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你知道吗，当你翻衣柜找衣服的时候，总会有那么几件你老是抓起来穿、反复穿的衣服。
You know when you look in your closet for clothes, we always have those pieces that you keep grabbing for and wearing on repeat.
那件百搭的毛衣、那条完美的裤子，或者那件你总是第一个拿起来的T恤。
The sweater that goes with everything, the perfect pair of pants, or that tee you somehow always reach for first.
这些就是让穿衣变得轻松的单品，而这正是Quince最擅长的。
Those are the pieces that make getting dressed easy and that's what Quince does best.
Quince专注于高品质的衣橱必备单品，采用优质材料，比如100%蒙古羊绒、有机棉和美利奴羊毛。
Quince focuses on high quality wardrobe staples made with premium materials like 100% Mongolian cashmere, organic cotton, and merino wool.
这些款式经典、百搭，设计成你每天都会依赖的可靠单品。
The styles are timeless, versatile, and designed to become dependable pieces you reach for every day.
各位，夏天结束了，秋天马上就到了，而秋天是我一年中最喜欢的穿衣季节，因为九月初天气还暖和的时候，你还能穿那些轻薄、透气、贴身的T恤和薄裤子，但天气开始转凉，你就需要毛衣了，需要提升一下装备，重新整理衣柜，迎接深秋和初冬。
Guys, summer is over and fall is right around the corner, and it's my favorite time of year for clothes in the fall because you still get some of that light, breathable, fitted tees and light pants that you want to wear when it's early September and still warm, but it starts to transition into that colder weather where you're going need some sweaters, you're going need to up your game and reorganize your closet as we transition into the late fall early winter.
买衣服，Quince就是你的首选。
Quince is your place to go for all things clothes.
我喜欢他们的亚麻制品。
I love their linens.
我们整个夏天都在聊这个。
We talked about it all summer.
整个夏天都在希腊用Tevo的亚麻布，但现在进入秋天了，我们可能要找一些T恤和裤子，然后等天气一转，我北上过圣诞假期的时候，肯定会买他们家的100%蒙古羊绒毛衣，我特别喜欢。
It was Tevo linens out in Greece all summer long, but now as we head into the fall, we're looking for maybe some more T shirts, some pants, and then again, once the weather turns and I go up north for the Christmas holiday season, I'll definitely be doing their 100% Mongolian cashmere sweaters that I love so very much.
朋友们，Quince真的很棒。
Guys, Quince is amazing.
他们的网站也特别好用。
The website is awesome.
我之前也提过。
I've talked about it before.
他们不只是卖衣服。
It's not just clothing.
Quince把同样的理念用在他们做的所有东西上，从酒店品质的床品和卫浴用品，到厨房必需品，再到设计贴心的家具。
Quince brings the same approach to everything they make, From hotel quality bedding and bath to kitchen essentials and thoughtfully designed furniture.
他们为日常生活设计出好看又实用的东西。
They make well designed pieces for everyday living.
我经常提到这个。
I talk about all the time.
他们做每件事都很到位。
They do everything the right way.
在Quince找到你秋季的新宠吧。
Find your next fall favorites at Quince.
下载Quince应用获取专属优惠，或者访问quince.com/crypto10one。
Download the Quince app for app exclusive offers or go to quince.com/crypto10one.
订单免运费，还有365天退货服务，现在加拿大和英国也有哦。
Get free shipping on your order and three hundred and sixty five day returns now available in Canada and The UK too.
网址是quince.com/crypto10one。
That's quince.com/crypto10one.
好了，各位。
Alright, everybody.
欢迎回到加密货币速览。
Welcome back to the crypto rundown.
周二快乐。
Happy Tuesday.
今天我们给大家带来一期特别节目。
We got another special edition for you.
今天请来了Brendan来主持。
We got Brendan here today to cover.
我们怎么才能跑赢标普500指数呢？
How are we going to outperform the S and P 500?
其实答案很简单。
Well, the answer is very simple.
就是比特币。
It's Bitcoin.
我们一开场就直接告诉你。
We're going to tell you right off the top.
你已经看到封面图了。
You saw the thumbnail.
你看到了标题。
You saw the title.
你可能会想，这怎么可能？
And you might think, how is that possible?
比特币正处于熊市。
Bitcoin's in a bear market.
比特币一直波动很大，而且偏向下行。
Bitcoin's been so volatile to the downside.
那么，基于这些事实，你怎么能跑赢标普500呢？
So how are you going to outperform the S and P 500 with those facts?
我们会详细讲解。
We're going to go through it.
有一个有趣的数据，自比特币ETF推出以来，比特币的表现一直优于标普500。
There's an interesting stat of how Bitcoin has outperformed the S and P 500 since the launch of the Bitcoin ETFs.
我们先讲这个，然后再讨论其他很多内容。
We're going to cover that first and then go over a plethora of other things.
水手们又开始买了。
Sailors buying again.
汤姆·李还在继续买入。
Tom Lee continues to buy.
比特币刚刚经历了自2017年以来最好的八月。
Bitcoin just had the best August since 2017.
是不是炒作要上岸了？
Is hype coming onshore.
下一波大型稳定币要来了。
The next big stablecoins coming in.
华尔街还在继续招聘加密货币相关岗位。
Wall Street continues to hire crypto jobs.
再说一次，基本面、利好消息还在不断涌来。
Again, the fundamentals, the bullish news just continues to flow in.
那我们就来看看IBIT和VOO的对比，VOO就是先锋集团的标普500 ETF。
So let's just pull up the, IBIT versus VOO, which is the Vanguard, S and P five hundred ETF.
布伦丹，来跟我们分析一下这个有趣的数据。
And Brendan, break down this fascinating stat with us.
也欢迎你回到节目，朋友。
Welcome back to the show also, my friend.
是的。
Yeah.
能回来总是很高兴。
Always good to be back here.
大家好。
Hello, everyone out there.
这是彭博情报的一位首席分析师埃里克·博尔丘尼斯发的一篇好文章，他是我们播客的朋友。
This is a really good post that came out from one of the lead Bloomberg intelligence analysts, Eric Bolchunis, friend of the pod.
我们之前请他来过。
We've had him on before.
但他发布了这张非常有趣的图表，能让人对情况有个更清晰的认识。
But he put out this really interesting chart that kind of puts things in perspective.
他说的是，嘿，各位。
And what he says is like, hey, guys.
我知道，因为过去一年加密货币的表现，这可能很难相信，但IBIT实际上跑赢了VOO，VOO是标普500指数基金，或者说，你知道，旨在追踪标普500指数的。
I know it might be hard to believe because of how the last year has been for crypto, but IBIT is actually beating the VOO, which is an S and P 500 index or, you know, meant to to mimic the S and P 500 index.
如果你从IBIT成立之初来看这两者，它实际上是在跑赢并超越VOO。
And if you look at these two since the inception of IBIT, it is actually beating an outperforming VOO.
然后他接着说，嘿。
Now he goes on to say, like, hey.
你看这张图表。
You know, look at the chart here.
感觉就像坐游乐园的游乐设施。
It feels like an amusement park ride.
感觉就像坐过山车。
It feels like a roller coaster.
但IBIT的回报率是22.62%，而VOO或标普的回报率是21.17%。
But the performance of IBIT here is 22.62% as opposed to the performance of VOO or the S and P, which is 21.17%.
所以自成立以来，它比标普500多出大约1.5%的收益。真正的区别显然在于过去一年左右像坐过山车一样。
So having about one and a half percent of outperformance over the S and P 500 since inception, The real difference here is obviously the last year or so has been a roller coaster.
但如果你挺过了那段波动，只是坚持持有，你仍然会跑赢标普500。
But have you you know, had you weathered that and just kind of held on, you would still be outperforming the S and P 500.
我觉得用这个事实来开场很重要，因为加密货币历来波动很大，Tevo。
Now I think it's important to start off the show with that fact and with that in mind, and that's because crypto is historically volatile, Tevo.
但不管你怎么往回看，无论是从IBIT ETF成立以来，还是过去五年，甚至过去十年，都没关系。
But it doesn't matter really how far you zoom out, whether it's since the inception of the IBIT ETF, maybe the last five years, maybe the last ten years.
加密货币一直是表现更好的那个。
Crypto continues to be the outperformer.
不过，确实会有这些极端波动的时期，这并不新鲜。
However, there are these periods of extreme volatility, and that's nothing new.
对吧？
Right?
你在2012年左右就见过这种情况。
You saw it in, like, '20 around 2012.
你在2014年左右也见过这种情况。
You saw it around 2014.
2018年也出现过。
You saw it in 2018.
2020年和2022年也都有。
You saw it in 2020 and 2022.
而且这些大幅回撤的时期，以及大幅上涨和下跌的波动时期，都是存在的。
And there's these huge drawdown periods and huge periods of both up and downwards volatility.
但当你把视角拉远来看，你仍然能获得收益。
But when you zoom out in perspective here, you still are getting it.
