Sygnum Bank：2024年加密市场展望报告：走出“加密寒冬”（英文版）（37页）.pdf

1、3 Table of contentsExecutive summary1.Year in review a very bullish bear market 42.The year ahead a new bull cycle 4Part I:The legacy of 2023 for crypto1.2023 underscored the need for alternatives to centralised systems 6Banking crisis 6US government debt 7Geopolitical instability 7Dedollarisation 8

2、Where is value and growth?82.Crypto is mostly idiosyncratic 9Correlation evaporates 9Return of the“bitcoin is an inflation hedge”narrative 10Bitcoin is not a risk asset 10Macro factors were not setting the crypto markets direction 11Key market drivers 113.Regulation can make or break the market 12At

3、tacks on crypto 12Pivot to Asia 12Court wins 13ETF approvals 14The decline of Binance 144.Sentiment caught up with fundamentals 15No selling pressure 15Narrative flips 15Fake news and rumours 15Real world collaborations 16Unwavering institutional commitment 165.Value is better recognised 17Greater d

4、iscernment 17Focus on sector trends 17Token redesigns 18Better valuation metrics emerge 18But thenmeme coins 186.Trends 19Bitcoin dominance 19Tokenisation 20The role of blockchains reconsidered 20The rise of Layer 2s 21Ethereums undeserved underperformance 21Part II:What can we look forward to?1.An

5、early stage bull market 23Institutions are driving the market 23Retail interest is lagging 23Strong conviction 24The pattern of past cycles 24Risks 242.Adoption&fund flows 24ETFs 24 Supportive macro environment 25Emerging regions 25UX/UI improvements 25Recovery of the NFT market 253.Will regulation

6、be supportive?26Regulation a positive on balance 26US regulation 26Asian advantage 26Europe 27Push for centralisation and surveillance 274.Challenges for innovation 28Scalability vs interoperability 28Zero-knowledge opportunities 28Limits to decentralisation 29The role of a blockchain 29Innovation o