{"id":117,"date":"2026-01-18T17:13:33","date_gmt":"2026-01-18T09:13:33","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=117"},"modified":"2026-01-18T17:45:36","modified_gmt":"2026-01-18T09:45:36","slug":"%e5%87%8f%e5%8d%8a%e4%ba%8b%e4%bb%b6%e5%88%ba%e6%bf%80%e5%a4%a7%e5%9e%8b%e6%af%94%e7%89%b9%e5%b8%81%e7%9f%bf%e5%b7%a5%e5%9b%a4%e5%b8%81%e7%83%ad%e6%bd%ae%ef%bc%8c%e7%bc%93%e8%a7%a3%e5%b8%82%e5%9c%ba","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=117","title":{"rendered":"\u51cf\u534a\u4e8b\u4ef6\u523a\u6fc0\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u56e4\u5e01\u70ed\u6f6e\uff0c\u7f13\u89e3\u5e02\u573a\u629b\u552e\u538b\u529b"},"content":{"rendered":"<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u673a\u6784\u7814\u7a76 1200x628 (1)\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/77jCmRua3KA2my5SgtWT0u\/d8e7e264f641870029218499947d80fb\/Institutional_Research__1200x628__1_.png?x-oss-process=image\/resize,w_1200,h_628\/format,webp\" alt=\"\u673a\u6784\u7814\u7a76 1200x628 (1)\" width=\"1200\" height=\"628\" \/><\/button><\/div>\n<p><i><\/i><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/mail.10xresearch.co\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span dir=\"auto\">\u672c\u671f10x Research<\/span><\/i><\/a><span dir=\"auto\"><i>\u7684\u7126\u70b9\u8bdd\u9898<\/i><\/span><i><span dir=\"auto\">\u6db5\u76d6\u4e86\u6700\u8fd1\u7684\u6bd4\u7279\u5e01\u51cf\u534a\u5982\u4f55\u7f13\u89e3\u5178\u578b\u7684\u53d1\u5e03\u540e\u629b\u552e\u3001\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u5411 HODL \u7b56\u7565\u7684\u8f6c\u53d8\uff0c\u4ee5\u53ca\u4f9b\u5e94\u538b\u529b\u51cf\u5c11\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u79ef\u6781\u5f71\u54cd\u3002<\/span><\/i><\/p>\n<div class=\"index_embeddedButtonContainer__VnUpA index_custom__uZwjS\"><a class=\"academy academy-powerLink-a11y academy academy-btn btn-md btn-fill-highlight\" href=\"https:\/\/okx.typeform.com\/contact-sales?utm_source=learn&amp;utm_campaign=institutional_trading_leads&amp;utm_content=cta_article_institutional-top-of-mind-16\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"btn-content\"><span dir=\"auto\">\u63a2\u7d22\u673a\u6784\u7ea7\u52a0\u5bc6\u89e3\u51b3\u65b9\u6848<\/span><\/span><\/a><\/div>\n<h2 id=\"1\"><span dir=\"auto\">TL;DR<\/span><\/h2>\n<ul>\n<li><span dir=\"auto\">\u51cf\u534a\u5bf9\u63a8\u51fa\u540e\u629b\u552e\u7684\u5f71\u54cd\uff1a\u51cf\u534a\u4e8b\u4ef6\u53ef\u80fd\u963b\u6b62\u4e86\u901a\u5e38\u5728\u63a8\u51fa\u65b0\u7684\u6bd4\u7279\u5e01\u4ea7\u54c1\u540e\u51fa\u73b0\u7684\u5178\u578b\u629b\u552e\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u7684 HODL \u7b56\u7565\uff1a\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u8d8a\u6765\u8d8a\u591a\u5730\u91c7\u7528 HODL \u7b56\u7565\uff0c\u4ece\u800c\u51cf\u5c11\u4e86\u51cf\u534a\u540e\u901a\u5e38\u7684\u629b\u552e\u538b\u529b\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u77ff\u5de5\u51fa\u552e\u884c\u4e3a\u7684\u53d8\u5316\uff1a\u4f20\u7edf\u4e0a\uff0c\u77ff\u5de5\u51fa\u552e\u6bd4\u7279\u5e01\u6765\u7ef4\u6301\u8fd0\u8425\u3002\u7136\u800c\uff0c\u6700\u8fd1\u7684\u94fe\u4e0a\u6301\u5e01\u6570\u636e\u4ee5\u53ca