所以我觉得这应该让人大开眼界。
So I think that should be eye opening.
对吧？
Right?
你知道，即使你把时间线拉长，加密货币的表现依然非常非常好。
You know, even when you zoom out crypto here doing still really, really well.
我觉得普通人很容易没耐心，因为他们想大幅跑赢标普500。
And I think it's easy for the average person to be impatient because they want to drastically outperform the S and P 500.
但再说，考虑到我们见过的所有下跌，它仍然在跑赢，我觉得这不算太差。
But again, considering all the downside that we've seen and it's still outperforming, I don't think that's a half bad metric.
完全不是。
Not at all.
这确实挺让人意外的，尤其是最近有那么多下行波动，但也要看你怎么交易或投资，其实机会很多，不管你是定投，做长期投资，还是想落袋为安，都有很多地方可以获利，就看你怎么看待自己的交易和投资策略了。
It's a it's a surprising one with all the volatility to the downside recently, but also, you know, depending on how you, trade or invest, you know, there's plenty of opportunities to, whether you went into dollar cost average and and just play the the long term play there or if you, you know, you're somebody that might take some profits like, you know, there's plenty of areas to take some profits there and depending on how you look at your trading and investing strategy.
但这是个好的开场，因为再说，考虑到今年到目前为止的下行波动，这确实是个有趣的统计数据。
But it's just a good thing to kick off because again, it's it's an interesting stat with all the downward volatility that we've seen this year so far.
但数据正在回升。
But the the stats are coming back.
价格在上涨，我们过去几周一直在讲这个，数据也支持这一点。
The prices are moving to the upside, which we've been covering the last couple weeks and the stats back that up.
上周加密货币流入了32亿美元。
Crypto saw an inflow of $3,200,000,000 last week.
这是自去年十月以来最大的一次。
That's the largest since last year of October.
然后显然，那次大规模去杠杆事件从去年十月开始引发了下跌。
And then obviously that began the decline with that major deleveraging event last October.
比特币迎来了自2017年以来最好的八月。
And Bitcoin, it's best August since 2017.
得把时间机器调回那时候看看。
Gotta take the time machine back to that.
我们为大家整理了一些数据。
We pulled up some stats for you guys.
上次出现这种情况是在2017年第三季度，当时比特币全年都是上涨的。
The last time this happened in Q3 or 2017 was just a green year for Bitcoin across the board.
而且是自第三季度以来最好的表现。
And the best one since Q3.
看起来第四季度也相当不错。
Looks like Q4 was quite green as well.
所以再说一次，你知道，这个第四季度没有保证，但你确实需要回去做研究，把它加进你做交易决策时使用的所有因素里。
So again, you know, no guarantee of that for this Q4, but you do want to go back and do the research and add it into all the things that you use to make your trading decisions.
布伦丹，我这就把币市值拉出来，让你来聊聊。
Brendan, I'm gonna pull up coin market cap here and just let you kind of talk through it.
从整体上看，价格走势怎么样？
What do you see in price action wise on a wide level?
显然，你和亨特这周晚些时候会在频道上做技术分析。
Obviously, you and or Hunter are gonna be doing the technical analysis on the channel later this week.
但你现在从价格走势中感受到什么？
But what what are you feeling from the price action here?
这周开始有点降温，如果你愿意这么说的话。
A little cool off, if you will, to start the week.
是的。
Yeah.
你知道，我觉得我们现在看到的是，在那一波大幅上涨之后，市场在整理，甚至可能有一点回调。
You know, I think what we're getting here is a bit of consolidation and maybe even a little bit of a retracement after that huge move that we got to the upside.
你可以在这里看到过去24小时和过去7天的情况。
You can kinda see it here over the last twenty four hours, over the last seven days.
市场从最近的高点略有回落，但幅度不大。
The market's slightly in the red off of those most recent highs, but nothing too drastic.
对吧？
Right?
比特币可能跌了2%，以太坊跌了2%，BNB也跌了2%。
Bitcoin maybe down 2%, Ethereum down maybe 2%, BNB BNB down maybe 2%.
没什么大不了的。
Nothing huge.
我们差不多已经接近恐惧与贪婪指数上的极度贪婪区域了。
We kind of pushed our way towards that extreme greed territory on the fear and greed index.
现在从最近的高点回落，只是稍微整理一下，可能有点回调，但我觉得这不算太极端。
Now what you're getting off some of those most recent highs is just a bit of consolidation, a bit of of maybe retracement back downwards, but I don't think that's anything too extreme.
对吧？
Right?
当你看到这些加密货币上涨百分之三十、四十、五十的时候，出现一段冷却期是很自然的，然后才会有进一步的上涨。
When you're seeing these cryptos move thirty, forty, 50% upwards, it's pretty natural to see any kind of chilling out period before you get any further extended move to the upside.
我真的觉得我们现在就处于这个阶段，我们正在降温。
And I really do think that that's what we're in right now is we're gonna cool off.
我们会稍微讨论一下这个。
We'll kinda go over this.
我相信Hunter周四会在技术分析里详细讲这个。
I'm sure Hunter will cover a lot of this in the technicals on Thursday.
但是比特币接近了，你知道，比特币、以太坊、Solana、BNB，很多这些大盘币都接近了关键阻力位。
But Bitcoin approached, you know, Bitcoin, Ethereum, Solana, BNB, a lot of these large caps approached critical levels of resistance.
现在你看到的是，我们经历了巨大的上涨，到达了大的阻力位。
And now what you're seeing is we've had this gigantic move up to to big resistance.
我们正在触及阻力位。
We're hitting resistance.
我们正在尊重这个阻力位。
We're respecting it.
然后我觉得我们可能会稍微冷静一下，甚至可能再往下跌一点。
Then I think maybe we cool off for a little bit, maybe even move down a little bit more.
我不会排除这种可能性。
I wouldn't write that off the books.
我不是说我们会一路跌到新低，但也许我们会稍微回调一下。
I'm not saying we're gonna go all the way to new lows, but maybe we pull back a little bit.
然后我觉得上涨的理由还是存在的。
And then I think you have more upside as an argument on the table.
现在，我们还得看看情况怎么发展。
Now, again, we'll have to kinda wait and see how this plays out.
我觉得比特币有那个催化剂。
I think Bitcoin has the catalyst there.
我觉得有一些不利因素和有利因素，也许我们这期可以聊聊。
I think that there are some some headwinds and some tailwinds, which maybe we can get into this episode.
但我认为加密货币市场在经历这波大涨之后，只是在稍作喘息，你在各个地方都能看到这种情况。
But I think the crypto market is just taking a bit of a breather after this really large move that we had to the upside, and you're seeing that everywhere.
就是说，有好几个代币都创了历史新高。
I mean, you had a handful of tokens hit new all time highs.
你在Hyperliquid那边也看到了。
You saw it over there with Hyperliquid.
其他一些山寨币也是这样。
You've seen it with some of these other altcoins as well.
我觉得现在的情况是，之前有一波大涨。
I think now what you're doing is you're having a a huge move that happened.
现在稍微冷静一下。
Now you're cooling off a little bit.
回调一下。
You're pulling back.
歇一歇。
You're chilling out.
在重新积蓄力量。
You're kind of recollecting strength.
然后我觉得，等这段调整期结束之后，我们可以再开始讨论做多的事情。
And then I think we can start talking about the longs again once this maybe unwinding period is over.
所以这就是我目前看到的状况。
So that's really what I'm seeing here.
总的来说，我觉得这周对加密货币来说是个好周。
I think overall, a good week for crypto.
我觉得我们能够这么猛烈地上涨，然后没有立刻把那些涨幅全部吐回去，这是朝着正确方向迈出的一步，因为以前我们经常看到的情况是，涨上去了，然后……
I think the fact that we were able to move up so aggressively and then not just immediately lose all of those gains is a step in the right direction because that's something that we kind of have seen is like, oh, we rallied up.
我们到了那个位置，结果全毁了。
We got up here, and it's destroyed.
对吧？
Right?
然后又一路跌回原点。
And we're all the way back down.
但这次我们看到的不是这样。
That's just not what we're seeing.
我们正在往上推，做了很多这个周期里从没见过的事情。
We're kind of pushing up, doing a lot of things that we've never seen in this cycle so far.
对吧？
Right?
特别是在这个熊市里，我们做了很多不同的事情，达到了很多在这个熊市里没见过的指标。
Inside of this bear market specifically, we're, you know, doing a lot of of different things and hitting a lot of different metrics that we have not seen inside of this bear market.
我觉得这本身就是一件好事。
And I think that in and of itself is a good thing.
对吧？
Right?
因为如果我们打破了一些熊市的结构，做出了一些在这个熊市里没见过的看涨动作，那就会让我更兴奋一些。
Because if we're breaking some of that bearish structure, doing some bullish things to the upside that we haven't seen in this bear market, that starts to get me a little bit more excited.
所以，我们做到了这些，而且没有立刻把所有的涨幅都吐回去，我觉得这是好事。
And so the fact that we're doing that and then not immediately just losing all of the gains, I think that's a good thing.
