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ChainCatcher 消息,今日加密货币恐慌与贪婪指数为 33(昨日为 47),市场情绪由“中性”重回“恐慌”。注:恐慌指数阈值为 0-100,包含指标:波动性(25%)+市场交易量(25%)+社交媒体热度(15%)+市场调查(15%)+比特币在整个市场中的比例(10%)+谷歌热词分析(10%)。
ChainCatcher 消息,今日加密货币恐慌与贪婪指数为 33(昨日为 47),市场情绪由“中性”重回“恐慌”。注:恐慌指数阈值为 0-100,包含指标:波动性(25%)+市场交易量(25%)+社交媒体热度(15%)+市场调查(15%)+比特币在整个市场中的比例(10%)+谷歌热词分析(10%)。
ChainCatcher News: U.S. Senator Cynthia Lummis stated at the "Bitcoin 2026" conference that she plans to push the "CLARITY Act" into the legislative process and work towards its implementation, aiming to establish a comprehensive regulatory framework for the U.S. crypto market. Lummis also noted that Bitcoin, with its trustless nature and finite supply, is the "true free currency" and believes the U.S. should become the global hub for this asset.
ChainCatcher News: U.S. Senator Cynthia Lummis stated at the "Bitcoin 2026" conference that she plans to push the "CLARITY Act" into the legislative process and work towards its implementation, aiming to establish a comprehensive regulatory framework for the U.S. crypto market.