Marathon Digital \u7b49\u516c\u53f8\u7684\u58f0\u660e\u8868\u660e\uff0c\u8fd9\u79cd\u884c\u4e3a\u6b63\u5728\u53d1\u751f\u8f6c\u53d8\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u79ef\u6781\u7684\u5e02\u573a\u5f71\u54cd\uff1a\u51fa\u552e\u6bd4\u7279\u5e01\u7684\u77ff\u5de5\u6570\u91cf\u7684\u51cf\u5c11\u9884\u8ba1\u5c06\u901a\u8fc7\u964d\u4f4e\u5e02\u573a\u7684\u6574\u4f53\u4f9b\u5e94\u538b\u529b\u5bf9\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002<\/span><\/li>\n<\/ul>\n<p><span dir=\"auto\">\u591a\u5e74\u6765\uff0c\u56db\u79cd\u4e0d\u540c\u7684\u6bd4\u7279\u5e01\u4ea7\u54c1\u5df2\u8fdb\u5165\u53d7\u76d1\u7ba1\u7684\u91d1\u878d\u5e02\u573a\uff0c\u901a\u5e38\u4f1a\u5bfc\u81f4\u4ef7\u683c\u5927\u5e45\u4e0a\u6da8\u3002\u5728\u8fd9\u4e9b\u4ea7\u54c1\u63a8\u51fa\u4e4b\u524d\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u5e73\u5747\u98d9\u5347\u4e86150%\u3002\u5c3d\u7ba1\u56de\u62a5\u7387\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u6709\u6240\u4e0b\u964d\uff0c\u4f462024\u5e741\u6708\u63a8\u51fa\u7684\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u5728\u4e0a\u5e02\u524d\u7684100\u5929\u5185\u4ecd\u7136\u5f15\u53d1\u4e8670%\u7684\u4e0a\u6da8\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e0a\u5e02\u540e\u51fa\u73b0\u5927\u89c4\u6a21\u629b\u552e\u7684\u8d8b\u52bf\u6709\u6240\u51cf\u5f31\uff0c\u8fd9\u53ef\u80fd\u662f\u56e0\u4e3a\u4e4b\u524d\u7684\u4e0a\u5e02\u901a\u5e38\u4e0e\u5e02\u573a\u5468\u671f\u7684\u9ad8\u5cf0\u76f8\u543b\u5408\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u5c3d\u7ba170%\u7684\u6da8\u5e45\u5728\u56db\u6b3e\u4ea7\u54c1\u4e2d\u662f\u6700\u5c0f\u7684\uff0c\u4f462024\u5e741\u6708\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u4e0a\u5e02\u540e\u7684\u629b\u552e\u5e45\u5ea6\u6700\u5c0f\uff0c\u800c\u4e14\u6bd4\u7279\u5e01\u5728\u4e0a\u5e02100\u5929\u540e\u7684\u8868\u73b0\u4e0e\u4e4b\u524d\u7684\u4e0a\u5e02\u4ea7\u54c1\u76f8\u6bd4\u6700\u4e3a\u5f3a\u52b2\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u6bd4\u7279\u5e01\u671f\u8d27ETF\u7684\u63a8\u51fa\u548cCoinbase\u7684IPO\u5728\u63a8\u51fa\u540e\u7acb\u5373\u51fa\u73b0\u4e86\u4ef7\u683c\u5927\u5e45\u4e0b\u8dcc\u3002\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u662f\u552f\u4e00\u5728\u63a8\u51fa100\u5929\u540e\u4ef7\u683c\u4e0a\u6da8\u7684\u4ea7\u54c1\uff0c\u8fd9\u8868\u660e2024\u5e741\u6708\u5c1a\u672a\u63a5\u8fd1\u5e02\u573a\u5468\u671f\u7684\u5cf0\u503c\u3002<\/span><\/p>\n<h2 id=\"2\"><span dir=\"auto\">\u56fe 1\uff1a\u4ea7\u54c1\u53d1\u5e03\u524d\u540e\u6bd4\u7279\u5e01\u7684\u8868\u73b0\uff08-100 \u81f3 +100 \u5929\uff09<\/span><\/h2>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"1722546758625\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/20itTvbx6uwlv9Izg7nBTW\/dbad9a78dfc5aba2328470abef989ae0\/1722546758625.png?x-oss-process=image\/resize,w_1180,h_680\/format,webp\" alt=\"1722546758625\" width=\"1180\" height=\"680\" \/><\/button><\/div>\n<p><span