我觉得你持有得越久，可能越好。
I think the longer you hold on to this, probably the better.
我们越能守住价值，就越好。
The more we hold value, the better.
而且，你还没看到那种剧烈的抛售，那种大规模清算事件，感觉过去一年里我们已经见过五六次甚至十几次了，对吧？
And the fact that you haven't seen this have just a gnarly sell off in another one of those big liquidation events that it feels like we've seen, like, what, like half a dozen, a dozen times in the last year?
现在你没看到这种情况。
You're not seeing that.
至少在过去一个月左右，我们看到的唯一一次大规模清算，是空头和卖家的清算。
And the only big liquidation event that we've seen, at least so far in the last month or so, has been a liquidation of the bears and the sellers.
所以，希望我们能守住价值。
So, you know, fingers crossed, we can hold value.
也许我们还会有些下跌和回调。
Maybe we do, you know, have some more downside and pullback.
但总体来看，我觉得你得稍微乐观一点。
But overall here, I think you have to be a little bit optimistic.
我觉得你应该对加密货币的表现感到相当满意。
I think you have to be pretty pleased with how crypto's performed.
然后呢，我们现在就说，嘿。
And, you know, now we're gonna say, hey.
咱们先看看它降温后怎么反应，然后再重新评估。
Let's kind of see how it reacts as it cools off, and then we'll reevaluate from there.
但总的来说，我对这个领域还是挺乐观的。
But overall, you know, pretty optimistic here about the space.
对。
Yeah.
如果大家周五听了我和布莱恩的节目，我们当时在开玩笑说我们处于极度贪婪状态，我还学猪叫，就说，天哪，你怎么能这么快从极度恐惧变成极度贪婪？
If people were listening on Friday with Brian and I, we were kind of joking around how we were in extreme greed and I was making some some piggy noises just being like, man, how can you go from extreme fear to extreme greed so fast?
你们这些贪婪的小猪。
You guys are greedy little piggies.
果然，它开始降温了，而且这周还有一些宏观因素在起作用。
And sure enough, it begins to cool off and there's macro things at play this week too.
再说一遍，在这个频道上，我们已经不再报道伊朗战争、霍尔木兹海峡开放还是关闭这些事了。
Again, on this channel, we stopped covering kind of the Iran wars, the Strait Of Hormuz open, is it closed?
这变成了推特上的口水战。
It became a tweet off.
对我们这些普通人来说，真的很难判断，但那边确实有些动静。
It's really too hard for, you know, average Joe's like ourselves back home to really gauge that, but there is some rumblings of some things going on there.
油价又因此上涨了。
Again, oil spiking on that.
美联储那边还有利率的事情，我们几周后会报道。
We have the interest rate things going on at the Fed, which we're going to cover up in a couple of weeks here.
我觉得两周后会有个决定，我记得是9月16号。
I think there's a decision coming up in two weeks on September 16, I believe is the day.
希望到时候我们能和大家一起直播报道。
Hopefully, we'll be available to cover that live with you guys.
而且我觉得现在市场在预期加息，这挺有意思的，我们会随着时间临近再详细分析。
And I think the markets right now are pricing in a rate hike, which is interesting and we'll break that down as we get closer.
不过确实，宏观因素很多，这就是游戏规则，对吧？
But yeah, just a lot of macro things at play too and that's the name of the game, right?
这是个大视角，但当我们聚焦到这里时，有很多因素在起作用，你不能忽视。
It's a zoom out, but when we're zooming in here, there's a lot of things at play and you just can't neglect.
这个月对加密货币来说是个好月份。
It's been a great month for crypto.
就像我刚才，我调出了那个，是什么来着？
Like I just, I had up the was it?
你说话的时候，我看了下过去一个月的加密货币市值前20。
The coin market cap 20 on the one month here while you were talking.
对。
Yeah.
你知道，这个月涨了23%。
You know, 23% on the month.
那真是太棒了。
That's fantastic.
显然，我们团队一直在社区里研究、讨论的其他很多代币和项目，表现比这好得多。
Obviously a lot of other tokens and stuff that our team has been, you know, researching, talking about inside the community have been doing much much better than that.
所以，如果你有兴趣更深入地参与社区，和Brendan、Bryce以及整个团队一起，我们今天在描述里有一个特别优惠。
So if you're somebody that's interested in getting more involved in the community with Brendan, with Bryce and the whole entire team, we do have a special offer today in the description.
如果你想往下滚动点击链接，那就是新牛市中最值得拥有的头号加密货币。
If you want to scroll down and click the link, it's the number one crypto to own for the new bull market.
我知道你和Brendan、Bryce以及整个团队做了大量研究，找到了这个，而且它确实取得了一些成功，这很棒。
I know that you, Brendan and Bryce and the whole team have done a ton of research and have found this one and it's had some really success which is great.
但如果你想要我们团队研究的完整报告，就看看下面的链接吧。
But if you're somebody that that kind of wants that full report on what our team worked on, just check out the link below.
这是新牛市中最值得拥有的头号加密货币。
It's the number one crypto to own for the new bull market.
如果你对这个不感兴趣，我们还有其他的社区链接，让你更深入地参与，和团队有更多互动，因为再说一次，现在正是时候，势头正在不断积聚。
If And that's not something you're interested in, we have the other links for the community as well to get you more involved, to get more involved with the team because again, now is the time as the momentum continues to build.
你知道什么最拖慢团队进度吗？
You know what slows teams down more than anything?
不总是人员编制预算，甚至也不是工具本身。
It's not always the head count budget or even the tools themselves.
问题在于，工作流程只存在于某人的脑子里，从来没有真正被记录下来。
It's when the way work gets done lives in someone's head and never actually gets documented.
然后新人加入、新平台上线，或者队友离开，突然每个人都在用不同的方式做同一件事。
Then someone new joins, a new platform gets rolled out, or a teammate leaves, and suddenly everybody's doing the same process in a different way.
这正是今天的赞助商Scribe要解决的问题。
That's exactly the problem today's sponsor, Scribe, was built to solve.
Scribe是一个工作流AI平台，财富500强中有94%的公司都在使用它。
Scribe is a workflow AI platform trusted by 94% of the Fortune 500.
它能实时捕捉工作流程，并将其转化为分步文档，供团队审阅和分享。
It captures workflows as they happen and turns them into step by step documentation your team can review and share.
你只需要像平常一样操作，Scribe就会边做边生成指南，自动记录每一次点击、每一步和截图。
You just do the process like you normally would and Scribe builds the guide as you go, capturing every click, step, and screenshot automatically.
我们团队是远程办公，我确实有过不止一次向同事解释同样的设置或流程的经历，总觉得这些本该第一次就记录下来。
With our team being remote, I have definitely had moments where I've had to explain the same setup or process more than once to a colleague, and it always feels like something that should have been documented the first time.
有了Scribe，原本需要花几个小时编写和整理的内容，不到一分钟就能准备好分享。
With Scribe, what could take hours of writing and cleanup can be ready to share in under a minute.
Scribe 还会自动从截图中隐藏敏感信息，比如姓名和账号。
Scribe also automatically redacts sensitive information like names, and account numbers from screenshots.
管理员可以在整个团队中强制执行这一设置，确保没有任何遗漏。
Admins can enforce that across the team so nothing slips through the cracks.
此外，任何按照流程操作的人都能获得实时的屏幕指导，准确显示在实际工具中应该点击哪里。
Plus, anyone following the process can get real time on screen guidance showing exactly where to click inside the actual tool.
Scribe 不仅仅记录工作流程，它还会利用 AI 提出改进建议，帮助你发现冗余步骤以及简化或自动化的机会。
Scribe doesn't just document workflows, it uses AI to suggest ways to improve them, helping you spot redundant steps and opportunities to simplify or automate.
想看看 Scribe 能为你的组织带来什么，请访问 scribe.how/crypto101，并提及 crypto101，即可在特定套餐中免费获得第一个月的 Scribe Capture 服务。
To see what Scribe could look like for your org, head to scribe.how/crypto101 and mention crypto101 for your first month of scribe capture free on select plans.
网址是 scribe.how/crypto101。
That's scribescribe.how/crypto10one.
现在大家都在谈论 AI，但真正重要的 AI 是那种能帮你节省时间、做出更明智决策、减轻工作负担的 AI。
Everybody is talking about AI right now, but the AI that actually matters is the kind that saves you time, helps you make smarter decisions, and takes work off your plate.
如果你在经营电商业务，物流就是那种要么让你顺利推进、要么让你完全停滞的事情之一。
And if you're running an e commerce business, shipping is one of those things that can either keep you moving or completely slow you down.
所以我喜欢ShipStation。
That's why I like ShipStation.
它是一个专为电商企业打造的一站式订单履行平台，其AI基于全球数十亿次发货积累的几十年真实运输数据训练而成。
It's an end to end order fulfillment platform built for ecommerce businesses, and its AI is trained on decades of real shipping data from billions of shipments across the world.
