上周加密市场分化加剧：DePIN和游戏领涨，L2s与RWA承压，ETF资金持续波动

OnChainDetective

2026-01-02 17:20:11

【币界】上周币圈冰火两重天。比特币小幅上涨1.6%，不过各板块走势差异巨大。

看涨的那边：DePIN和游戏两个板块直接起飞，分别冲高13.1%和12.6%。要知道这两个板块经历了全年的深度调整，这波反弹算是挺有力度的。

但下跌的也不少。L2s板块跌了2.67%，RWA板块跌幅稍缓但也没逃掉，下滑0.84%。分化现象明显到不行。

ETF资金面继续闹腾。12月31日当天流出4.178亿美元，基本上把前一天4.282亿美元的资金流入给抵消了。资金在这儿反复试探。

最扎心的是数字资产类国债相关标的持续走弱。MSTR和BMNR这两个权重品的市净率分别只有0.69倍和0.85倍，压力确实不小。

RWA1,29%

BTC1,55%

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MevWhisperer

· 9h ago

DePIN and gaming are taking off ridiculously, finally it's their turn to take the throne. It’s time for a rebound, but L2 is still struggling, which is really tough... Wait, are MSTR and BMNR’s P/E ratios serious? Seems like there’s a chance... When will L2 turn around? I’m still at the bottom price. This ETF trading in and out so frequently makes my eyes dizzy. Is it institutions bottoming out or fleeing... Can DePIN’s recent rally continue? I always feel like rebounds are traps. The divergence is so severe; choosing the wrong sector could lead to big losses. It’s safer to stick with BTC. MSTR has broken net asset value more than once. Now it’s happening again. Are government bonds in the asset class really out of luck? The gaming sector finally has its moment to shine after being mocked for so long. RWA’s decline doesn’t look much, but it just won’t rebound. Feels like there’s no story left. P/B ratio of 0.69... If you don’t buy the dip now, you’re crazy. What about the contrarian indicator?

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FUD_Vaccinated

· 01-03 03:52

But it's just a rebound, don't celebrate too early, L2s will also fall sooner or later --- DePIN is rising, wow, but I still prefer long-term infrastructure. How long this wave of gaming rebound can last remains to be seen --- It's a bit ironic that MSTR and BMNR are breaking their net worth, is this hinting at something? --- Funds are flowing in and out, ETF keeps fluctuating, isn't it exhausting? --- Wait, RWA has fallen but you're still saying "the decline is slow"? Who are you trying to comfort? --- Again, there is differentiation and volatility. This kind of market tests the most patience --- DePIN has risen thirteen points, but I still feel it's not enough --- It seems the crypto world is playing a very interesting "choice" game --- What is the mentality of those chasing DePIN now? Anyway, I am waiting for the next trap --- With such a low price-to-book ratio, is there really no one willing to buy?

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VirtualRichDream

· 01-02 17:50

DePIN and gaming are really on a rebound, finally gaining some presence, but L2 is still taking a hit, the divergence is too extreme.

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GweiWatcher

· 01-02 17:50

DePIN's rebound is really gaining momentum this time, finally breaking through. But L2's underperformance is really frustrating; it feels like the funds are choosing their preferred tracks.

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AirdropSkeptic

· 01-02 17:47

DePIN and the game taking off, I didn't get it wrong, but the decline of L2 is really painful. After finally waiting for a rebound, it was crushed again. The rhythm of entering and exiting ETF positions feels like funds are still hesitating. End of the year, repeatedly testing this way, it's really exhausting. MSTR's price-to-book ratio has fallen to 0.69, how desperate is that? But on the other hand, isn't this kind of situation often an opportunity? The 13% increase in DePIN feels like it lacks momentum; it seems like a correction is coming. That's how the crypto world is—flying left and falling right, it just can't stop. Why hasn't RWA fallen more? It's still holding up, but it will eventually need to catch up with the decline. Honestly, with such severe market segmentation, small retail investors choosing a track is like gambling.

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DefiOldTrickster

· 01-02 17:45

Tsk tsk, DePIN and gaming are taking off this wave. I saw it coming a long time ago, already laid out last year. Now a 13% rebound? No big deal. The key is that the re-investment potential in these two sectors hasn't been fully tapped yet. L2 dropped 2.67%, and I actually want to buy the dip. This is a great arbitrage opportunity. I haven't paid much attention to RWA; I always feel that the yields aren't as sweet as they seem. The ETF's 400 million in inflows and outflows, honestly, it just means no one is sure about the direction. I see this as retail investors and institutions betting against each other. Anyway, I'm just continuing to sit back and enjoy the gains. On-chain data doesn't lie. MSTR and BMNR with P/B ratios of 0.69 and 0.85—oh my, that's really unsustainable. But experienced players like us know that surviving a bear market is winning. Don't rush to buy the dip; let the bullets fly a bit longer.

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LiquidationOracle

· 01-02 17:41

DePIN and gaming are skyrocketing, but L2 and RWA are still taking hits; this divergence is really intense. ETF funds are flowing in and out, yet they can still suppress MSTR and BMNR like this, indicating that big funds are still on the sidelines.

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