比推消息， Delphi Digital 在 X 平台发文表示，加密货币不再是唯一的投资选择。在本轮周期中，市场表现出板块轮动带来的局部超额收益，而非普惠所有资产的整体上涨。目前，有 350 亿美元流入生成式 AI 领域，单季度有 20 亿美元流入机器人技术，同时太阳能和生物工程等领域也正在成为具有商业可行性的增长板块。每增加 1 美元的新流动性，就有更多的可投资资产参与竞争。在加密货币市场内部，股票已经对原本流向山寨币的买盘产生了吸血鬼攻击效应。在过去两年里，加密货币股票的表现优于大多数山寨币。机构正从各个角度进入市场：ETF、RWA、稳定币、交易平台、企业链启动。更多的竞争进一步分散了可用资本。未来的回报可能更像选股，而不是购买指数。
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