Lummis also noted that Bitcoin, with its trustless nature and finite supply, is the "true free currency" and believes the U.S. should become the global hub for this asset.
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最 Crypto 的那批人,正在变得最不 Crypto今年四月的香港区块链周,我印象最深的不是哪个 panel,而是一个画面。 晚上十点多,湾仔一家茶餐厅里,四五个人挤在一张桌子上,一边吃着干炒牛河,一边聊各自接下来要做什么。一个之前做稳定币支付的朋友说,他们团队已经全面转向 AI 了;另一个做链上数据的,说他现在一半精力在帮 AI 公司搭数据管线。 没有人聊币价,没有人聊叙事,连 Web3 这个词都没怎么出现。 我当时的感觉不是惊讶,是一种奇怪的熟悉感——这帮人三年前坐在同一张桌子上,聊的一定是 DeFi、NFT、链游。他们还是那些人,一样的兴奋,一样的全情投入。 这次跑了一趟香港嘉年华和曼谷 Money 20/20,看完之后脑子里一直转着一句话:最 crypto 的那批人,正在变得最不 crypto。 Web3 退潮之后,到底还剩下什么?跑完这两站,我大概有了一个自己的答案。 一、香港:熟悉的面孔,陌生的话题 先说香港。这次嘉年华,币圈项目方明显少了,前两年那种到处发 T 恤、满场叙事的热闹散了。 今年的官方主题叫"山、风、云、海",定位很明确——告别炒币叙事。这句话放在三年前,台下会嘘声一片。但今年没人觉得不对劲,因为大家本来就不聊币了,反而达成了一种默契。 展会走一圈,面孔是熟悉的:OKX Wallet、TRON、ZA Bank、HashKey、新火。但他们讲的话题变了,主旨高度集中在两个词上:RWA 和 AI。 RWA 延续去年的热度,但说实话,谁在真做项目、谁在做秀,大家心里都有数。有一个判断我觉得是成立的:RWA 之于香港,本质上就是理财和投资的产品化——把现实资产搬到链上,更高效、更容易跨境分销。这恰好是香港最擅长的事:制度设计和金融产品化。泡沫退去,香港反而更舒服了——那些一开始就不属于它的躁动终于散了。 AI 这块更有意思。几乎每个 panel 都在聊 AI 和 Web3 的结合,但我听了好几场,坦白说大多数讨论停留在"这两个东西应该结合"的层面。至于怎么结合、解决什么问题,没人能讲清楚。 我的感觉是,Web3 凑上 AI,不是因为想清楚了,是因为不凑的话,真的没有故事可以讲了。而且台上那些嘉宾,他们自己大概也知道是在凑。但先活下去再说,这本来就是这个圈子的生存哲学。 港元稳定币反而没什么新消息。牌照都发了,但问了一圈,两大银行各有节奏,都没急着高调,结果发现好像 nobody cares。 但让我真正有感触的,还是台下那些人。这次会场里最忙的不是嘉宾,而是那些穿着随便、挂着参展牌、在洽谈区来回穿梭的人——做 BD 的、跑社群的、搞内容的、帮项目对接资源的。他们没有漂亮履历,说话不一定"专业",但他们对行业的理解,是从一顿一顿饭局、一次一次碰壁里长出来的。这种理解不是看报告看来的,是用时间换来的。 一个行业能不能穿越周期,不能只看头部有多少明星公司,还得看底下有多少人愿意在没有掌声的时候继续磨。 Web3 的底盘还在。但底盘之上跑的东西,已经彻底变了。 二、曼谷:稳定币的特洛伊木马 从香港飞到曼谷,画风一转。 Money 20/20 是个纯粹的金融科技 B2B 展会,入场费不便宜,来的人都穿得像要去见客户。Panel 区经常有空座,但旁边的商务洽谈区从开门到关门都是满的。 让我意外的是,稳定币和 crypto 原生公司占到了展商的大约三分之一。OSL、Circle、Ripple、Fireblocks、Cobo、Pyth、Metacomp…至少十几家,不少是第一次来参展。Money 20/20 今年还专门新增了一个叫 Intersection 的专区,定位就是 TradFi 和 DeFi 的交汇——稳定币已经不是金融科技展会的边缘角落了,它是主议程的一部分。 但有意思的是——这三分之一的 crypto 公司,没有一家在展台上卖 crypto。 他们卖的全是支付链路、结算通道、资产托管。有些展商干脆自己定义为"Web 2.5 finance"——一只脚在加密原生,一只脚在传统支付。来谈生意的人不在乎底层跑的是什么链,要的就三样:到账快、成本低、合规过得了。 我在洽谈区坐了两个下午,旁边桌子每隔十分钟就能听到一次 stablecoin。没人聊币价,聊的全是怎么搭链路、怎么接商户、合规用谁家的方案。来的都是有业务要落地的人。 有一场 panel 上主持人直接挑战台上的嘉宾:巴西的 Pix 已经即时免费转账了,你们还搞什么稳定币?台上的回答很干脆——Pix 解决国内的问题,跨境还是没辙。这大概就是稳定币支付最诚实的定位:不替代本地支付系统,补上跨境这一环传统金融始终没做好的事。 感谢 Finternet 的邀请,我跟 Sumsub 做了个访谈,聊完之后印象特别深。这家做 KYC/KYB 的公司,最早的客户全是 Web3 项目——交易所、钱包、DeFi 协议。但现在他们最大的增量客户反而来自 Web2:支付机构、银行、出海企业。Web3 的海量客户背景反而成了背书,让他们更丝滑地切进了传统金融市场。Web3 给他们练了手,Web2 才是真正的市场。 你看,这就是我说的那句话的注脚:最 crypto 的那批人,正在变得最不 crypto。 稳定币已经不是在"进入"传统金融了,它已经彻底融进去了——融到你在展会上分不清哪家是稳定币公司、哪家是 fintech。即便那些传统金融机构自己不做稳定币业务,他们的客户也会倒逼他们接入。 稳定币没有从正门攻进传统金融的城堡。它顺着后门接了进去,等城堡里的人发现时,通道已经铺好了。 三、AI 标签通胀 通道铺好了,但通道上面贴上了新的标签。 曼谷展会上,我数了一下,走过的展台里大概十个有八个都印着 AI 或 Agentic——Agentic Payment、Agentic Wallets、Agentic Banking。 挑了几家产品仔细问:你们 AI 模块最成熟的 use case 是什么?回答都比较含糊,基本指向 A2A(Agent-to-Agent)的未来场景。至于真实交易量,大家很默契地没给数字。 一家在前几年从事稳定币支付的公司,做了一个很多人心里想但还没做的选择。当基建层已经足够拥挤,再做通道就是跟一堆长得差不多的通道挤在一起。与其等水来,不如换一条有水的河,反而杀向 AI 这个热门行业的支付方解决方案。不是给 AI 贴标签,而是去给 AI 做服务。跟展会上那些模糊的 A2A 概念比,这反而是一个清晰得多的思路:别等 Agent 什么时候会自己付钱了,先解决 AI 公司今天就有的支付痛点。 但说回展会上的 AI 热潮,这一幕确实很像 2021 年的 Web3——基础设施先行,杀手级应用还不知道在哪。不过有一点不同:2021 年是凭空造了需求去找用户,今天的 agentic payment 至少有一个真实前提——AI agent 确实在指数级增长,它们迟早需要自己付钱、收钱。问题不是需求存不存在,而是什么时候到、以什么形态到。 在"什么时候到"的窗口期里,先贴标签是最安全的选择。 万一到了呢? 四、通道铺好之后,然后呢? 把香港和曼谷放在一起看,一个分化很清楚。 香港做的是金融产品化——RWA、理财、资产管理,拼的是产品设计和分销渠道,再叠加币圈的运营思路。 曼谷做的是支付通道——稳定币跨境结算,拼的是合规牌照和本地渠道。 两条路加在一起,就是 Web3 退潮之后,区块链真正留下来的东西——金融基建。 不是 DeFi Summer 的收益狂欢,不是 NFT 的全民 FOMO。是一根根通道、一张张牌照、一个个合作伙伴。 无聊,但真实。 Web3 当年画的饼是"去中心化重构一切"。退潮之后活下来的,是中心化金融体系的补丁和延伸。加密朋克的革命没发生。但管道铺进了城墙里面——这件事本身,可能比革命更持久。 通道铺好了,但三个问题悬而未决: 稳定币基建还来得及吗? 曼谷展会上做基建的公司已经太多了,差异化空间在快速收窄。新入场的人需要的不是再建通道,而是找通道里应该流什么水——谁能把稳定币嵌进高频刚需的场景里,谁就是下一阶段的赢家。不是做通道的人,是用通道的人。 应用解决方案是方向。 基建层够厚了,价值开始往应用层迁移。2000 年代铺宽带的公司赚了第一波钱,真正的大生意是后来跑在上面的淘宝和微信。稳定币正在接近那个拐点。 Agentic Payment 呢? 我自己追踪这个领域有一阵了。Visa、Mastercard、Stripe 都在布局,x402 协议也在推进。但从协议到落地,差的不是技术,是信任框架和一个足够大的跨境交易场景,否则就只能停留在 demo 和 panel 上。 但话说回来,2021 年有人第一次讲稳定币跨境支付时,大概也是这个待遇——"概念有道理,落地还早"。五年后,稳定币已经融进了传统金融的毛细血管。Agentic payment 可能正处于同样的阶段。只是这一轮的窗口,会短得多。 五、写在最后 回程的飞机上,我脑子里反复出现的不是那些 panel 的内容,而是茶餐厅里那张桌子。 一个转去做 AI 了,一个在帮 AI 公司搭数据管线,剩下几个还在聊怎么把稳定币支付接进更多商户。三年前他们聊的是另一个世界,但有一件事没变——他们还在场,还在干活,还在把自己扔进池子里。 Web3 这个圈子最独特的地方,不是技术有多前沿,而是它天然地吸引这种人——不管水温多冷,先下去再说。赛道会变,叙事会换,但这种野生的参与感不会消失。它只是换了一件衣服。 退潮之后,革命没有发生。但最 crypto 的那批人,带着他们的打法、速度和生存本能,正在渗透进传统金融、AI、跨境支付这些更大的战场里。他们不再喊口号了,但他们比以前更危险。 因为这一次,他们穿上了西装。

最 Crypto 的那批人,正在变得最不 Crypto

今年四月的香港区块链周,我印象最深的不是哪个 panel,而是一个画面。

晚上十点多,湾仔一家茶餐厅里,四五个人挤在一张桌子上,一边吃着干炒牛河,一边聊各自接下来要做什么。一个之前做稳定币支付的朋友说,他们团队已经全面转向 AI 了;另一个做链上数据的,说他现在一半精力在帮 AI 公司搭数据管线。

