Odaily星球日報訊 據 Delphi Digital 稱，Hyperliquid 平台未平倉合約規模升至約 115 億美元，創 2026 年新高。其中，針對傳統金融資產的 HIP-3 產品組合占約 40 億美元，S&P 500 為其最大市場。報導稱，AI 相關個股中 SK Hynix 與 Micron 交易最為活躍。

Odaily Odaily reports that Delphi Digital has released the "Token Market Status Report," pointing out that the token market performance in this cycle has been suppressed by multiple structural issues, including internal token unlocks occurring on a fixed schedule regardless of project performance, protocol revenues failing to effectively flow back to holders, and airdrops gradually evolving into sources of exit liquidity.The report shows that since January 2025, among all new tokens listed on major centralized exchanges (CEXs), if purchased on the listing day and held to the present, an average of $1,000 would be worth only about $500; the median decline is 82%, with only about 12% of tokens still above their issuance price, reflecting a market structure problem where "listing quantity takes priority over quality."In terms of token economic design, the study notes that across over 400 unlock events, 28 out of 33 sample tokens significantly underperformed relative to Bitcoin in the three weeks before and after the unlock, resulting in an average excess return loss of about 7%, and most unlocks occurred within 30 days, making it difficult for the market to effectively digest the supply shock.The report also points out that the long-standing industry issue of "lack of value return" is changing, with an increasing number of protocols beginning to channel revenues back to token holders through a "Fee Switch" mechanism. For example, Hyperliquid uses nearly all transaction fees for buybacks, Uniswap burns 100 million UNI tokens, Jupiter uses 50% of its fees for buybacks and locks them for three years, and Aave has also approved a DAO-backed weekly buyback plan of $1 million.However, the report emphasizes that fee-based buybacks alone are insufficient to address supply pressure. For instance, the scale of buybacks for some projects still cannot cover the selling pressure from token unlocks, leading to a situation where "buybacks only offset inflation but fail to generate net buying pressure."Meanwhile, the structure of institutional capital is changing. Institutional holdings of Bitcoin-related ETFs like IBIT increased 62% year-over-year, with the advisor channel growing by 204% and sovereign wealth funds and endowments rising by 228%, while arbitrage-focused hedge funds continue to exit. Long-term capital, including BlackRock, Morgan Stanley, and Mubadala Investment Company, is increasing its allocation.The report concludes that in the next phase, more attractive token assets will simultaneously possess an "income return mechanism" and a "supply release structure linked to protocol performance," while the current market remains in the early stages of structural repair.

Odaily星球日報訊 Delphi Digital 發表報告表示，Strategy 的變動利率 A 系列永續優先股 STRC 授權發行上限約為 283 億美元。若在未擴展上限的情況下達到該數值，Strategy 的比特幣積累速度可能放緩。Strategy 於本週一以 4300 萬美元購入 535 枚比特幣，此次增持資金大部分透過 A 類普通股 MSTR 銷售籌集。目前 Strategy 的市場淨資產價值為 1.25 倍。研究人員指出，當 mNAV 較低時，Strategy 將 STRC 作為主要積累工具，若 mNAV 擴大，則可能透過銷售 MSTR 獲取比特幣。Strategy 擁有 22.5 億美元現金儲備，下一次重大現金義務將在 2027 年 9 月到期。（Cointelegraph）

Odaily星球日報訊 Delphi Digital 發文表示，Strategy 過去多年主要依靠高溢價發行股票及低成本可轉換債券獲取資金，用於持續增持比特幣，但這一融資窗口目前已基本關閉。Delphi 指出，普通股融資正受到市場調整後淨資產價值（mNAV）約束，新可轉換債發行也已暫停，STRC 已成為其當前最主要融資渠道。由於 STRC 在資本結構中的償付順位低於可轉換債與優先股，因此需要透過約 11.5%的高收益率補償投資者承擔的減值風險。Delphi 認為，Strategy 目前正透過支付更高融資成本，繼續推進比特幣積累計劃，並為 2028 年即將到期的大額債務償還爭取時間。

