测试代币 （TST） 最初由 BNB 链团队在视频演示期间创建，但无意中成为 BNB 链上的模因币。

加密货币市场对奇怪和不可预测的趋势并不陌生，尤其是在模因币领域。

） 是一个笑话，但成为最大的模因币，其市值达到 690 亿美元以上。

2025 年 2 月 6 日，市场再次见证了测试代币 （TST） 这一现象。TST最初是在BNB链团队的视频演示中创建的，但无意中成为BNB链上的模因币，达到了4.89亿美元的峰值市值。在本文中，我们将探讨 TST 的起源及其意外崛起的名声，并了解代币可以在哪里交易。

025 年 2 月 5 日，BNB Chain 团队发布了名为 four.meme 的 Pump.fun 平台的分步教程视频

 该平台旨在简化在 BNB Chain 上创建和推出模因币的流程。作为本视频教程的一部分，BNB 链团队创建并推出了一款名为 Test with the TST 的代币。代币从未公开可供交易。因此，大部分视频没有显示代币或代币的名称。但是，在 1 分钟 18 秒的一帧内，名称变为可见。

这种无意的风险引起了中国加密货币影响者和交易者的关注，他们很快就开始推广和交易 TST。币安推出了自己的模因币。该视频迅速上线，TST代币的市值达到近50万美元。 

BNB Chain团队很快就与代币保持距离，并解释说它不是一个模因币，而只是一个向观众展示如何创建新代币的例子。BNB Chain团队还删除了视频和教程钱包的私钥。然而，这几乎无法平息 TST 狂热，因为该代币的市值和用户交易量都在持续上涨。 

025 年 2 月 6 日，币安前 CEO Changpeng Zhao 前往 X 解决 

。他澄清说，代币纯粹是教育性的，币安或 BNB 链团队没有官方支持。然而，他还通知加密货币社区，由于信息已公开发布，因此他要求重发教程视频。这篇文章被解释为许多交易者的默示批准，导致 TST 代币的价格和市值再次大幅上涨。未来两天，市值从不到 1，000 万美元飙升至 1.86 亿美元。

2025 年 2 月 9 日，币安宣布将于当日 11：00 UTC 在其现货交易所上线 TST。这导致了另一轮疯狂买入，将 TST 的市值推至近 5 亿美元。同一天，CZ 

，其中他为自己对模因币的立场辩护，重申自己没有在投资组合中买入或持有任何模因币。

截至 2025 年 2 月 11 日，该代币在币安上线公告后已回撤了大部分收益，其市值目前约为 1.55 亿美元。 

尽管币安和 CZ 对此进行了澄清，但 TST 却一路沦陷。币安上线后的狂热也为早期买家带来了意外收益。据 DEX Screener 称，该代币

分别实现了 260 万美元、230 万美元和 170 万美元的收益。TST 是模因币完全由注意力驱动的另一个例子。无论是故意还是意外，似乎都无关紧要。

最终，测试 （TST） 代币的故事是加密货币市场矛盾的一个缩影：模拟代币变成了投机性资产，受到社区炒作的推动，并通过 CZ 等有影响力的数字提及而放大，即使提及的内容不是认可。

对于希望交易这款全新模因币的用户，Bybit 刚刚推出了 TSTBSCUSDT 永续合约，杠杆率高达 50 倍。您可以在公告中查看更多详情

与模因币投资一样，在波动的加密货币市场中要谨慎行事，投资金额永远不会超过您承受的损失 - 以及 

中級

测试代币 （TST）：BNB 链模拟代币转模模币

Akash 是链上费用最高的区块链，它正在扩大 GPU 供应量，同时优化每个 GPU 的利用率和费用，以维持增长。

每日表现最佳者 — XION （XION）

上周五，标普 500 显示混合信号，看跌看跌率发出买入信号，但市场广度减弱，波动性较低，表明动能不确定。黄金价格下跌约 $2，880，原因在于盈利和特朗普关税计划延迟。然而，交易紧张局势升级和美元走弱可能会支撑黄金，如果交易紧张局势升级，则可能会面临避险需求。Coindesk Indices是一个衡量加密货币市场整体表现的指数，在过去24小时内，比特币和以太币分别上涨了0.04%和0.12%，下跌了1.33%。使用此链接，在 Bybit MT5 上交易这些市场，畅享高达 500 倍杠杆