没有人聊币价,没有人聊叙事,连 Web3 这个词都没怎么出现。

我当时的感觉不是惊讶,是一种奇怪的熟悉感——这帮人三年前坐在同一张桌子上,聊的一定是 DeFi、NFT、链游。他们还是那些人,一样的兴奋,一样的全情投入。

这次跑了一趟香港嘉年华和曼谷 Money 20/20,看完之后脑子里一直转着一句话:最 crypto 的那批人,正在变得最不 crypto。

Web3 退潮之后,到底还剩下什么?跑完这两站,我大概有了一个自己的答案。

一、香港:熟悉的面孔,陌生的话题

先说香港。这次嘉年华,币圈项目方明显少了,前两年那种到处发 T 恤、满场叙事的热闹散了。

今年的官方主题叫"山、风、云、海",定位很明确——告别炒币叙事。这句话放在三年前,台下会嘘声一片。但今年没人觉得不对劲,因为大家本来就不聊币了,反而达成了一种默契。

展会走一圈,面孔是熟悉的:OKX Wallet、TRON、ZA Bank、HashKey、新火。但他们讲的话题变了,主旨高度集中在两个词上:RWA 和 AI。

RWA 延续去年的热度,但说实话,谁在真做项目、谁在做秀,大家心里都有数。有一个判断我觉得是成立的:RWA 之于香港,本质上就是理财和投资的产品化——把现实资产搬到链上,更高效、更容易跨境分销。这恰好是香港最擅长的事:制度设计和金融产品化。泡沫退去,香港反而更舒服了——那些一开始就不属于它的躁动终于散了。

AI 这块更有意思。几乎每个 panel 都在聊 AI 和 Web3 的结合,但我听了好几场,坦白说大多数讨论停留在"这两个东西应该结合"的层面。至于怎么结合、解决什么问题,没人能讲清楚。

我的感觉是,Web3 凑上 AI,不是因为想清楚了,是因为不凑的话,真的没有故事可以讲了。而且台上那些嘉宾,他们自己大概也知道是在凑。但先活下去再说,这本来就是这个圈子的生存哲学。

港元稳定币反而没什么新消息。牌照都发了,但问了一圈,两大银行各有节奏,都没急着高调,结果发现好像 nobody cares。

但让我真正有感触的,还是台下那些人。这次会场里最忙的不是嘉宾,而是那些穿着随便、挂着参展牌、在洽谈区来回穿梭的人——做 BD 的、跑社群的、搞内容的、帮项目对接资源的。他们没有漂亮履历,说话不一定"专业",但他们对行业的理解,是从一顿一顿饭局、一次一次碰壁里长出来的。这种理解不是看报告看来的,是用时间换来的。

一个行业能不能穿越周期,不能只看头部有多少明星公司,还得看底下有多少人愿意在没有掌声的时候继续磨。

Web3 的底盘还在。但底盘之上跑的东西,已经彻底变了。

二、曼谷:稳定币的特洛伊木马

从香港飞到曼谷,画风一转。

Money 20/20 是个纯粹的金融科技 B2B 展会,入场费不便宜,来的人都穿得像要去见客户。Panel 区经常有空座,但旁边的商务洽谈区从开门到关门都是满的。

让我意外的是,稳定币和 crypto 原生公司占到了展商的大约三分之一。OSL、Circle、Ripple、Fireblocks、Cobo、Pyth、Metacomp…至少十几家,不少是第一次来参展。Money 20/20 今年还专门新增了一个叫 Intersection 的专区,定位就是 TradFi 和 DeFi 的交汇——稳定币已经不是金融科技展会的边缘角落了,它是主议程的一部分。

但有意思的是——这三分之一的 crypto 公司,没有一家在展台上卖 crypto。

他们卖的全是支付链路、结算通道、资产托管。有些展商干脆自己定义为"Web 2.5 finance"——一只脚在加密原生,一只脚在传统支付。来谈生意的人不在乎底层跑的是什么链,要的就三样:到账快、成本低、合规过得了。

我在洽谈区坐了两个下午,旁边桌子每隔十分钟就能听到一次 stablecoin。没人聊币价,聊的全是怎么搭链路、怎么接商户、合规用谁家的方案。来的都是有业务要落地的人。

有一场 panel 上主持人直接挑战台上的嘉宾:巴西的 Pix 已经即时免费转账了,你们还搞什么稳定币?台上的回答很干脆——Pix 解决国内的问题,跨境还是没辙。这大概就是稳定币支付最诚实的定位:不替代本地支付系统,补上跨境这一环传统金融始终没做好的事。

感谢 Finternet 的邀请,我跟 Sumsub 做了个访谈,聊完之后印象特别深。这家做 KYC/KYB 的公司,最早的客户全是 Web3 项目——交易所、钱包、DeFi 协议。但现在他们最大的增量客户反而来自 Web2:支付机构、银行、出海企业。Web3 的海量客户背景反而成了背书,让他们更丝滑地切进了传统金融市场。Web3 给他们练了手,Web2 才是真正的市场。

你看,这就是我说的那句话的注脚:最 crypto 的那批人,正在变得最不 crypto。

稳定币已经不是在"进入"传统金融了,它已经彻底融进去了——融到你在展会上分不清哪家是稳定币公司、哪家是 fintech。即便那些传统金融机构自己不做稳定币业务,他们的客户也会倒逼他们接入。

稳定币没有从正门攻进传统金融的城堡。它顺着后门接了进去,等城堡里的人发现时,通道已经铺好了。

三、AI 标签通胀

通道铺好了,但通道上面贴上了新的标签。

曼谷展会上,我数了一下,走过的展台里大概十个有八个都印着 AI 或 Agentic——Agentic Payment、Agentic Wallets、Agentic Banking。

挑了几家产品仔细问:你们 AI 模块最成熟的 use case 是什么?回答都比较含糊,基本指向 A2A(Agent-to-Agent)的未来场景。至于真实交易量,大家很默契地没给数字。