所以，与其在多个工具之间来回切换，ShipStation能帮你掌控全局。
So instead of juggling a bunch of different tools, ShipStation helps you stay in control.
它能在库存不足时提醒你，推荐最佳承运商和费率，自动化任务，并随着你的业务增长帮你节省时间。
It can alert you when your stock is low, recommend the best carrier selections and rates, automate tasks, and help you save time as you grow.
你还能获得跨销售渠道的库存同步、自动比价、品牌退货门户，以及与会计和CRM软件的集成，所有这些都在一个地方搞定。
You also get inventory syncing across sales channels, automatic rate shopping, a branded returns portal, and integrations with accounting and CRM software all in one place.
如果我在经营电商店铺，这正是我想要的工具，因为一旦订单开始涌入，你肯定不希望物流成为拖后腿的环节。
If I were running an e commerce store, this is exactly the kind of tool I'd want because once the orders start coming in, you don't want shipping to be the thing that's holding you back.
超过100万家企业在使用ShipStation来优化和扩展他们的物流。
Over 1,000,000 businesses have trusted ShipStation to optimize and scale their shipping.
你越早切换，就能越早开始节省时间和金钱。
The sooner you switch, the sooner you start saving time and money.
今天就注册ShipStation，访问shipstation.com，使用优惠码crypto，免费试用60天。
Get started with ShipStation today and get sixty days free at shipstation.com with code crypto.
网址是shipstation.com，优惠码是crypto。
That's shipstation.com, code crypto.
shipstation.com，优惠码crypto。
Shipstation.com, code crypto.
税费和手续费另计。
Taxes and fees apply.
不知道你们怎么样，但我经常是到了饭点才发现没准备吃的。
I don't know about you, but dinner sneaks up on me all the time.
打开冰箱才发现，肉都没提前准备好。
I'll open the fridge and realize I have no protein ready.
这时候我可不想再跑一趟超市，临时去买，还得碰运气看店里还剩什么肉或者汉堡。
And at that point, I'm not trying to go to the store, make a last minute grocery run, and gamble on whatever meats or burgers are left at the store.
所以Omaha Steaks真是冰箱里常备的好选择。
That's why Omaha Steaks is a great freezer move.
就像家里有个信得过的肉铺老板，在你最需要的时候随时有好品质的蛋白质。
It's like having a trusted butcher at home and quality protein when you need it the most.
奥马哈牛排用一百多年的时间赢得了这份口碑。
Omaha Steaks has earned its reputation with over a hundred years.
全国各地的厨房都信赖同样的牛肉，直接送到你家门口。
It's the same beef trusted in kitchens across the country, shipped straight to your door.
牛排馆的品质，却不用花牛排馆的价钱。
Steakhouse quality without the steakhouse prices.
你家人会以为这顿饭花了好几个小时，其实没有。
Your family will think dinner took hours, but it didn't.
只要几分钟。
Just minutes.
如果你还没试过，那款“完美汉堡套餐”就是最好的起点。
And if you never tried them, the burger perfection flight is the perfect place to start.
你会得到20个优质牛排汉堡，用的是五种不同部位的牛排。
You get 20 premium steak burgers made from five different cuts of steak.
四份菲力牛排汉堡，四份纽约客牛排汉堡，四份肋眼牛排汉堡，四份牛胸肉汉堡，还有四份西冷牛排汉堡。
Four filet mignon burgers, four New York strip burgers, four rib eye burgers, four brisket burgers, and four sirloin burgers.
各位，这简直就是汉堡界的山寨币组合。
Guys, this is the altcoin basket of burgers right here.
如果我和布莱恩在节目里，我们肯定会把这些对半分，因为你知道我们夏天多喜欢烧烤。
If me and Brian were on the rundown, we would be divvying these up fifty fifty because you know how we like to grill in the summer.
所以你拿到的不仅仅是一盒汉堡，而是不同的风味、不同的口感，还有真正的牛排馆级别的多样性，你可以随时上烤架，或者工作日快速搞定一餐。
So you're not just getting a box of burgers, you're getting different flavor profiles, different textures, and real steakhouse style variety you can throw on the grill or cook up fast during the week.
今天就到 omahasteaks.com 试试这个汉堡完美组合吧。
Try the burger perfection flight at omahasteaks.com today.
20个优质牛排汉堡只要79.99美元，另外使用优惠码 beef 还能再减35美元。
That's 20 premium steak burgers for just $79.99, plus get $35 off with the promo code beef.
网址是 omahasteaks.com，结账时输入优惠码 beef 立减35美元。
That's omahasteaks.com promo code beef for $35 off at checkout.
条款适用。
Terms apply.
详情请见网站。
See site for details.
布伦丹，你会看到，当这种情况发生时，势头就会积聚起来。
And you'll see the momentum builds when this happens, Brendan.
听着，天是蓝的，云是白的，迈克尔·塞勒在买比特币。
Listen, the sky is blue, clouds are white, and Michael Saylor's buying Bitcoin.
微策略终于站在买方这边了，价值33.69亿美元。
MicroStrategy, finally on the buy side, worth, $3,369,000,000.
然后，节目的朋友汤姆·李，继续通过每周买入来增持ETH。
And then, friend of the show, Tom Lee, continuing to add the ETH with his weekly buys.
他们距离我们节目一直在讨论的所谓5%的“炼金术”只差10万ETH了。
They are just 100,000 ETH away from the quote unquote alchemy of 5% that we've been covering on the show.
看起来Bitmine正在顺利走向持有ETH总供应量5%的目标，这你知道，是一个有趣又很酷的成就。
Looks like Bitmine is well on their way to getting to 5% of the total supply of ETH, which is, you know, an interesting and and cool accomplishment.
然后塞勒也在买入。
And then Saylor buying as well.
所以把这两件事都考虑进去。
So take both those.
布伦丹，你试着分析一下这两件事。
Brendan, take a swing at them both.
你现在感觉怎么样？
What what are you feeling here?
很明显，汤姆还在继续买入。
Obviously, Tom just continuing to buy.
然后塞勒，我们之前提到过他们停止了。
And then Saylor, we were covering how they stopped.
他们之前一直在卖。
They were selling.
他们之前是在分批买入。
They were buying stretch.
然后很明显，随着价格大幅上涨，这有助于整个微策略的金融炼金术操作。
And then obviously with the rip higher that that helps the whole micro strategy financial alchemy play.
但你在这里感觉怎么样？
But what what what are you feeling here?
对。
Yeah.
听我说。
Listen.
我喜欢这个。
I like this.
我觉得他们回到了他们应该的位置。
I think they're back to being where they should be.
我们之前讨论过这个，也讲过策略在过去几个月里的表现方式。
And we've talked about this, and we've covered what strategy has been doing in the way that they've been acting in the last several months.
我对此有点批评。
And I've been a little bit of a critic of it.
对吧？
Right?
我一直有点怀疑，觉得在高位买这么多比特币，然后低价卖掉，还自称是比特币储备公司，又说要卖比特币来筹集现金，这不太合理。
I've been a a bit of a skeptic saying, you know, I don't think it makes sense to be buying so much Bitcoin so high and then selling it so low and then being a Bitcoin treasury company and then talking about how you're gonna be selling Bitcoin to raise cash.
这跟整个理念是矛盾的。
That's, like, counterintuitive to whole premise.
或者说，低价卖比特币去支持一个基于股票的分红产品。
Or, you know, selling Bitcoin low to go and support a stock based dividend product.
对吧？
Right?
所以我当时是有点怀疑、犹豫，或者说批评这个做法。
So I was kind of skeptical or hesitant or a critic of that.
所以我很高兴他们回到了该有的状态。
So I like the fact that they're back where they should be.
对吧？
Right?
因为有一段时间，他们高位买比特币，然后低于成本价卖掉，亏本去支持其他项目。
Because for a while, they were buying Bitcoin high and then selling underneath their cost basis at an you know, at a loss to support these other initiatives.
而且我觉得，现在大家又在说，我们回来了。
And I think, again, now people are saying, You know, we're we're back.
这就是我们想要的状态。
This is where we wanna be.
所以这让我挺高兴的。
And so that makes me pleased.
其实，昨天在交易时段就有人问我这个问题，他们说，嘿。
In fact, I was just asked about this yesterday during one of the trading sessions, and someone said, hey.
你觉得现在这个情况怎么样？
You know, what do you kind of think of the situation?
这能不能成为一个积极的推动因素？
Can this be a positive catalyst?
我说，我觉得绝对可以。
And I said, I think it absolutely can be a positive catalyst.
你想想，加密圈里最有影响力的群体之一，也是比特币最大的持有者之一，结果他们在低价卖出，还去搞比特币以外的其他项目。
You had arguably the most influential group in crypto, one of the largest holders of Bitcoin itself, and then you have them selling low and and looking at other endeavors outside of Bitcoin and stuff.
