Incrementum-增量比特币指南针——2025年第二季度（英）

1Q2 2025Bitcoin CompassRonald-Peter StöferleMark J. Valek2Table of Content:1. News and Social Media2. Bitcoin3. Bitcoin Spot ETF4. Bitcoin On-Chain5. Bitcoin vs. Altcoins6. Bitcoin Comparisons31. News and Social Media“CONGRATULATIONS BITCOINERS!!!$100,000!!! YOU'RE WELCOME!!!”Donald Trump4News•Decrypt, 01/24/2025 (EN): SEC Rescinds Controversial Crypto Accounting Rule, Signals Regulatory Shift (link)•Bloomberg, 03/07/2025 (EN): Trump’s Bitcoin Reserve Disappoints Market, Weighs on Crypto (link)•Fair Observer, 03/11/2025 (EN): Donald Trump Pardons Libertarian Idealist and Silk Road Founder Ross Ulbricht (link)•Bloomberg, 03/11/2025 (EN): How Will the US Bitcoin Reserve Work, Exactly? (link)•Cryptoslate, 03/21/2025 (EN): IMF updates global standards to include crypto in balance of payments (link)•Bloomberg, 03/25/2025 (EN): GameStop Adopts Policy to Buy Bitcoin, Joining Other Firms (link)•Mining.com, 03/25/2025 (EN): US could use gold reserves to buy bitcoin, White House official says (link)•Reuters, 03/25/2025 (EN): BlackRock launches first bitcoin product in Europe (link)•Bloomberg, 03/28/2025 (EN): Trump Pardons BitMEX Crypto Exchange Co-Founder Arthur Hayes (link)•Reuters, 03/30/2025 (EN): Japan to give crypto assets legal status as financial products, Nikkei says (link)5Social MediaCoinMarketCap, 01/13/2025 (EN)CMC Crypto Yearbook 2024-25The White House, 03/07/2025 (EN)President Trump Delivers Remarks at the White House Digital Assets SummitPlanB, 03/03/2025 (EN)PlanB Bitcoin Analysis March 2025Cointelegraph, 03/21/2025 (EN)Why Bitcoin’s Price Could Go Parabolic | Michael Saylor speech62. Bitcoin “A Strategic Bitcoin Reserve could strengthen our national financial security and embrace the future of currency.”Senator Cynthia Lummis7Source: Glassnode, LSEG (as of 03/31/2025), Incrementum AGBitcoin Performance in Major Currencies, 2011–2025 YTDYearUSDEURGBPCADCNYJPYCHFINRXAUAverage20111,473.3%1,526.8%1,479.7%1,509.0%1,402.6%1,391.7%1,480.2%1,765.8%1,328.1%1,484.2%2012186.2%180.7%173.9%178.6%183.3%222.7%179.5%196.9%167.3%185.5%20135,481.1%5,257.9%5,373.3%5,874.4%5,323.1%6,675.3%5,342.7%6,172.3%7,655.3%5,906.2%2014-57.4%-51.6%-54.7%-53.4%-56.4%-51.6%-52.6%-56.6%-56.7%-54.6%201533.8%49.1%41.4%59.4%40.0%34.5%34.9%40.6%49.3%42.6%2016124.9%132.3%168.7%118.3%140.6%118.5%128.5%130.9%107.3%130.0%20171,385.6%1,202.1%1,256.3%1,291.2%1,292.2%1,332.2%1,322.1%1,295.6%1,213.4%1,287.9%2018-73.5%-72.2%-71.9%-71.2%-71.9%-74.2%-73.3%-71.1%-73.0%-72.5%201987.8%92.1%80.6%78.9%90.2%86.2%85.2%92.7%58.8%83.6%2020305.0%271.7%292.9%297.0%279.6%285.0%270.4%314.6%223.9%282.2%202159.8%71.6%61.5%58.6%55.5%78.1%64.6%62.9%65.7%64.3%2022-64.3%-62.1%-60.1%-61.7%-61.2%-59.3%-63.8%-60.3%-64.2%-61.9%2023157.0%149.3%144.2%151.2%164.5%176.5%133.9%158.5%127.3%151.4%2024120.4%135.0%124.2%139.3%126.7%145.6%137.6%126.7%73.3%125.4%2025 YTD-12.0%-15.8%-14.8%-12.0%-12.5%-16.1%-14.2%-12.1%-26.1%-15.1%CAGR130.5%133.7%133.4%136.2%131.9%140.1%129.6%140.6%118.7%132.7%8Source: Glassnode, LSEG, Inc