如今，XION （XION） 表现最佳，在 XION 和 EigenLayer 联手推进新一代消费 App 的 AVS 后飙升了 23.5%。

XION （XION） 于 2024 年 12 月上线，是一款 Layer 1 区块链，可消除技术障碍，使区块链应用程序与网站一样易于使用。XION 与 EigenLayer 

，共同推动自治认证服务 （AVS） 的整合，为面向消费者的新一代应用程序提供支持。

查看 XIONUSDT Perp 和 XION/USDT 现货合约的最新价格、图表和数据

Akash 是链上费用最高的区块链，它正在

 GPU 供应量，同时优化每个 GPU 的利用率和费用，以维持增长。关键举措包括利用保障激励措施、AI 公司的智能融资、改进的提供商产品套件、激进的需求生成，以及将资源租赁扩展到推理和向量数据库托管等增值服务。Akash 专注于吸引数百万数据中心并转型为服务经济，致力于彻底改变去中心化计算，推动更广泛的应用。

查看 AKTUSDT 永续合约的最新价格、图表和数据

2025 年 2 月 10 日至 14 日，BTC 现货 ETF 净流出 5.802 亿美元，其中 GBTC 亏损 1.071 亿美元，非 GBTC ETF 亏损 4.731 亿美元。然而，由于 621 亿美元流入非 GBTC ETF，抵消了 220 亿美元的 GBTC 外流，累计累计总额仍为 401 亿美元。

查看 BTCUSDT 永续和 BTC/USDT 现货合约的最新价格、图表和数据

Sapien AI 是一个由 1，550 万美元资金支持的众包 AI 开发平台，其 Sapien AI 积分计划已推出经

，用户可通过完成在 TGE 兑换为代币的任务来赚取积分。严格采取反机器人措施后，只有少数用户符合参与资格，这使其成为一个高价值机会。参与者还可以通过绑定钱包并完成日常任务来获得 USDC 奖励。要参与活动，用户必须使用 EVM 钱包登录，连接社交账户，并积极参与，以最大限度地提高奖励。

初級

Akash 为扩展 GPU 供应量和打造去中心化计算经济而努力

2025 年 2 月 17 日：我们的每周机构洞察将为您深入解析市场最新动态，涵盖市场表现、行业新闻、交易所交易基金 (ETF) 资金流向、热门话题、近期活动及代币解锁等关键信息，旨在增强您的加密货币交易洞察力。

将探索最新市场动态，包括市场表现、行业新闻、交易所交易基金 （ETF） 流动、热门话题、近期活动和代币解锁，助您提升加密货币交易能力。

每周市场深度解析，不容错过！

每周亮点 — 比预期的美国零售产品更柔软

2025 年 1 月，美国的零售销售额出现了近两年来的最大跌幅，表明在 2024 年底的强劲假日季过后，消费者支出大幅回落。根据美国商务部的数据，2024 年 12 月修订后涨幅为 0.7%，未调整通胀的零售购买量下跌 0.9%。在报告的 13 个类别中，有 9 个类别出现了经济衰退，特别是在机动车、体育用品和家具领域。

这一下降恰逢严寒的冬季天气，以及加州洛杉矶的毁灭性野火，这可能会阻碍店内购物。然而，下跌也可能反映出更广泛的经济担忧。消费者越来越多地面临持续的通胀和高昂的借贷成本，导致许多人依赖信用卡和借贷，随着利率持续上涨，拖欠率上升，这种方式的风险也越来越大。美联储主席杰罗姆鲍威尔表示，央行并没有急于降息，尤其是在消费者价格上涨的情况下。

此外，特朗普总统对各种商品提出的即将到来的关税可能会导致消费者储存物品，但1月份的销售额下降表明，这一趋势可能会逐渐减弱。该报告不包括特定行业的控制小组也下跌了0.8%，这表明支出大幅放缓。在经济学家分析这些趋势时，即将发布的个人消费支出报告将进一步深入研究通胀调整后的支出，有助于阐明当前的经济格局和消费者行为。

