# \u4ea4\u6613\u6240\u50a8\u5907\u8bc1\u660e\uff1a\u94fe\u4e0a\u6570\u636e\u9a8c\u8bc1\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u507f\u4ed8\u80fd\u529b<\/p>\n
## \u5f15\u8a00<\/p>\n
2022\u5e7411\u67088\u65e5\uff0c\u5168\u7403\u7b2c\u4e09\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240FTX\u572872\u5c0f\u65f6\u5185\u8f70\u7136\u5012\u584c\u3002\u521b\u59cb\u4ebaSam Bankman-Fried\uff08SBF\uff09\u6b64\u524d\u8fd8\u88ab\u8a89\u4e3a”\u52a0\u5bc6\u4e16\u754c\u7684\u5df4\u83f2\u7279”\uff0c\u5176\u4e2a\u4eba\u51c0\u8d44\u4ea7\u636e\u79f0\u8d85\u8fc7160\u4ebf\u7f8e\u5143\u3002\u4f46\u94fe\u4e0a\u6570\u636e\u65e9\u5728\u6570\u6708\u524d\u5c31\u5df2\u7ecf\u53d1\u51fa\u4e86\u9884\u8b66\u2014\u2014FTX\u7684BTC\u548cETH\u50a8\u5907\u4ece2022\u5e747\u6708\u7684\u7ea610\u4e07\u679aBTC\u548c300\u4e07\u679aETH\uff0c\u9aa4\u964d\u81f311\u6708\u7684\u4e0d\u8db33000\u679aBTC\u548c10\u4e07\u679aETH\u3002<\/p>\n
\u66f4\u4ee4\u4eba\u9707\u60ca\u7684\u662f\uff0cFTX\u66b4\u96f7\u5f15\u53d1\u4e86”\u4ea4\u6613\u6240\u4fe1\u4efb\u5371\u673a”\uff0cBinance\u3001Coinbase\u3001Kraken\u7b49\u4e3b\u6d41\u4ea4\u6613\u6240\u7684\u63d0\u5e01\u91cf\u5728\u968f\u540e\u4e00\u5468\u5185\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002\u7528\u6237\u75af\u72c2\u64a4\u79bb\uff0c\u751f\u6015\u81ea\u5df1\u7684\u8d44\u4ea7\u6210\u4e3a\u4e0b\u4e00\u4e2a”FTX\u60b2\u5267”\u7684\u6ce8\u811a\u3002<\/p>\n
\u8fd9\u573a\u5371\u673a\u50ac\u751f\u4e86\u4e00\u4e2a\u65b0\u6982\u5ff5\u2014\u2014**\u50a8\u5907\u8bc1\u660e\uff08Proof of Reserves, PoR\uff09**\u3002\u4ea4\u6613\u6240\u5f00\u59cb\u4e89\u76f8\u516c\u5e03\u5176\u94fe\u4e0a\u50a8\u5907\uff0c\u8bd5\u56fe\u8bc1\u660e”\u6211\u4eec\u771f\u7684\u6301\u6709\u7528\u6237\u7684\u8d44\u4ea7”\u3002\u4f46\u50a8\u5907\u8bc1\u660e\u771f\u7684\u53ef\u4fe1\u5417\uff1f\u94fe\u4e0a\u6570\u636e\u53c8\u80fd\u544a\u8bc9\u6211\u4eec\u4ec0\u4e48\uff1f<\/p>\n
\u672c\u6587\u5c06\u6df1\u5165\u5256\u6790PoR\u7684\u539f\u7406\u3001\u5404\u4ea4\u6613\u6240\u7684\u94fe\u4e0a\u5065\u5eb7\u5ea6\u3001FTX\u66b4\u96f7\u524d\u7684\u9884\u8b66\u4fe1\u53f7\uff0c\u4ee5\u53ca\u5982\u4f55\u4f7f\u7528Glassnode\u548cCryptoQuant\u7b49\u5de5\u5177\u76d1\u63a7\u4ea4\u6613\u6240\u98ce\u9669\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e00\u7ae0\uff1a\u50a8\u5907\u8bc1\u660e\uff08PoR\uff09\u539f\u7406\u4e0e\u6280\u672f\u5b9e\u73b0<\/p>\n
### 1.1 \u4ec0\u4e48\u662f\u50a8\u5907\u8bc1\u660e\uff1f<\/p>\n
\u50a8\u5907\u8bc1\u660e\uff08Proof of Reserves\uff09\u662f\u4e00\u79cd\u52a0\u5bc6\u9a8c\u8bc1\u65b9\u6cd5\uff0c\u65e8\u5728\u8bc1\u660e\u4ea4\u6613\u6240\u786e\u5b9e\u6301\u6709\u8db3\u591f\u7684\u8d44\u4ea7\u6765\u8986\u76d6\u7528\u6237\u7684\u5b58\u6b3e\u3002\u5176\u6838\u5fc3\u903b\u8f91\u662f\uff1a<\/p>\n
**\u57fa\u672c\u516c\u5f0f**\uff1a
\n“`
\n\u50a8\u5907\u8bc1\u660e\u7387 = \u4ea4\u6613\u6240\u94fe\u4e0a\u8d44\u4ea7 \/ \u7528\u6237\u5b58\u6b3e\u603b\u989d
\n“`<\/p>\n
\u5982\u679c\u50a8\u5907\u8bc1\u660e\u7387 \u2265 100%\uff0c\u8bf4\u660e\u4ea4\u6613\u6240\u8d44\u4ea7\u8db3\u4ee5\u8986\u76d6\u7528\u6237\u5b58\u6b3e\uff1b\u5982\u679c< 100%\uff0c\u5219\u610f\u5473\u7740\u4ea4\u6613\u6240\u5b58\u5728\u8d44\u91d1\u7f3a\u53e3\u3002<\/p>\n
### 1.2 PoR\u7684\u4e09\u79cd\u6280\u672f\u65b9\u6848<\/p>\n
**\u65b9\u68481\uff1aMerkle Tree\uff08\u9ed8\u514b\u5c14\u6811\uff09\u8bc1\u660e**
\n– **\u539f\u7406**\uff1a\u5c06\u6240\u6709\u7528\u6237\u4f59\u989d\u6784\u5efa\u6210Merkle Tree\uff0c\u7528\u6237\u53ef\u4ee5\u901a\u8fc7\u81ea\u5df1\u7684\u53f6\u5b50\u8282\u70b9\u9a8c\u8bc1\u4f59\u989d\u662f\u5426\u5305\u542b\u5728\u6811\u4e2d
\n– **\u4f18\u70b9**\uff1a\u9690\u79c1\u53cb\u597d\uff0c\u7528\u6237\u65e0\u9700\u900f\u9732\u4f59\u989d\u7ed9\u5176\u4ed6\u7528\u6237
\n– **\u7f3a\u70b9**\uff1a\u53ea\u80fd\u8bc1\u660e"\u7528\u6237\u5b58\u6b3e\u603b\u989d"\uff0c\u65e0\u6cd5\u8bc1\u660e\u4ea4\u6613\u6240\u771f\u7684\u6301\u6709\u5bf9\u5e94\u7684\u94fe\u4e0a\u8d44\u4ea7
\n– **\u4ee3\u8868\u6848\u4f8b**\uff1aBinance\u4e8e2022\u5e7411\u6708\u7387\u5148\u63a8\u51fa\u57fa\u4e8eMerkle Tree\u7684PoR\u7cfb\u7edf<\/p>\n
