{"id":178870,"date":"2026-03-13T08:30:11","date_gmt":"2026-03-13T08:30:11","guid":{"rendered":"https:\/\/ktromedia.com\/?p=178870"},"modified":"2026-03-13T08:30:11","modified_gmt":"2026-03-13T08:30:11","slug":"%e6%af%94%e7%89%b9%e5%b8%81%e7%9f%bf%e5%b7%a5%e9%9c%80%e8%a6%81%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd%e5%92%8c%e6%94%b6%e7%9b%8a%e7%ad%96%e7%95%a5%e6%89%8d%e8%83%bd%e7%94%9f%e5%ad%98","status":"publish","type":"post","link":"https:\/\/ktromedia.com\/?p=178870","title":{"rendered":"\u6bd4\u7279\u5e01\u77ff\u5de5\u9700\u8981\u4eba\u5de5\u667a\u80fd\u548c\u6536\u76ca\u7b56\u7565\u624d\u80fd\u751f\u5b58"},"content":{"rendered":"<div data-testid=\"html-renderer-container\">\n<p>\u505a\u5e02\u5546 Wintermute \u8868\u793a\uff0c\u7531\u4e8e\u6536\u76ca\u9012\u51cf\uff0c\u8bb8\u591a\u6bd4\u7279\u5e01\u77ff\u5546\u5728\u8fd9\u4e2a\u5e02\u573a\u5468\u671f\u4e2d\u96be\u4ee5\u76c8\u5229\uff0c\u56e0\u6b64\u4ed6\u4eec\u53ef\u80fd\u9700\u8981\u8f6c\u5411\u4eba\u5de5\u667a\u80fd\u6258\u7ba1\uff0c\u6216\u8005\u5c06\u5176\u6301\u6709\u7684\u8d44\u4ea7\u7528\u4e8e\u4ea7\u751f\u6536\u76ca\u3002<\/p>\n<p>Wintermute \u5728\u535a\u5ba2\u4e2d\u8bf4\u9053 <a title=\"https:\/\/www.wintermute.com\/insights\/views\/opinions\/epoch-5-a-structurally-different-btc-mining-cycle\" href=\"https:\/\/www.wintermute.com\/insights\/views\/opinions\/epoch-5-a-structurally-different-btc-mining-cycle\" target=\"_blank\" rel=\"nofollow noopener\">\u90ae\u653f<\/a> \u5468\u56db\uff0c\u6bd4\u7279\u5e01\uff08<a title=\"https:\/\/cointelegraph.com\/bitcoin-price\" href=\"https:\/\/cointelegraph.com\/bitcoin-price\" target=\"_blank\" rel=\"nofollow noopener\">\u6bd4\u7279\u5e01<\/a>\uff09\u77ff\u5de5\u4eec\u82b1\u4e86\u6570\u5e74\u65f6\u95f4\u5efa\u9020\u5927\u578b <a title=\"https:\/\/cointelegraph.com\/news\/big-tech-signs-trump-pledge-to-cover-their-own-ai-energy-costs\" href=\"https:\/\/cointelegraph.com\/news\/big-tech-signs-trump-pledge-to-cover-their-own-ai-energy-costs\">\u7535\u529b\u57fa\u7840\u8bbe\u65bd<\/a> \u4ed6\u4eec\u73b0\u5728\u53d1\u73b0\u81ea\u5df1\u201c\u6b63\u5904\u4e8e\u4eba\u5de5\u667a\u80fd\u884c\u4e1a\u6700\u8feb\u5207\u9700\u8981\u4e14\u65e0\u6cd5\u8f7b\u6613\u590d\u5236\u7684\u9886\u57df\u201d\u3002<\/p>\n<p>\u62a5\u544a\u79f0\uff0c\u6bd4\u7279\u5e01\u6316\u77ff\u662f\u4e00\u79cd\u201c\u7ed3\u6784\u50f5\u5316\u7684\u5546\u4e1a\u6a21\u5f0f\u201d\uff0c\u867d\u7136\u4eba\u5de5\u667a\u80fd\u67a2\u7ebd\u662f\u4e00\u4e2a\u5f15\u4eba\u6ce8\u76ee\u7684\u6a21\u5f0f\uff0c\u4f46\u5b83\u4e5f\u662f\u201c\u6fc0\u70c8\u4e14\u8d44\u672c\u5bc6\u96c6\u7684\u4e00\u6b65\u201d\u3002<\/p>\n<p>\u8be5\u62a5\u544a\u53d1\u5e03\u4e4b\u9645\uff0c\u77ff\u4e1a\u5de8\u5934 MARA Holdings \u662f\u6700\u65b0\u4e00\u5bb6\u5173\u6ce8\u4eba\u5de5\u667a\u80fd\u7684\u516c\u53f8\uff0c\u8be5\u516c\u53f8\u4e8e 