所以他们现在重新回到正轨，开始支持和买入，我觉得这绝对是一个催化剂，指引我们朝着正确的方向前进。
And so the fact that they are back on track and supporting and buying, I think that that absolutely is a catalyst pointing us in the right direction here.
不过，他们要想摆脱那些闲言碎语，还需要一段时间。
It is, however, gonna be some time before they before they escape some of the smack talk.
看看评论区，前几条评论都在暗示这个，Tevo，就是这条帖子下面的前几条评论。
Just looking at the comment section, the first couple ones all kind of allude to it, Tevo, the first couple comments in response to this post.
是啊。
I mean, yeah.
他们还在被调侃呢。
I mean, they're they're giving it to him still.
所以我觉得他们还得再买一些，才能摆脱困境，对吧。
So I think they got a bit more buying to do before they get themselves out of the doghouse at the yeah.
是啊，第一条就是，六万卖出，七万八买入。
I mean, yeah, the first one there, sell at 60 k, buy at 78.
我不太确定我
Not sure I
不太确定。
not sure.
我觉得是真的。
Think it's the real thing.
后面还有一条。
One after that.
他在六万的时候卖了，然后在八万的时候又买回来了。
He sold at 60 k, and he bought back at 80 k.
就像，你知道的，这种事挺多的，我觉得某种程度上也是他们自找的。
It's like, you know, there's just a lot of that, and I think it's, you know, partially deserved.
但是，再说一次，我觉得他们越是这样回来买入，这些批评就会慢慢消失，他们也会在加密货币圈里重新站稳脚跟，通过更多的买入重新赢得大家的信任。
But, again, I think the more that they get back in here and do buying, the the more this will kind of go away, and they'll kind of improve their stance once again with the rest of the crypto space and earn their trust back as they do more buying.
所以我很乐意看到这个。
So I like to see this.
我觉得这真的是一个很好的催化剂，我们很高兴看到他们重新回到买方阵营，而不是卖方。
I think it's a really good catalyst, and we love to have them back on the team of the buyers and not the sellers.
至于Bitmine和Tom Lee，他们的做法有点不同，他们几乎每天都在买，或者几乎每周都在买，一直在买。你看这个。
As for Bitmine and Tom Lee, they've kind of had a different approach where they've just been buying almost every single day or almost every single week and buying and buy I mean, yeah, look at this.
这是个很棒的图表，Tevo。
This is a great chart, Tevo.
你也很好。
Good as to you.
对。
Yeah.
你看这里每周都在买入，几乎越买越多，而且他们差不多要达到5%了。
Look at the buys every single week here, almost buying more and more and more, and they're almost at that 5%.
这样做的好处是，他们在熊市期间一直在持续买入，所以他们的平均成本大幅降低了，因为他们一开始是在高点附近开始买的。
Now the benefit of this is that they've been buying consistently through the bear market, and they have drastically brought down their average cost from what it was because they they really started this thing towards the highs.
通过这么频繁地买入和积累，他们现在几乎持有5%的ETH，而且成本基础大幅下降了。
And so what they've been able to do by buying so frequently and accumulating so frequently, well, now they almost have 5% of ETH, and they've drastically brought down their their cost basis.
所以如果ETH真的出现反转并上涨，他们将会获得非常可观的收益。
So that should ETH actually have a reversal and go running, they're gonna have drastically, you know, larger amounts of money.
对吧？
Right?
他们会比单纯持有获得更多的利润。
They're gonna have significantly more profits than they would have if they just held.
所以我觉得定投策略在这里很有力量。
So I think there's a lot of power here in dollar cost averaging.
我相信他们能感受到这一点。
I'm sure they're feeling it.
我相信很多听众朋友在低位买入的，最近从那些低点反弹中应该也感受到了。
I'm sure a lot of the listeners out there who had bought the dip, they're probably feeling it here off those recent lows.
这让我很兴奋。
And this gets me excited.
对吧？
Right?
只需要一点点害怕错过的心态，就能看到这些公司再次上涨。
All it takes is a little bit of FOMO to see these companies start moving again.
它们开始回升了。
They start recovering.
你知道，也许它们的股价开始回升，然后就会吸引更多人进场。
You know, maybe their share prices start recovering, and then that gets more people in.
然后人们就会想，哦，我可不想第二次错过，于是他们就开始参与了。
And then people think, oh, I'm not gonna miss it the second time around, and then they start getting involved.
加密货币开始升值，然后FOMO的雪球效应就开始了。
And crypto starts appreciating, and then the FOMO snowball starts up.
我觉得你只需要看到，哦，好吧。
And I think that's all you need to see is, oh, okay.
突然之间，MicroStrategy又回到盈利状态了。
Now all of a sudden, MicroStrategy is back in profit.
他们的成本基础已经超过了。
They're above their cost basis.
接下来，也许Bitmine也会超过他们的成本基础。
Next up, maybe Bitmine's gonna be above their cost basis.
展开剩余字幕（还有 254 条）
然后这就让FOMO雪球滚得更大了。
And then that starts the FOMO snowball even more.
我觉得这就是你在牛市里会看到的那种情况。
And I think that's the kind of thing that you would expect to see in a bull market.
我们还没到那一步。
We're not quite there yet.
对吧？
Right?
你知道，我们离那种狂热的状态还差得远呢。
You know, we're still a little bit farther away from from something that euphoric.
但我认为我们现在是在打基础，而且开局还不错。
But I think that we're laying the foundation here, and we're off to a bit of a good start.
显然，不管是比特币、以太坊，还是很多其他山寨币，都还有不少路要走。
We obviously have a decent ways more to go for not only Bitcoin and Ethereum, but for, I think, a lot of different altcoins.
不过，你知道，我还是挺喜欢我们现在这个位置的。
But, you know, again, I'm not I really like where we're at.
我喜欢我们现在的位置。
I like where we're at.
我觉得我们开局不错。
I think we're off to a good start.
我认为加密货币市场需要继续保持这种势头。
I think the crypto market needs to continue this momentum.
我们需要看到那些持有国库的公司继续积累，而不是低价抛售。
We need to see the treasury companies continue to accumulate, not sell low.
对吧？
Right?
我们需要看到更多的买入。
We need to see more buying.
而且，你知道，我觉得我们能撑住。
And, you know, I think we hold that up.
我觉得这有助于整体情绪。
I think it helps with the overall sentiment.
这有助于大家怎么看这个领域，然后我们就从那里开始，一步一步来。
It it helps with how everyone's kind of viewing the space, and we'll kind of go from there and we'll take it one step at a time.
对。
Yeah.
这是个很好的看法。
It's a great way to look at it.
我同意。
I agree.
我喜欢我们现在的位置。
I like where we are.
而且我，我截了一段Tom Lee在CNBC上的视频，因为你知道，我们在所有市场里都经常放他的片段，但特别是今年大部分时间ETH跌得很惨的时候，他还在看涨，然后我们放他的片段，就会觉得，天哪，这对我们这位老兄来说太难看了。
And I I pulled I pulled a clip from Tom Lee on CNBC because again, you know, we've played them really all the time in all markets, but you know, specifically when ETH was falling off the bike most of the year, know, he was on there bullish and then we'd play clips and be like, man, this is a tough look for our guy.
真是风雨交加，外面很难熬，但他一直坚持买入，这点值得称赞。
It's it's it's raining, it's tough out there, but he continued to buy credit to him.
所以我觉得值得，你知道，像我们在所有市场里做的那样，回头看看，听听他的说法。
So I think it's worth, you know, checking back in and listening as we do in all markets.
涨的时候我们想听，跌的时候我们也想听。而且这一年里，关于他说的话，我们各种观点都听过了。
When it's going up, we want to hear, when it's going down, we want to hear And we had takes every which way all year on what he was saying.
不过我们来看看吧。
But let's take a look.
这是前几天的一段小视频。
It's minute clip here from the other day.
我觉得这是……你收到了吗？
I think this is the Are you getting this?
对。
Yeah.
我觉得这是第一波上涨，因为当时加密货币的变动让很多人措手不及。
Think it's the first leg up because this was like catching people off sides moving crypto.
对。
Yeah.
我认为机构投资者正在买入加密货币相关的股票。
I I think institutional investors are buying crypto stocks.
这很明显。
That's really evident.
比如，交易量真的飙升了，这表明他们在押注第四季度会有大行情。
Like, the volumes have really jumped, and that's a sign that they're betting on a big fourth quarter.
我觉得这次加密货币的冬天其实不算太深，但确实经历了大规模的去杠杆化。
I think it's been a very shallow crypto winter, but there was a massive amount of deleveraging.
比如，十月份是一个大幅下跌，然后今年早些时候又有两次。
Like, October was a big step down and then earlier this year twice.
所以我觉得现在持有加密货币的人很少。
So I I think very few people own crypto.
这就是为什么我认为，比特币很容易就能达到六位数。
That's why I think, you know, Bitcoin could easily, you know, be in the 6 figures.
