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這一輪Crypto週期,機構入場,玩法變了
摩根大通最新報告:Crypto已進入“後散戶時代”
核心觀點:
加密貨幣正告別“風險資本”模式,進化成由機構流動性主導的正規宏觀交易資產
早期項目靠私人融資推動,散戶總是在估值高點接盤。現在,機構正成爲市場主力
機構資金入場,穩定流動性 + 降低波動,爲長期價格“定錨”
機會在哪裏?摩根大通認爲:Crypto市場結構性低效+流動性分布不均=波動中暗藏機會
Crypto的定價邏輯已變:以前看“四年減半週期”,現在更多受宏觀趨勢(加息/通脹/政策…) 影響