每周加密货币亮点 — ETH 现货 ETF 流通量超过 BTC 同行

上周，投资者抓住了以太坊的大量买入机会，将更多资金投入以太坊基金，而不是专注于比特币的基金。这一转变标志着今年以太坊产品的每周充值量超过比特币，全球以太坊相关投资产品投入了高达 7.93 亿美元。

以太坊偷走了这一节目，因为投资者对价格下跌做出了回应，导致以太坊的价格下跌至近 $2，100，这可能会促使许多人将其视为一个有吸引力的切入点。此外，总统儿子 Eric Trump 的推文可能会影响市场情绪。他上周一表示，“添加 ETH 的绝佳时机”，获得了约 1，360 万次观看。值得注意的是，他最初的推文中包含了一句有趣的言论，“稍后可以感谢我”，然后再编辑。

以太坊的交易价格目前约为 $2，670，较 2021 年 11 月的历史最高点 $4，878 大幅下跌。尽管去年 7 月美国以太坊现货 ETF 上线，但该资产仍难以恢复历史新高。

相比之下，由于去年 1 月 BTC 现货 ETF 获得批准，比特币也出现了大量新资金流入，推动其价格上涨至新纪录，尤其是在唐纳德·特朗普当选后，唐纳德·特朗普承诺支持数字资产行业。然而，上周，比特币相关资金仅吸引了 4.07 亿美元的净流入，因为对特朗普总统对不同资产类别的潜在关税的担忧使投资者感到不安。

尽管最近对以太坊感到兴奋，但问题仍然存在：这种对以太坊的新兴趣是否会导致持续上升趋势，还是仅仅是比特币主导市场的暂时波动？ 只有时间才能证明。

高級

每周机构洞察：ETH/BTC 的转折点是否达到？

我们每周的加密货币衍生品分析报告将深入研究宏观事件、加密货币现状和现货交易量产生的交易信号，以及期货、期权和永续合约。

宏观走势上周末导致现货价格发生变化，继续推动加密货币 2025 年 1 月影响周一股市走势的趋势。然而，本周的反应不太明显，因为隐含波动率较低，即使在波动率期限结构短暂反转的情况下也是如此。衍生品市场情绪指标疲软，包括山寨币的资金利率波动、期货和期权的持仓利息停滞以及长期波动微笑的看涨倾斜度下降，表明周中 CPI 印刷品对现货价格的影响极小。 

在主要代币的永续掉期市场中，未平仓利率保持稳定，但资金利率往往波动且呈负值。与此同时，尽管 ETH 的期限结构出现多次反转，但波动率预期在过去一个月有所下降。

随着交易量下降，未平仓利息保持稳定

自 2025 年 2 月 3 日下跌以来，过去 10 天内永续掉期未平仓利息保持稳定，资金费率未显示回升至高杠杆水平。这一趋势与期货和期权的走势一致，而期货并未恢复其之前高于现货价格的强势基础，期权对大选后持续存在的 OTM 看涨看跌趋势。此外，与前两周相比，交易量有所下降，反映出同期现货市场的波动性较低。

直接波动率处于今年的最低水平，反映了对可选性的需求减少以及对未来波动率的预期降低。尽管出现这种下行趋势，但波动期结构在过去一个月内已多次反转，通常是周日晚些时候或周一早些时候。期权市场现货价格波动率降低与交易活动减少一致，过去一周平均交易量处于今年最低水平，而看涨期权和看跌期权的未平仓利息保持稳定。

本周，SOL 看跌期权的交易量有所下降，2025 年 2 月 2 日和 9 日出现重大仓位，与特朗普总统宣布新关税和中国采取的报复措施一致。相比之下，由于现货价格从 2025 年 1 月 19 日跌至历史新高，看涨期权的未平仓位相对稳定。然而，虽然未平仓利息差距缩小，但较久期限看涨期权仍占据主导地位。

Bybit X Block Scholes 加密货币衍生品分析报告（2025 年 2 月 12 日）：波动率跌至 2025 年最低水平；Solana 看跌量下跌

Crypto Insights

Institutions still favor Bitcoin over Ether, even though the latter is likely getting a green light from the SEC for its Spot ETFs. 

