916\u770b\u6da8\u50ac\u5316\u5242\uff0cFTX \u8d54\u6b3e\u7d22\u8d54\u7684 120 \u4ebf\u81f3 140 \u4ebf\u7f8e\u5143\u9884\u8ba1\u5c06\u5728 2024 \u5e74 10 \u6708\u548c 11 \u6708\u6d41\u5165\u5e02\u573a\u3002\u8fd9\u5c06\u4e3a\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6ce8\u5165\u5927\u91cf\u65b0\u8d44\u91d1\uff0c\u8fdb\u4e00\u6b65\u63a8\u9ad8\u5e02\u573a\u4ef7\u683c\u3002\u5bf9\u4e8e\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u8fd9\u65e0\u7591\u662f\u4e2a\u975e\u5e38\u5229\u597d\u7684\u6d88\u606f\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/64f822c6-9c72-420f-bb1b-b21ec2f739f0.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/64f822c6-9c72-420f-bb1b-b21ec2f739f0.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<p><strong>\u51cf\u534a\u300c\u4f20\u7edf\u300d<\/strong><\/p>\n<p>\u8bf4\u5230\u8fd9\u91cc\uff0c\u6211\u4eec\u4e5f\u4e0d\u80fd\u5ffd\u7565\u8fc7\u53bb\u7684\u7ecf\u9a8c\u6559\u8bad\u3002\u5386\u53f2\u4e0a\uff0c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5f80\u5f80\u9075\u5faa\u4ee5\u6bd4\u7279\u5e01\u51cf\u534a\u4e3a\u4e2d\u5fc3\u7684\u56db\u5e74\u5468\u671f\u3002\u51cf\u534a\u540e\u7684\u7b2c\u4e00\u5e74\uff0c\u5e02\u573a\u8fc5\u901f\u4e0a\u6da8\uff1b\u7b2c\u4e8c\u5e74\uff0c\u6da8\u5e45\u5f00\u59cb\u653e\u7f13\uff1b\u7b2c\u4e09\u5e74\uff0c\u4ef7\u683c\u5927\u81f4\u4fdd\u6301\u4e0d\u53d8\uff1b\u7b2c\u56db\u5e74\uff0c\u4ef7\u683c\u5219\u4f1a\u6025\u5267\u4e0b\u8dcc\u3002\u4ef7\u683c\u901a\u5e38\u5728\u51cf\u534a\u540e 500 \u5929\u5de6\u53f3\u8fbe\u5230\u9876\u5cf0\u3002\u5982\u679c\u8fd9\u4e00\u6b21\u7684\u5468\u671f\u9075\u5faa\u540c\u6837\u7684\u6a21\u5f0f\uff0c\u5e02\u573a\u53ef\u80fd\u4f1a\u5728 2025 \u5e74 10 \u6708\u5de6\u53f3\u8fbe\u5230\u9876\u5cf0\u3002<\/p>\n<p>\u5982\u679c\u6309\u7167\u8fd9\u4e2a\u300c\u4f20\u7edf\u300d\u6765\u770b\uff0c\u6211\u4eec\u8fd8\u5904\u4e8e\u5468\u671f\u7684\u521d\u671f\u9636\u6bb5\uff0c\u5728\u672a\u6765\u5feb\u901f\u4e0a\u6da8\u7684 12 \u4e2a\u6708\u4e4b\u524d\uff0c\u9884\u8ba1 7 \u6708\u548c 8 \u6708\u5e02\u573a\u8fd8\u4f1a\u6bd4\u8f83\u5e73\u9759\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/21d5307b-50c2-4fad-99a0-a90830074ce4.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/07\/21d5307b-50c2-4fad-99a0-a90830074ce4.webp\" alt=\"5\u4e2a\u8ba9\u4f60\u60f3\u7acb\u523b\u6284\u5e95\u7684\u770b\u6da8\u7406\u7531\" \/><\/figure>\n<p><strong>\u4e0d\u523b\u821f\u6c42\u5251\uff0c\u5982\u4f55\u9a7e\u9a6d\u672c\u8f6e\u725b\u5e02\uff1f<\/strong><\/p>\n<p>\u867d\u7136\u6211\u4eec\u8ba4\u4e3a\u5927\u76d8\u4f1a\u9075\u5faa\u4e4b\u524d\u7684\u5468\u671f\u4e0a\u6da8\uff0c\u4f46\u672c\u5468\u671