歡迎來到37幣市簡報，長話短說。很多朋友看市場新聞總是滿頭大問號，一下是監管法案、一下又是企業資產配置，到底這些數據背後代表什麼意義？今天我們就把截至 2026年10月5日15:40（UTC+8）的市場全景報告，轉化為易懂、有脈絡的金融科普，帶你從宏觀政策一路看懂到微觀的資金流向。 文章目錄：一、 宏觀環境：政策風向劇變，監管壓力顯著緩解 二、 板塊輪動：市場不炒空殼了！資金全面擁抱有實用的賽道 三、 企業資產庫存：比特幣「儲備軍團」持續狂買，策略出現分化 四、 關鍵人物觀點：大老們在關注什麼？ 五、 微觀市場與資金流向：蓄勢待發，等待下一個火星塞 --- <h1>一、 宏觀政策：監管風向大轉彎，市場頭上的懸劍終於被拿掉</h1> 要理解今天的加密市場，第一步必須看懂美國監管層面的重大變化。簡單來說，過去那種「打壓式」的監管態度正在迅速消退，取而代之的是 貼合實際 且 鼓勵合法發展的制度建立。 <h2>財政部撤回兩項沉重監管提案</h2> 美國財政部正式宣佈撤回針對「非託管錢包（unhosted wallets）」以及「加密混幣服務（CVC mixers）」的嚴格規則。 這兩項原本要求金融機構對超過 3,000 美元的非託管錢包交易核驗身份，並上報超過 10,000 美元的交易。如果真的實施，對 DeFi（去中心化金融）與個人隱私將是打擊。 這次撤回被分析師（如 @allthemoney）視為川普政府推動「貼合實際（fit-for-purpose）」監管的里程碑，直接拆除了懸在產業頭上的一大政策炸彈。 <h2>CFTC 與 SEC 聯手，推出主動監管與槓桿工具</h2> CFTC 主席 Michael Selig 今日正式提出了專屬於加密市場的規範框架（CTX/CAM）。這意味著監管機構不再只靠「事後罰款執法」，而是開始「事先建章立制」。 與此同時，SEC 開了綠燈，批准了首批 3 倍槓桿比特幣與以太坊 ETF。這一連串動作代表華爾街傳統金融通道正在加速吸納加密資產。 <h2>地緣政治風險上升，但加密市場出現「免疫力」</h2> 雖然宏觀層面有法國銀行信用利差走闊、巴西大選進入第二輪、以及伊拉克增派油輪穿越霍爾木茲海峽等國際風險事件，但加密市場情緒相當平靜，資金完全聚焦在產業內部的利多政策上。 <blockquote>重點小結：監管壓力大減 + 主流金融管道打通 = 全球資金的風險偏好系統性抬升，市場進入「監管友好型」的新階段。</blockquote> <h1>二、 板塊輪動：市場不炒空殼了！資金全面擁抱有實用的賽道</h1> 從 SoSoValue 的指數數據來看，過去靠純炒作的概念板塊正在褪色，資金開始向有實際營收或技術落地支撐的賽道集中。 AI 敘事領漲，DeFi 和 RWA 逆勢堅挺。 <img src="https://static2.fansone.co/images/cdcccb2c-79c9-49a8-b780-91c35629a2ac.avif" /><blockquote>重點小結：結構性牛市非常明顯，資金正從 Meme、GameFi 轉向 AI、DeFi 和 RWA。</blockquote> <h1>三、 企業資產庫存：比特幣「儲備軍團」持續狂買，策略出現分化</h1> 企業把比特幣納入資產負債表已經不是新聞，但今天的數據顯示各大企業的策略分化越來越清晰： <h2>1. 純比特幣儲備派：堅定押注「數位黃金」</h2> Strategy（原 MicroStrategy）：目前持有 848,000 BTC（約 730 億美元）。本週再度增持 334 BTC（耗資 2,870 萬美元），未實現獲利已達 90.6 億美元（+14.16%）。同時還回購了 1.76 億美元的 STRC 優先股。 Metaplanet（日本）：持有 44,000 BTC（約 37.5 億美元）。