Crypto Industry Thrives in 2025, Embracing Maturity and Degen Spirit

加密行业在2025年蓬勃发展，拥抱成熟和德劲精神

Despite the early days of January, the crypto industry has already achieved remarkable milestones in 2025. Thanks in part to President Donald Trump's influence and the diminishing relevance of "woke" Democrats, the sector embarks on a new chapter with promising prospects on the horizon.

尽管在一月初，加密行业已经在 2025 年取得了显着的里程碑。部分归功于唐纳德·特朗普总统的影响力和“觉醒的”民主党的相关性逐渐减弱，该行业开启了新的篇章，前景光明。

Building on the momentum of 2024, when crypto shed its notoriety for scams and illicit activities, the industry has evolved into a respected player in the TradFi markets. Bitcoin ETFs, approved in January 2024, attracted a significant influx of Wall Street capital, propelling BTC to surpass the $100,000 mark. Subsequently, Ethereum and Solana ETFs emerged, further solidifying the embrace of crypto by traditional finance.

凭借 2024 年的势头，加密货币摆脱了诈骗和非法活动的恶名，该行业已发展成为 TradFi 市场中受人尊敬的参与者。 2024 年 1 月批准的比特币 ETF 吸引了华尔街资本的大量涌入，推动 BTC 突破 10 万美元大关。随后，以太坊和 Solana ETF 的出现，进一步巩固了传统金融对加密货币的拥抱。

This year, crypto strengthens its partnership with TradFi, aided by the SEC's increased compliance under Trump's leadership. However, despite these strides towards maturity, the crypto industry's degen spirit remains evident.

今年，在特朗普领导下 SEC 加强合规性的帮助下，加密货币加强了与 TradFi 的合作关系。然而，尽管取得了这些进步，加密行业的堕落精神仍然很明显。

Bitwise, the company behind one of the first ten SEC-approved Bitcoin ETFs, has filed for a Dogecoin ETF. The "Bitwise Dogecoin ETF" represents the first attempt by a financial institution to offer a DOGE-centric ETF in the US market. As CEO Matt Hougan confirmed to The Block, "This was from us."

Bitwise 是 SEC 批准的首批 10 只比特币 ETF 之一的公司，已申请狗狗币 ETF。 “Bitwise Dogecoin ETF”代表金融机构首次尝试在美国市场提供以 DOGE 为中心的 ETF。正如首席执行官 Matt Hougan 向 The Block 证实的那样，“这是我们发出的。”

Intriguingly, the market appears unfazed by this move. Nate Gercai, president of ETF Store, recently stated, "I remain shocked that no issuer has filed for Dogecoin ETF... Worst case, it's a marketing expense for the issuer. Best case, you get an extremely lenient SEC who approves."

有趣的是，市场似乎并未受到这一举措的影响。 ETF Store 总裁 Nate Gercai 最近表示，“令我感到震惊的是，没有发行人申请狗狗币 ETF……最坏的情况是，这对发行人来说是一笔营销费用。最好的情况是，你会得到一个极其宽松的 SEC 批准。”

With a market cap of nearly $52 billion, DOGE commands respect, despite its reputation as a degen asset. Perhaps President Trump's new Department of Government Efficiency, which pays homage to Dogecoin, has further endeared the memecoin to investors, particularly with Elon Musk at the helm. The department's website momentarily displayed a Dogecoin logo, causing DOGE's price to surge 11%.

尽管 DOGE 被誉为“堕落资产”，但它的市值接近 520 亿美元，但仍值得尊重。也许特朗普总统新成立的政府效率部向狗狗币致敬，进一步让迷因币受到投资者的喜爱，尤其是在埃隆·马斯克的掌舵下。该部门的网站暂时显示了狗狗币标志，导致 DOGE 的价格飙升 11%。

Adding to the degen fervor, Osprey Funds and Rex Shares have filed for seven separate ETFs with the SEC, including DOGE, BONK, and a TRUMP memecoin ETF. Despite its proposed position above the Ethereum and Bitcoin ETFs, the Trump ETF is tied to the President's official memecoin, launched just before his inauguration.

Osprey Funds 和 Rex Shares 已向 SEC 申请了七个单独的 ETF，包括 DOGE、BONK 和 TRUMP memecoin ETF，这进一步加剧了这种热潮。尽管特朗普 ETF 的提议地位高于以太坊和比特币 ETF，但它与总统就职前夕推出的官方模因币挂钩。

According to Trump's website, the memecoin's supply is capped at 200 million, constituting only 20% of the total 1 billion supply. The remaining 80% will be released over the next three years and are held by Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC. The website disclaims that $TRUMP "is not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."

根据特朗普的网站，memecoin 的供应量上限为 2 亿，仅占 10 亿供应总量的 20%。剩余的 80% 将在未来三年内释放，并由特朗普集团附属公司 CIC Digital LLC 和 Fight Fight Fight LLC 持有。该网站否认 $TRUMP“无意成为任何类型的投资机会、投资合同或证券或投资机会、投资合同或任何类型的证券的主题。”

Remarkably, the terms "token" or "coin" are absent from the website. Instead, the assets are referred to as "Trump Memes." "Trump Memes are intended to function as an expression of support for... the ideals and beliefs embodied by the symbol $TRUMP," the site states.

值得注意的是，网站上没有术语“代币”或“硬币”。相反，这些资产被称为“特朗普模因”。该网站称：“特朗普表情包的目的是表达对……符号 $TRUMP 所体现的理想和信仰的支持。”

Currently ranked as the 25th largest coin by market cap, $TRUMP trades around $37 at the time of writing, approximately half its all-time high set near Trump's inauguration.

按市值计算，特朗普美元目前排名第 25 位，截至撰写本文时，其交易价格约为 37 美元，约为特朗普就职典礼前后创下的历史高点的一半。

Meanwhile, BONK, which rose to prominence in 2024 after a 300% surge, now sits in 50th place by market cap. Created in 2022, BONK symbolizes Solana's resilience after the FTX collapse. Its growth is fueled by community initiatives, including a planned burn of 1 trillion tokens by December, aimed at increasing scarcity and value.

与此同时，BONK 在 2024 年飙升 300% 后崛起，目前市值排名第 50 位。 BONK 创建于 2022 年，象征着 Solana 在 FTX 崩溃后的韧性。它的增长是由社区举措推动的，包括计划在 12 月之前销毁 1 万亿枚代币，旨在增加稀缺性和价值。

Despite their perceived absurdity, the value of these memecoins cannot be ignored. The GMCI Meme tracker reveals that a basket of 28 memecoins outperformed Bitcoin and Ethereum significantly in 2024.

尽管它们被认为是荒谬的，但这些模因币的价值不容忽视。 GMCI Meme 追踪器显示，2024 年一篮子 28 种 memecoin 的表现显着优于比特币和以太坊。

Perhaps the crypto industry is not reverting to its immature past but rather finding a way to mature those immature ways. Memecoin ETFs, it seems, are here to stay.

也许加密行业并没有回到不成熟的过去，而是在寻找一种让那些不成熟的方式变得成熟的方法。 Memecoin ETF 似乎将继续存在。