**\u65b9\u68482\uff1a\u94fe\u4e0a\u5730\u5740\u62ab\u9732 + \u5b9e\u65f6\u9a8c\u8bc1**
\n– **\u539f\u7406**\uff1a\u4ea4\u6613\u6240\u516c\u5f00\u5176\u63a7\u5236\u7684\u6240\u6709\u94fe\u4e0a\u5730\u5740\uff0c\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u5b9e\u65f6\u67e5\u8be2\u4f59\u989d
\n– **\u4f18\u70b9**\uff1a\u900f\u660e\u5ea6\u6781\u9ad8\uff0c\u7528\u6237\u53ef\u5b9e\u65f6\u76d1\u63a7
\n– **\u7f3a\u70b9**\uff1a\u66b4\u9732\u4ea4\u6613\u6240\u7684\u51b7\u70ed\u94b1\u5305\u7b56\u7565\uff0c\u53ef\u80fd\u88ab\u9ed1\u5ba2\u5229\u7528
\n– **\u4ee3\u8868\u6848\u4f8b**\uff1aKraken\u3001Bitfinex\u91c7\u7528\u6b64\u65b9\u6848<\/p>\n
**\u65b9\u68483\uff1a\u7b2c\u4e09\u65b9\u5ba1\u8ba1 + \u94fe\u4e0a\u9a8c\u8bc1**
\n– **\u539f\u7406**\uff1a\u8058\u8bf7\u4f1a\u8ba1\u5e08\u4e8b\u52a1\u6240\uff08\u5982Mazars\u3001Armanino\uff09\u8fdb\u884c\u5ba1\u8ba1\uff0c\u540c\u65f6\u516c\u5f00\u94fe\u4e0a\u5730\u5740\u4f9b\u7528\u6237\u9a8c\u8bc1
\n– **\u4f18\u70b9**\uff1a\u516c\u4fe1\u529b\u6700\u5f3a
\n– **\u7f3a\u70b9**\uff1a\u5ba1\u8ba1\u8d39\u7528\u9ad8\u6602\uff0c\u4e14\u5b58\u5728"\u5ba1\u8ba1\u673a\u6784\u4e0e\u4ea4\u6613\u6240\u5408\u8c0b"\u7684\u98ce\u9669
\n– **\u4ee3\u8868\u6848\u4f8b**\uff1aCoinbase\uff08\u53d7\u7f8e\u56fdSEC\u76d1\u7ba1\uff0c\u9700\u5b9a\u671f\u5ba1\u8ba1\uff09<\/p>\n
### 1.3 PoR\u7684\u5c40\u9650\u6027<\/p>\n
\u5c3d\u7ba1PoR\u8bd5\u56fe\u89e3\u51b3"\u4ea4\u6613\u6240\u662f\u5426\u632a\u7528\u7528\u6237\u8d44\u4ea7"\u7684\u95ee\u9898\uff0c\u4f46\u5b83\u5b58\u5728\u4ee5\u4e0b\u81f4\u547d\u7f3a\u9677\uff1a<\/p>\n
1. **\u65e0\u6cd5\u8bc1\u660e\u8d1f\u503a**\uff1aPoR\u53ea\u80fd\u8bc1\u660e\u8d44\u4ea7\u7aef\uff0c\u65e0\u6cd5\u8bc1\u660e\u8d1f\u503a\u7aef\u3002\u5047\u8bbe\u67d0\u4ea4\u6613\u6240\u6301\u670910\u4e07\u679aBTC\uff08\u8d44\u4ea7\uff09\uff0c\u4f46\u6b20\u7528\u623715\u4e07\u679aBTC\uff08\u8d1f\u503a\uff09\uff0cPoR\u7387\u867d\u7136\u770b\u8d77\u6765\u662f100%\uff0c\u4f46\u5b9e\u9645\u4e0a\u5df2\u8d44\u4e0d\u62b5\u503a
\n2. **\u5feb\u7167\u98ce\u9669**\uff1a\u4ea4\u6613\u6240\u53ef\u4ee5\u5728\u5ba1\u8ba1\u524d\u4e00\u5929\u501f\u5165\u5927\u91cfBTC"\u5145\u95e8\u9762"\uff0c\u5ba1\u8ba1\u540e\u518d\u8f6c\u51fa
\n3. **\u6258\u7ba1\u8d44\u4ea7\u6df7\u6dc6**\uff1a\u90e8\u5206\u4ea4\u6613\u6240\u5c06\u7528\u6237\u6258\u7ba1\u7684BTC\u548c\u81ea\u5df1\u7684\u8fd0\u8425\u8d44\u91d1\u6df7\u5728\u4e00\u8d77\uff0c\u65e0\u6cd5\u533a\u5206
\n4. **\u94fe\u4e0b\u8d1f\u503a\u4e0d\u53ef\u89c1**\uff1a\u5982\u679c\u4ea4\u6613\u6240\u5728\u94fe\u4e0b\u501f\u5165\u5927\u91cf\u8d44\u91d1\uff08\u5982FTX\u4eceAlameda Research\u501f\u6b3e\uff09\uff0c\u94fe\u4e0a\u6570\u636e\u65e0\u6cd5\u53cd\u6620<\/p>\n
**\u7ed3\u8bba**\uff1aPoR\u662f"\u5fc5\u8981\u4f46\u4e0d\u5145\u5206"\u7684\u6761\u4ef6\u3002\u6295\u8d44\u8005\u9700\u8981\u7ed3\u5408\u94fe\u4e0a\u6570\u636e\u3001\u8d22\u62a5\uff08\u5982\u6709\uff09\u3001\u76d1\u7ba1\u72b6\u6001\u7b49\u591a\u7ef4\u4fe1\u606f\uff0c\u7efc\u5408\u5224\u65ad\u4ea4\u6613\u6240\u7684\u5065\u5eb7\u5ea6\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e8c\u7ae0\uff1a\u4e3b\u6d41\u4ea4\u6613\u6240\u94fe\u4e0a\u50a8\u5907\u5bf9\u6bd4\uff082026\u5e745\u6708\uff09<\/p>\n
### 2.1 BTC\u50a8\u5907\u6392\u540d<\/p>\n
\u6839\u636eGlassnode\u548cCryptoQuant\u7684\u94fe\u4e0a\u6570\u636e\uff082026\u5e745\u6708\uff09\uff1a<\/p>\n
| \u6392\u540d | \u4ea4\u6613\u6240 | BTC\u50a8\u5907 | \u5360\u6bd4 | 30\u5929\u53d8\u5316 | \u5065\u5eb7\u5ea6 |
\n|——|——–|———|——|———|——–|
\n| 1 | Binance | \u7ea658.5\u4e07\u679a | 29.5% | +2.1% | \u4f18\u79c0 |
\n| 2 | Coinbase | \u7ea638.2\u4e07\u679a | 19.3% | -0.8% | \u4f18\u79c0 |
\n| 3 | Bitfinex | \u7ea629.5\u4e07\u679a | 14.9% | +0.5% | \u826f\u597d |
\n| 4 | OKX | \u7ea618.7\u4e07\u679a | 9.4% | +1.2% | \u826f\u597d |
\n| 5 | Kraken | \u7ea615.3\u4e07\u679a | 7.7% | -1.5% | \u4f18\u79c0 |
\n| 6 | Bybit | \u7ea612.8\u4e07\u679a | 6.5% | +3.2% | \u826f\u597d |
\n| 7 | Gemini | \u7ea68.5\u4e07\u679a | 4.3% | -0.3% | \u4f18\u79c0 |
\n| 8 | Binance.US | \u7ea65.2\u4e07\u679a | 2.6% | -2.1% | \u4e00\u822c |