第三季淨增 1,000 BTC。有趣的是，他們完成了一次主動「賣出 10,000 BTC 再買回 11,000 BTC」的操作，專門向信用評級機構展示其資產具備極佳的流動性與處置能力。 Strive：持有 29,462 BTC（約 25.1 億美元），本週單筆就砸下 1.69 億美元掃貨 2,000 BTC，創下 6 月以來最大買單，距離巨頭 Marathon Digital 的持倉只剩 6,115 BTC 的差距。 <h2>2. 雙幣與多元戰略派：承擔波動押注生態</h2> Bitmine：資產組合極為特殊，持有 214 BTC + 6,016,414 ETH（總價值約 174 億美元）。其 ETH 持倉高達全網總量的 4.9%。雖然目前 ETH 帳面未實現虧損高達 37.3 億美元（-18.58%），但公司依然堅定看好以太坊的智能合約價值。 <h2>3. 傳統區域金融滲透</h2> 中小企業行動更靈活。擁有 4 億美元資產的 St. Cloud Credit Union 宣佈將推出「比特幣金庫」，與傳統支票賬戶並列，這代表比特幣資產管理正在滲透到一般區域性銀行。 <h1>四、 關鍵人物觀點：大老們都在關注什麼？</h1> Tom Lee（Fundstrat 聯合創辦人）：指出 ETH 在第三季跑贏標普 500 指數高達 6,832 個基點（68.32%），即使面對聯準會鷹派言論、油價上漲及美債殖利率的上升，ETH 依然展現出強大的「宏觀免疫性」。 Michael Saylor（Strategy 執行主席）：提出了清晰的資產架構：持有 BTC 代表直接所有權、MSTR 代表槓桿敞口、STRC 則代表收益工具。其中 STRC 的 30 日波動率僅 9%，甚至比美股七巨頭（Mag7）還要平穩。 ZachXBT（知名鏈上偵探）：成功滲透 Lazarus 黑客集團，並協助執法單位與交易所凍結了 Bybit 被駭的 7,500 萬美元 資金，再次證明鏈上追蹤與安全治理已成為行業不可或缺的底層保障。 <h1>五、 微觀市場與資金流向：蓄勢待發，等待下一個火星塞</h1> <h2>比特幣價格現況</h2> 目前 BTC 價格維持在 **$85,286**（微跌 -0.016%），持續在 **$84,000 – $88,000** 的關鍵箱體內震盪。雖然技術面上出現了突破下降通道的跡象，但還需要明確站穩 $88,000 阻力關卡。隱含波動率已降至多年低點，通常這意味著市場正在積蓄能量，隨時可能迎來大行情。 <h2>現貨 ETF 資金分化</h2> 比特幣 ETF：單日淨流入 1,918 BTC（約 1.64 億美元），已連續 3 週保持資金淨流入。 以太坊 ETF：單日淨流出 23,533 ETH（約 6,356 萬美元），顯示部分衍生品資金正在進行短期獲利結算或轉移。 <h2>熱門爆發代幣 TOP 3 /24小時</h2> 1. ESIM（Depinsim）：單日暴漲 +100.26%，受惠於 DePIN（去中心化物理基礎設施）概念爆發。2. GTC（Gitcoin）：單日大漲 +80.56%，公共物品融資需求上升。3. MAK（MetaCene）：單日上漲 +57.15%，元宇宙生態出現復甦跡象。 <blockquote>未來觀察日曆：市場目前處於「靜待催化劑」的狀態，接下來幾天可以密切注意三大關鍵時間點：FOMC 會議紀要（10/6）、TOKEN2049 峰會（本週四） 以及 最新 CPI 物價數據（10/14），這些都將是引爆市場波動的核心因素。</blockquote> <h1>總結觀點</h1> 整體來看，當前加密市場的底座非常穩固：政府監管釋放善意、企業法人持續擴張資產庫存、應用技術落地有據、加上 ETF 資金長期駐留。雖然短期內可能面臨期權到期與流動性抽離的震盪，但中長期的牛市格局與基礎設施已經建構完成。

