為什麼山寨幣季節落後於計劃

加密貨幣市場的看漲模式遵循一種模式，通常由比特幣（BTC）的正面訊號引發，並傳播到更廣泛的資產類別。

Bullish patterns in the crypto market usually begin with positive signals in Bitcoin (BTC) that spread over to the broader asset class. However, this time around, altcoins have not kept pace during Bitcoin’s latest surge.

加密貨幣市場的看漲模式通常始於比特幣（BTC）的正面訊號，這些訊號蔓延到更廣泛的資產類別。然而，這一次，山寨幣並沒有跟上比特幣最近一次飆升的步伐。

The lackluster trend has prompted industry-wide questions about what is driving the lag and in response, market experts are weighing in.

這種低迷的趨勢引發了全行業的疑問，到底是什麼導致了這種滯後，市場專家正在回應。

Why Altcoin Season Is Behind Schedule

為什麼山寨幣季節落後於計劃

CryptoQuant founder and CEO Ki Young Ju has offered insights into the ongoing underperformance of altcoins, identifying factors hindering the expected surge.

CryptoQuant 創辦人兼執行長 Ki Young Ju 對山寨幣持續表現不佳提出了見解，並找出了阻礙預期飆升的因素。

At the heart of the lag is a shift in capital flow into Bitcoin. Unlike past cycles, the current rally is fueled by institutional investors and spot ETFs rather than retail traders, who historically drove Bitcoin-to-altcoin money rotations. Institutions tend to hold Bitcoin long-term and operate outside traditional crypto exchanges, and the change in dynamics has disrupted the usual trickle-down effect where Bitcoin gains spark altcoin rallies.

滯後的核心是資本流入比特幣的轉變。與過去的周期不同，當前的反彈是由機構投資者和現貨 ETF 推動的，而不是散戶交易員，而散戶交易員歷來推動了比特幣到山寨幣的資金輪換。機構傾向於長期持有比特幣並在傳統加密貨幣交易所之外運作，而動態的變化擾亂了比特幣上漲引發山寨幣反彈的通常的涓滴效應。

Why is altcoin season delayed?Compared to the last cycle, the nature of capital flowing into #Bitcoin has shifted. The current Bitcoin rally is primarily driven by demand from institutional investors and spot ETFs.

為什麼山寨幣季節延遲了？目前比特幣的上漲主要是由機構投資者和現貨 ETF 的需求所推動的。

Unlike crypto exchange users, institutional investors and ETF… pic.twitter.com/dpDBCF0BTo

與加密貨幣交易所用戶、機構投資者和 ETF 不同… pic.twitter.com/dpDBCF0BTo

According to Ju, while some major altcoins might catch the eye of institutions through ETFs and investment funds, the bulk of smaller altcoins still rely on exchange-driven activity. Without fresh retail interest, the much-anticipated altcoin season may remain elusive.

Ju 表示，雖然一些主要的山寨幣可能透過 ETF 和投資基金吸引機構的注意，但大部分較小的山寨幣仍依賴交易所驅動的活動。如果沒有新的散戶興趣，備受期待的山寨幣季節可能仍然難以捉摸。

The analyst further highlighted the altcoin market’s liquidity issues, with market capitalization below previous highs, signaling reduced fresh capital inflows. Without fresh investments flowing in, these altcoins may struggle to regain momentum.

該分析師進一步強調了山寨幣市場的流動性問題，市值低於先前的高點，顯示新資本流入減少。如果沒有新的投資流入，這些山寨幣可能很難重新獲得動力。

Despite the roadblocks, there’s room for optimism.

儘管存在障礙，但仍有樂觀的空間。

Hopes Remain for Altcoin Season Breakout

山寨幣季節突破仍存希望

Ju believes that renewed retail excitement and a boost in exchange activity could reignite altcoins. The optimism is fueled by the expectation for the growing institutional interest in Bitcoin to widen to include altcoins, potentially sparking the long-awaited rally.

Ju認為，零售業的復甦和交易活動的增加可能會重新點燃山寨幣。人們預期機構對比特幣的興趣日益濃厚，將擴大到包括山寨幣，從而可能引發期待已久的反彈，這加劇了樂觀情緒。

This echoes broader positive sentiment among other analysts. According to Rekt Capital, stability in BTC’s price within the $91,000 and $100,000 range, could create an opportunity for an Ethereum-led altcoin breakout.

這呼應了其他分析師更廣泛的正面情緒。 Rekt Capital 表示，BTC 價格穩定在 91,000 美元至 100,000 美元範圍內，可能為以太坊主導的山寨幣突破創造機會。

Bitcoin ranging between $91,000 & $100,000 may very well be a recipe for Ethereum to take the lead and enable money flow into smaller Altcoins#BTC $ETH #Crypto pic.twitter.com/E5Il60sjzK

比特幣價格在 91,000 美元到 100,000 美元之間很可能是以太坊領先的良方，並使資金流入較小的山寨幣#BTC $ETH #Crypto pic.twitter.com/E5Il60sjzK

The latest take builds on Rekt’s previous analysis that Bitcoin’s uptrend could create a positive environment for altcoins to thrive. CryptoQuant’s Ju, however, emphasized that altcoins must focus on building independent strategies to attract new capital rather than relying solely on Bitcoin’s momentum.

最新的觀點建立在 Rekt 之前的分析之上，即比特幣的上漲趨勢可能會為山寨幣的蓬勃發展創造積極的環境。然而，CryptoQuant 的 Ju 強調，山寨幣必須專注於建立獨立的策略來吸引新資本，而不是僅僅依賴比特幣的動力。

On the Flipside

另一方面

Why This Matters

為什麼這很重要

A bullish crypto market is incomplete without an altcoin surge, making its delay a notable setback.

如果沒有山寨幣的飆升，看漲的加密貨幣市場就不完整，這使其延遲成為一個顯著的挫折。

Read more about expectations for a surge in altcoins:Why Altcoin Season Is Next in Line Post Bitcoin-Breakout

閱讀更多關於山寨幣激增的預期：為什麼山寨幣季節是比特幣突破後的下一個季節

Tether is facing regulatory pressure in the EU and the issuer is cutting one of its stablecoins:Tether Axes Stablecoin Offerings Amid Shifting EU Regulations

Tether 在歐盟面臨監管壓力，發行人正在削減其一款穩定幣：在歐盟法規變化之際，Tether 取消了穩定幣發行