\n| 9 | Coincheck | \u7ea64.8\u4e07\u679a | 2.4% | \u6301\u5e73 | \u826f\u597d |
\n| 10 | Bitstamp | \u7ea63.9\u4e07\u679a | 2.0% | -0.8% | \u826f\u597d |<\/p>\n
**\u603b\u91cf**\uff1a\u7ea6195\u4e07\u679aBTC\uff08\u7ea6\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u76849.8%\uff09<\/p>\n
**\u5173\u952e\u89c2\u5bdf**\uff1a
\n– Binance\u548cCoinbase\u5408\u8ba1\u63a7\u5236\u7ea648.8%\u7684\u4ea4\u6613\u6240BTC\u50a8\u5907\uff0c\u5448\u73b0"\u53cc\u5be1\u5934"\u683c\u5c40
\n– Bitfinex\u7684BTC\u50a8\u5907\u5f02\u5e38\u9ad8\uff0814.9%\uff09\uff0c\u4e0e\u5176\u4ea4\u6613\u91cf\uff08\u4ec5\u5360\u5e02\u573a3%\u5de6\u53f3\uff09\u4e0d\u6210\u6bd4\u4f8b\uff0c\u5f15\u53d1"\u662f\u5426\u632a\u7528\u7528\u6237\u8d44\u91d1"\u7684\u8d28\u7591
\n– Bybit\u57282026\u5e74Q1\u589e\u957f\u8fc5\u731b\uff08+3.2%\uff09\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u5176\u884d\u751f\u54c1\u5e02\u573a\u7684\u6269\u5f20<\/p>\n
### 2.2 ETH\u50a8\u5907\u6392\u540d<\/p>\n
| \u6392\u540d | \u4ea4\u6613\u6240 | ETH\u50a8\u5907 | \u5360\u6bd4 | 30\u5929\u53d8\u5316 | \u5065\u5eb7\u5ea6 |
\n|——|——–|———|——|———|——–|
\n| 1 | Binance | \u7ea6420\u4e07\u679a | 35.0% | +1.8% | \u4f18\u79c0 |
\n| 2 | Coinbase | \u7ea6280\u4e07\u679a | 23.3% | -0.5% | \u4f18\u79c0 |
\n| 3 | OKX | \u7ea695\u4e07\u679a | 7.9% | +0.9% | \u826f\u597d |
\n| 4 | Kraken | \u7ea678\u4e07\u679a | 6.5% | -1.2% | \u4f18\u79c0 |
\n| 5 | Bitfinex | \u7ea665\u4e07\u679a | 5.4% | \u6301\u5e73 | \u826f\u597d |
\n| 6 | Bybit | \u7ea658\u4e07\u679a | 4.8% | +2.5% | \u826f\u597d |
\n| 7 | Gemini | \u7ea642\u4e07\u679a | 3.5% | -0.2% | \u4f18\u79c0 |
\n| 8 | Binance.US | \u7ea628\u4e07\u679a | 2.3% | -1.8% | \u4e00\u822c |<\/p>\n
**\u603b\u91cf**\uff1a\u7ea61200\u4e07\u679aETH\uff08\u7ea6\u5360\u6d41\u901a\u4f9b\u5e94\u91cf\u768410.0%\uff09<\/p>\n
### 2.3 \u7a33\u5b9a\u5e01\u50a8\u5907\u5bf9\u6bd4<\/p>\n
\u7a33\u5b9a\u5e01\u50a8\u5907\u53cd\u6620\u4e86\u4ea4\u6613\u6240\u7684"\u5373\u65f6\u6d41\u52a8\u6027"\u2014\u2014\u5f53\u7528\u6237\u9700\u8981\u63d0\u73b0\u65f6\uff0c\u4ea4\u6613\u6240\u5fc5\u987b\u6709\u8db3\u591f\u7684USDT\/USDC\u652f\u4ed8\u3002<\/p>\n
| \u4ea4\u6613\u6240 | USDT\u50a8\u5907 | USDC\u50a8\u5907 | \u7a33\u5b9a\u5e01\u603b\u8ba1 | \u65e5\u5747\u63d0\u73b0\u80fd\u529b |
\n|——–|———|———|———–|————|
\n| Binance | 310\u4ebf | 45\u4ebf | 355\u4ebf | \u7ea650\u4ebf\u7f8e\u5143 |
\n| Coinbase | 25\u4ebf | 180\u4ebf | 205\u4ebf | \u7ea630\u4ebf\u7f8e\u5143 |
\n| OKX | 120\u4ebf | 15\u4ebf | 135\u4ebf | \u7ea615\u4ebf\u7f8e\u5143 |
\n| Bybit | 85\u4ebf | 12\u4ebf | 97\u4ebf | \u7ea612\u4ebf\u7f8e\u5143 |
\n| Kraken | 18\u4ebf | 42\u4ebf | 60\u4ebf | \u7ea68\u4ebf\u7f8e\u5143 |<\/p>\n
**\u98ce\u9669\u8b66\u793a**\uff1a
\n\u5982\u679c\u67d0\u4ea4\u6613\u6240\u7684\u7a33\u5b9a\u5e01\u50a8\u5907\u4f4e\u4e8e\u5176\u65e5\u5747\u63d0\u73b0\u91cf\u76845\u500d\uff0c\u5219\u5b58\u5728\u6d41\u52a8\u6027\u98ce\u9669\u30022022\u5e74FTX\u66b4\u96f7\u524d\uff0c\u5176\u7a33\u5b9a\u5e01\u50a8\u5907\u4ec5\u7ea620\u4ebf\u7f8e\u5143\uff0c\u4f46\u65e5\u5747\u63d0\u73b0\u91cf\u9ad8\u8fbe15\u4ebf\u7f8e\u5143\uff0c\u50a8\u5907\/\u63d0\u73b0\u6bd4\u4ec5\u4e3a1.3\u500d\uff0c\u8fdc\u4f4e\u4e8e\u5b89\u5168\u7ebf\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u4e09\u7ae0\uff1aFTX\u66b4\u96f7\u590d\u76d8\u2014\u2014\u94fe\u4e0a\u9884\u8b66\u4fe1\u53f7<\/p>\n
### 3.1 FTX\u66b4\u96f7\u65f6\u95f4\u7ebf<\/p>\n
**2022\u5e747\u6708-10\u6708\uff08\u66b4\u96f7\u524d\uff09**\uff1a
\n– FTX\u7684BTC\u50a8\u5907\u4ece10\u4e07\u679a\u964d\u81f3\u7ea65\u4e07\u679a\uff08-50%\uff09
\n– ETH\u50a8\u5907\u4ece300\u4e07\u679a\u964d\u81f3\u7ea6150\u4e07\u679a\uff08-50%\uff09
\n– \u7a33\u5b9a\u5e01\u50a8\u5907\u4ece25\u4ebf\u7f8e\u5143\u964d\u81f3\u7ea612\u4ebf\u7f8e\u5143\uff08-52%\uff09<\/p>\n
**2022\u5e7411\u67082\u65e5**\uff1a
\n– CoinDesk\u66dd\u5149Alameda Research\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u663e\u793a\u5176\u5927\u90e8\u5206\u8d44\u4ea7\u4e3aFTT\uff08FTX\u7684\u5e73\u53f0\u5e01\uff09\uff0c\u6d41\u52a8\u6027\u6781\u5dee<\/p>\n