37幣市簡報｜美國加密監管撤回、市場不炒空殼了、企業BTC儲備軍狂買，市場整體步入監管友好型牛市的變盤前夕

The cryptocurrency industry is stepping up efforts to guard against potential future quantum computing attacks on Bitcoin. Even though the timeline for feasible threats remains unclear, researchers and major industry players are actively advancing protective measures across multiple fronts. Decrypt’s report released on Sunday highlights three areas gaining momentum: quantum-safe transactions operating within Bitcoin’s existing rule framework, protocol upgrades such as soft forks, and exchange custody-layer protections. This push comes as several recent studies have significantly reduced earlier estimates of the resources needed to break Bitcoin’s elliptic-curve cryptography—the mathematical foundation securing wallets. <h2>Shortened Timeline</h2>Google’s Quantum AI team earlier this year found that breaking Bitcoin’s ECDSA encryption could require fewer than 500,000 physical qubits—twenty times less than previously estimated. In addition, a September paper predicted that a machine with 20,000 physical qubits could crack Bitcoin’s secp256k1 standard in 26 days. Current quantum hardware operates in the range of 100 to 1,000 qubits, still orders of magnitude away from the target, yet the pace of progress has heightened urgency across the sector. Reuters reports that roughly 35% of Bitcoin’s circulating supply sits in addresses whose public keys are already exposed on the blockchain, making these coins the most vulnerable to quantum threats. <h2>Three Lines of Defense</h2>Researchers are actively seeking cost-reduction breakthroughs for quantum-safe transactions so they can function under Bitcoin’s current protocol, lowering adoption barriers. Community engagement around protocol upgrades is also intensifying. Bitcoin’s 2021 Taproot upgrade already included architectural groundwork supporting quantum-resistant spending conditions, while proposals such as BIP-360 aim to formalize migration paths. On the custody side, Coinbase disclosed in July that it is building post-quantum signature processes using secure enclaves and threshold cryptography to protect approximately $250 billion in institutional assets. The exchange stated that once the blockchain begins adopting post-quantum signature schemes, it will offer automated quantum-safe custody services. <h2>Industry Voices Sound the Alarm</h2>Veteran trader Peter Brandt emphasized the issue’s importance in a Friday CoinTelegraph interview. Brandt said, “If it can be hacked, that strikes at its fundamental premise.” He added that if quantum computing truly breaks Bitcoin’s defenses, he would want to “short everything in the Bitcoin world.” However, he also noted that the Bitcoin experts he trusts believe the network cannot yet be broken and that any attack could be addressed through patches. The Bitcoin Policy Institute’s April assessment characterized the situation as follows: “The quantum-computing threat to Bitcoin is neither imminent nor insurmountable. The core challenge lies less in finding technical solutions than in the entire network reaching consensus on when and how to deploy them.”

Bitcoin Industry Accelerates Quantum Computing Defense Measures Deployment on Three Fronts

Summary: Strategy (MSTR) sold approximately 5.43 million shares through its "at-the-market" program, raising net proceeds of about $544.5 million. The funds were not used to purchase new BTC; instead, the company continued to expand its cash reserves. Saylor stated that dollar reserves have increased to $3.75 billion, sufficient to cover about 2.1 years of preferred stock dividends. Approximately $25 million was used to repurchase about 288,930 shares of STRC stock. Roughly one month after the last BTC purchase announcement, Strategy again did not add to its BTC holdings; total BTC position stands at approximately 843,775 coins, with an average cost of about $75,476. 👀 Investor focus has shifted to: When will Saylor deploy these billions in cash for the next major BTC purchase. ---Michael Saylor's strategy once again raised hundreds of millions of dollars, but surprisingly, none of it was used to purchase new Bitcoin (BTC). Instead, the company continued to expand its cash position. At this point, the world's largest corporate Bitcoin holder appears to be deliberately hitting the brakes, while investors await the next large-scale purchase. Strategy Builds Multi-Billion Dollar ReservesA new SEC filing shows that Strategy sold 5.43 million MSTR shares last week through its so-called at-the-market program. The company raised approximately $544.5 million in net proceeds. Michael Saylor stated that dollar reserves have increased to $3.75 billion. He noted that this amount is sufficient to cover the company's preferred stock dividend obligations for about 2.1 years. Strategy has increased its dollar reserves by $525 million, achieving 2.1 years of dividend coverage. As of July 26, 2026, we hold 843,775 BTC and $3.75 billion in dollar reserves. $MSTR $STRC — Michael Saylor (@saylor) July 27, 2026 A small portion of the raised funds ($25 million) was used to repurchase 288,930 shares of STRC stock. This is also evident from the official SEC filings. Bitcoin Purchase Fails to Materialize AgainWhat investors had been primarily waiting for did not happen again. Strategy did not purchase any additional Bitcoin last week. This brings the total reserves to 843,775 BTC, for which the company paid approximately $63.69 billion in total, at an average purchase price of $75,476 per Bitcoin. Approximately one month has passed since Strategy last announced a new Bitcoin purchase. Since then, the focus appears to have shifted toward strengthening the cash position. This shift comes after the preferred stock STRC, which Strategy used to raise funds earlier this summer, came under considerable pressure. The price fell well below the $100 issue price at the time, prompting the company to first increase its liquidity buffer. STRC has since partially recovered, but the share price remains below the original issue price. With $3.75 billion in cash reserves, Strategy now possesses considerable financial strength. Therefore, the biggest question facing investors is not whether Michael Saylor will buy Bitcoin again, but when he will decide to deploy the billions in reserves for the next purchase.