dir=\"auto\">\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece2024\u5e741\u6708ETF\u63a8\u51fa\u65f6\u768446,000\u7f8e\u5143\u4e0a\u6da8\u81f3\u4e24\u4e2a\u6708\u540e\u768473,000\u7f8e\u5143\uff0c\u8fd9\u652f\u6301\u4e86\u8fd9\u4e00\u89c2\u70b9\u3002\u65e9\u671f\u7684\u6bd4\u7279\u5e01\u671f\u8d27\u4ea7\u54c1\u5e76\u672a\u5438\u5f15\u5230\u76f8\u5bf9\u4e8e\u6bd4\u7279\u5e01\u5e02\u503c\u800c\u8a00\u89c4\u6a21\u53ef\u89c2\u7684\u8d44\u4ea7\u7ba1\u7406\u89c4\u6a21\uff0c\u5bfc\u81f4\u5728\u6700\u521d\u7684\u7092\u4f5c\u6d88\u9000\u540e\uff0c\u6bd4\u7279\u5e01ETF\u5728\u4e0a\u5e02\u540e\u906d\u9047\u629b\u552e\u3002\u7136\u800c\uff0c2024\u5e74\uff0c\u6bd4\u7279\u5e01\u73b0\u8d27ETF\u8868\u73b0\u51fa\u4e86\u7a33\u5b9a\u7684\u8d44\u91d1\u6d41\u5165\u7279\u5f81\uff0c\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u6d41\u5165\u6301\u7eed\u4e86\u6570\u6708\u3002\u8fd9\u6709\u52a9\u4e8e\u9632\u6b62\u6bd4\u7279\u5e01\u7ecf\u5386\u5178\u578b\u7684\u4e0a\u5e02\u540e\u629b\u552e\u3002\u5c3d\u7ba1\u53cd\u5f39\u540e\u6709\u6240\u75b2\u8f6f\uff0c\u4f46\u6bd4\u7279\u5e01\u7684\u6574\u4f53\u8d8b\u52bf\u4ecd\u5728\u6301\u7eed\u4e0a\u6da8\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u8fd9\u4e00\u8d8b\u52bf\u53ef\u80fd\u4f1a\u6301\u7eed\u4e0b\u53bb\uff0c\u53d7\u6f5c\u5728\u653f\u6cbb\u53d8\u5316\u5f71\u54cd\uff0c\u8fd9\u4e9b\u53d8\u5316\u4f1a\u5f71\u54cd\u76d1\u7ba1\uff0c\u4ee5\u53ca\u4e09\u5bb6\u7f8e\u56fd\u516c\u5171\u517b\u8001\u57fa\u91d1\u6709\u610f\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u5176\u6295\u8d44\u7ec4\u5408\u3002\u5c3d\u7ba1\u4eba\u4eec\u666e\u904d\u8ba4\u4e3a\u6bd4\u7279\u5e01\u5728\u51cf\u534a\u540e\u4f1a\u76d8\u6574\uff0c\u4f46\u5386\u53f2\u5148\u4f8b\u8868\u660e\uff0c\u6bd4\u7279\u5e01\u5f88\u53ef\u80fd\u51fa\u73b0\u53cd\u5f39\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0c2012 \u5e74\u51cf\u534a\u7684\u53cd\u5f39\u5728\u51cf\u534a\u540e\u7ea6 40 \u5929\u5f00\u59cb\uff0c2016 \u5e74\u7684\u53cd\u5f39\u5728\u51cf\u534a\u540e\u7ea6 100 \u5929\u5f00\u59cb\uff0c\u800c 2020 \u5e74\u7684\u53cd\u5f39\u5728\u51cf\u534a\u540e\u7ea6 150 \u5929\u5f00\u59cb\u3002\u8fd9\u79cd\u5ef6\u8fdf\u53ef\u80fd\u662f\u7531\u4e8e\u77ff\u5de5\u4e3a\u4e86\u7a33\u5b9a\u6536\u5165\u800c\u51fa\u552e\u56e4\u79ef\u7684\u6bd4\u7279\u5e01\uff0c\u4ece\u800c\u963b\u6b62\u4e86\u6bd4\u7279\u5e01\u5728\u51cf\u534a\u540e\u53cd\u5f39\u3002\u4e8b\u5b9e\u4e0a\uff0c\u94fe\u4e0a\u94b1\u5305\u6d3b\u52a8\u663e\u793a\uff0c\u5c0f\u578b\u77ff\u5de5\u4e00\u76f4\u5728\u5e02\u573a\u7ed3\u675f\u540e\u79ef\u6781\u5904\u7f6e\u6bd4\u7279\u5e01\u3002\u968f\u7740\u6bd4\u7279\u5e01\u5728\u534e\u5c14\u8857\u7684\u5e7f\u6cdb\u63a5\u53d7\uff0c\u5927\u578b\u4e0a\u5e02\u6bd4\u7279\u5e01\u77ff\u5de5\u4e5f\u5728\u6301\u7eed\u589e\u52a0\u5176\u6bd4\u7279\u5e01\u5e93\u5b58\u3002\u6316\u77ff\u793e\u533a\u4f3c\u4e4e\u81f4\u529b\u4e8e\u201c\u56e4\u5e01\u201d\uff08HODL\uff09\uff0c\u5e76\u91c7\u7528\u7c7b\u4f3c\u4e8e