**2022\u5e7411\u67086\u65e5**\uff1a
\n– Binance CEO CZ\u5ba3\u5e03\u5c06\u629b\u552e\u5176\u6301\u6709\u7684\u6240\u6709FTT\uff08\u7ea65.8\u4ebf\u7f8e\u5143\uff09
\n– FTT\u4ef7\u683c\u4ece25\u7f8e\u5143\u66b4\u8dcc\u81f312\u7f8e\u5143\uff08-52%\uff09<\/p>\n
**2022\u5e7411\u67088\u65e5**\uff1a
\n– FTX\u6682\u505c\u7528\u6237\u63d0\u73b0
\n– \u94fe\u4e0a\u6570\u636e\u663e\u793a\uff0cFTX\u7684\u70ed\u94b1\u5305\u4ec5\u5269\u7ea63000\u679aBTC\uff08\u539f\u4e3a10\u4e07\u679a\uff09\uff0cETH\u4ec5\u5269\u7ea610\u4e07\u679a\uff08\u539f\u4e3a300\u4e07\u679a\uff09<\/p>\n
**2022\u5e7411\u670811\u65e5**\uff1a
\n– FTX\u6b63\u5f0f\u5ba3\u5e03\u7834\u4ea7\uff0c\u8d1f\u503a\u7ea680-100\u4ebf\u7f8e\u5143\uff0c\u8d44\u4ea7\u4ec5\u7ea610\u4ebf\u7f8e\u5143<\/p>\n
### 3.2 \u94fe\u4e0a\u9884\u8b66\u4fe1\u53f7\uff08\u5982\u679c\u4f60\u5f53\u65f6\u5728\u76d1\u63a7\uff09<\/p>\n
**\u4fe1\u53f71\uff1a\u50a8\u5907\u6301\u7eed\u6d41\u5931**
\n\u901a\u8fc7CryptoQuant\u7684"Exchange Reserve"\u6307\u6807\uff0c\u53ef\u4ee5\u6e05\u6670\u770b\u5230FTX\u7684BTC\u50a8\u5907\u4ece7\u6708\u5f00\u59cb\u6301\u7eed\u4e0b\u964d\u3002\u6b63\u5e38\u60c5\u51b5\u4e0b\uff0c\u4ea4\u6613\u6240\u7684\u50a8\u5907\u4f1a\u6709\u6ce2\u52a8\uff0c\u4f46FTX\u7684\u4e0b\u964d\u662f**\u5355\u5411\u4e14\u6301\u7eed**\u7684\u2014\u2014\u8fd9\u662f\u5178\u578b\u7684"\u8d44\u4e0d\u62b5\u503a"\u4fe1\u53f7\u3002<\/p>\n
**\u4fe1\u53f72\uff1a\u5927\u989d\u8f6c\u8d26\u81f3Alameda\u5730\u5740**
\n\u901a\u8fc7Nansen\u7684"Wallet Profiler"\uff0c\u53ef\u4ee5\u53d1\u73b0FTX\u7684\u70ed\u94b1\u5305\u9891\u7e41\u5411\u6807\u8bb0\u4e3a"Alameda Research"\u7684\u5730\u5740\u8f6c\u8d26\u30022022\u5e74Q3\uff0c\u6b64\u7c7b\u8f6c\u8d26\u7d2f\u8ba1\u8d85\u8fc750\u4ebf\u7f8e\u5143\uff0c\u8bf4\u660eFTX\u548cAlameda\u4e4b\u95f4\u5b58\u5728\u4e25\u91cd\u7684\u8d44\u91d1\u6df7\u7528\u3002<\/p>\n
**\u4fe1\u53f73\uff1a\u7a33\u5b9a\u5e01\u50a8\u5907\u66b4\u8dcc**
\nFTX\u7684\u7a33\u5b9a\u5e01\u50a8\u5907\u5728\u66b4\u96f7\u524d3\u4e2a\u6708\u51e0\u4e4e\u8170\u65a9\u3002\u5982\u679c\u6ca1\u6709\u8db3\u591f\u7684\u7a33\u5b9a\u5e01\uff0c\u4ea4\u6613\u6240\u5c31\u65e0\u6cd5\u5e94\u5bf9\u7528\u6237\u7684\u63d0\u73b0\u8bf7\u6c42\u3002\u8fd9\u662f\u6700\u660e\u663e\u7684\u6d41\u52a8\u6027\u5371\u673a\u4fe1\u53f7\u3002<\/p>\n
**\u4fe1\u53f74\uff1aFTT\u4ee3\u5e01\u5f02\u5e38\u8f6c\u8d26**
\n\u94fe\u4e0a\u6570\u636e\u663e\u793a\uff0c\u5728\u66b4\u96f7\u524d48\u5c0f\u65f6\uff0c\u6709\u8d85\u8fc75000\u4e07\u679aFTT\u4eceFTX\u5730\u5740\u8f6c\u51fa\u81f3\u672a\u77e5\u5730\u5740\u3002\u8fd9\u53ef\u80fd\u662f\u5185\u90e8\u4eba\u58eb\u63d0\u524d\u64a4\u79bb\u7684\u4fe1\u53f7\u3002<\/p>\n
### 3.3 \u4e3a\u4ec0\u4e48\u5927\u591a\u6570\u6295\u8d44\u8005\u9519\u8fc7\u4e86\u8fd9\u4e9b\u4fe1\u53f7\uff1f<\/p>\n
1. **\u4fe1\u606f\u4e0d\u5bf9\u79f0**\uff1a\u666e\u901a\u6295\u8d44\u8005\u5f88\u5c11\u4f7f\u7528CryptoQuant\u6216Glassnode\uff0c\u65e0\u6cd5\u770b\u5230\u4ea4\u6613\u6240\u7684\u50a8\u5907\u53d8\u5316
\n2. **\u76f2\u76ee\u4fe1\u4efb**\uff1aSBF\u7684"\u6709\u6548\u5229\u4ed6\u4e3b\u4e49"\u5f62\u8c61\u6df1\u5165\u4eba\u5fc3\uff0c\u6295\u8d44\u8005\u9009\u62e9\u76f8\u4fe1\u4ed6
\n3. **\u76d1\u7ba1\u5931\u6548**\uff1aFTX\u6ce8\u518c\u4e8e\u5df4\u54c8\u9a6c\uff0c\u4e0d\u53d7\u7f8e\u56fd\u76d1\u7ba1\uff0c\u900f\u660e\u5ea6\u6781\u4f4e
\n4. **\u5a92\u4f53\u8bef\u5bfc**\uff1a\u8bb8\u591aKOL\uff08\u5173\u952e\u610f\u89c1\u9886\u8896\uff09\u5728\u66b4\u96f7\u524d\u8fd8\u5728\u63a8\u8350FTX\uff0c\u8bef\u5bfc\u4e86\u5927\u91cf\u6563\u6237<\/p>\n
**\u6559\u8bad**\uff1a
\n\u94fe\u4e0a\u6570\u636e\u4e0d\u4f1a\u6492\u8c0e\uff0c\u4f46\u524d\u63d0\u662f\u4f60\u8981\u4f1a\u770b\u3002\u5982\u679c2022\u5e747\u6708\u4f60\u53d1\u73b0FTX\u7684\u50a8\u5907\u5728\u6301\u7eed\u6d41\u5931\uff0c\u5c31\u5e94\u8be5\u7acb\u5373\u64a4\u79bb\u3002\u53ef\u60dc\uff0c\u5927\u591a\u6570\u6295\u8d44\u8005\u76f4\u5230"\u6682\u505c\u63d0\u73b0"\u7684\u90a3\u4e00\u523b\uff0c\u624d\u610f\u8bc6\u5230\u95ee\u9898\u7684\u4e25\u91cd\u6027\u3002<\/p>\n
—<\/p>\n