3 \u6708 3 \u65e5\u5411 SEC \u63d0\u4ea4\u6587\u4ef6\uff0c\u8868\u660e\u5176\u6253\u7b97\u51fa\u552e\u90e8\u5206 BTC \u4ee5\u8f6c\u5411\u8be5\u6280\u672f\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u516c\u5f00\u4e0a\u5e02\u7684\u77ff\u5546\u5df2 <a title=\"https:\/\/cointelegraph.com\/news\/cleanspark-sells-most-february-bitcoin-output-generating-36-6m-in-proceeds\" href=\"https:\/\/cointelegraph.com\/news\/cleanspark-sells-most-february-bitcoin-output-generating-36-6m-in-proceeds\">\u5356<\/a> \u66f4\u591a\u7684 <a title=\"https:\/\/cointelegraph.com\/news\/bitcoin-miners-unwind-btc-treasuries-margin-pressure\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miners-unwind-btc-treasuries-margin-pressure\">\u8d85\u8fc7 15,000 \u4e2a\u6bd4\u7279\u5e01<\/a> \u81ea\u5341\u6708\u4ee5\u6765\u3002<\/p>\n<h2>\u77ff\u5de5\u6301\u6709\u6bd4\u7279\u5e01\u662f\u201cHODL \u65f6\u4ee3\u7684\u9057\u4ea7\u201d<\/h2>\n<p>Wintermute \u8868\u793a\uff0c\u6bd4\u7279\u5e01\u77ff\u5546\u603b\u5171\u6301\u6709\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\u7684\u8fd1 1%\uff0c\u5e76\u8ba4\u4e3a\u8fd9\u662f\u201cHODL \u65f6\u4ee3\u7684\u9057\u4ea7\u201d\uff0c\u5e76\u4e14\u201c\u8d22\u52a1\u7ba1\u7406\u7684\u5b8c\u6574\u5de5\u5177\u5305\u57fa\u672c\u4e0a\u5c1a\u672a\u5f00\u53d1\u201d\u3002<\/p>\n<p>\u4f20\u7edf\u4e0a\uff0c\u52a0\u5bc6\u8d27\u5e01\u6536\u76ca\u7684\u4ea7\u751f\u4ec5\u9650\u4e8e <a title=\"https:\/\/cointelegraph.com\/news\/vitalik-distributed-validator-technology-lite-simplify-institutional-eth-staking\" href=\"https:\/\/cointelegraph.com\/news\/vitalik-distributed-validator-technology-lite-simplify-institutional-eth-staking\">\u8d28\u62bc<\/a> \u4f46 Wintermute \u8868\u793a\uff0c\u77ff\u5546\u53ef\u4ee5\u901a\u8fc7\u4e3b\u52a8\u7ba1\u7406\u6765\u6316\u6398\u6536\u76ca\uff0c\u4f8b\u5982\u901a\u8fc7\u884d\u751f\u54c1\u7ed3\u6784\u3001\u5907\u5151\u770b\u6da8\u671f\u6743\u548c\u73b0\u91d1\u62c5\u4fdd\u770b\u8dcc\u671f\u6743\u5c06\u5e02\u573a\u98ce\u9669\u8d27\u5e01\u5316\u3002<\/p>\n<p>\u88ab\u52a8\u7ba1\u7406\u9009\u9879\u5305\u62ec\u5c06\u6bd4\u7279\u5e01\u90e8\u7f72\u5230\u501f\u8d37\u534f\u8bae\u4e2d\u4ee5\u8d5a\u53d6\u5229\u606f\u3002<\/p>\n<figure><figcaption style=\"text-align: center;\"><em>\u6bd4\u7279\u5e01\u7684\u6536\u5165\u548c\u6bdb\u5229\u7387\u6bd4\u4e4b\u524d\u7684\u5468\u671f\uff08\u65f6\u4ee3\uff09\u5927\u5e45\u4e0b\u964d\u3002\u6765\u6e90\uff1a <\/em><a title=\"https:\/\/x.com\/wintermute_t\/status\/2032130734073471315\" href=\"https:\/\/x.com\/wintermute_t\/status\/2032130734073471315\" target=\"_blank\" rel=\"nofollow noopener\"><em>\u6e29\u7279\u7a46\u7279<\/em><\/a><\/figcaption><\/figure>\n<p>Wintermute \u8868\u793a\uff1a\u201c\u6211\u4eec\u8ba4\u4e3a\uff0c\u79ef\u200b\u200b\u6781\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u7ba1\u7406\u662f\u77ff\u5546\u6700\u672a\u5145\u5206\u5229\u7528\u7684\u6760\u6746\uff0c\u503c\u5f97\u66f4\u591a\u7684\u6218\u7565\u5173\u6ce8\u3002\u201d \u201c\u90a3\u4e9b\u5c06\u6301\u6709\u7684\u6bd4\u7279\u5e01\u89c6\u4e3a\u5de5\u4f5c\u8d44\u4ea7\u800c\u4e0d\u662f\u88ab\u52a8\u50a8\u5907\u7684\u77ff\u5546\u5c06\u5728\u4e0b\u4e00\u6b21\u51cf\u534a\u4e2d\u83b7\u5f97\u7ed3\u6784\u6027\u4f18\u52bf\u3002\u201d<\/p>\n<p><em><strong>\u6709\u5173\u7684\uff1a <\/strong><\/em><a title=\"https:\/\/cointelegraph.com\/news\/mining-companies-ai-hpc-mara-sell-bitcoin\" href=\"https:\/\/cointelegraph.com\/news\/mining-companies-ai-hpc-mara-sell-bitcoin\"><em><strong>MARA \u53ef\u80fd\u51fa\u552e\u6bd4\u7279\u5e01\uff0c\u77ff\u4e1a\u516c\u53f8\u8fdb\u4e00\u6b65\u8fdb\u519b\u4eba\u5de5\u667a\u80fd\u3001\u9ad8\u6027\u80fd\u8ba1\u7b97\u9886\u57df<\/strong><\/em><\/a><\/p>\n<p>Wintermute \u8868\u793a\uff0c\u5728\u56db\u5e74\u7684\u5e02\u573a\u5468\u671f\u4e2d\uff0c\u6bd4\u7279\u5e01\u9996\u6b21\u672a\u80fd\u5b9e\u73b0\u62b5\u6d88\u51cf\u534a\u9a71\u52a8\u7684\u6536\u5165\u524a\u51cf\u6240\u9700\u7684\u4e24\u500d\u4ef7\u683c\u56de\u62a5\uff0c\u5e76\u4e14\u6bdb\u5229\u7387\u5df2\u8fbe\u5230\u6b64\u524d\u6807\u5fd7\u7740\u718a\u5e02\u5e95\u7ebf\u7684\u5cf0\u503c\u6c34\u5e73\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u4ea4\u6613\u8d39\u7528\u5e02\u573a\u5c1a\u672a\u586b\u8865\u8fd9\u4e00\u7a7a\u767d\uff0c\u56e0\u4e3a\u5b83\u662f\u201c\u5076\u53d1\u6027\u201d\u7684\u800c\u975e\u7ed3\u6784\u6027\u7684\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u80fd\u6e90\u6210\u672c\u7ee7\u7eed\u6324\u538b\u5229\u6da6\u3002 <\/p>\n<p>\u8be5\u516c\u53f8\u6307\u51fa\uff0c\u6570\u636e\u8868\u660e\u8fd9\u6b21\u6324\u538b\u4e0e 2018 \u5e74\u548c 2022 \u5e74\u7684\u4e4b\u524d\u5468\u671f\u4e0d\u540c\uff0c\u5e76\u5c06\u5176\u63cf\u8ff0\u4e3a\u4e00\u6b21\u201c\u5065\u5eb7\u7684\u91cd\u7ec4\u201d\uff0c\u7b26\u5408\u6bd4\u7279\u5e01\u7684\u8bbe\u8ba1\uff0c\u5e76\u5c06\u4f7f\u91c7\u77ff\u4e1a\u201c\u56e0\u6b64\u66f4\u52a0\u9ad8\u6548\u201d\u3002<\/p>\n<p><em><strong>\u6742\u5fd7\uff1a <\/strong><\/em><a title=\"https:\/\/cointelegraph-magazine.com\/all-21m-bitcoin-risk-quantum-computers\/\" href=\"https:\/\/cointelegraph-magazine.com\/all-21m-bitcoin-risk-quantum-computers\/\" target=\"_blank\" rel=\"nofollow noopener\"><em><strong>\u5168\u90e8 2100 \u4e07\u6bd4\u7279\u5e01\u90fd\u9762\u4e34\u91cf\u5b50\u8ba1\u7b97\u673a\u7684\u5a01\u80c1<\/strong><\/em><\/a><\/p>\n<p><template data-type=\"crypto_biz\" data-name=\"subscription_form\" data-label=\"Subscription Form: Crypto Biz Newsletter\"\/><\/div>\n<div data-testid=\"latest-disclaimer\">Cointelegraph \u81f4\u529b\u4e8e\u72ec\u7acb\u3001\u900f\u660e\u7684\u65b0\u95fb\u4e1a\u3002\u672c\u65b0\u95fb\u6587\u7ae0\u662f\u6839\u636e