Odaily 星球日報訊 加密研究機構 Delphi Digital 發布最新報告《How Far Can Saylor Stretch It》，對 Strategy 的比特幣（BTC）資金擴張機制進行了系統分析，指出其融資結構正從「低成本增持」進入「邊際效率遞減」階段。報告顯示，當前以 Bitcoin 為核心的資產累積體系中，STRC 已成為 Strategy 持續購入 BTC 的核心融資工具。早期依賴 MSTR 股價顯著溢價（mNAV 遠高於 BTC 淨值）實現「增發即增持」的正向循環，但隨著估值回落至約 1.24 倍 EV 基礎 mNAV，普通股增發帶來的 BTC/股增厚效應已接近盈虧平衡。與此同時，可轉債工具雖在歷史階段發揮重要作用，但已累積約 82 億美元本金，並在 2027 年 9 月後面臨集中償付壓力，使融資結構長期可持續性承壓。STRC 通過向收益型投資者提供約 11.5% 年化月付股息，為 Strategy 提供持續融資來源，用於延續 BTC 購買節奏。然而該機制也引入持續現金流義務，使每一輪融資在增加 BTC 資產的同時，也同步累積未來分紅負擔。報告強調關鍵風險情景：若 BTC 價格橫盤且 MSTR 溢價無法恢復，則「STRC 融資購幣增益」可能被「普通股稀釋與分紅義務」逐步抵消。儘管公司約 22.5 億美元現金儲備可覆蓋 2027 年約 10 億美元贖回壓力，但 2028 年更大規模債務與分紅結構仍待解決。此外，STRC 當前約 283 億美元授權發行上限成為關鍵約束節點。一旦觸及上限，新增 BTC 購買能力可能放緩，但既有分紅義務仍將持續存在，從而改變整體 BTC/股動態增長路徑。

1. 2026年3月預測市場名義交易量達257億美元，Kalshi以131億美元交易量居首；2. Solana推出Agent Skills，支援AI代理與鏈上互動；3. Anthropic宣布限制「白嫖」訂閱，OpenClaw使用Claude需按量計費或使用API；4. Delphi Digital：山寨幣市場表現分化，VVV以21.87%漲幅位列周漲幅榜首；5. Coinglass Q1加密市場報告：總交易量達20.57兆美元，幣安多維度領先；6. 日本金融廳發布加密交易所網路安全新規，強化三層防護框架；7. 美國情報稱伊朗短期內不太可能開放荷姆茲海峽；8. Drift團隊關聯地址向交易所轉入5625萬枚DRIFT，價值約244萬美元；9. FTX透過Wintermute出售694萬枚DRIFT，價值約32萬美元。

Odaily星球日報訊 Delphi Digital 於 X 平台發文表示，本週山寨幣市場表現依然參差不齊，加密市場呈橫盤走勢。漲幅前五的代幣分別為：• VVV (+21.87%)• Render (+18.06%)• Iota (+15%)• MON (+13.33%)• JUP (+13.2%)

Odaily星球日報訊 Delphi Digital 發文表示，相較於國家安全層面的爭議，穩定幣對傳統銀行盈利模式的潛在影響更為直接。當前美國國債收益率約為 3.89%，而普通儲蓄帳戶利率約為 0.39%，銀行通過存款獲取利差收益。其指出，穩定幣同樣以國債等資產作為支撐，且發行方正探索將收益分配給持有者的機制。若該模式大規模推廣，可能促使資金從傳統銀行體系流向穩定幣，從而削弱銀行獲取低成本資金及提供信貸的能力。

Odaily星球日報訊 遊戲區塊鏈基礎設施 Power Protocol 宣布完成 300 萬美元融資，Bitkraft、Delphi Digital、Spartan VC、Mechanism Capital 等參投，新資金將支持其擴展跨多種類型的遊戲代幣經濟模式，而不僅僅是構建與單個遊戲綁定的單一代幣。（Pocketgamer）

Odaily reported that Delphi Digital posted on platform X, stating that Hyperliquid's trading volume on Christmas Day was $2.5 billion. Six weeks later, the protocol generated $25 billion in trading volume during a single trading session. Since late December last year, driven by the doubling of contract market types attracting a large number of traders and the expansion of trading scale, its total trading volume has exceeded $382 billion.