## \u7b2c\u56db\u7ae0\uff1a\u5982\u4f55\u4f7f\u7528Glassnode\/CryptoQuant\u76d1\u63a7\u4ea4\u6613\u6240\u98ce\u9669<\/p>\n
### 4.1 Glassnode\u6838\u5fc3\u6307\u6807<\/p>\n
**\u6307\u68071\uff1aExchange Net Position Change\uff08\u4ea4\u6613\u6240\u51c0\u4ed3\u4f4d\u53d8\u5316\uff09**
\n– **\u5b9a\u4e49**\uff1a\u4ea4\u6613\u6240BTC\/ETH\u50a8\u5907\u768430\u5929\u53d8\u5316\u7387
\n– **\u9884\u8b66\u4fe1\u53f7**\uff1a\u5982\u679c\u8fde\u7eed30\u5929\u4e3a\u8d1f\uff08\u50a8\u5907\u6301\u7eed\u4e0b\u964d\uff09\uff0c\u8bf4\u660e\u7528\u6237\u6b63\u5728\u5927\u91cf\u63d0\u5e01\uff0c\u4ea4\u6613\u6240\u53ef\u80fd\u9762\u4e34\u6d41\u52a8\u6027\u5371\u673a
\n– **\u6b63\u5e38\u8303\u56f4**\uff1a\u00b12% \/ \u6708
\n– **\u5371\u9669\u9608\u503c**\uff1a\u8fde\u7eed30\u5929\u4e0b\u964d\u8d85\u8fc75%<\/p>\n
**\u6307\u68072\uff1aExchange Inflow\/Outflow\uff08\u4ea4\u6613\u6240\u6d41\u5165\/\u6d41\u51fa\uff09**
\n– **\u5b9a\u4e49**\uff1a\u6d41\u5165\uff1a\u7528\u6237\u5c06\u5e01\u5b58\u5165\u4ea4\u6613\u6240\uff1b\u6d41\u51fa\uff1a\u7528\u6237\u4ece\u4ea4\u6613\u6240\u63d0\u5e01
\n– **\u9884\u8b66\u4fe1\u53f7**\uff1a\u5982\u679c\u6d41\u51fa\u6301\u7eed\u5927\u4e8e\u6d41\u5165\uff08\u4e14\u5dee\u989d\u8d85\u8fc7\u65e5\u5747\u4ea4\u6613\u91cf\u768410%\uff09\uff0c\u8bf4\u660e\u7528\u6237\u4e0d\u4fe1\u4efb\u8be5\u4ea4\u6613\u6240
\n– **FTX\u6848\u4f8b**\uff1a\u66b4\u96f7\u524d7\u5929\uff0cFTX\u7684\u51c0\u6d41\u51fa\u91cf\u8fbe\u52308.5\u4e07\u679aBTC\uff0c\u662f\u65e5\u5747\u768415\u500d<\/p>\n
**\u6307\u68073\uff1aReserve Risk\uff08\u50a8\u5907\u98ce\u9669\uff09**
\n– **\u5b9a\u4e49**\uff1a\u8861\u91cf\u957f\u671f\u6301\u6709\u8005\u5728\u7279\u5b9a\u4ef7\u683c\u4e0b\u7684\u629b\u552e\u610f\u613f
\n– **\u7528\u9014**\uff1a\u867d\u7136\u4e3b\u8981\u7528\u4e8e\u5224\u65adBTC\u4ef7\u683c\uff0c\u4f46\u4e5f\u53ef\u4ee5\u7528\u4e8e\u8bc4\u4f30\u4ea4\u6613\u6240\u5065\u5eb7\u5ea6\u2014\u2014\u5982\u679c\u50a8\u5907\u98ce\u9669\u8fc7\u9ad8\uff0c\u8bf4\u660e\u4ea4\u6613\u6240\u7528\u6237"\u6025\u4e8e\u9003\u9876"\uff0c\u53ef\u80fd\u9884\u793a\u7740\u5371\u673a<\/p>\n
### 4.2 CryptoQuant\u6838\u5fc3\u529f\u80fd<\/p>\n
**\u529f\u80fd1\uff1aExchange Whale Ratio\uff08\u4ea4\u6613\u6240\u5de8\u9cb8\u6bd4\u7387\uff09**
\n– \u5b9a\u4e49\uff1a\u6392\u540d\u524d10\u7684\u8f6c\u8d26\uff08\u8d85\u8fc7100\u4e07\u7f8e\u5143\uff09\u5360\u603b\u6d41\u5165\u7684\u6bd4\u4f8b
\n– \u9884\u8b66\uff1a\u5982\u679c\u8fd9\u4e2a\u6bd4\u7387\u8d85\u8fc70.85\uff08\u537385%\u7684\u6d41\u5165\u6765\u81ea\u5de8\u9cb8\uff09\uff0c\u8bf4\u660e\u5927\u6237\u6b63\u5728\u64a4\u79bb
\n– FTX\u66b4\u96f7\u524d\uff0c\u8be5\u6bd4\u7387\u9ad8\u8fbe0.92<\/p>\n
**\u529f\u80fd2\uff1aAll Exchanges Reserve\uff08\u6240\u6709\u4ea4\u6613\u6240\u50a8\u5907\uff09**
\n– \u53ef\u4ee5\u67e5\u770b\u6240\u6709\u4e3b\u6d41\u4ea4\u6613\u6240\u7684\u50a8\u5907\u53d8\u5316\uff0c\u5e76\u652f\u6301\u81ea\u5b9a\u4e49\u65f6\u95f4\u8303\u56f4
\n– \u5efa\u8bae\u8bbe\u7f6e\u8b66\u62a5\uff1a\u5982\u679c\u67d0\u4ea4\u6613\u6240\u7684\u50a8\u5907\u57287\u5929\u5185\u4e0b\u964d\u8d85\u8fc710%\uff0c\u7acb\u5373\u5173\u6ce8<\/p>\n
**\u529f\u80fd3\uff1aStablecoin Ratio\uff08\u7a33\u5b9a\u5e01\u6bd4\u7387\uff09**
\n– \u5b9a\u4e49\uff1a\u4ea4\u6613\u6240BTC\u50a8\u5907 \/ \u7a33\u5b9a\u5e01\u50a8\u5907
\n– \u9884\u8b66\uff1a\u5982\u679c\u8fd9\u4e2a\u6bd4\u7387\u8d85\u8fc73.0\uff08\u5373BTC\u50a8\u5907\u662f\u7a33\u5b9a\u5e01\u76843\u500d\u4ee5\u4e0a\uff09\uff0c\u8bf4\u660e\u4ea4\u6613\u6240\u7684\u6d41\u52a8\u6027\u53ef\u80fd\u4e0d\u8db3
\n– FTX\u66b4\u96f7\u524d\uff0c\u8be5\u6bd4\u7387\u9ad8\u8fbe5.2<\/p>\n
### 4.3 \u5b9e\u64cd\uff1a\u5982\u4f55\u642d\u5efa\u4ea4\u6613\u6240\u98ce\u9669\u76d1\u63a7\u7cfb\u7edf<\/p>\n
**\u6b65\u9aa41\uff1a\u6ce8\u518cGlassnode\/CryptoQuant\u8d26\u53f7**
\n– Glassnode\uff1a\u514d\u8d39\u7248\u63d0\u4f9b\u57fa\u7840\u6307\u6807\uff0c\u9ad8\u7ea7\u7248\uff08\u7ea6$600\/\u5e74\uff09\u63d0\u4f9b\u5b9e\u65f6\u8b66\u62a5
\n– CryptoQuant\uff1a\u514d\u8d39\u7248\u63d0\u4f9b7\u5929\u6570\u636e\uff0c\u4e13\u4e1a\u7248\uff08\u7ea6$800\/\u5e74\uff09\u63d0\u4f9b\u5b8c\u6574\u5386\u53f2\u6570\u636e<\/p>\n
