Arthur Hayes 警告新 L1 项目 Monad 是典型的"高 FDV、低流通"VC 币,散户风险极高。内部代币解锁后可能暴跌 99%,最终沦为"熊链"。 他预测下一周期真正能存活的只有比特币、以太坊、Solana 与 Zcash。多数新 L1 最终都会失败。 与此同时,SEC 专员 Hester Peirce 强调自主管理加密资产应是基本人权,质疑为何公民必须依赖第三方托管。但比特币诞生 15 年来,自主管理比例首次下降,原因是 ETF 实物申赎的兴起。 市场结构正在发生根本性变化。
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