代币化股票现状观察:特斯拉成交易王者,周末流动性断崖式下跌

深潮Опубликовано 2025-09-16Обновлено 2025-09-17

韩国股民迎新机会?

作者:Heechang

编译:深潮TechFlow

xStocks 提供代币化股票服务,让投资者能够实时交易热门美股(如特斯拉)的代币化版本。尽管仍处于早期阶段,但已经展现出一些有趣的现象。

观察1:交易集中于特斯拉(TSLA)

与许多新兴市场类似,交易活动迅速聚集于少数几只股票。数据显示,交易量高度集中在最知名且波动性较大的股票上,特斯拉成为最突出的例子。

这种集中并不令人意外:流动性往往会累积到散户已经看好的资产上,而早期参与者通常会使用熟悉的高 beta 值股票来测试新的基础设施。

观察2:周末流动性下降

数据显示,周末链上股票交易量降至工作日水平的30%或更低。与全天候无缝交易的加密原生资产不同,代币化股票仍然继承了传统市场交易时间的行为惯性。当参考市场(如纳斯达克、纽约证券交易所)休市时,交易者似乎不太愿意进行交易,这可能是由于套利、价格缺口以及无法在链下对冲头寸的担忧。

观察3:价格与纳斯达克保持一致

另一个关键信号来自上线初期的定价行为。最初,xStocks 代币的交易价格明显高于其纳斯达克对应股票,反映了市场的热度以及桥接法币流动性的潜在摩擦。然而,随着时间推移,这些溢价逐渐减少。

当前交易模式显示,代币价格处于特斯拉日内价格区间的上限,与纳斯达克参考价格高度一致。

套利者似乎在维持这种价格纪律,但在盘中高点仍存在小幅偏差,表市场存在一些低效因素可能为活跃交易者带来机会和风险。

韩国股民的新机会?

韩国投资者目前持有超过 1000 亿美元的美股,自 2020 年 1 月以来,交易量增长了 17 倍。现有的韩国投资者交易美股的基础设施存在费用高昂、结算时间长以及套现流程缓慢等诸多限制,这为代币化或链上镜像股票创造了机会。随着支持链上美股市场的基础设施和平台不断完善,新的韩国交易者群体将进入加密市场,这无疑是一个巨大的机会。

Похожее

AI Impact on SaaS Software Stocks: Deconstructing the Bottom-Fishing Logic of Salesforce, ServiceNow, and Snowflake

"AI Nightmare for SaaS Stocks: Unpacking the Bottom-Fishing Logic for Salesforce, ServiceNow, and Snowflake" A deep dive analysis argues that the recent collapse in SaaS software stocks, dubbed the "SaaS Doom," presents a contrarian buying opportunity. The market panic, triggered by fears that AI will disrupt traditional per-user subscription models through "seat compression" and AI agents bypassing software UIs, has led to extreme selling in the software sector. The analysis evaluates three major players under a unified framework: 1. **Salesforce (CRM):** Positioned as a "margin of safety" play. Trading at historically low valuations (13-14x forward P/E), with strong cash flow and a massive buyback, it offers value. Its key challenge is transitioning from a "seat economy" to an AI-driven "task economy" with its Agentforce platform. 2. **ServiceNow (NOW):** The "clearest AI narrative" play. Its "AI Control Tower" strategy aims to become the governance and orchestration layer for enterprise AI agents, benefiting from AI proliferation. Backed by Nvidia's CEO, it trades at a relatively low valuation post-correction. 3. **Snowflake (SNOW):** The "high-risk, high-reward" bet. Its consumption-based model aligns with rising AI workloads, and its RPO growth is strong. However, it faces intense competition (e.g., Databricks), is not yet GAAP profitable, and carries the highest valuation. The conclusion counters the simplified "AI kills software" narrative. AI is eliminating software that sells only functional interfaces but rewarding platforms that provide essential infrastructure, data, and governance. The current sell-off may have created a buying opportunity for resilient software leaders positioned as future AI infrastructure platforms.

marsbit2 мин. назад

AI Impact on SaaS Software Stocks: Deconstructing the Bottom-Fishing Logic of Salesforce, ServiceNow, and Snowflake

marsbit2 мин. назад

Just Now, Ilya Drops Another Mind-Blowing Image ‘The Thinker’: What’s on His Mind in the Ocean of AI Chips?