一家在前几年从事稳定币支付的公司,做了一个很多人心里想但还没做的选择。当基建层已经足够拥挤,再做通道就是跟一堆长得差不多的通道挤在一起。与其等水来,不如换一条有水的河,反而杀向 AI 这个热门行业的支付方解决方案。不是给 AI 贴标签,而是去给 AI 做服务。跟展会上那些模糊的 A2A 概念比,这反而是一个清晰得多的思路:别等 Agent 什么时候会自己付钱了,先解决 AI 公司今天就有的支付痛点。

但说回展会上的 AI 热潮,这一幕确实很像 2021 年的 Web3——基础设施先行,杀手级应用还不知道在哪。不过有一点不同:2021 年是凭空造了需求去找用户,今天的 agentic payment 至少有一个真实前提——AI agent 确实在指数级增长,它们迟早需要自己付钱、收钱。问题不是需求存不存在,而是什么时候到、以什么形态到。

在"什么时候到"的窗口期里,先贴标签是最安全的选择。

万一到了呢?

四、通道铺好之后,然后呢?

把香港和曼谷放在一起看,一个分化很清楚。

香港做的是金融产品化——RWA、理财、资产管理,拼的是产品设计和分销渠道,再叠加币圈的运营思路。

曼谷做的是支付通道——稳定币跨境结算,拼的是合规牌照和本地渠道。

两条路加在一起,就是 Web3 退潮之后,区块链真正留下来的东西——金融基建。

不是 DeFi Summer 的收益狂欢,不是 NFT 的全民 FOMO。是一根根通道、一张张牌照、一个个合作伙伴。

无聊,但真实。

Web3 当年画的饼是"去中心化重构一切"。退潮之后活下来的,是中心化金融体系的补丁和延伸。加密朋克的革命没发生。但管道铺进了城墙里面——这件事本身,可能比革命更持久。

通道铺好了,但三个问题悬而未决:

稳定币基建还来得及吗?

曼谷展会上做基建的公司已经太多了,差异化空间在快速收窄。新入场的人需要的不是再建通道,而是找通道里应该流什么水——谁能把稳定币嵌进高频刚需的场景里,谁就是下一阶段的赢家。不是做通道的人,是用通道的人。

应用解决方案是方向。

基建层够厚了,价值开始往应用层迁移。2000 年代铺宽带的公司赚了第一波钱,真正的大生意是后来跑在上面的淘宝和微信。稳定币正在接近那个拐点。

Agentic Payment 呢?

我自己追踪这个领域有一阵了。Visa、Mastercard、Stripe 都在布局,x402 协议也在推进。但从协议到落地,差的不是技术,是信任框架和一个足够大的跨境交易场景,否则就只能停留在 demo 和 panel 上。

但话说回来,2021 年有人第一次讲稳定币跨境支付时,大概也是这个待遇——"概念有道理,落地还早"。五年后,稳定币已经融进了传统金融的毛细血管。Agentic payment 可能正处于同样的阶段。只是这一轮的窗口,会短得多。

五、写在最后

回程的飞机上,我脑子里反复出现的不是那些 panel 的内容,而是茶餐厅里那张桌子。

一个转去做 AI 了,一个在帮 AI 公司搭数据管线,剩下几个还在聊怎么把稳定币支付接进更多商户。三年前他们聊的是另一个世界,但有一件事没变——他们还在场,还在干活,还在把自己扔进池子里。

Web3 这个圈子最独特的地方,不是技术有多前沿,而是它天然地吸引这种人——不管水温多冷,先下去再说。赛道会变,叙事会换,但这种野生的参与感不会消失。它只是换了一件衣服。

退潮之后,革命没有发生。但最 crypto 的那批人,带着他们的打法、速度和生存本能,正在渗透进传统金融、AI、跨境支付这些更大的战场里。他们不再喊口号了,但他们比以前更危险。

因为这一次,他们穿上了西装。
According to ChainCatcher news, on-chain analyst Ai姨 (@ai 9684xtpa) has monitored that Maji老哥's current total value of $79.16 million long positions has flipped from profit to loss, after previously peaking with over $2.7 million in unrealized gains. Among these, there are 555 BTC long positions valued at $42.76 million with an unrealized gain of $456,000; 15,600 ETH long positions valued at $35.85 million with an unrealized loss of $486,000; and 12,888.88 HYPE long positions valued at $533,000 with an unrealized gain of $4,797.
According to ChainCatcher news, on-chain analyst Ai姨 (@ai 9684xtpa) has monitored that Maji老哥's current total value of $79.16 million long positions has flipped from profit to loss, after previously peaking with over $2.7 million in unrealized gains.

Among these, there are 555 BTC long positions valued at $42.76 million with an unrealized gain of $456,000; 15,600 ETH long positions valued at $35.85 million with an unrealized loss of $486,000; and 12,888.88 HYPE long positions valued at $533,000 with an unrealized gain of $4,797.
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ChainCatcher 消息,据 Coinglass 数据,Hyperliquid 平台鲸鱼当前持仓 34.54 亿美元,多单持仓 17.19 亿美元,持仓占比 49.78%,空单持仓 17.35 亿美元,持仓占比 50.22%。多单盈亏 -2,200.3 万美元,空单盈亏 -1,122.92 万美元。 其中,巨鲸地址 0x0ddf..02 在 67992.1 美元价格 3 倍全仓做空 BTC,目前未实现盈亏 -905.79 万美元。
ChainCatcher 消息,据 Coinglass 数据,Hyperliquid 平台鲸鱼当前持仓 34.54 亿美元,多单持仓 17.19 亿美元,持仓占比 49.78%,空单持仓 17.35 亿美元,持仓占比 50.22%。多单盈亏 -2,200.3 万美元,空单盈亏 -1,122.92 万美元。