韩国投资者在加密货币领域曾经非常活跃，但今年早些时候他们转向了人工智能，不过我们已经看到韩国的交易量在回升，所以他们正在重新回到加密货币。
The Korean investor, which was really big in crypto, you know, they've rotated into AI earlier this year, but we're already seeing volumes pick up in Korea, so they're rotating back into crypto.
最后，如果《清晰法案》通过，这可能在今年发生。
And the final is if Clarity Act passes, which could happen this year.
如果真是这样，我觉得比特币和以太坊第四季度会有很大的涨幅。
And if it does, I think, you know, Bitcoin and Ethereum have a huge fourth quarter.
我觉得1.5美元还是有可能的。
I think $1.50 is still possible.
我觉得
I think
这段剪辑不错。
Nice nice clip there.
剪得挺好的，把所有要点都涵盖了。
Kinda cut up well, just all all the talking points.
所以我们在节目里聊过的那些，你知道，显然AI就像我之前说的，是全场焦点，而且资金也在往那边轮动。
So stuff that we've covered on the show, you know, obviously, AI was, as I said, the bell of the ball and and that's, you know, the rotating there.
我看到一个数据。
I saw a stat.
就是那些动量ETF，动量股票。
It was the momentum ETFs, the momentum stocks.
它们在6月22日见顶，之后动量股一直处于下行趋势，这些动量股就是AI、存储芯片、DRAM这些交易。
They peaked out June 22 and they've been in a downtrend in the momentum stocks being the AI, the memory trade, the DRAM trade.
那个动量在6月22日达到了顶峰。
That momentum peaked in June 22.
所以你现在距离动量峰值已经过了大约五十到六十天。
So you're fifty about fifty to sixty days outside of the peak of the momentum.
然后随着这些股票回落，你知道，MAG七表现不错，当然加密货币也表现很好。
And then as those stocks have come in, you know, the MAG seven has performed well and then obviously crypto as well.
加密货币是这季度表现最好的资产，信不信由你。
Crypto best performing asset of the quarter, believe it or not.
那从中有什么收获吗？
So any takeaways from that?
其实也没什么特别的。
You know, nothing too much.
我觉得他说得挺到位的。
I think he said it pretty well.
总的来说，我们还是等等看吧。
Just overall, you know, we'll wait and see.
我觉得我们想法差不多，就是说，嘿。
I think that we share the kind of the same idea of like, hey.
这是个好的开始。
This is a good first step.
之后可能还有更多机会。
There is the potential for more to follow this.
我觉得我们还需要解决一些问题。
I think we need to figure some things out.
当然还是有一些有利和不利的因素。
There's still certainly some headwinds and some tailwinds.
对吧？
Right?
前面和后面都有一些看涨和看跌的因素。
There's some bullish things and some bearish things kind of in front of us and behind us.
但总的来说，我还是保持乐观。
But overall, I would remain optimistic.
你知道，我的看法是，我想长期布局。
You know, the way that I view this is I wanna I wanna position myself for the long term.
那我们应该再回调一些吗？
So should we pull back more?
你知道，我的立场是，我想逢低买入。
You know, my stance on this is I wanna be a dip buyer.
不管底部是否已经出现，我认为我们在高位维持的时间越长，情况就越好。
Whether the bottom is in or not, I think that the longer that we hold up here at higher prices, the better it looks.
我还是想问问自己，一年、两年、三年后，我们可能处于什么位置？
And I still wanna kinda position myself to say, where do I think that we could be a year, two, three years from now?
我的立场是，从长期来看，只要我一直在积累那些我长期看好的东西，我仍然认为我们处于便宜的价格。
And my stance on that is in the long term, so long as I'm accumulating things that I'm I'm bullish on for those longer periods, I still think that we're at bargain prices.
对吧？
Right?
当比特币、以太坊、Solana 和很多山寨币都跌了百分之四十、五十、六十甚至更多的时候，很难说你现在看不到长期价值，只要有可能走出这个更熊的时期。
When you have Bitcoin and Ethereum and Solana and a lot of altcoins down forty, fifty, 60 plus percent, it's hard to argue that, you know, with with what we're seeing right now that you don't see long term value, if there's even a chance that we're coming out of that more bearish period.
对。
Yeah.
这是个好观点。
It it's a good point.
而且，这也有助于分散投资、持有不同资产的投资理念，因为不同资产在不同时期表现更好。
And, you know, it kinda helps with the investment thesis of diversification and owning different assets because again, different assets perform better at different times.
但无论你研究什么，抱歉，无论你投资什么，你都要确保做了研究、有相关知识，这就是我们在这里的原因。
But no matter what you're researching, want to I'm sorry, no matter what you're investing in, you want to make sure that you're doing the research and have the education and that's why we're here.
所以如果你喜欢这个视频，请在右下角点赞，如果你是新来的，点击标志并订阅。
So if you're enjoying this, please give it a thumbs up bottom right if you're new, hit the logo and subscribe.
再次提醒，如果你想更深入参与，想获得我们团队的更详细报告，请查看下面的链接。
And again, check out the links below if you want to get more involved, more detailed reports from our team.
所有这些内容都在那里，方便你们更深入地参与。
All that stuff's there for you guys to get more involved.
这是我们团队今年一直看好并大力推荐的一个项目，而且这个判断非常准确。如果你在社区里，很早就抓住了机会；说实话，就算你只是听播客，也算是比较早的了。
Something that our team has called and been hot on all year, and it was a great call, and you got it super early again if you were inside the community and even I'd say you even got it early if you're a podcast listener, to be honest.
但显然，社区里的人最先看到了这份关于 Hyperliquid 的报告。现在看起来有消息说他们想把业务搬到美国境内，这样一些美国客户也能参与进来。
But obviously, inside the community first, you were privy to this report of of of Hyperliquid, and it looks like there's talks of trying to bring this onshore so some some US US customers can get involved.
你从 Hyperliquid 团队这边看到了什么情况？
What what are you seeing here from the Hyperliquid team?
我觉得这是目前最值得关注的话题。
That's, I think, the most interesting topic right now.
对吧？
Right?
因为有一段时间，大家觉得他们能发展得这么快，取得这么大的成功，已经很了不起了。
Because for a while, it was this idea that, man, they've been able to grow so much, and they've been able to see so much so much success.
而且这很大程度上是在没有进入美国市场的情况下做到的，至少不是合法进入。
And that's largely without any access to The US market, at least not legally.
所以他们的成绩非常惊人，数据也特别亮眼，但他们在全球最大的金融市场里其实几乎没有份额。
So what they were doing is seeing astronomical success and putting up these ridiculously positive numbers without having really any market share of the largest financial player in the world.
所以现在的问题就是，怎么把进入全球最大金融市场这件事计入估值，包括所有用户、所有资金、所有交易活动，这些都意味着什么。
So now what there is is there's this argument of how do we price in them getting access to the largest financial market in the world, all of the users, all of the capital, all that activity, what that means.
而这件事之所以对Hyperliquid影响这么大，是因为他们的代币经济结构，你知道，就是他们的代币经济模型。
And the reason why this affects Hyperliquid so specifically is because of the way that their tokenomics, you know, their their tokenomics are structured.
这意味着他们大约把赚到的钱的99%用于回购和销毁，也就是把代币从市场上买回来并销毁，用掉他们赚的大部分钱。
What that means is that they put about 99% of the money that they make into these buyback and burn processes where they're getting the tokens and they're taking them off the market with the majority of the money that they make.
所以如果他们赚更多钱，有更多用户，然后这些用户带来更多交易活动，交易活动产生更多手续费，他们赚的手续费越多，回购就越多，我觉得这对代币升值以及减少供应量来说效果越好。
So if they're making more money and they have more users and then those users are causing more activity, the activity is causing more fees, the more fees that they're making, the more they're buying back, I think the better that that works for token appreciation and removing tokens from that supply.
所以人们试图把这个计入估值，然后说，好吧，他们从全球最大的金融群体，也就是美国市场，获得了巨大的资金流入。
And so people are trying to price that in and say, well, okay, well, they had this huge influx from the largest financial, you know, group in the world, which is The United States market.
我们该怎么把这个计入估值呢？
How do we kind of price that in?
我觉得这就是大家现在在尝试做的事情。
And I think that's what people are trying to do here.
这真是个意外，因为Hyperliquid的运作方式，怎么能在没有某种KYC的情况下，把他们和他们的所有产品带入美国呢？
Now it was such a curveball because the way that Hyperliquid works, how would you get them and all of their products into The US without having some sort of KYC?
对吧？
Right?
了解你的客户。
Know your customer.
我觉得这个问题目前还没有答案。
I don't think we have an answer to that question yet.
Tevo，我猜在美国会有一个稍微不同的Hyperliquid版本。
My guess would be, Tevo, is that you're gonna have a slightly different version of Hyperliquid in The US.
它不会是海外用户熟悉和喜爱的那种完整访问权限，也不是人们用过的那种。
It won't be the full, you know, the full access that that people overseas would know and love and that, you know, people have used.
我觉得你会看到一个稍微不同的产品，稍微不同的版本。
I think you're gonna have a slightly different product, slightly different version of it.