Screenshot_2024-06-23_at_4.53.14_PM.png

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Bybit Data: Institutions Continue to Favor Bitcoin

Following the approval of Bitcoin Spot ETFs on January 10, 2024, Bitcoin’s price saw a 46% increase in February 2024 and peaked in mid-March with an all-time high of $73.7K. Despite the pullback in April and rebound in May, institutional holdings of Bitcoin continued to increase persistently throughout the half-year period. 

On the other hand, Ether’s position by institution saw a surprising decrease in May 2024, dropping from 10.8% on April 30, 2024, to 9.9% on May 31. Institutions have been acting as the smart money this time, with their Ether positions increasing in April as the market lost faith in the SEC’s ETF approval, and reducing in the wake of the approval.

In short, institutions still favor Bitcoin over Ether, even though the latter is likely getting a green light from the SEC for its Spot ETFs. The reasons behind this are likely a combination of TradFi’s accumulation of Bitcoin and the subdued attraction of Ether Spot ETFs.

Impact of TradFi’s Accumulation of Bitcoin

BTC Positions From Top Hedge Funds Are Quite Small

Following Bitcoin Spot ETF approvals in January 2023, the 13F reports for Q1 2024 are the first of their kind to be released that cover the position change for traditional asset managers. 

It’s surprising that over half of the top 25 hedge funds invested in Bitcoin Spot ETFs in the first quarter of 2024. 

Top Hedge Funds’ Bitcoin Position % as AUM. Source: Bybit

While Bitcoin wasn’t dominant, its presence in the portfolios of major hedge funds is still significant. For example, at Millennium Management, Bitcoin Spot ETFs, including IBIT and FBTC, account for the 18th-largest position in the firm's portfolio, comprising over 0.3% of its total assets under management (AUM).

This suggests that even traditional, non-crypto-focused hedge funds are starting to view Bitcoin as an attractive investment. Known for their flexibility and embrace of volatility, hedge funds may be drawn to Bitcoin due to its potential for outsized returns as compared to more traditional asset classes.

Prior to the recent disclosure of these 13F filings, crypto-native hedge funds had been the primary institutional buyers of Bitcoin. However, the fact that mainstream, non-crypto hedge funds are now accumulating Bitcoin positions speaks to the growing market optimism around Bitcoin Spot ETFs.

These ETFs provide established asset managers with regulated investment vehicles to gain exposure to Bitcoin, which offers unique investment characteristics, such as its limited supply and lack of correlation with other asset types. As such, Bitcoin is clearly gaining recognition among a wider range of institutional investors — even if it remains a relatively small part of their overall portfolios for now.

Once Traditional Asset Classes Are Starting to Invest in Bitcoin — And It Won't Be a One-off Event

It's unlikely that investors have already allocated their full targeted exposure to Bitcoin in the first quarter of 2024. The true extent of their positions will likely become clearer when the next round of 13F filings is released in mid-August.

Traditional hedge funds, in particular, probably haven’t invested their entire desired Bitcoin allocation so far this year. This is especially true given that Bitcoin has continued to set new all-time highs, making current investment costs less appealing from a trading perspective.

Instead, the Bitcoin positions we've seen reported so far in Q1 2024 are likely just initial stake-building by these institutional players. Hedge funds, with their typical 5-year investment horizons, are usually more focused on buying low and selling high to maximize returns; they aren’t the 

ers that some other crypto investors have become. In particular, the lowest Bitcoin price point observed so far in Q1 2024 has only been around $58,000. This relatively mild drawdown may not have provided a sufficiently attractive entry point for these sophisticated investors to deploy their full intended allocations.

We'll likely get a better sense of hedge funds' true Bitcoin exposures and strategies when the next round of regulatory filings is disclosed in mid August. The current data only provides a partial glimpse into institutional crypto adoption trends.

When it comes to Bitcoin Spot ETF investments, we believe pension funds stand out as some of the most impressive institutional players. As long-term, risk-averse investors, pension funds are poised to be the true HODLers in this space.