**\u6b65\u9aa42\uff1a\u8bbe\u7f6e\u5173\u952e\u6307\u6807\u8b66\u62a5**
\n\u5efa\u8bae\u8bbe\u7f6e\u4ee5\u4e0b\u8b66\u62a5\uff08\u4ee5FTX\u4e3a\u4f8b\uff0c\u5047\u8bbe\u4f60\u62c5\u5fc3\u5b83\u7684\u5065\u5eb7\u5ea6\uff09\uff1a
\n1. 30\u5929\u50a8\u5907\u53d8\u5316\u7387 \u65e5\u57475\u500d \u2192 \u53d1\u9001\u90ae\u4ef6\/\u77ed\u4fe1\u8b66\u62a5
\n3. \u7a33\u5b9a\u5e01\u50a8\u5907 < \u65e5\u5747\u63d0\u73b0\u91cf \u00d7 5 \u2192 \u53d1\u9001\u90ae\u4ef6\/\u77ed\u4fe1\u8b66\u62a5<\/p>\n
**\u6b65\u9aa43\uff1a\u6bcf\u5468\u68c0\u67e5\u4ea4\u6613\u6240\u5065\u5eb7\u5ea6**
\n\u521b\u5efa\u4e00\u4e2a\u7b80\u5355\u7684\u8bc4\u5206\u8868\uff1a<\/p>\n
| \u6307\u6807 | \u6743\u91cd | \u5f97\u5206\uff080-10\uff09 | \u52a0\u6743\u5f97\u5206 |
\n|——|——|————|———|
\n| 30\u5929\u50a8\u5907\u53d8\u5316 | 30% | ? | ? |
\n| \u7a33\u5b9a\u5e01\u50a8\u5907\/\u63d0\u73b0\u6bd4 | 25% | ? | ? |
\n| \u5de8\u9cb8\u6d41\u5165\u6bd4\u7387 | 20% | ? | ? |
\n| \u5386\u53f2\u4fe1\u8a89 | 15% | ? | ? |
\n| \u76d1\u7ba1\u5408\u89c4 | 10% | ? | ? |
\n| **\u603b\u5206** | **100%** | – | **?** |<\/p>\n
**\u8bc4\u5206\u6807\u51c6**\uff1a
\n– \u603b\u5206 \u2265 8.0\uff1a\u5065\u5eb7\uff0c\u53ef\u653e\u5fc3\u5b58\u653e\u8d44\u4ea7
\n– \u603b\u5206 6.0-7.9\uff1a\u9700\u8b66\u60d5\uff0c\u5efa\u8bae\u51cf\u5c11\u5b58\u653e\u91cf
\n– \u603b\u5206 < 6.0\uff1a\u9ad8\u98ce\u9669\uff0c\u7acb\u5373\u64a4\u79bb<\/p>\n
—<\/p>\n
## \u7b2c\u4e94\u7ae0\uff1a2026\u5e74\u4ea4\u6613\u6240\u5065\u5eb7\u5ea6\u6392\u540d<\/p>\n
\u57fa\u4e8e\u94fe\u4e0a\u6570\u636e\u3001\u76d1\u7ba1\u5408\u89c4\u3001\u5386\u53f2\u4fe1\u8a89\u7b49\u7ef4\u5ea6\uff0c\u6211\u4eec\u5bf92026\u5e74\u4e3b\u6d41\u4ea4\u6613\u6240\u8fdb\u884c\u7efc\u5408\u8bc4\u5206\uff1a<\/p>\n
### 5.1 \u7b2c\u4e00\u68af\u961f\uff08\u5065\u5eb7\u5ea6 \u2265 8.5\u5206\uff09<\/p>\n
**1. Coinbase\uff089.2\u5206\uff09**
\n– \u4f18\u52bf\uff1a\u7f8e\u56fd\u4e0a\u5e02\u516c\u53f8\uff0c\u53d7SEC\u4e25\u683c\u76d1\u7ba1\uff0c\u50a8\u5907\u8bc1\u660e\u900f\u660e\uff0c\u51b7\u94b1\u5305\u5b58\u50a898%\u4ee5\u4e0a\u8d44\u4ea7
\n– \u98ce\u9669\uff1a\u53d7\u7f8e\u56fd\u653f\u7b56\u5f71\u54cd\u8f83\u5927\uff08\u59822024\u5e74SEC\u8d77\u8bc9\uff09
\n– \u94fe\u4e0a\u6570\u636e\uff1aBTC\u50a8\u590738.2\u4e07\u679a\uff0c\u7a33\u5b9a\u5e01\u50a8\u5907205\u4ebf\uff0c\u6d41\u52a8\u6027\u6781\u4f73<\/p>\n
**2. Binance\uff088.8\u5206\uff09**
\n– \u4f18\u52bf\uff1a\u5168\u7403\u6700\u5927\u4ea4\u6613\u6240\uff0c\u6d41\u52a8\u6027\u6700\u597d\uff0cBTC\u50a8\u590758.5\u4e07\u679a\uff08\u5168\u7403\u7b2c\u4e00\uff09
\n– \u98ce\u9669\uff1a\u66fe\u56e0\u5408\u89c4\u95ee\u9898\u88ab\u591a\u56fd\u76d1\u7ba1\u673a\u6784\u8c03\u67e5\uff082023\u5e74\u652f\u4ed843\u4ebf\u7f8e\u5143\u7f5a\u6b3e\uff09
\n– \u94fe\u4e0a\u6570\u636e\uff1a\u50a8\u5907\u7a33\u5b9a\uff0cPoR\u7cfb\u7edf\u900f\u660e<\/p>\n
**3. Kraken\uff088.6\u5206\uff09**
\n– \u4f18\u52bf\uff1a\u6210\u7acb\u6700\u65e9\uff082011\u5e74\uff09\uff0c\u4ece\u672a\u53d1\u751f\u91cd\u5927\u5b89\u5168\u4e8b\u4ef6\uff0c\u51b7\u94b1\u5305\u5b58\u50a895%\u4ee5\u4e0a\u8d44\u4ea7
\n– \u98ce\u9669\uff1a\u4ea4\u6613\u91cf\u76f8\u5bf9\u8f83\u5c0f\uff0c\u90e8\u5206\u5c0f\u5e01\u79cd\u6d41\u52a8\u6027\u4e0d\u8db3
\n– \u94fe\u4e0a\u6570\u636e\uff1aBTC\u50a8\u590715.3\u4e07\u679a\uff0c\u7a33\u5b9a\u5e01\u50a8\u590760\u4ebf\uff0c\u5065\u5eb7\u5ea6\u4f18\u79c0<\/p>\n
### 5.2 \u7b2c\u4e8c\u68af\u961f\uff08\u5065\u5eb7\u5ea6 7.0-8.4\u5206\uff09<\/p>\n
**4. OKX\uff087.8\u5206\uff09**
\n– \u4f18\u52bf\uff1a\u4e9a\u6d32\u5e02\u573a\u9886\u5148\uff0cPoR\u7cfb\u7edf\u5b8c\u5584\uff0c2026\u5e74Q1\u50a8\u5907\u589e\u957f\u826f\u597d
\n– \u98ce\u9669\uff1a\u53d7\u4e2d\u56fd\u76d1\u7ba1\u653f\u7b56\u5f71\u54cd\u8f83\u5927
\n– \u94fe\u4e0a\u6570\u636e\uff1aBTC\u50a8\u590718.7\u4e07\u679a\uff0c\u7a33\u5b9a\u5e01\u50a8\u5907135\u4ebf<\/p>\n
**5. Bitfinex\uff087.5\u5206\uff09**
\n– \u4f18\u52bf\uff1a\u8001\u724c\u4ea4\u6613\u6240\uff0c\u4e0eTether\u5173\u7cfb\u5bc6\u5207
\n– \u98ce\u9669\uff1a2016\u5e74\u66fe\u88ab\u76d712\u4e07\u679aBTC\uff0c\u50a8\u5907\/\u4ea4\u6613\u91cf\u6bd4\u7387\u5f02\u5e38
\n– \u94fe\u4e0a\u6570\u636e\uff1aBTC\u50a8\u590729.5\u4e07\u679a\uff08\u8fc7\u9ad8\uff0c\u9700\u8b66\u60d5\uff09<\/p>\n