Cointelegraph \u7684\u7f16\u8f91\u653f\u7b56\u5236\u4f5c\u7684\uff0c\u65e8\u5728\u63d0\u4f9b\u51c6\u786e\u3001\u53ca\u65f6\u7684\u4fe1\u606f\u3002\u9f13\u52b1\u8bfb\u8005\u72ec\u7acb\u6838\u5b9e\u4fe1\u606f\u3002\u9605\u8bfb\u6211\u4eec\u7684\u7f16\u8f91\u653f\u7b56 <a href=\"https:\/\/cointelegraph.com\/editorial-policy\">https:\/\/cointelegraph.com\/editorial-policy<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u505a\u5e02\u5546 Wintermute \u8868\u793a\uff0c\u7531\u4e8e\u6536\u76ca\u9012\u51cf\uff0c\u8bb8\u591a\u6bd4\u7279\u5e01\u77ff\u5546\u5728\u8fd9\u4e2a\u5e02\u573a\u5468\u671f\u4e2d\u96be\u4ee5\u76c8\u5229\uff0c\u56e0\u6b64\u4ed6\u4eec\u53ef\u80fd\u9700\u8981\u8f6c\u5411\u4eba\u5de5\u667a\u80fd\u6258\u7ba1\uff0c\u6216\u8005\u5c06\u5176\u6301\u6709\u7684\u8d44\u4ea7\u7528\u4e8e\u4ea7\u751f\u6536\u76ca\u3002 Wintermute \u5728\u535a\u5ba2\u4e2d\u8bf4\u9053 \u90ae\u653f \u5468\u56db\uff0c\u6bd4\u7279\u5e01\uff08\u6bd4\u7279\u5e01\uff09\u77ff\u5de5\u4eec\u82b1\u4e86\u6570\u5e74\u65f6\u95f4\u5efa\u9020\u5927\u578b \u7535\u529b\u57fa\u7840\u8bbe\u65bd \u4ed6\u4eec\u73b0\u5728\u53d1\u73b0\u81ea\u5df1\u201c\u6b63\u5904\u4e8e\u4eba\u5de5\u667a\u80fd\u884c\u4e1a\u6700\u8feb\u5207\u9700\u8981\u4e14\u65e0\u6cd5\u8f7b\u6613\u590d\u5236\u7684\u9886\u57df\u201d\u3002 \u62a5\u544a\u79f0\uff0c\u6bd4\u7279\u5e01\u6316\u77ff\u662f\u4e00\u79cd\u201c\u7ed3\u6784\u50f5\u5316\u7684\u5546\u4e1a\u6a21\u5f0f\u201d\uff0c\u867d\u7136\u4eba\u5de5\u667a\u80fd\u67a2\u7ebd\u662f\u4e00\u4e2a\u5f15\u4eba\u6ce8\u76ee\u7684\u6a21\u5f0f\uff0c\u4f46\u5b83\u4e5f\u662f\u201c\u6fc0\u70c8\u4e14\u8d44\u672c\u5bc6\u96c6\u7684\u4e00\u6b65\u201d\u3002 \u8be5\u62a5\u544a\u53d1\u5e03\u4e4b\u9645\uff0c\u77ff\u4e1a\u5de8\u5934 MARA Holdings \u662f\u6700\u65b0\u4e00\u5bb6\u5173\u6ce8\u4eba\u5de5\u667a\u80fd\u7684\u516c\u53f8\uff0c\u8be5\u516c\u53f8\u4e8e 3 \u6708 3 \u65e5\u5411 SEC \u63d0\u4ea4\u6587\u4ef6\uff0c\u8868\u660e\u5176\u6253\u7b97\u51fa\u552e\u90e8\u5206 BTC \u4ee5\u8f6c\u5411\u8be5\u6280\u672f\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u516c\u5f00\u4e0a\u5e02\u7684\u77ff\u5546\u5df2 \u5356 \u66f4\u591a\u7684 \u8d85\u8fc7 15,000 \u4e2a\u6bd4\u7279\u5e01 \u81ea\u5341\u6708\u4ee5\u6765\u3002 \u77ff\u5de5\u6301\u6709\u6bd4\u7279\u5e01\u662f\u201cHODL \u65f6\u4ee3\u7684\u9057\u4ea7\u201d Wintermute \u8868\u793a\uff0c\u6bd4\u7279\u5e01\u77ff\u5546\u603b\u5171\u6301\u6709\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\u7684\u8fd1 1%\uff0c\u5e76\u8ba4\u4e3a\u8fd9\u662f\u201cHODL \u65f6\u4ee3\u7684\u9057\u4ea7\u201d\uff0c\u5e76\u4e14\u201c\u8d22\u52a1\u7ba1\u7406\u7684\u5b8c\u6574\u5de5\u5177\u5305\u57fa\u672c\u4e0a\u5c1a\u672a\u5f00\u53d1\u201d\u3002 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