這就是為什麼山寨幣投資者儘管比特幣、以太幣價格接近年度高點仍苦苦掙扎

代幣解鎖不斷稀釋供應、來自風險基金的拋售壓力、缺乏新的加密資金流入以及季節性趨勢，都導致了山寨幣價格的大幅下跌。

The cryptocurrency market has seen a healthy consolidation after a massive run-up from October to March – at least for those who invested in the two largest digital assets.

在 10 月到 3 月的大幅上漲之後，加密貨幣市場出現了健康的整合——至少對於那些投資這兩種最大數位資產的人來說是如此。

Those who hold smaller cryptocurrencies, however, are experiencing a brutal correction, with sentiment in crypto social media circles bearing a striking resemblance to the despair of a bear market.

然而，那些持有較小加密貨幣的人正在經歷殘酷的調整，加密貨幣社群媒體圈的情緒與熊市的絕望有著驚人的相似之處。

While bitcoin (BTC) and Ethereum's ether (ETH) are only 15% below their yearly highs, several crypto majors like solana (SOL) and avalanche (AVAX) are down 40% to 50% from their March peaks, and layer-1 challengers sui (SUI) and aptos (APT) have cratered 60% to 70%.

雖然比特幣(BTC) 和以太坊(ETH) 的價格僅比年度高點低15%，但solana (SOL) 和Avalanche (AVAX) 等幾個加密貨幣巨頭的價格較3 月的峰值下跌了40%至50%，而Layer-1 挑戰者sui (SUI) 和 aptos (APT) 已經崩潰了 60% 到 70%。

Selling pressure from venture funds with broadening supply and token unlocks, a lack of fresh inflows to crypto and seasonal trends have all contributed to the weakness in altcoins, a term used to describe cryptocurrencies beyond the biggest ones like bitcoin and ether.

來自風險基金的拋售壓力、供應擴大和代幣解鎖、加密貨幣新資金流入的缺乏以及季節性趨勢都導致了山寨幣的疲軟，山寨幣是用於描述比特幣和以太幣等最大加密貨幣之外的加密貨幣的術語。

Many altcoins experience a constantly diluting supply of tokens via unlocks and distributions scheduled for years ahead. This is because most of the tokens are locked up, bought by early investors or earmarked for ecosystem developments and grants.

許多山寨幣會透過未來幾年的解鎖和分配來不斷稀釋代幣的供應。這是因為大多數代幣都被鎖定，由早期投資者購買或指定用於生態系統開發和贈款。

For example, Ethereum layer-2 network Arbitrum's token (ARB) is nearing its all-time low price from last September, even though its market capitalization has risen to $2.5 billion from $1 billion because of a massive increase in its supply.

例如，以太坊二層網路 Arbitrum 的代幣（ARB）價格已接近去年 9 月以來的歷史最低點，儘管由於供應量大幅增加，其市值已從 10 億美元升至 25 億美元。

Another example is solana, whose supply is inflating by 75,000 tokens, worth some $10 million at current prices, every day.

另一個例子是 solana，其供應量每天增加 75,000 個代幣，以當前價格計算價值約 1000 萬美元。

"Unlike equities which have a constant passive bid from ETF inflows and bond buybacks, crypto, and in particular altcoins, have the opposite – a constant stream of sell pressure," Quinn Thomson, founder of crypto hedge fund Lekker Capital, noted in an X post.

加密貨幣對沖基金Lekker Capital 創辦人Quinn Thomson 在一份X 報告中指出：「與股票不同，股票會因ETF 流入和債券回購而持續被動出價，而加密貨幣，尤其是山寨幣，則相反，即持續不斷的拋售壓力。

A significant portion of the selling pressure comes from venture capital funds realizing profits on their early investments in projects launched over the past years.

拋售壓力的很大一部分來自創投基金在過去幾年推出的專案的早期投資中實現的利潤。

"Venture capital funds invested $13 billion in Q1 2022, while the market turned into a steep bear market," Markus Thielen, founder of 10x Research, said in a report earlier this week. "Those funds are now under pressure from their investors to return capital as artificial intelligence (AI) has become a hotter theme."

10x Research 創辦人 Markus Thielen 在本週稍早的一份報告中表示：「創投基金在2022 年第一季投資了130 億美元，而市場卻陷入了嚴重的熊市。 “隨著人工智慧（AI）成為更熱門的主題，這些基金現在面臨著投資者要求返還資金的壓力。”

When the market's appetite for the smaller, more speculative crypto assets is dwindling and trading volumes are falling – like in the past few months – there's not enough demand to absorb this supply shock.

當市場對規模較小、投機性較強的加密資產的興趣減弱且交易量下降時（就像過去幾個月一樣），就沒有足夠的需求來吸收這種供應衝擊。

Liquidity inflows to crypto markets have also stalled or even reversed over the past weeks, shown by the market value of stablecoins, which are mostly used as an intermediary for crypto trading.

過去幾週，加密貨幣市場的流動性流入也陷入停滯甚至逆轉，穩定幣的市值就表明了這一點，穩定幣主要用作加密貨幣交易的中介。

The combined market capitalization of the four largest stablecoins – Tether's USDT, Circle's USDC, First Digital's FDUSD and Maker's DAI – has been flat since April after a $30 billion expansion earlier this year, per TradingView data.

根據TradingView 的數據，四大穩定幣——Tether 的USDT、Circle 的USDC、First Digital 的FDUSD 和Maker 的DAI——的總市值在今年早些時候擴張了300 億美元後，自4 月以來一直持平。

Stablecoin balances on exchanges – which translates to dry powder for traders and investors – decreased $4 billion to the lowest level since February, David Shuttleworth, partner at Anagram, pointed out in an X post citing Nansen data.

Anagram 合夥人 David Shuttleworth 在 X 貼文中引用 Nansen 的數據指出，交易所的穩定幣餘額（對交易者和投資者而言就是乾粉）減少了 40 億美元，降至 2 月以來的最低水平。

"This has particularly bad implications for tokens with large upcoming unlocks as well as new [tokens] and airdrop programs," Shuttleworth said.

「這對於即將解鎖的代幣以及新的[代幣]和空投計劃尤其不利，」沙特爾沃思說。

Recently launched tokens of blockchain bridge Wormhole {{W}}, yield-bearing synthetic dollar protocol Ethena {{ENA}} and layer-2 network Starknet (STRK) all plummeted roughly 60% to 70% in price from their respective highs and will face billions of dollars worth of tokens being distributed in the coming years.

最近推出的區塊鏈橋 Wormhole {{W}}、收益合成美元協議 Ethena {{ENA}} 和第 2 層網路 Starknet (STRK) 的代幣價格均較各自高點暴跌約 60% 至 70%，未來幾年將面臨價值數十億美元的代幣分發。

Seasonal trends have been also bearish for smaller tokens, with June usually being a down month for altcoins.

季節性趨勢也對較小的代幣不利，六月通常是山寨幣的下跌月份。

TradingView data shows that the aggregated market cap for crypto assets excluding BTC and ETH, captured by TOTAL.3 metric, saw a decline in every June during the past six years.

TradingView 數據顯示，根據 TOTAL.3 指標計算，除 BTC 和 ETH 之外的加密資產總市值在過去六年中每年 6 月都會下降。

This month is on track to be no exception, with TOTAL.3 down 11% to date.

本月也不例外，TOTAL.3 迄今已下跌 11%。