国际律所 White & Case 合伙人 Laura Katherine Mann 表示，2025 年是加密企业 IPO 的“测试之年”，而 2026 年才是检验数字资产 IPO 是否具备长期可持续性的关键节点。她指出，市场将判断加密 IPO 是一种“可持续的资产类别”，还是仅在行情高涨时才奏效的周期性交易。Mann 表示，2025 年已有多家加密公司上市，包括稳定币发行商 Circle、Bullish 以及 Gemini。展望 2026 年，潜在 IPO 候选方包括 Upbit、FalconX、Chainalysis 以及已提交上市申请的 Grayscale。她认为，尽管加密市场整体已从 2021 年的牛熊周期中显著复苏，但高波动性仍是传统资本市场重点关注的问题，因其直接影响企业收入稳定性、用户活跃度和估值水平。与此同时，机构化趋势正在加强，但投资者的风险偏好正变得更加审慎。在结构上，Mann 预计 2026 年加密 IPO 将从“比特币财库型公司（DAT）”转向更偏金融基础设施属性的企业，包括受监管的交易所与经纪商、基础设施与托管服务商，以及稳定币支付与资金管理平台。她同时提醒，估值纪律已重新回归，宏观环境与市场情绪仍可能快速收紧 IPO 窗口。只有具备合规基础、可持续商业模式及清晰股权叙事的加密公司，才有望在 2026 年顺利登陆公开市场。（coindesk）

The SEC published “Crypto Asset Custody Basics,” outlining risks, safeguards, and key considerations for U. S. retail investors holding digital assets. The post SEC Releases “Crypto Asset Custody Basics” Guide for U. S. source: https://btcusa.com/sec-releases-crypto-asset-custody-basics-guide-for-u-s-retail-investors/

null source: https://x.com/cryptonwsuk/status/1999989637331206601

ADNOC now accepts AE Coin stablecoin payments at 980 regional service stations, expanding real-world crypto adoption across the UAE, Saudi Arabia, and Egypt. source: https://btcusa.com/adnoc-begins-accepting-ae-coin-stablecoin-payments-across-980-service-stations-in-the-uae-saudi-arabia-and-egypt/

파이코인은 11월 말 이후 약세를 보이고 있습니다. 이달 말 최고점을 기록한 뒤 가격이 약 28% 하락하여 이전 상승분의 대부분을 반납했습니다. 최근 7일 동안만 해도 파이코인은 약 8. 6% 내렸습니다 source: https://kr.beincrypto.com/pi-coin-price-analysis-rebound-hints/

Pakistan also granted preliminary clearances to Binance and HTX to prepare its license applications for a full launch in the country. source: https://www.theblock.co/post/382456/binance-to-advise-pakistan-on-2-billion-asset-tokenization-as-country-prepares-stablecoin-launch?utm_source=rss&utm_medium=rss

Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range battle between $86,000 and $100,000. With bearish patterns confirmed and short-term support holding, the market now waits to see if bulls can reclaim momentum or if a deeper pullback is on the horizon. Bitcoin Confirms Macro Top: Bearish Phase Underway According to an update from Crypto Patel, Bitcoin appears to have confirmed a market top and is now transitioning into a broader macro retracement phase. The loss of a key bullish support level has shifted the market structure into a bearish phase source: https://www.newsbtc.com/news/bitcoin/bitcoin-macro-retracement/

Strategy (MSTR) will remain in the Nasdaq 100 Index after the latest annual rebalancing, preserving its position despite ongoing debate over its transformation into what many analysts now describe as a “de facto Bitcoin investment vehicle. source: https://www.ethnews.com/strategy-keeps-its-nasdaq-100-spot-but-mscis-upcoming-decision-poses-the-bigger-risk/

شهد سعر زي كاش ارتفاعا حادا في هذه الدورة، حيث ارتفع بأكثر من 700٪ خلال ثلاثة أشهر، تلاها توقف صحي. بعد أن ارتفع بقوة خلال الأسبوع الماضي، بدأ السعر الآن في التراجع، مما يثير تساؤلات حول ما إذا كان الزخم يتلاشى أم مجرد إعادة ضبط. بينما يبدو أن حركة الأسعار قصيرة الأجل غير محددة، تشير بيانات السلسلة وحجم التداول إلى أن المشترين قد يكونون مسيطرين بهدوء. الخطوة التالية تعتمد على ما إذا كان Zcash يمكنه تحويل الدمج إلى استمرار source: https://ar.beincrypto.com/zcash-potential-price-shock/

The Zcash price has seen a sharp run this cycle, up over 700% in three months, followed by a healthy pause. After rallying strongly through the last week, the price is now pulling back, raising questions about whether momentum is fading or simply resetting. While short-term price action looks undecided, on-chain and volume data suggest buyers may still be quietly in control. The next move depends on whether Zcash can turn consolidation into continuation source: https://beincrypto.com/zcash-potential-price-shock/

大多数团队只是利用叙事炒作，而没有给予底层系统和实际开发者应有的认可。

终于，构建应用链（Appchains）变得有意义了。

2025年12月1日，一则重磅新闻落地：据港交所披露，HashKey作为首批香港持牌虚拟资产服务提供者（VATP）之一，正式通过了港交所的上市聆讯。

以太坊正在转向 L1 扩容和隐私，美股后台引擎 DTCC 手握 100 万亿美元开始向链上迁移，似乎一个美好的加密新浪潮即将到来。

BTC,技术,当发币变成流水线有人在给比特币开发者发工资 金色财经,给比特币“操作系统”发工资的人。

​本轮周期中表现最好的"山寨币"有些根本不是代币——它们是加密资产相关的股票。其中涨势最猛的非Robinhood莫属。

资本大佬卖飞英伟达，反思估值与人，错过AI浪潮，悟长期持有真谛。

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在大西洋彼岸，汇款一直都很可靠快捷。这或许是美国人乐于接受“稳定币”作为银行体系替代方案的原因之一。

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