f\u5e02\u573a\u786e\u5b9e\u5b58\u5728\u7740\u4e00\u4e9b\u7ec6\u5fae\u5dee\u522b\u3002<\/p>\n<p><strong>\u4e0d\u5bb9\u5ffd\u89c6\u7684\u5e02\u573a\u53d8\u91cf<\/strong><\/p>\n<p><strong>\u673a\u6784\u5165\u573a\u7684\u5f71\u54cd<\/strong><\/p>\n<p>\u5728\u672c\u8f6e\u5468\u671f\u4e2d\uff0c\u6211\u4eec\u770b\u5230\u4e86\u4e00\u4e9b\u65b0\u7684\u56e0\u7d20\u3002\u9996\u5148\uff0c\u673a\u6784\u4ea7\u54c1\u7684\u5f71\u54cd\u8d8a\u6765\u8d8a\u5927\u3002\u81ea\u6bd4\u7279\u5e01 ETF \u83b7\u6279\u4ee5\u6765\uff0c\u5e02\u573a\u5df2\u7ecf\u5438\u5f15\u4e86\u8d85\u8fc7 150 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u6d41\u5165\u3002\u800c\u4e14\uff0c\u76ee\u524d\u53ea\u6709\u5927\u7ea6 25% \u7684\u7f8e\u56fd\u8d22\u52a1\u987e\u95ee\u53ef\u4ee5\u5411\u5ba2\u6237\u63a8\u8350\u8fd9\u4e9b\u4ea7\u54c1\uff0c\u8fd9\u610f\u5473\u7740\u672a\u6765\u8fd8\u6709\u5f88\u5927\u7684\u589e\u957f\u7a7a\u95f4\u3002<\/p>\n<p>\u9ec4\u91d1 ETF \u5728\u83b7\u6279\u540e\uff0c\u8fde\u7eed\u4e94\u5e74\u51c0\u6d41\u5165\uff0c\u56e0\u6b64\u6211\u4eec\u53ef\u4ee5\u9884\u671f\u6bd4\u7279\u5e01 ETF \u4e5f\u4f1a\u6301\u7eed\u5438\u5f15\u8d44\u91d1\u6d41\u5165\u3002\u8fd9\u5c06\u6709\u52a9\u4e8e\u51cf\u5f31\u5e02\u573a\u7684\u6ce2\u52a8\u6027\uff0c\u5ef6\u957f\u5468\u671f\u7684\u6301\u7eed\u65f6\u95f4\u3002<\/p>\n<p><strong>\u66f4\u591a\u4ee3\u5e01\u4e0e\u66f4\u5927\u7684\u53d1\u578b\u79ef\u538b<\/strong><\/p>\n<p>\u5176\u6b21\uff0c\u53ef\u4f9b\u8d2d\u4e70\u7684\u4ee3\u5e01\u6570\u91cf\u5927\u5e45\u589e\u52a0\u30022021 \u5e74\uff0c\u5e02\u573a\u4e0a\u7ea6\u6709 40 \u4e07\u4e2a\u4ee3\u5e01\uff0c\u800c\u5982\u4eca\u8fd9\u4e2a\u6570\u5b57\u5df2\u7ecf\u8d85\u8fc7\u4e86 300 \u4e07\u4e2a\uff0c\u6bcf\u5929\u65b0\u589e 10 \u4e07\u4e2a\u4ee3\u5e01\u3002\u6b64\u5916\uff0c\u8fd8\u6709\u5927\u91cf\u4ece\u5148\u524d\u53d1\u884c\u89e3\u9501\u7684\u4ee3\u5e01\uff0c\u4ec5\u5728 7 \u6708\uff0c\u5c31\u6709\u4ef7\u503c 3.5 \u4ebf\u7f8e\u5143\u7684\u4ee3\u5e01\u89e3\u9501\u3002\u8fd9\u6837\u7684\u4f9b\u5e94\u589e\u52a0\u65e0\u7591\u4f1a\u5bf9\u5e02\u573a\u4ea7\u751f\u5f71\u54cd\u3002<\/p>\n<p>\u5e02\u573a\u4e0a\u8fd8\u6709\u5927\u91cf\u51c6\u5907\u4e0a\u5e02\u7684\u79c1\u4eba\u9879\u76ee\u3002\u8fd9\u4e9b\u9879\u76ee\u9884\u8ba1\u5c06\u5728\u79cb\u5b63\u8fdb\u884c\u4ee3\u5e01\u751f\u6210\u6d3b\u52a8\u30022023 \u5e74\u548c 2024 \u5e74\u521d\u8d44\u52a9\u7684 1000 \u591a\u4e2a\u9879\u76ee\u5c1a\u672a\u53d1\u884c\u4ee3\u5e01\uff0c\u9884\u8ba1\u603b\u4f9b\u5e94\u91cf\u5c06\u8fbe\u5230\u6570\u5341\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e9b\u65b0\u4ee3\u5e01\u7684\u53d1\u884c\u53ef\u80fd\u4f1a\u5bf9\u5e02\u573a\u4ea7\u751f\u91cd\u5927\u5f71\u54cd\u3002<\/p>\n<p><strong>\u5b8f\u89c2\u7ecf\u6d4e\u6761\u4ef6<\/strong><\/p>\n<p>\u7f8e\u56fd\u7684\u5b8f\u89c2\u7ecf\u6d4e\u6761\u4ef6\u4e5f\u5bf9\u5e02\u573a\u6709\u7740\u91cd\u8981\u5f71\u54cd\u3002\u5f53\u524d\uff0c\u7f8e\u56fd\u7684\u5931\u4e1a\u7387\u4ecd\u7136\u5f88\u4f4e\uff0c\u901a\u80c0\u7ee7\u7eed\u4e0b\u964d\uff0c\u5931\u4e1a\u6551\u6d4e\u7533\u8bf7\u6301\u5e73\uff0c\u5de5\u8d44\u589e\u957f\u505c\u6ede\u3002\u8fd9\u4e9b\u56e0\u7d20\u4e3a\u7f8e\u8054\u50a8\u63d0\u4f9b\u4e86\u964d\u606f\u7684\u7406\u7531\u3002\u9884\u8ba1 2024 \u5e74\u548c 2025 \u5e74\u6211\u4eec\u5c06\u770b\u5230\u964d\u606f\uff0c\u8fd9\u5c06\u964d\u4f4e\u4f01\u4e1a\u7684\u8d44\u672c\u6210\u672c\uff0c\u964d\u4f4e\u6d88\u8d39\u8005\u7684\u503a\u52a1\u5229\u7387\uff0c\u5e76\u4e3a\u98ce\u9669\u8d44\u4ea7\u63d0\u4f9b\u66f4\u591a\u8d44\u91d1\u3002<\/p>\n<p><strong>VC \u7684\u50a8\u5907\u8d44\u91d1<\/strong><\/p>\n<p>\u5728 2021 \u5e74\u548c 2022 \u5e74\uff0c\u591a\u4e2a 10 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684\u52a0\u5bc6\u8d27\u5e01\u4e13\u6ce8\u57fa\u91d1\u52df\u96c6\u6210\u529f\u3002\u8fd9\u4e9b\u57fa\u91d1\u901a\u5e38\u6709 3-4 \u5e74\u7684\u8d44\u672c\u90e8\u7f72\u65f6\u95f4\u7ebf\u3002\u7531\u4e8e FTX \u7684\u5f71\u54cd\uff0c\u8bb8\u591a\u57fa\u91d1\u5728 2022 \u5e74\u5e95\u548c 2023 \u5e74\u521d\u6295\u8d44\u8c28\u614e\u3002\u7136\u800c\uff0c\u6700\u8fd1\u7684\u5e02\u573a\u4e0a\u6da8\u4f7f\u8bb8\u591a\u98ce\u9669\u6295\u8d44\u516c\u53f8\u611f\u5230\u610f\u5916\uff0c\u5bfc\u81f4\u5927\u91cf\u50a8\u5907\u8d44\u91d1\u5728\u672c\u8f6e\u5468\u671f\u4e2d\u5904\u4e8e\u89c2\u671b\u72b6\u6001\u3002\u8bb8\u591a\u50a8\u5907\u8d44\u91d1\u5728 2024 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u548c\u7b2c\u4e8c\u5b63\u5ea6\u88ab\u79ef\u6781\u90e8\u7f72\u3002<\/p>\n<p><strong>\u66f4\u660e\u786e\u7684\u76d1\u7ba1\u73af\u5883<\/strong><\/p>\n<p>\u6700\u540e\uff0c\u76d1\u7ba1\u73af\u5883\u7684\u53d8\u5316\u4e5f\u5bf9\u5e02\u573a\u4ea7\u751f\u4e86\u91cd\u8981\u5f71\u54cd\u3002\u867d\u7136\u5373\u5c06\u51fa\u53f0\u7684\u6cd5\u89c4\u53ef\u80fd\u5b58\u5728\u4e89\u8bae\uff0c\u4f46\u660e\u786e\u7684\u89c4\u5219\u53ef\u4ee5\u964d\u4f4e\u5e02\u573a\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u6b27\u76df\u7684 MiCA \u5df2\u7ecf\u542f\u52a8\uff0c\u7f8e\u56fd\u4e5f\u6709\u591a\u9879\u5173\u4e8e\u5e02\u573a\u7ed3\u6784\u3001\u94f6\u884c\u670d\u52a1\u548c\u7a33\u5b9a\u5e01\u7684\u6cd5\u6848\u3002\u5982\u679c\u5171\u548c\u515a\u8d62\u5f97\u603b\u7edf\u548c\u53c2\u8bae\u9662\uff0c\u8fd9\u4e9b\u6cd5\u6848\u5c06\u5728 2024 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