从历史上看，加密货币市场一直是由主流叙事驱动的。不是今天。在一个角落里，矿工们正试图摆脱四年周期的束缚。 IREN 正在被重塑为一家人工智能基础设施公司，分析师指出数据中心和计算需求是真正的增长引擎。在另一个角落，BitMine 正在做完全相反的事情，即使损失不断增加，仍将数十亿美元投入以太坊（ETH）。
脱节还不止于此。稳定币余额已激增至超过 3000 亿美元，但活动却急剧下降。这反映出资本正在等待，但对接下来的事情没有明确的共识。与此同时，各机构正在建立一条平行轨道。代币化的国债现在被用作交易所的抵押品，将传统金融和加密货币市场比以往更紧密地联系起来。本周的《加密货币商业》深入探讨了朝不同方向发展的市场。
Bernstein 认为 IREN 从比特币挖矿转向 3.7B 美元的人工智能云业务
Analysts at Bernstein are reframing the story around IREN, arguing the company’s future may depend less on Bitcoin (BTC) mining and more on building out AI-focused data center capacity. In a new report, Bernstein highlights IREN’s access to large-scale energy infrastructure as a key advantage, positioning it to support high-performance computing workloads tied to artificial intelligence.
IREN’s AI cloud segment could grow into a multibillion-dollar business over time, with estimates pointing to a potential $3.7 billion valuation. The company has already begun expanding its data center footprint and securing financing to support this shift, signaling a longer-term strategy that extends beyond crypto mining. The transition reflects a broader trend among miners seeking more stable and diversified revenue streams as economic conditions in the mining sector deteriorate.
随着未实现损失的增加，BitMine 又增加了 101,000 ETH
Tom Lee’s BitMine added another 101,000 ETH to its balance sheet, doubling down on its accumulation strategy even as its existing holdings remain deeply underwater. The latest purchase brings total investment to roughly $17.6 billion, reinforcing the company’s position as the largest corporate holder of Ether.
That aggressive buying streak comes amid more than $6.5 billion in unrealized losses, reflecting Ether trading well below BitMine’s average acquisition price, $2,248.55 at last look versus the average $3,621.34, according to DropsTab data. The scale of the drawdown underscores the risk of concentrating corporate treasuries in a single volatile asset, especially when accumulation continues during price weakness.
随着转账量下降近 20%，稳定币供应量增加
Stablecoin transfer activity fell sharply over the past month, with total volume dropping 19% to about $8.3 trillion, even as the overall market continued to expand, according to RWA.xyz data.与此同时，总供应量攀升至 3050 亿美元以上，而持有者和活跃地址数量也小幅上升。
这种差异表明资本积累没有流动。越来越多的美元进入或停留在稳定币中，但跨区块链使用的美元却越来越少。实际上，流动性正在上升，但活动正在放缓，这表明用户正在持有而不是部署资金。各个资产之间的流动也讲述了类似的故事。 Tether’s USDt (USDT) led inflows with roughly $3.6 billion added, followed by USDC (USDC), while USDe (USDE) and PayPal USD (PYUSD) saw outflows.
OKX 将贝莱德的代币化国债基金纳入交易抵押品
OKX has added BlackRock’s tokenized US Treasurys fund, BUIDL, to its platform, allowing institutional clients to use the asset as trading collateral. The integration is part of a new framework developed with Standard Chartered, where the fund can be posted as margin while remaining in regulated custody with the bank.
该设置改变了抵押品在加密货币交易所的工作方式。 Instead of parking cash or stablecoins that sit idle, clients can hold a yield-bearing Treasury-backed asset and still use it to support trading activity. In some cases, the collateral stays off-exchange under Standard Chartered’s custody, while OKX mirrors it for trading — a structure designed to reduce counterparty risk without interrupting execution.
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