2026年投资指南：寻找具有“现金流”的加密资产

[{"type":"paragraph","children":[{"text":"对于投资者而言，2026年的市场环境将发生范式转移："},{"text":"基于“故事”的投机将让位于基于“收入”的投资","bold":true},{"text":"。机构资本的进入带来了传统的金融估值逻辑。"}]},{"type":"paragraph","children":[{"text":"新的评估框架：","bold":true}]},{"type":"numbered-list","children":[{"type":"list-item","children":[{"text":"收入与价值捕获：","bold":true},{"text":"优先关注具有清晰价值回流机制（如手续费回购代币）的协议，例如"},{"text":"Hyperliquid已回购价值约13亿美元代币。","bold":true}]},{"type":"list-item","children":[{"text":"机构采用指标：","bold":true},{"text":"关注"},{"text":"企业资产负债表配置","bold":true},{"text":"（如超过190家上市公司持有比特币）、以及"},{"text":"主流金融机构的产品整合进展","bold":true},{"text":"。"}]},{"type":"list-item","children":[{"text":"跨越周期的稳定性：","bold":true},{"text":"拥有真实用户和经济活动的项目，将在不同市场周期中展现出更强的估值韧性，"},{"text":"代币价格与协议收入的正相关性将增强。","bold":true}]}]},{"type":"paragraph","children":[{"text":"思考","bold":true},{"text":"：这或许意味着，像分析股票一样分析项目基本面和现金流，将成为未来加密投资的主流方法。你准备好迎接这种变化了吗？"}]},{"type":"paragraph","children":[{"text":"详细投资框架分析","bold":true},{"text":"："},{"type":"link","url":"https://blog.ju.com/zh-hans/crypto-market-outlook-2026-revenue-driven-growth/","children":[{"text":"https://blog.ju.com/zh-hans/crypto-market-outlook-2026-revenue-driven-growth/"}]},{"text":"\n"},{"type":"topic","character":"投资策略","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"现金流","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"价值投资","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"加密资产","children":[{"text":""}]},{"text":" "}]}]