MicroStrategy \u7684\u7b56\u7565\uff0c\u6210\u4e3a\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u4ee3\u7406\uff0c\u800c\u4e0d\u662f\u4e13\u6ce8\u4e8e\u901a\u8fc7\u8fd0\u8425\u6760\u6746\u5b9e\u73b0\u5353\u8d8a\u3002<\/span><\/p>\n<p><span dir=\"auto\">2024\u5e74\u51cf\u534a\u524d\u7684\u5f3a\u52b2\u53cd\u5f39\u8868\u660e\uff0c\u5e02\u573a\u53c2\u4e0e\u8005\u5df2\u4e3a\u51cf\u534a\u540e\u7684\u66b4\u6da8\u505a\u597d\u4e86\u51c6\u5907\u3002\u4e8b\u5b9e\u4e0a\uff0cMarathon Digital\u6700\u8fd1\u5ba3\u5e03\u8d2d\u4e70\u4e86\u4ef7\u503c1\u4ebf\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\u3002\u8be5\u516c\u53f8\u627f\u8bfa\u91c7\u53d6\u201c\u6301\u5e01\u89c2\u671b\u201d\uff08HODL\uff09\u7b56\u7565\uff0c\u51b3\u5b9a\u5c06\u5176\u5f00\u91c7\u7684\u6240\u6709\u6bd4\u7279\u5e01\u4fdd\u7559\u5728\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u3002\u6b64\u6b21\u8d2d\u4e70\u4f7fMarathon Digital\u7684\u6bd4\u7279\u5e01\u603b\u6301\u6709\u91cf\u589e\u81f3\u8d85\u8fc72\u4e07\u679aBTC\uff0c\u4ef7\u503c\u7ea613\u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u51cf\u534a\u6216\u8bb8\u963b\u6b62\u4e86\u6bd4\u7279\u5e01\u4ea7\u54c1\u53d1\u5e03\u540e\u5e38\u89c1\u7684\u629b\u552e\u6f6e\u3002\u6b64\u5916\uff0c\u968f\u7740\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u91c7\u53d6\u201c\u6301\u5e01\u5f85\u552e\u201d\uff08HODL\uff09\u7b56\u7565\uff0c\u51cf\u534a\u540e\u5e38\u89c1\u7684\u629b\u552e\u538b\u529b\u53ef\u80fd\u5df2\u663e\u8457\u51cf\u5f31\u3002\u4f20\u7edf\u4e0a\uff0c\u77ff\u5de5\u901a\u5e38\u4f1a\u51fa\u552e\u6bd4\u7279\u5e01\u4ee5\u7ef4\u6301\u8fd0\u8425\u3002\u7136\u800c\uff0c\u5982\u679c\u8fd9\u79cd\u8d8b\u52bf\u53d1\u751f\u53d8\u5316\u2014\u2014\u6b63\u5982\u94fe\u4e0a\u6301\u5e01\u5f85\u552e\u6570\u636e\u548cMarathon Digital\u6700\u8fd1\u7684\u65b0\u95fb\u58f0\u660e\u6240\u8868\u660e\u7684\u90a3\u6837\u2014\u2014\u5927\u91cf\u5356\u5bb6\u5c06\u4f1a\u9000\u51fa\u5e02\u573a\u3002\u8fd9\u79cd\u8f6c\u53d8\u5e94\u8be5\u4f1a\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002<\/span><\/p>\n<div class=\"index_inlineDivider__mfuZS\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u672c\u671f10x Research\u7684\u7126\u70b9\u8bdd\u9898\u6db5\u76d6\u4e86\u6700\u8fd1\u7684\u6bd4\u7279\u5e01\u51cf\u534a\u5982\u4f55\u7f13\u89e3\u5178\u578b\u7684\u53d1\u5e03\u540e\u629b\u552e\u3001\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u5411 HOD&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=117\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u51cf\u534a\u4e8b\u4ef6\u523a\u6fc0\u5927\u578b\u6bd4\u7279\u5e01\u77ff\u5de5\u56e4\u5e01\u70ed\u6f6e\uff0c\u7f13\u89e3\u5e02\u573a\u629b\u552e\u538b\u529b<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-117","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/117\/revisions"}],"predecessor-version":[{"id":3141,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/117\/revisions\/3141"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}