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Jeremy Allaire declared that "the spectacle era of cryptocurrency has ended," defining the next chapter of blockchain as a technology that will quietly blend into the background of everyday financial life. Allaire stated: "The most important technologies in history eventually fade into the background." He described blockchain as "invisible infrastructure" that will operate silently behind consumer and financial applications in the future, without requiring users to interact directly with the underlying network. This statement was shared by CoinMarketCap in a post on the X platform on September 19, coinciding with a rapid rise in institutional industry activity and reflecting Allaire's core philosophy, which he has continued to advocate throughout 2026. <img src="https://static2.fansone.co/images/a1a6c371-4a11-483a-93fe-3578f9d70fa1.avif" />- <h2>From Spectacle to Infrastructure</h2>Allaire's remarks continue his consistent core message. In a July interview, the Circle CEO stated that stablecoins are evolving from cryptocurrency trading tools into "foundational channels that quietly move funds behind the scenes," adding that "every major institution, every large bank, every capital markets company" can now view blockchain assets as digital cash. In early September, Circle launched its Arc blockchain, which Allaire called "the most impactful major platform release in our history," describing it as a universal "economic operating system" for payments, tokenized finance, and commercial interactions between AI agents, according to CoinDesk. This positioning of "invisible infrastructure" comes one week after Allaire commented on CNBC regarding the Clarity Act's failure to pass a Senate procedural vote, once again highlighting that cryptocurrency regulation remains a moving target even as the industry actively moves toward mainstream integration. - <h2>Industry Echoes at EBC12</h2>Allaire's remarks align with the overall tone of the 12th European Blockchain Conference (EBC12), held September 16-17 in Barcelona. In the two-day panels, speakers from Fidelity Digital Assets, Citi, BlackRock, and LSEG all described a market that has moved from proof-of-concept pilots to actual deployment. Citi's Nadine Teychenne emphasized the importance of real-time settlement and programmable assets, while LSEG's Darko Hajdukovic outlined plans for 24/5 trading and digital securities depositories. "This technology has largely proven its capabilities," EBC12 organizers stated. "The focus is now shifting toward creating measurable real-world value." - <h2>The Gap Between Vision and Scale</h2>Despite strong momentum, EBC12 speakers acknowledged that conviction among large asset allocators remains uneven. LO:TECH's Radoslav Poljasevic described traditional investor participation as "present at a certain scale, but still relatively limited compared to inflows into equities and artificial intelligence." Europe's MiCA regulatory framework is also currently under review, with a consultation open until September 30, 2026, to test whether existing rules can keep pace with an industry increasingly integrating into institutional finance. Allaire's vision of blockchain "fading into the background" may well be the shared pursuit of the entire industry. However, whether this vision becomes reality depends on how quickly infrastructure, the regulatory environment, and institutional demand can align. -other source: <a href="https://www.vox.com/2017/7/31/16069680/transcript-blockchain-bitcoin-circle-currency-money-exchange-jeremy-allaire-too-embarrassed-to-ask" rel="noopener noreferrer" target="_blank">《Full Transcript: Blockchain Expert and Circle CEO Jeremy Allaire on Too Embarrassed to Ask》</a>