其中,巨鲸地址 0x0ddf..02 在 67992.1 美元价格 3 倍全仓做空 BTC,目前未实现盈亏 -905.79 万美元。
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Sky 提案简化国库管理,从治理驱动转向规则约束型支出ChainCatcher 消息,Sky 提案全面改革国库收入分配机制。创始人 Rune Christensen 发文指出,随着 Genesis Capital 转移至 Grove,Sky 已正式结束创世资本化阶段,此前不定期、由治理决定的资本部署已经终结。 提案将国库管理功能(TMF)从五步条件瀑布式结构简化为四步固定分配架构,涵盖安全与维护、总体后备资本、智能销毁引擎及 USDS 质押奖励,并取消多项遗留机制。此举正值 Sky 快速扩张之际,USDS 供应量已攀升至约 116 亿美元,成为第三大稳定币。此前 Sky 社区已授权通过稳定币孵化器 Obex 部署最多 25 亿美元,并于 4 月在 Avalanche 上推出原生 USDS。

Sky 提案简化国库管理,从治理驱动转向规则约束型支出

ChainCatcher 消息,Sky 提案全面改革国库收入分配机制。创始人 Rune Christensen 发文指出,随着 Genesis Capital 转移至 Grove,Sky 已正式结束创世资本化阶段,此前不定期、由治理决定的资本部署已经终结。

提案将国库管理功能(TMF)从五步条件瀑布式结构简化为四步固定分配架构,涵盖安全与维护、总体后备资本、智能销毁引擎及 USDS 质押奖励,并取消多项遗留机制。此举正值 Sky 快速扩张之际,USDS 供应量已攀升至约 116 亿美元,成为第三大稳定币。此前 Sky 社区已授权通过稳定币孵化器 Obex 部署最多 25 亿美元,并于 4 月在 Avalanche 上推出原生 USDS。
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加密概念股每日观察:SEC 主席 Atkins 登台 Bitcoin 2026,"Project Crypto"五类资产分类体系将如何重塑上市公司估值1. 历史信号:首位在任 SEC 主席登台的象征意义 SEC 历史上从未有在任主席出席比特币年度大会;Bitcoin 2026 大会吸引逾 40,000 名参会者,Atkins 与 CFTC 主席 Michael Selig 同台出席——SEC 与 CFTC 两位主席同时现身同一比特币会议,在美国监管史上尚属首次。Atkins 在 3 月华盛顿区块链峰会上已明确宣告:"SEC 长期未能就数字资产法律属性提供清晰答案的状态已经结束。"这一政治姿态的信号价值不应被低估:过去十年中加密概念股估值折价的最重要来源之一,正是"SEC 随时可能将某项业务认定为违规证券中介"的悬剑风险——主席亲身出席行业年度大会,是对这一悬剑最直接的公开移除。   2. "Project Crypto":五类分类体系对上市公司的差异化影响 SEC 于 2026 年 4 月发布数字资产分类体系,将加密资产划分为五大类别,其中四类明确不构成联邦证券法定义下的证券;同时提出"创新豁免"机制,为市场参与者提供在合规框架内启动代币化证券交易的明确路径。对于 Coinbase Global, Inc. (NASDAQ: $COIN) 而言,四类资产明确为非证券意味着其核心现货交易业务可在 CFTC 框架内获得更宽松的运营空间;Coinbase Institutional 担任 Morgan Stanley MSBT 等多支机构级产品托管方的合规基础,也因此变得更加稳固。对于 Circle Internet Group, Inc. (NYSE: $CRCL) 而言,最关键的分类问题是:USDC 若被明确归入"支付工具"而非投资合约类别,将从根本上清除 SEC 执法风险,使其商业模式获得与银行类支付工具相近的监管定性。   3. 财报季验证节点:监管预期能否被业绩兑现 监管环境的改善是估值重构的必要条件,但并非充分条件——市场最终仍将用业绩数字验证政策红利能否转化为真实营收。Coinbase Q1 2026 财报将于 5 月 7 日盘后发布,共识预期营收约 $15.6 亿,订阅与服务收入指引区间为 $5.5—$6.3 亿。Circle Q1 2026 财报预计于 5 月 11 日发布,共识预期营收约 $7.18 亿。这两份财报将在 CLARITY Act markup 预期窗口临近之前落地,形成政策预期与业绩现实的交叉验证——若二者均超预期,将为加密概念股二季度估值修复提供基本面支撑;若任一出现miss,则可能在政策催化剂落地之前压制整体板块情绪。   美联储决议与 Bitcoin 2026 构成本周双重变量 Bitcoin 2026 大会的监管信号与美联储今日开始的两日议息会议,构成了本周加密概念股估值的双重框架。比特币年初至今上涨约 14%,现货 ETF 已连续四周净流入、4 月单月累计约 $25 亿,结构性机构需求的信号已足够清晰。核心风险在于:若美联储释放偏鹰信号或推迟降息路径,将压制风险资产整体情绪;若 CLARITY Act 在"五月底"前仍未启动 markup,监管预期的利好将面临再度折现。对于加密概念股投资者而言,本周是两个变量同时接受验证的罕见窗口——SEC Atkins 的表态已经落地,美联储决议则将于明日揭晓,两者共同决定了二季度的宏观与监管双重叙事能否真正成立。   数据来源:https://bbx.com/ 加密概念股资讯库,基于昨日全球上市公司公告及 SEC/TSE 披露文件整理。  

加密概念股每日观察:SEC 主席 Atkins 登台 Bitcoin 2026,"Project Crypto"五类资产分类体系将如何重塑上市公司估值

1. 历史信号:首位在任 SEC 主席登台的象征意义

SEC 历史上从未有在任主席出席比特币年度大会;Bitcoin 2026 大会吸引逾 40,000 名参会者,Atkins 与 CFTC 主席 Michael Selig 同台出席——SEC 与 CFTC 两位主席同时现身同一比特币会议,在美国监管史上尚属首次。Atkins 在 3 月华盛顿区块链峰会上已明确宣告:"SEC 长期未能就数字资产法律属性提供清晰答案的状态已经结束。"这一政治姿态的信号价值不应被低估:过去十年中加密概念股估值折价的最重要来源之一,正是"SEC 随时可能将某项业务认定为违规证券中介"的悬剑风险——主席亲身出席行业年度大会,是对这一悬剑最直接的公开移除。