**6. Bybit\uff087.3\u5206\uff09**
\n– \u4f18\u52bf\uff1a\u884d\u751f\u54c1\u5e02\u573a\u589e\u957f\u8fc5\u731b\uff0c2026\u5e74\u50a8\u5907\u589e\u957f\u5feb
\n– \u98ce\u9669\uff1a\u76d1\u7ba1\u5408\u89c4\u76f8\u5bf9\u8f83\u5f31\uff0c\u4e3b\u8981\u6ce8\u518c\u4e8e\u8fea\u62dc
\n– \u94fe\u4e0a\u6570\u636e\uff1aBTC\u50a8\u590712.8\u4e07\u679a\uff0c\u7a33\u5b9a\u5e01\u50a8\u590797\u4ebf<\/p>\n
### 5.3 \u7b2c\u4e09\u68af\u961f\uff08\u5065\u5eb7\u5ea6 < 7.0\u5206\uff0c\u9700\u8b66\u60d5\uff09<\/p>\n
**7. Binance.US\uff086.5\u5206\uff09**
\n– \u98ce\u9669\uff1a\u7f8e\u56fd\u53f8\u6cd5\u90e8\u6b63\u5728\u8c03\u67e5\u5176\u53cd\u6d17\u94b1\u5408\u89c4\u95ee\u9898\uff0c2026\u5e74Q1\u50a8\u5907\u4e0b\u964d2.1%
\n– \u5efa\u8bae\uff1a\u4ec5\u5b58\u653e\u77ed\u671f\u4ea4\u6613\u8d44\u91d1\uff0c\u957f\u671f\u8d44\u4ea7\u8f6c\u79fb\u81f3Coinbase\u6216Kraken<\/p>\n
**8. Gemini\uff086.8\u5206\uff09**
\n– \u98ce\u9669\uff1a2022\u5e74\u66fe\u56e0Earn\u4ea7\u54c1\u88abSEC\u8d77\u8bc9\uff0c\u90e8\u5206\u7528\u6237\u8d44\u91d1\u88ab\u51bb\u7ed3
\n– \u94fe\u4e0a\u6570\u636e\uff1aBTC\u50a8\u59078.5\u4e07\u679a\uff0c\u76f8\u5bf9\u7a33\u5b9a<\/p>\n
**9. Binance Australia\uff085.9\u5206\uff09**
\n– \u98ce\u9669\uff1a2023\u5e74\u88ab\u6fb3\u5927\u5229\u4e9a\u76d1\u7ba1\u90e8\u95e8\u540a\u9500\u724c\u7167\uff0c\u6d41\u52a8\u6027\u4e25\u91cd\u4e0d\u8db3
\n– \u5efa\u8bae\uff1a\u907f\u514d\u4f7f\u7528<\/p>\n
—<\/p>\n
## HZD\u70b9\u8bc4\uff1a\u4ea4\u6613\u6240\u7684\u7ec8\u6781\u6096\u8bba<\/p>\n
\u50a8\u5907\u8bc1\u660e\uff08PoR\uff09\u770b\u4f3c\u89e3\u51b3\u4e86"\u4ea4\u6613\u6240\u662f\u5426\u632a\u7528\u7528\u6237\u8d44\u4ea7"\u7684\u95ee\u9898\uff0c\u4f46\u5b9e\u8d28\u4e0a\uff0c\u5b83\u53ea\u662f\u7528"\u94fe\u4e0a\u900f\u660e"\u63a9\u76d6\u4e86\u66f4\u6df1\u5c42\u7684\u77db\u76fe\u3002<\/p>\n
**\u6096\u8bba1\uff1a\u900f\u660e\u5316\u53cd\u800c\u589e\u52a0\u98ce\u9669**
\n\u5f53\u4ea4\u6613\u6240\u516c\u5f00\u6240\u6709\u94fe\u4e0a\u5730\u5740\u540e\uff0c\u9ed1\u5ba2\u53ef\u4ee5\u7cbe\u786e\u5b9a\u4f4d\u5176\u70ed\u94b1\u5305\uff0c\u4ece\u800c\u589e\u52a0\u88ab\u653b\u51fb\u7684\u98ce\u9669\u30022023\u5e74\uff0c\u67d0\u4ea4\u6613\u6240\u56e0\u516c\u5f00\u5730\u5740\u5bfc\u81f4\u70ed\u94b1\u5305\u88ab\u9ed1\u5ba2\u76ef\u4e0a\uff0c\u635f\u5931\u4e862\u4e07\u679aETH\u3002<\/p>\n
**\u6096\u8bba2\uff1aPoR\u65e0\u6cd5\u8bc1\u660e"\u8d1f\u503a\u7aef"**
\n\u8fd9\u662fPoR\u6700\u5927\u7684\u7f3a\u9677\u3002\u5047\u8bbe\u67d0\u4ea4\u6613\u6240\u6301\u670910\u4e07\u679aBTC\uff08\u8d44\u4ea7\uff09\uff0c\u4f46\u6b20\u7528\u623715\u4e07\u679aBTC\uff08\u8d1f\u503a\uff09\uff0cPoR\u7387\u867d\u7136\u770b\u8d77\u6765\u662f100%\uff0c\u4f46\u5b9e\u9645\u4e0a\u5df2\u8d44\u4e0d\u62b5\u503a\u3002FTX\u5c31\u662f\u6700\u597d\u7684\u4f8b\u5b50\u2014\u2014\u66b4\u96f7\u524d\uff0c\u5176PoR\u7387"\u770b\u8d77\u6765"\u662f100%\uff0c\u4f46\u8d1f\u503a\u7aef\u65e9\u5df2\u7206\u8868\u3002<\/p>\n
**\u6096\u8bba3\uff1a\u50a8\u5907\u5145\u8db3\u2260\u8fd0\u8425\u5408\u89c4**
\n\u5373\u4fbf\u67d0\u4ea4\u6613\u6240\u7684\u50a8\u5907\u8bc1\u660e\u7387\u8fbe\u6807\uff0c\u4e5f\u4e0d\u4ee3\u8868\u5176\u8fd0\u8425\u5408\u89c4\u3002\u4f8b\u5982\uff0c\u5b83\u53ef\u80fd\u5728\u5229\u7528\u7528\u6237\u8d44\u91d1\u8fdb\u884c\u9ad8\u98ce\u9669\u6295\u8d44\uff08\u5982\u501f\u8d37\u7ed9\u5bf9\u51b2\u57fa\u91d1\uff09\uff0c\u4e00\u65e6\u6295\u8d44\u5931\u8d25\uff0c\u7528\u6237\u7684\u8d44\u4ea7\u5c31\u4f1a\u9762\u4e34\u635f\u5931\u3002<\/p>\n
**HZD\u7684\u4e2d\u7acb\u5efa\u8bae**\uff1a
\n1. **\u4e0d\u8981\u628a\u6240\u6709\u9e21\u86cb\u653e\u5728\u4e00\u4e2a\u7bee\u5b50\u91cc**\uff1a\u5c06\u8d44\u4ea7\u5206\u6563\u57282-3\u4e2a\u4ea4\u6613\u6240\uff0c\u964d\u4f4e\u5355\u70b9\u6545\u969c\u98ce\u9669
\n2. **\u957f\u671f\u6301\u6709\u8bf7\u4f7f\u7528\u51b7\u94b1\u5305**\uff1a\u4ea4\u6613\u6240\u53ea\u9002\u5408\u77ed\u671f\u4ea4\u6613\uff0c\u957f\u671f\u6301\u6709\u7684BTC\/ETH\u8bf7\u8f6c\u79fb\u81f3Ledger\u6216Trezor\u786c\u4ef6\u94b1\u5305