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

貝萊德通過其iShares比特幣信託ETF於4月28日購買了價值9.7億美元的比特幣，成為全球最大的比特幣保管機構之一，並推動了市場上漲，該ETF的資金流入達到5.9億美元，顯示出市場對比特幣的強勁需求。-投資巨頭貝萊德（NYSE：BLK）持續大手筆投資比特幣市場。4月28日，該公司透過旗下iShares比特幣信託（IBIT）ETF購入9.7億美元比特幣，創下該基金史上第二大單筆購買紀錄，僅次於2024年11月7日的11.2億美元。 這一舉動進一步鞏固了貝萊德作為全球頂級比特幣託管機構的地位，目前僅次於Coinbase和Binance兩大加密貨幣交易所。<img src='https://static.fansone.co/images/501ec492-74db-4183-8520-b31768310a08.jpg'>（美國比特幣ETF的資金移動。資料來源：Farside Investors）<h2>推動比特幣市場上漲</h2>據Farside Investors報告，貝萊德的這筆投資使美國現貨比特幣ETF淨流入達到5.9億美元，而其他ETF則呈現資金外流或持平。其中，ARK Invest的ARKB ETF出現最大資金外流，達2.26億美元。ETF Store顧問公司的Nate Geraci在社交媒體X上表示：「今日iShares比特幣ETF近10億美元的資金流入創下自2024年1月推出以來的第二高紀錄。這印證了市場對此產品的強勁需求。」<h2>主導比特幣ETF市場</h2>BlackRock的IBIT已成為規模最大的現貨比特幣ETF，管理資產超過540億美元，根據Dune數據顯示，控制了51%的比特幣ETF市場份額。近期的資金流入更使IBIT躋身全球最大ETF排行榜第33位。<img src='https://static.fansone.co/images/55bddd84-a5ca-47a4-90ec-f3a6c7bb86fd.jpg'>最大的比特幣ETF。資料來源：沙丘<h2>ETF為比特幣走勢提供支撐</h2>上週，比特幣ETF吸引超過30億美元資金流入，創下產品推出以來第二大單週投資規模。比特幣價格創下特朗普勝選以來的最大單週漲幅。ETF投資持續成為推動比特幣上漲的重要力量，據估計，在2024年2月比特幣突破50,000美元時，ETF投資佔新增投資的75%。 <blockquote>-</blockquote><blockquote>今天的內容就到這，還想知道什麼關於區塊鏈、加密貨幣的，歡迎底下留言。</blockquote><blockquote>⚠️ 所有內容都不構成投資建議，僅供參考。⚠️</blockquote><blockquote>❗️❗️投資有風險，入市需謹慎，DYOR❗️❗️</blockquote><blockquote>--</blockquote><blockquote>如果喜歡這類的內容，歡迎 點讚/訂閱/分享 讓我知道。</blockquote><blockquote>未經同意轉載請附上來源，邀稿或商務合作請洽 deniztsaii@gmail.com</blockquote><blockquote>我是三棲Dz，我們下期見。</blockquote><blockquote>--</blockquote><blockquote>⬇️ 還有哪裡可以同步訂閱：</blockquote><blockquote>關於Deniz 👉 https://portaly.cc/37deniz</blockquote><blockquote>Deniz 的 Threads 👉 https://www.threads.net/@37denizmind</blockquote><blockquote>Deniz 的 Vocus 👉 https://vocus.cc/user/@Deniz</blockquote>

貝萊德以9.7億美元大舉購入比特幣，推動加密貨幣市場反彈

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37幣市簡報｜美國加密監管撤回、市場不炒空殼了、企業BTC儲備軍狂買，市場整體步入監管友好型牛市的變盤前夕

Bitcoin Industry Accelerates Quantum Computing Defense Measures Deployment on Three Fronts

MicroStrategy's Michael Saylor Raises $3.75 Billion Without Buying New Bitcoin

Circle CEO Says the 'Spectacle Era' of Cryptocurrency Has Ended

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