 

2. "Project Crypto":五类分类体系对上市公司的差异化影响

SEC 于 2026 年 4 月发布数字资产分类体系,将加密资产划分为五大类别,其中四类明确不构成联邦证券法定义下的证券;同时提出"创新豁免"机制,为市场参与者提供在合规框架内启动代币化证券交易的明确路径。对于 Coinbase Global, Inc. (NASDAQ: $COIN) 而言,四类资产明确为非证券意味着其核心现货交易业务可在 CFTC 框架内获得更宽松的运营空间;Coinbase Institutional 担任 Morgan Stanley MSBT 等多支机构级产品托管方的合规基础,也因此变得更加稳固。对于 Circle Internet Group, Inc. (NYSE: $CRCL) 而言,最关键的分类问题是:USDC 若被明确归入"支付工具"而非投资合约类别,将从根本上清除 SEC 执法风险,使其商业模式获得与银行类支付工具相近的监管定性。

 

3. 财报季验证节点:监管预期能否被业绩兑现

监管环境的改善是估值重构的必要条件,但并非充分条件——市场最终仍将用业绩数字验证政策红利能否转化为真实营收。Coinbase Q1 2026 财报将于 5 月 7 日盘后发布,共识预期营收约 $15.6 亿,订阅与服务收入指引区间为 $5.5—$6.3 亿。Circle Q1 2026 财报预计于 5 月 11 日发布,共识预期营收约 $7.18 亿。这两份财报将在 CLARITY Act markup 预期窗口临近之前落地,形成政策预期与业绩现实的交叉验证——若二者均超预期,将为加密概念股二季度估值修复提供基本面支撑;若任一出现miss,则可能在政策催化剂落地之前压制整体板块情绪。

 

美联储决议与 Bitcoin 2026 构成本周双重变量

Bitcoin 2026 大会的监管信号与美联储今日开始的两日议息会议,构成了本周加密概念股估值的双重框架。比特币年初至今上涨约 14%,现货 ETF 已连续四周净流入、4 月单月累计约 $25 亿,结构性机构需求的信号已足够清晰。核心风险在于:若美联储释放偏鹰信号或推迟降息路径,将压制风险资产整体情绪;若 CLARITY Act 在"五月底"前仍未启动 markup,监管预期的利好将面临再度折现。对于加密概念股投资者而言,本周是两个变量同时接受验证的罕见窗口——SEC Atkins 的表态已经落地,美联储决议则将于明日揭晓,两者共同决定了二季度的宏观与监管双重叙事能否真正成立。

 

数据来源:https://bbx.com/ 加密概念股资讯库,基于昨日全球上市公司公告及 SEC/TSE 披露文件整理。

 
Strategy increased its BTC holdings by 3,273 to a total of 818,334; Western Union confirms USDPT stablecoin launch in May; Coinbase Q1 earnings report scheduled for May 7.According to ChainCatcher, and based on BBX data, corporate BTC reserves are continuing to expand, traditional finance giants are solidifying their stablecoin strategies, and the earnings season for crypto-related stocks is about to kick off. Key developments are as follows: Strategy, Inc. (NASDAQ: $MSTR) submitted SEC Form 8-K today (April 28), revealing that the company sold 1,451,601 shares of MSTR common stock (via ATM financing) from April 20 to 26, netting $255 million, while also purchasing an additional 3,273 BTC at an average price of $77,906. As of April 26, the company's total holdings have increased to 818,334 BTC. Devin McGranahan, the CEO of Western Union Company (NYSE: $WU), confirmed during the Q1 2026 earnings call on April 24 that the Solana-based stablecoin USDPT has "entered the final preparation stage and is expected to launch next month," ahead of the previously disclosed timeline of "the first half of 2026". USDPT is issued by the federally regulated Anchorage Digital Bank, with U.S. Bank acting as the custodian, initially aimed at replacing SWIFT for instant settlements across 360,000 global agent locations, and will later be opened to consumers, alongside plans for the Stable Card. The company is simultaneously launching the Digital Asset Network (DAN), integrating crypto wallets with its offline locations via API, covering over 200 countries.

Strategy increased its BTC holdings by 3,273 to a total of 818,334; Western Union confirms USDPT stablecoin launch in May; Coinbase Q1 earnings report scheduled for May 7.

According to ChainCatcher, and based on BBX data, corporate BTC reserves are continuing to expand, traditional finance giants are solidifying their stablecoin strategies, and the earnings season for crypto-related stocks is about to kick off. Key developments are as follows:

Strategy, Inc. (NASDAQ: $MSTR) submitted SEC Form 8-K today (April 28), revealing that the company sold 1,451,601 shares of MSTR common stock (via ATM financing) from April 20 to 26, netting $255 million, while also purchasing an additional 3,273 BTC at an average price of $77,906. As of April 26, the company's total holdings have increased to 818,334 BTC.

Devin McGranahan, the CEO of Western Union Company (NYSE: $WU), confirmed during the Q1 2026 earnings call on April 24 that the Solana-based stablecoin USDPT has "entered the final preparation stage and is expected to launch next month," ahead of the previously disclosed timeline of "the first half of 2026". USDPT is issued by the federally regulated Anchorage Digital Bank, with U.S. Bank acting as the custodian, initially aimed at replacing SWIFT for instant settlements across 360,000 global agent locations, and will later be opened to consumers, alongside plans for the Stable Card. The company is simultaneously launching the Digital Asset Network (DAN), integrating crypto wallets with its offline locations via API, covering over 200 countries.
According to ChainCatcher news and reported by The Block, MARA's CEO Peter Thiel announced the establishment of a non-profit organization, the MARA Foundation, aimed at ensuring the long-term health, resilience, and adoption of the Bitcoin protocol. The foundation will support the development of anti-quantum tools (like PQ wallets and the BIP 360 proposal), believing that while quantum computing isn't an immediate threat to Bitcoin, network upgrades will take time, making early preparation crucial. The foundation will also allocate resources to secure Bitcoin's safety budget, support the development of a robust and healthy Bitcoin fees market, launch a global multilingual education initiative, expand access to self-custody tools, and engage in advocacy work directed at policymakers and activists.
According to ChainCatcher news and reported by The Block, MARA's CEO Peter Thiel announced the establishment of a non-profit organization, the MARA Foundation, aimed at ensuring the long-term health, resilience, and adoption of the Bitcoin protocol. The foundation will support the development of anti-quantum tools (like PQ wallets and the BIP 360 proposal), believing that while quantum computing isn't an immediate threat to Bitcoin, network upgrades will take time, making early preparation crucial.