Based on the latest 13F filings, Wisconsin Investment Board appears to be one of the few pension funds that’s been allocated to Bitcoin Spot ETFs so far. This makes sense, as pension funds generally have much longer investment horizons as compared to more active traders, such as hedge funds.

Similar to the way that hedge funds are approaching Bitcoin, we don't believe Wisconsin's investment in the Bitcoin Spot ETF is a one-off. Just as Warren Buffett gradually built up Berkshire Hathaway's position in Apple over 2016 and 2017, we expect pension funds to increase their Bitcoin exposure methodically over time.

Another potentially significant source of long-term Bitcoin investment could come from corporate America. While early movers like MicroStrategy and Tesla have already allocated corporate treasury funds to Bitcoin, we may see more firms follow suit and use Bitcoin Spot ETFs as a way to hold the cryptocurrency.

 cash balance to direct Bitcoin holdings, rather than through an ETF. However, holding Bitcoin via a Spot ETF could be an easier option for many corporations looking to reduce custody and counterparty risks.

Cash held by Corporate America (Feb 2024). Sources: Harvard Business Review, Bybit

The data presented in the table above suggests that if corporate America were to allocate just 5% of its aggregate cash reserves into Bitcoin, that would be equivalent to 25.5% of Bitcoin's total market cap. This highlights the sheer scale of the potential demand that could be unleashed if more major corporations start treating Bitcoin as a treasury reserve asset, in a similar fashion to early movers like MicroStrategy and Tesla.

Will Bitcoin Continue to Outperform Ether?

Bitcoin Dominance Halts Since 19b-4 Approval of Ether Spot ETFs

The ETHBTC ratio has been in a downtrend since September 2023, likely due to anticipation of Bitcoin Spot ETF approvals. It briefly bounced above 0.05 in January after the BTC ETF launch, as investors betted on an upcoming Ether Spot ETF.

However, the ratio has since continued falling, only recently bottoming out as Ether Spot ETFs near approval. At 0.053, the current ETHBTC level remains well below historical averages, indicating Bitcoin's outperformance.

Ether Spot ETFs Are Unlikely to Repeat Bitcoin Spot ETFs’ Success

Approval of 19b-4 documents by the SEC was an initial step toward the eventual approval of Ether Spot ETFs. The market expects the SEC will need to sign off on the registration statements, known as S-1s, submitted by the fund issuers, likely sometime this summer.

The key question is whether we'll see another rally in Ether and other cryptocurrencies after the expected ETF approval in July 2024.

In the lead-up to the SEC's green light, Ether jumped from $3,000 to $3,700 — a 20% increase as compared to just an 11% rise in Bitcoin over the same period. This narrowed the performance gap between the two largest cryptocurrencies.

In our view, the market has largely priced in the approval of an Ether Spot ETF, as there are no major uncertainties surrounding this imminent event. Compared to Bitcoin's gains since Q4 2023, Ether has only about 30% room to catch up.

However, the SEC's specific classification of Ether as a commodity or security in its official ETF approval could still fuel another rally, as the market may then anticipate approval of similar ETFs for Solana, XRP or other altcoins.

It's also worth noting approved Ether Spot ETFs will likely lack a staking feature, per the revised application forms. This may drive some traditional financial institutions to consider holding Ether directly through regulated custodians, rather than a Spot ETF.

In our view, both Bitcoin and Ether will continue to see price appreciation as more crypto ETFs launch, with the broader crypto market likely remaining highly correlated.

 from Bybit Institutional suggests that Bitcoin and Ether are the mainstay assets in institutional portfolios. Therefore, the slight outperformance of Bitcoin against Ether may not make a huge difference to the overall returns of these diversified crypto holdings.

Looking ahead, Bitcoin may likely continue to be the preferred choice for traditional finance (TradFi) institutions newly entering the crypto market, given its status as 

In contrast, Ether's positioning as the "app store" of the crypto ecosystem may not be as unique an attribute for these TradFi players. Many Web 2.0 companies have stronger fundamentals than those of applications built on Ethereum, which also faces intensifying competition from other Layer 1 protocols.

Bitcoin Bull Rally Persists, Likely Due to Institutional Accumulation; Bitcoin Might Outperform Ether Near-Term