你不会得到所有的花哨功能。
You're not gonna get all the bells and whistles.
它会受到更严格的监管。
It is gonna be more harshly regulated.
你不会拥有所有那些不同的功能和选项什么的。
You're not gonna have all the different features and options and everything.
但是，你知道，即使他们只取得了全面上线时一半的成功，我仍然认为这对他们来说是一个非常非常大的积极因素。
But, you know, even if they are doing seeing half as much success as they would if they were to just launch in full, I still think that that's a really, really big positive for them.
而且这里的关键是，再说一次，没人真正知道这到底该怎么运作。
And the thing here is, again, no one really knew how that was going to be able to work.
比如说，你怎么去建立一个本质上风险很高的东西。
Like, how do you set up something which is inherently risky.
对吧？
Right?
因为你有预测市场、杠杆市场，还有各种期货产品和永续合约产品，这些东西通常风险非常高，要么赚很多，要么全亏光，甚至可能亏得比投入的还多。
Cause you have prediction markets, you have leveraged markets, you have these different futures products and perpetuals products, and things that are typically very, very high risky, where you either make a lot or you can lose it all, or you can even lose more than you put in.
这不像普通的加密货币交易，那已经够波动的了。
It's not just like normal crypto trading, which is already volatile.
这等于说，咱们把这个推向另一个极端。
It's saying let's take that to the next extreme.
我们让它更波动、风险更高。
Let's make it more volatile and more risky.
但是，你知道，怎么用一种不同的方式来监管它，同时还要符合美国的规定呢？
But, you know, how do you kind of of of regulate that in a in a different way that's still US compliant?
所以我们并不清楚所有答案。
So we don't know all the answers to it.
但听我说，我是Hyperliquid的忠实粉丝。
But listen, I'm a big fan of Hyperliquid.
我觉得如果人们想交易这些产品，他们应该可以。
I think that if people want to trade these products, they should.
他们绝对应该了解风险。
They should absolutely know the risks.
但我非常支持说，嘿。
But I'm a huge fan of saying, hey.
你知道，人们应该能在合理范围内做自己想做的事。
You know, people should kind of be able to do what they want within reason.
而且现任政府愿意提出这个想法，说，嘿。
And the fact that the current administration is willing to propose that idea and say, hey.
咱们试着得出某种结论吧。
Let's kind of try to come to some sort of conclusion.
咱们试着把它们引进美国吧。
Let's try to get them in The US.
如果你是Hyperliquid的持有者，听到这个消息肯定特别兴奋，因为这会大大扩大市场份额。
If you are a Hyperliquid holder, you gotta be stoked about that news because it just kind of expands market share quite a bit.
百分之百。
A 100%.
你只能希望它别像Binance US那样，你知道，就是不太行。对。
You just gotta hope it's not like a Binance US where it's, you know, just not Yes.
产品没那么好。
Not as good of a product.
我担心的就是他们可能做不到。咱们聊聊最坏的情况吧。
That would be my fear is that they can't let's talk worst case scenario.
对吧？
Right?
这其实并不是实际发生的情况。
This is not what is actually happening.
我们只是在讨论最坏的情况。
We're just theorizing the worst case scenario here.
我觉得最坏的情况就是他们说，嘿，各位。
I think the worst case scenario would be they say, hey, guys.
我们要给你们展示一个 Hyperliquid 美国版，但其实就是普通的现货加密货币交易。
We're gonna show you a Hyperliquid US, and it's just like normal spot trading crypto.
对吧？
Right?
就像，哦，我可以买比特币，卖比特币，也可以买卖 Hyperliquid，也许还能玩玩预测市场。
It's like, oh, I can go buy Bitcoin, and I can sell Bitcoin, and I can buy and sell Hyperliquid, and maybe I do some prediction market things.
然后，就这样了。
And like, that's it.
对吧？
Right?
真的就这些了。
That's really all that there is.
而且你享受不到完整的功能套件。
And you don't get the full suite of of of features.
大家喜欢Hyperliquid的一个重要原因就是，你不仅能交易加密货币，还能交易各种永续合约或其他杠杆合约，几乎什么都能交易。
One of the big things that people like about Hyperliquid is that you can trade different kinds of perpetual contracts or other leveraged contracts on not just crypto, but just about anything.
对吧？
Right?
你可以交易金属、股票、加密货币，还有各种不同的资产类别。
You can trade it on, you know, metals and stocks and, you know, cryptos and and all these different asset classes.
这些永续合约可以全天候24小时交易。
You can trade these perpetual contracts twenty four seven.
你可以随时进入任何你想交易的金融市场，而且杠杆选择非常丰富。
You can get constant access to any financial market that you want with a pretty pretty large variety of leverage.
这就是人们真正喜欢 Hyperliquid 的原因之一。
And that's one of the things that people really like about Hyperliquid.
所以，最坏的情况，我觉得他们会把它做成一个非常基础、简单的交易所和界面。
So, you know, worst case scenario, I think they make it like a very basic, simple exchange and interface.
然后很多人们喜欢 Hyperliquid 的功能在那里就用不上了。
And then a lot of the the features that people like Hyperliquid for aren't used on there.
不过，再说一次，我觉得这种情况不会发生。
Now, again, I don't think that that would happen.
那样做就完全失去意义了，但我会留意这一点。
It would kinda defeat the whole point, but I would be watching out for that.
因为如果真的那样的话，我觉得大家会有点失望。
Because if that is the case, then I think there would be a little bit of disappointment.
有道理。
Makes sense.
有道理。
Makes sense.
这显然是我们会继续关注的内容，就像那些大银行、老牌银行、传统巨头传出的新闻一样。
And it's something we will obviously continue to cover just like some news coming out of the major banks, the old school banks here, the old guards, if you will.
但包括美国银行、花旗、高盛、德意志银行和瑞银在内的21家全球主要银行，刚刚承诺联合成立一家稳定币公司，目标是推出一种以美元计价的稳定币，并计划上线。
But 21 major global banks, including Bank of America, Citi, Goldman Sachs, Deutsche Bank, and UBS just committed to launching a joint stablecoin company targeting a USD denominated stablecoin looking to go live.
看起来是在2027年上半年。
Looks like the first half of twenty twenty seven.
布伦丹，这里面有不少大名字，而且我们知道稳定币和支付，你知道，我们认为这就是加密货币轨道融入世界的方式，人们会在不知不觉中使用加密货币。
So some big names on there, Brendan, and we know stablecoin and payments and, you know, that's how we think these crypto rails are gonna be integrated into the world and people are gonna be using crypto without really knowing it.
这绝对是其中一个领域。
This is definitely one of those areas.
这仅仅是条有趣的新闻，还是背后有某种逻辑，可能对以太坊或Solana这样的第一层网络有利？
And and bullish is is this just interesting news, or is there a thesis behind this that could be good for some layer ones like Ethereum or in Solana?
是的。
Yeah.
你知道，我们需要做更多的研究。
You know, we need to do some more research.
这个消息是刚刚才爆出来的，就在我们上线前不久。
This news literally just broke, like, not too long before we hopped on here.
我觉得这告诉我们几件事。
I think that this tells us a couple of things.
我猜它的后端应该是跑在以太坊上的。
I would imagine that this has the back end of it ran on Ethereum.
另外我想说的是，这真的巩固了稳定币的地位。
The other thing I would say here is that this really solidifies the state of stablecoins.
稳定币现在可能是被低估的领域之一。
Stablecoins right now is probably one of the more underrated sectors.
这是每个人都想谈论的话题。
It's what everyone wants to talk about.
这是每个人都想用的东西。
It's what everyone wants to use.
不管是智能体用、银行用、普通人用，还是其他什么场景，都是这样。
It's you know, whether you're talking about agents using this or banks using this or the average person using this or fill in the blanks.
对吧？
Right?
稳定币通过《天才法案》得到推进，而且似乎还要通过《清晰法案》进一步推动，看起来它将成为未来加密货币发展的核心形式之一。
Stablecoins through the Genius Act, and it wants to be kind of furthered through the Clarity Act, seems as if it's going to be one of the next core forms of of crypto as we scale into the future.
对吧？
Right?
就像，基础设施本身。
There's, like, the infrastructure itself.
有稳定币。
There's stablecoins.
有代币化。
There's tokenization.
有预测市场。
There's prediction markets.
还有其他一些领域，感觉确实有持续增长的潜力。
There's a few other ones out there that really feels like it has growth sticking power.
尽管如此，我觉得稳定币这个领域还是相对，怎么说呢，可能说被低估比较合适。你看很多稳定币的基础设施，跟以前的估值相比，还差得很远。
And despite that, I think that the stablecoin space is still relatively, I don't know, undervalued might be the right word, where you look at a lot of the stablecoin infrastructure, and it's still, like, so far away from where it once was in terms of valuation.
而且我觉得，好像所有关键人物都在推动这个未来，稳定币会成为我们未来非常重要的一部分。
And I just it seems as if the ball from everyone that matters is kind of rolling towards this future where it's a where it's a really, really big part of where we're going to be.