Shortly after going quiet, Ilya Sutskever, AI's enigmatic spiritual leader, posted a mysterious sketch titled "The Thinker" on Instagram. The drawing depicts Rodin's iconic sculpture perched on a cliff, contemplating a vast, purple microscopic universe made of transistors and digital circuits—a chip die shot—signed "IS 2026." This cryptic image, saying "nothing yet everything," ignited widespread speculation in Silicon Valley. Some see it as a search for sacred meaning in silicon, others as a silent critique of brute-force compute scaling. It echoes Ilya's past influence, like the original OpenAI logo he once doodled on a wall. The post coincided with a triple announcement from OpenAI, intensifying the frenzy. First, an internal reasoning model discovered new geometric constructions, challenging a long-standing conjecture and impressing Fields Medalist Tim Gowers. Second, Codex for Mac introduced "Appshots," allowing it to access application windows—even text outside the view—and gained features like Goal Mode, a built-in browser, and plugin capabilities, evolving from a coding assistant into a persistent "resident engineer." Third, reports surfaced that OpenAI is preparing for a confidential IPO filing with banks like Goldman Sachs and Morgan Stanley, potentially eyeing a fall public listing. Together, these moves signal that AGI (Artificial General Intelligence) is not a distant slogan but an active force reshaping science, software engineering, and capital markets. Ilya's art hints at a paradigm shift where the boundary between human thought and silicon computation blurs. As OpenAI insiders excitedly say, "Feel the AGI," it suggests a tangible breakthrough may be imminent—one our generation is likely to witness.

marsbit21 мин. назад

Just Now, Ilya Drops Another Mind-Blowing Image ‘The Thinker’: What’s on His Mind in the Ocean of AI Chips?

marsbit21 мин. назад

Vitalik on the Future of the Ethereum Foundation: A Smaller, More Distinct, but Longer-Lasting Ship

Vitalik discusses the future direction of the Ethereum Foundation (EF), emphasizing a shift towards a smaller, more focused, and longer-lasting organization. He clarifies this is his personal view and that his own influence within EF is diminishing, which he welcomes. The key driver is aligning EF's actions with its stated values of decentralization, privacy, and being a "sanctuary technology," addressing criticism that its operations haven't fully reflected these ideals. He argues that EF should not be the "center" of Ethereum but one node among many with a specific mandate. With limited resources (holding only ~0.16% of all ETH), EF must focus its remaining efforts on long-term, mission-critical activities that wouldn't happen without its push, particularly those reinforcing Ethereum's core CROPS values (Censorship-Resistance, Resilience, Openness, Privacy, Security). This means making hard choices, potentially spinning out even respected projects to attract external capital, and cultivating a distinct cultural stance. The core technical vision is for Ethereum to be "amazing" not by chasing maximal throughput, but by excelling in the CROPS dimension. Key goals include: a provably bug-free Ethereum via AI-assisted formal verification; high-availability chain consensus combining the best of BFT and Bitcoin-style security; and minimization of intermediaries in transaction sending and user experience. These "unreasonable" ambitions aim to make Ethereum profoundly impressive in its core values, which also support ETH as a robust asset. The future EF will be a smaller, more opinionated ship built for longevity and meaningful impact.

链捕手28 мин. назад

Vitalik on the Future of the Ethereum Foundation: A Smaller, More Distinct, but Longer-Lasting Ship

链捕手28 мин. назад

Leading Players in Large Models Drain the Primary Market

The AI industry is witnessing an unprecedented concentration of capital into a handful of leading players, signaling what insiders call the "eve of a final shakeout." A staggering funding surge exceeding $7 billion hit just three Chinese companies in May alone—Kimi, StepFun (接近完成融资), and DeepSeek—with the latter's valuation reaching $45-$50 billion. Globally, giants like OpenAI, Anthropic, and SpaceX (set to merge with xAI) are preparing for public listings, collectively eyeing valuations over $3 trillion. This capital is no longer fueling a broad "hundred-model war" but is being funneled to "refuel" the final few contenders, following a sector-wide attrition rate exceeding 90%. This frenzy is driven by a fundamental shift in industry logic. The focus has moved from比拼模型智商 (competing on model intelligence) to "token factory economics." The explosion of long-context AI agents has massively increased token consumption per task. With token supply constrained by bottlenecks in HBM memory and power infrastructure—key factors in production costs—dominance now hinges on owning and efficiently operating large-scale compute resources. Major tech firms are investing hundreds of billions annually in this AI "power grid." Consequently, competition pivots to three core areas: 1) **Monetization** as the "AGI premium" cools, forcing a shift from user growth to revenue; 2) **Cost efficiency**, where reducing inference costs becomes the ultimate KPI as model capabilities commoditize; and 3) **Strategic path divergence** between enterprise-focused AI (prioritizing integration and reliability) and consumer-facing applications (betting on scale and user engagement). The message is clear: the final capital injections are determining the endgame lineup. Success will depend not just on technical prowess, but on transforming technology into a sustainable, profitable business model with demonstrable return on massive compute investments.

marsbit37 мин. назад

Leading Players in Large Models Drain the Primary Market

marsbit37 мин. назад

Торговля

Спот
Фьючерсы
活动图片