The foundation will also allocate resources to secure Bitcoin's safety budget, support the development of a robust and healthy Bitcoin fees market, launch a global multilingual education initiative, expand access to self-custody tools, and engage in advocacy work directed at policymakers and activists.
ChainCatcher news, according to TechCrunch, insiders who have previously leaked Apple’s hardware plans say that OpenAI is teaming up with MediaTek, Qualcomm, and Luxshare Precision to develop a smartphone. The chips are collaboratively designed by OpenAI with MediaTek and Qualcomm, while Luxshare Precision acts as a joint design and manufacturing partner. This phone might replace traditional apps with an AI agent that continuously understands user context to complete tasks, combining small edge models and cloud models to handle different requests. Specs and vendors are expected to be finalized by the end of 2026 or the first quarter of 2027, with mass production anticipated to kick off in 2028.
ChainCatcher news, according to TechCrunch, insiders who have previously leaked Apple’s hardware plans say that OpenAI is teaming up with MediaTek, Qualcomm, and Luxshare Precision to develop a smartphone. The chips are collaboratively designed by OpenAI with MediaTek and Qualcomm, while Luxshare Precision acts as a joint design and manufacturing partner.

This phone might replace traditional apps with an AI agent that continuously understands user context to complete tasks, combining small edge models and cloud models to handle different requests. Specs and vendors are expected to be finalized by the end of 2026 or the first quarter of 2027, with mass production anticipated to kick off in 2028.
Block Releases Proof of Reserves, Bitcoin Holdings Valued at Approximately $2.2 BillionAccording to ChainCatcher, and from the official news, Block has released a proof of reserves. As of the end of Q1 2026, the company holds a total of 28,355.05 BTC, valued at approximately $2.2 billion. Of this, client holdings account for 19,357.16 BTC (around $1.5 billion), while the company's treasury holds 8,997.89 BTC (about $696 million).

Block Releases Proof of Reserves, Bitcoin Holdings Valued at Approximately $2.2 Billion

According to ChainCatcher, and from the official news, Block has released a proof of reserves. As of the end of Q1 2026, the company holds a total of 28,355.05 BTC, valued at approximately $2.2 billion. Of this, client holdings account for 19,357.16 BTC (around $1.5 billion), while the company's treasury holds 8,997.89 BTC (about $696 million).
ChainCatcher news, BitMEX co-founder Arthur Hayes stated at the 'Bitcoin 2026' conference that the Bitcoin market narrative is shifting from 'AI deflation' to 'wartime inflation,' reiterating a bullish stance on Bitcoin with a target price of $125,000. Hayes believes that the Iran-US conflict is fueling expectations of inflation and credit expansion, while improvements in banking system liquidity will hedge against credit contraction triggered by AI. He also mentioned that his liquidity indicators hit bottom last November and have been moving in sync with Bitcoin's price action.
ChainCatcher news, BitMEX co-founder Arthur Hayes stated at the 'Bitcoin 2026' conference that the Bitcoin market narrative is shifting from 'AI deflation' to 'wartime inflation,' reiterating a bullish stance on Bitcoin with a target price of $125,000.

Hayes believes that the Iran-US conflict is fueling expectations of inflation and credit expansion, while improvements in banking system liquidity will hedge against credit contraction triggered by AI. He also mentioned that his liquidity indicators hit bottom last November and have been moving in sync with Bitcoin's price action.
According to ChainCatcher, on-chain analyst Onchain Lens has detected that the whale tummy.hl shorted 50,000 HYPE at an average price of $41.43 about 4 hours ago, pocketing 2.07 million USDC. Data shows that this address still holds 100,000 HYPE, which is currently valued at approximately $4.16 million.
According to ChainCatcher, on-chain analyst Onchain Lens has detected that the whale tummy.hl shorted 50,000 HYPE at an average price of $41.43 about 4 hours ago, pocketing 2.07 million USDC.

Data shows that this address still holds 100,000 HYPE, which is currently valued at approximately $4.16 million.
ChainCatcher news, according to Lookonchain's monitoring, two wallets linked to Galaxy Digital have deposited 45,000 ETH (about $104 million) into Binance, Bybit, and OKX over the past 15 hours.
ChainCatcher news, according to Lookonchain's monitoring, two wallets linked to Galaxy Digital have deposited 45,000 ETH (about $104 million) into Binance, Bybit, and OKX over the past 15 hours.
According to ChainCatcher, data from Coinglass shows that in the past 24 hours, the entire market saw liquidations totaling $336 million, with long positions liquidating $275 million and short positions liquidating $61.098 million. Specifically, Bitcoin long positions were liquidated for $108 million, while Bitcoin shorts faced liquidations of $11.3147 million. Ethereum longs saw liquidations of $94.9353 million, and Ethereum shorts were liquidated for $16.1164 million. Additionally, in the last 24 hours, a total of 97,656 traders got liquidated globally, with the largest single liquidation occurring on Binance - BTCUSDT worth $76.961 million.
According to ChainCatcher, data from Coinglass shows that in the past 24 hours, the entire market saw liquidations totaling $336 million, with long positions liquidating $275 million and short positions liquidating $61.098 million. Specifically, Bitcoin long positions were liquidated for $108 million, while Bitcoin shorts faced liquidations of $11.3147 million. Ethereum longs saw liquidations of $94.9353 million, and Ethereum shorts were liquidated for $16.1164 million.

