局部山寨币升温，资金轮动加剧，合理利用结构化工具稳健参与、严控风险。

黄金创新高，BTC临支撑考验，市场或将迎连锁反应。

BTC震荡整理期延续，受宏观数据与政策预期交织影响，市场波动性或进一步上升。

债务扩张、季节性因素和链上结构变化正共同作用于市场，部分关键指标如今出现明显分化

在2025年三季度，数字资产市场正处于宏观环境与资金流动双重因素的博弈之中。

美国市场正进入新一轮流动性释放周期，结构性资金支持或将驱动 BTC 等风险资产持续上行

Ethereum's surge in value and the surge in institutional investors are driving the rise of the treasury share model and the institutionalization of the ETH market. This article analyzes Matrixport's customized structured investment solutions for investors, combining the latest market trends and capital flows.

市场进入调整阶段，BTC动能减弱，资金面与成交热度同步降温

宏观波动加剧，非农“爆冷”引发市场回调，ETH大额买入与价格调整背离。

宏观信息跟资金流动将为近期的重点关注对象。

BTC巨鲸出货引发短线波动，ETH资金流持续强劲，山寨币板块分化明显，宏观政策风险需关注。

市场指标逐步向盘整过渡，或持续至 8 月

BTC consolidated at a high level, ETH led the rotation of altcoins, the crypto market value exceeded $4 trillion, and market risk appetite rebounded.

BTC prices continue to hit new highs, and it is a good choice to pocket some of the profits amid overheated market sentiment.

BTC and ETH achieved simultaneous breakthroughs, and the expansion of stablecoins and favorable policies drove the growth of both funds and structure in the crypto market.