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这一轮Crypto周期,机构入场,玩法变了
摩根大通最新报告:Crypto已进入“后散户时代”
核心观点:
加密货币正告别“风险资本”模式,进化成由机构流动性主导的正规宏观交易资产
早期项目靠私人融资推动,散户总是在估值高点接盘。现在,机构正成为市场主力
机构资金入场,稳定流动性 + 降低波动,为长期价格“定锚”
机会在哪里?摩根大通认为:Crypto市场结构性低效+流动性分布不均=波动中暗藏机会
Crypto的定价逻辑已变:以前看“四年减半周期”,现在更多受宏观趋势(加息/通胀/政策…) 影响