Additionally, in the last 24 hours, a total of 97,656 traders got liquidated globally, with the largest single liquidation occurring on Binance - BTCUSDT worth $76.961 million.
Morning Briefing | a16z Releases Global Financial Stack Report; Websea Withdrawal Channel Closed, Suspected of Running Away; Strategy Purchased 3273 Bitcoins Last WeekCompiled by: ChainCatcher Important information: KOL: Digital asset trading platform Websea suspected of absconding with funds; withdrawal channels closed. Telegram launches no-code AI bot building tool Western Union will launch the stablecoin USDPT and plans to issue stablecoin payment cards. The National Development and Reform Commission has decided to prohibit foreign investment in the Manus project in accordance with laws and regulations. a16z Releases Global Financial New Stack Report: Stablecoins Are Reshaping the Financial System Strategy spent $255 million last week to purchase 3,273 bitcoins. Solana releases quantum roadmap: Falcon scheme selected, existing migration work ready.

Morning Briefing | a16z Releases Global Financial Stack Report; Websea Withdrawal Channel Closed, Suspected of Running Away; Strategy Purchased 3273 Bitcoins Last Week

Compiled by: ChainCatcher

Important information:

KOL: Digital asset trading platform Websea suspected of absconding with funds; withdrawal channels closed.

Telegram launches no-code AI bot building tool

Western Union will launch the stablecoin USDPT and plans to issue stablecoin payment cards.

The National Development and Reform Commission has decided to prohibit foreign investment in the Manus project in accordance with laws and regulations.

a16z Releases Global Financial New Stack Report: Stablecoins Are Reshaping the Financial System

Strategy spent $255 million last week to purchase 3,273 bitcoins.

Solana releases quantum roadmap: Falcon scheme selected, existing migration work ready.
ChainCatcher news: The Israeli Capital Market, Insurance and Savings Management Authority has approved the virtual trading platform Bits of Gold to launch a stablecoin pegged to the shekel. In an announcement on Monday, the regulatory body stated that after a two-year pilot project, it has given the green light for the stablecoin named BILS to go live, which operates on the Solana blockchain. According to the announcement, the reserve assets for the stablecoin will be held in "designated and independent accounts" within Israel. This initiative is also part of the efforts by the Israeli Tax Authority and the Ministry of Finance to regulate the crypto industry, including allowing specific stablecoin operations.
ChainCatcher news: The Israeli Capital Market, Insurance and Savings Management Authority has approved the virtual trading platform Bits of Gold to launch a stablecoin pegged to the shekel.

In an announcement on Monday, the regulatory body stated that after a two-year pilot project, it has given the green light for the stablecoin named BILS to go live, which operates on the Solana blockchain. According to the announcement, the reserve assets for the stablecoin will be held in "designated and independent accounts" within Israel. This initiative is also part of the efforts by the Israeli Tax Authority and the Ministry of Finance to regulate the crypto industry, including allowing specific stablecoin operations.
ChainCatcher news, South Korean crypto exchange Coinone has filed a lawsuit regarding the penalties imposed by the Financial Intelligence Unit (FIU) of Korea and has applied to the Seoul Administrative Court for a stay of execution, attempting to halt the measures before they take effect. The core of this sanction is to restrict new users from depositing or withdrawing crypto assets to external exchanges. Previously, the FIU penalized Coinone with a three-month partial business suspension and a fine of 5.2 billion KRW for violating specific financial information laws.
ChainCatcher news, South Korean crypto exchange Coinone has filed a lawsuit regarding the penalties imposed by the Financial Intelligence Unit (FIU) of Korea and has applied to the Seoul Administrative Court for a stay of execution, attempting to halt the measures before they take effect.

The core of this sanction is to restrict new users from depositing or withdrawing crypto assets to external exchanges. Previously, the FIU penalized Coinone with a three-month partial business suspension and a fine of 5.2 billion KRW for violating specific financial information laws.
ChainCatcher news, according to market reports, the Russian government’s legislative committee has approved the finance ministry's proposal to include digital currency-related operations under personal income tax, which encompasses crypto swaps. The bill proposes that trading costs be calculated using the FIFO (first in, first out) method and prohibits carrying forward losses from digital currency trades to future tax periods. Meanwhile, some services and trades are set to be VAT-exempt, including digital custody services, crypto exchange operations, and certain foreign digital rights trades with no physical delivery. For debt-like digital financial assets (such as tokenized bonds), the bill establishes separate profit tax calculation rules and allows for loss carryforward. Previously, the Russian State Duma passed the 'Digital Currency and Digital Rights' bill in the first reading.
ChainCatcher news, according to market reports, the Russian government’s legislative committee has approved the finance ministry's proposal to include digital currency-related operations under personal income tax, which encompasses crypto swaps.

The bill proposes that trading costs be calculated using the FIFO (first in, first out) method and prohibits carrying forward losses from digital currency trades to future tax periods. Meanwhile, some services and trades are set to be VAT-exempt, including digital custody services, crypto exchange operations, and certain foreign digital rights trades with no physical delivery. For debt-like digital financial assets (such as tokenized bonds), the bill establishes separate profit tax calculation rules and allows for loss carryforward. Previously, the Russian State Duma passed the 'Digital Currency and Digital Rights' bill in the first reading.
ChainCatcher news, Tennessee Governor Bill Lee has signed a bill into law that officially bans the use and installation of cryptocurrency ATMs and kiosks in the southeastern United States. Companies have only a few weeks left to get compliant. Lee signed Tennessee House Bill 2505 on April 13, which states that starting July 1, installing crypto kiosks will be classified as a Class A misdemeanor. Under state law, these devices are reclassified as illegal, potentially exposing operators and businesses hosting the equipment to a risk of up to 11 months and 29 days in jail and a $2,500 fine.
ChainCatcher news, Tennessee Governor Bill Lee has signed a bill into law that officially bans the use and installation of cryptocurrency ATMs and kiosks in the southeastern United States. Companies have only a few weeks left to get compliant.

Lee signed Tennessee House Bill 2505 on April 13, which states that starting July 1, installing crypto kiosks will be classified as a Class A misdemeanor. Under state law, these devices are reclassified as illegal, potentially exposing operators and businesses hosting the equipment to a risk of up to 11 months and 29 days in jail and a $2,500 fine.
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