所以如果让我预测一下，比如说，嘿。
So if I had to predict and say, you know, hey.
稳定币的发展方向会是什么呢？
Where is the stablecoin ball rolling?
我只看到它在过去一年左右的时间里一直在增长，好消息不断，这又是一个例子。
I just don't I I've only seen it really kind of grow and get better news over the last year or so, and this is another example of this.
对吧？
Right?
21家全球大银行，美国银行、花旗、高盛、德意志银行、瑞银，所有这些大玩家都说，嘿。
21 major global banks, Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, all these big players saying, hey.
我们要联合推出一个稳定币，争取明年上半年上线。
We're gonna have a joint stablecoin here, and we're gonna try to get this thing live by the first half of next year.
你得看看谁从中受益最大，以及这对整个稳定币行业会带来什么影响。
You have to be looking at who benefits off of that the most and what that will do for the whole of the stablecoin industry.
因为他们一旦设定了标准，你完全可以肯定，显然会有竞争。
Because if they set up the standard, you better bet that, you know, obviously, there's going to be competition.
而且我觉得有一批不同的玩家能从中受益。
And I think that there's a different group of players that can benefit.
你知道，可能是USDC。
You know, maybe that's USDC.
也可能是Tether。
Maybe that's Tether.
也可能是这个特定的玩法。
Maybe that is this, you know, this specific play.
也可能是那些特定的公司。
Maybe it's those specific companies.
我觉得看待这个问题有很多不同的角度。
I think there's a lot of different ways to look at this.
我的看法是，现在球滚到哪里了，这又说明了什么大局？
The way I would frame it is where is the ball rolling, and what does this tell us about the bigger picture?
我觉得这说明了大局就是，显然，加密货币会一直存在。
I think it tells us that the bigger picture here is that, obviously, crypto is here to stay.
稳定币也会一直存在。
Stablecoins are here to stay.
支撑它的基础设施也会一直存在。
The infrastructure that runs that is here to stay.
而且这也告诉我，他们真的很想用这个，他们看到了对它的需求或渴望。
And it also tells me that they really wanna use this and that they see a need or a want for this.
所以，对于那些对加密货币、稳定币、监管这些感到紧张的人来说，我觉得如果美国银行、花旗、高盛、瑞银、德意志银行这些巨头都在上面建设、发展这个东西，投入那么多时间、金钱、资源和人力，那就不用担心了。
So for all the people out there who are nervous about the state of crypto crypto and stablecoins and regulation and all this, I don't think you would be having Bank of America and Citi and Goldman Sachs and UBS and Deutsche Bank and all these people building on it, growing this thing, you know, investing so much time and money and resources and hiring.
而且推出一个产品需要做那么多工作，他们知道已经有竞争对手了。
And there's just so much that goes on to launch a product that they know that there's already competitors in.
我觉得他们这么做的原因，是因为他们想抢占市场份额，他们认为这个领域将来会非常重要。
I think that the the reason for that is because they are trying to get market share of what they think is going to be a very big essential space at some point in the future.
我们现在所处的位置，其实还处于比较早期的阶段，还在搭建的过程中。
And where we're at right now is we're still at the fairly early stages of that, where we're still in the setup process.
对吧？
Right?
这算是他们在搭建过程中的一个公告。
This is the announcement of them in the setup process.
这东西甚至都还没正式推出。
It's not something that is even launched yet.
也远远没有成熟。
It's not something that is even closely fully matured yet.
我们还在为很多这类事情做准备工作。
We're in the setup process for a lot of this.
所以我觉得，大家可能听说过稳定币，也用过，但我认为普通人还没有完全理解它未来能发展到什么程度，以及这需要多长时间。
And so I think that what people have done is they've heard of stablecoins, they've used them, but I don't think that the average person out there has fully fully has a a proper understanding of of where this could be and how long that that could take.
而且我觉得，正是因为需要更长的时间才能达到那个目标，以及市场份额可能有多大，这可能是让人失去兴趣的原因，因为这不是一个能立刻看到回报的事情。
And I think that that that bit of a longer time horizon about how long it could take us to get there and how big the market share could be, I think that's what maybe causes people to lose interest is because this isn't something that's gonna be instant gratification.
这不是今年年底就能有答案的事情。
It's not something that we're even gonna have an answer by by the end of this year.
我们可能要到明年才能开始这个过程。
We might not even get the start of this process until next year.
但我觉得当你开始想，好吧，那再下一年呢？
But I think when you start to say, okay, well, about the year after that?
那再下一年呢？
What about the year after that one?
那几年之后，当这个势头真正开始起来，所有大银行、资产管理公司以及各种参与者都开始使用这个东西的时候，我觉得这就是我心中的框架。
What about a couple years down the road when this pulse really starts to get rolling and you have all the big banks and asset managers and these different players using this stuff, I think that's kind of the framework that I have.
所以如果这都不能让你兴奋，我真不知道什么能让你兴奋了。
So if that doesn't get you excited, I'm not sure what will.
但再说一次，把眼光放远一点。
But, again, zoom out here.
时间跨度需要拉长一些。
The the time horizon needs to be expanded a bit.
我觉得我们需要有远大的想法，但这里面有很多潜力。
I think we need to think big, but there's a lot of potential that comes out of here.
真正重要的是连锁反应，但这不会在接下来的一个月或几个月内发生。
The ripple effects are are really what I think matter, but it's not gonna be something that happens, you know, in the next month or a couple of months.
对。
Yeah.
而且它不会消失。
And it's it's it's not going anywhere.
我们最后要聊的是，你知道，J.
Our last thing here is, you know, J.
P.
P.
摩根，宠物石，比特币，J.
Morgan, pet rock, Bitcoin, J.
P.
P.
摩根，杰米·戴蒙，我们节目的老朋友，还在寻找优秀人才加入大通银行的数字资产团队。
Morgan, Jamie Diamond, friend of the show, still looking for great candidates to join the digital asset team at Chase.
J.
J.
P.
P.
摩根大通，他们在招执行董事、副总裁、经理。
Morgan Chase, They're looking for executive directors, vice presidents, associates.
所以再说一次，这些大银行都在建稳定币。
So again, these major banks, they're building stablecoins.
他们继续扩充团队。
They continue to build out their team.
加密货币的论点不会消失，不管你在其他新闻网络上听到什么，那些就喜欢打击和贬低加密货币这个词的报道。
The crypto thesis is not is not going anywhere contrary to what you might be hearing on, you know, other news networks and stuff that just like to shoot down and take stabs at the crypto buzzword.
让我们以一个有趣的话题结束吧。
And let's end it on a fun note here.
感谢推特上的朋友，Artemis Twix，他在听Crypto 101时聊的是预测市场和投资组合工具，而不是单纯下注。
Shout out to Twitter, Twitter fan friend, Artemis Twix listening to Crypto 101 talking about prediction markets and portfolio tools rather than just betting.
看起来他把我们的对话变成了自己的用途。
Looks like he took our conversations and turned it into his own use.
所以关于预测市场，Twix链，真的非常有趣，伙计。
So on prediction markets, Twix chain, very very fun stuff, man.
是的，我总是感谢每一个收听的人，想在这里特别提一下X平台上的朋友。
But yeah, I just always appreciate anybody who listens just to give a shout out on on X.
我们一直在那里互动，这周有好几位朋友来了。
We're always interacting out there and we had a couple of them come through this week.
周五和Brian一起，我还会提到另一位。
I have another one we'll bring up on Friday with Brian.
我会特别感谢Brian。
I'll give Brian a shout out.
再说一次，有积极参与的听众和这么棒的社区，总是非常酷的事情。
But again, it's it's always super cool to have engaged listeners and an awesome engaged community.
再次提醒，如果你想和Brendan、Bryce以及整个团队有更多互动，可以看看描述里的链接。
Again, check out the links in the description if you wanna get more involved with Brendan, Bryce, and the entire team.
今天的周二总结就到这里了。
That's gonna do it all today for our Tuesday rundown.
我们一直很感谢大家的加入。
We always appreciate you guys joining us.
最后再提醒一下。
One last call.
点个赞。
Thumbs up.
在右下角，点击标志并订阅，如果你是新手的话。
Bottom right, hit the logo and subscribe if you're new.
不过今天就到这里了。
But that's all for now.
请保持关注。
Keep an eye out.
这周我们还会发布另一个采访。
We're gonna publish another interview this week.
我觉得是Coinbase那个，你们上周做的那个。
I think it's Coinbase, the one you guys did last week.
Coinbase AI，Brian、Brendan和Bryce上周做的那个采访，超级超级棒。
Coinbase AI, super super awesome interview Brian Brendan and Bryce did last week.
所以那个会发布出来，然后我们周五会再回来做一期简报。
So that's going out and then we'll be back on Friday with another rundown.
不过今天就到这里了。
But that's all for now.
大家再见。
Bye bye, everybody.
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