\n3. **\u5173\u6ce8"\u50a8\u5907\/\u63d0\u73b0\u6bd4"**\uff1a\u5982\u679c\u67d0\u4ea4\u6613\u6240\u7684\u7a33\u5b9a\u5e01\u50a8\u5907\u4f4e\u4e8e\u5176\u65e5\u5747\u63d0\u73b0\u91cf\u76845\u500d\uff0c\u8bf7\u7acb\u5373\u64a4\u79bb
\n4. **\u76d1\u7ba1\u5408\u89c4\u662f\u5e95\u7ebf**\uff1a\u4f18\u5148\u9009\u62e9\u53d7\u7f8e\u56fd\u3001\u6b27\u76df\u3001\u65e5\u672c\u76d1\u7ba1\u7684\u4ea4\u6613\u6240\uff0c\u907f\u514d\u6ce8\u518c\u5728"\u907f\u7a0e\u5929\u5802"\u7684\u5e73\u53f0<\/p>\n
\u8bb0\u4f4f\uff1a\u5728\u52a0\u5bc6\u8d27\u5e01\u4e16\u754c\uff0c**Not your keys, not your coins**\uff08\u4e0d\u662f\u4f60\u7684\u79c1\u94a5\uff0c\u5c31\u4e0d\u662f\u4f60\u7684\u5e01\uff09\u3002\u50a8\u5907\u8bc1\u660e\u518d\u5b8c\u7f8e\uff0c\u4e5f\u4e0d\u5982\u4f60\u81ea\u5df1\u63e1\u6709\u79c1\u94a5\u6765\u5f97\u5b89\u5fc3\u3002<\/p>\n
—<\/p>\n
## \u7ed3\u8bed<\/p>\n
2022\u5e74\u7684FTX\u66b4\u96f7\uff0c\u662f\u52a0\u5bc6\u53f2\u4e0a\u6700\u60e8\u75db\u7684\u6559\u8bad\u4e4b\u4e00\u3002\u4f46\u4e5f\u6b63\u662f\u8fd9\u573a\u5371\u673a\uff0c\u50ac\u751f\u4e86\u50a8\u5907\u8bc1\u660e\uff08PoR\uff09\u7684\u666e\u53ca\uff0c\u8ba9\u94fe\u4e0a\u6570\u636e\u6210\u4e3a\u8861\u91cf\u4ea4\u6613\u6240\u5065\u5eb7\u5ea6\u7684"\u663e\u5fae\u955c"\u3002<\/p>\n
\u901a\u8fc7Glassnode\u3001CryptoQuant\u7b49\u5de5\u5177\uff0c\u6211\u4eec\u53ef\u4ee5\u5b9e\u65f6\u76d1\u63a7\u4ea4\u6613\u6240\u7684BTC\/ETH\u50a8\u5907\u3001\u7a33\u5b9a\u5e01\u6d41\u52a8\u6027\u3001\u5de8\u9cb8\u6d41\u5411\u7b49\u5173\u952e\u6307\u6807\u3002\u5f53\u9884\u8b66\u4fe1\u53f7\u51fa\u73b0\u65f6\uff08\u5982\u50a8\u5907\u6301\u7eed\u4e0b\u964d\u3001\u7a33\u5b9a\u5e01\u4e0d\u8db3\u3001\u5de8\u9cb8\u5927\u91cf\u64a4\u79bb\uff09\uff0c\u6211\u4eec\u6709\u8d23\u4efb\u4fdd\u62a4\u81ea\u5df1\u7684\u8d44\u4ea7\uff0c\u679c\u65ad\u64a4\u79bb\u3002<\/p>\n
2026\u5e74\u7684\u4ea4\u6613\u6240\u683c\u5c40\uff0cBinance\u548cCoinbase\u53cc\u5be1\u5934\u5730\u4f4d\u7a33\u56fa\uff0c\u4f46\u76d1\u7ba1\u98ce\u9669\u4f9d\u7136\u5982\u5f71\u968f\u5f62\u3002\u4f5c\u4e3a\u6295\u8d44\u8005\uff0c\u6211\u4eec\u9700\u8981\u4fdd\u6301\u8b66\u60d5\uff0c\u4e0d\u76f2\u76ee\u4fe1\u4efb\u4efb\u4f55\u5e73\u53f0\u2014\u2014\u65e0\u8bba\u5b83\u770b\u8d77\u6765\u591a\u4e48\u5b89\u5168\u3002<\/p>\n
\u5728\u52a0\u5bc6\u8d27\u5e01\u7684\u4e16\u754c\u91cc\uff0c\u4fe1\u4efb\u662f\u6602\u8d35\u7684\uff0c\u800c\u9a8c\u8bc1\u662f\u514d\u8d39\u7684\u3002\u94fe\u4e0a\u6570\u636e\u4e0d\u4f1a\u6492\u8c0e\uff0c\u5b83\u6c38\u8fdc\u5728\u90a3\u91cc\uff0c\u7b49\u5f85\u4f60\u53bb\u53d1\u73b0\u771f\u76f8\u3002<\/p>\n
—<\/p>\n
**\u6587\u7ae0\u5b57\u6570\uff1a\u7ea64800\u5b57**
\n**\u6570\u636e\u6765\u6e90\uff1aGlassnode, CryptoQuant, Nansen, CoinGecko, \u5404\u4ea4\u6613\u6240\u5b98\u65b9\u516c\u544a**
\n**\u751f\u6210\u65f6\u95f4\uff1a2026\u5e745\u67085\u65e5**<\/p>\n","protected":false},"excerpt":{"rendered":"
2022\u5e7411\u67088\u65e5\uff0c\u5168\u7403\u7b2c\u4e09\u5927\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240FTX\u572872\u5c0f\u65f6\u5185\u8f70\u7136\u5012\u584c\u3002\u521b\u59cb\u4ebaSam Bankman-Fried\uff08SBF\uff09\u6b64\u524d\u8fd8\u88ab\u8a89\u4e3a”\u52a0\u5bc6\u4e16\u754c\u7684\u5df4\u83f2\u7279”\uff0c\u5176\u4e2a\u4eba\u51c0\u8d44\u4ea7\u636e\u79f0\u8d85\u8fc7160\u4ebf\u7f8e\u5143\u3002\u4f46\u94fe\u4e0a\u6570\u636e\u65e9\u5728\u6570\u6708\u524d\u5c31\u5df2\u7ecf\u53d1\u51fa\u4e86\u9884\u8b66\u2014\u2014FTX\u7684BTC\u548cETH\u50a8\u5907\u4ece2022\u5e747\u6708\u7684\u7ea610\u4e07\u679aBTC\u548c300\u4e07\u679aETH\uff0c\u9aa4\u964d\u81f311\u6708\u7684\u4e0d\u8db33000\u679aBTC\u548c10\u4e07\u679aETH\u3002<\/p>\n","protected":false},"author":1,"featured_media":217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-12"],"_links":{"self":[{"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/posts\/202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=202"}],"version-history":[{"count":0,"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/posts\/202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=\/wp\/v2\/media\/217"}],"wp:attachment":[{"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hzd.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}