NYDIG警告:加密货币投资版图已缩小,比特币独吞资金、山寨叙事全熄火

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NYDIG 研究主管 Greg Cipolaro 指出,加密货币的「可投资版图」正在收缩,真正具备长期投资价值的用例仅剩比特币、代币化资产、稳定币与少数 DeFi 基础设施。过去被大肆炒作的游戏、社群与元宇宙项目几乎全面崩溃,资金正加速集中到少数赢家手中。
(前情提要:过去 12 年比特币市占率总览:那些令人意外的转折点)
(背景补充:山寨币近 2 周市值蒸发 2340 亿美元“创史上最惨”Glassnode:已陷熊市)

本文目录

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  • 只剩五大用例站得住脚
  • 游戏、元宇宙全军覆没
  • 资金加速集中,BTC 独大

NYDIG 研究主管 Greg Cipolaro 在最新报告中表示,随着加密产业逐渐成熟,其「可投资版图」(investable universe)正在明显收缩。他认为,真正能吸引大规模资金的加密用例,已经缩减到屈指可数的几个领域。

只剩五大用例站得住脚

Cipolaro 列出目前仍具备投资吸引力的加密应用:比特币、代币化资产(tokenized assets)、稳定币、精选的去中心化金融(DeFi)基础设施,以及少数通用型区块链如以太坊

他直言:

「大规模区块链应用的实现概率,似乎比先前预期的还要低得多。」

游戏、元宇宙全军覆没

报告指出,过去曾被市场寄予厚望的多个应用领域——包括区块链游戏、社群网络与元宇宙项目——在实际表现上全面落后于中心化替代方案。

Cipolaro 解释,对大多数企业和消费者应用来说,中心化系统「永远比去中心化更快、更便宜、运营效率更高」。区块链的核心优势——去信任化与抗审查性——更适合「货币与类货币(金融)」应用,而多数现实世界用例根本不需要无许可的不可篡改账本。

资金加速集中,BTC 独大

随着山寨币投机潮退、「持久性新叙事的出现极为有限」,比特币在加密投资中的占比持续攀升。Cipolaro 认为,资本向少数几个类别集中,正是市场走向成熟的信号。

不过,报告也指出这是一把双刃剑:虽然版图缩小有助于厘清谁才是真正的产业领导者、强化核心资产的地位,但同时也意味着加密产业的总可触及市场(TAM)与投机广度可能远小于早期预期。换言之,这个产业的规模,或许没有大家想象的那么大。

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