Altcoin季節的到來通常與比特幣的表現有關。

隨著資金從BTC流入AltCoins，這會觸發Altcoin價格的上漲。

The arrival of an altcoin season is often tied to Bitcoin’s performance. As money flows out of BTC and into altcoins, this triggers a rise in altcoin prices.

Altcoin季節的到來通常與比特幣的表現有關。隨著資金從BTC流入AltCoins，這會觸發Altcoin價格的上漲。

However, this cycle is being delayed by factors beyond Bitcoin. One such factor is the recent surge in token generation events (TGEs).

但是，這個週期被超越比特幣的因素延遲。一個因素是最近的代幣生成事件（TGE）的激增。

Rise in TGEs – A Boon or a Bane?

tges升起 - 恩賜還是禍根？

In the past four and a half months, 45 new tokens have launched, with most failing to provide decent returns. Many tokens launched in 2025 failed to sustain growth post-listing, which begs the question of whether this trend is driven by bearish macroeconomic conditions or the lack of fundamental value in these tokens. This is turning altcoins into momentum-driven speculative assets.

在過去的四個半月中，已經推出了45個新令牌，其中大多數未能提供不錯的回報。許多代幣在2025年推出，未能維持上市後的增長，這就引出了一個問題，即這種趨勢是由看跌的宏觀經濟條件或缺乏這些代幣的基本價值所驅動的。這將AltCoins變成動量驅動的投機資產。

Talking to BeInCrypto, Vincent Liu, CIO of Kronos Research, elaborated on this question.

Kronos Research的CIO Vincent Liu與Beincrypto進行了交談，並在此問題上闡述了。

“Relentless token launches, especially meme coins, diluted liquidity and fragmented investor attention. Simultaneously, macro headwinds like rising interest rates and a global shift to risk-off sentiment throttled speculative capital. Tokens lacking utility, clear roadmaps, or sustainable ecosystems were quickly reprieved in line with growing investor skepticism,” Liu said.

However, of the few successful launches that did provide a strong return on investment (ROI), there was a surprising performance from Solayer (LAYER). Since its February launch, LAYER has seen an 88% rise and is currently trading just under $2.00.

但是，在少數成功的推出確實提供了強勁的投資回報（ROI）中，Solayer（層）的表現令人驚訝。自2月推出以來，Layer上漲了88％，目前的交易價格不到2.00美元。

Altcoin Season Index Remains in Bitcoin’s Favor

Altcoin季節指數仍然受到比特幣的青睞

The altcoin season index currently stands at 16, indicating that Bitcoin is still largely in the lead. Rapid token launches and post-listing failures are contributing to this delay.

Altcoin季節指數目前為16，表明比特幣仍在很大程度上處於領先地位。快速令牌發布和列出後失敗導致了這一延遲。

suggest that there needs to be reforms in the way that token launches are approached.

建議需要進行代幣發射的方式進行改革。

“The issue of artificially inflated token prices before launch presents a growing concern. While these short-term surges might attract initial attention, they often undermine long-term investor confidence. To mitigate this, the industry must champion greater transparency around partner agreements, listing criteria, and pre-launch disclosures. Clear communication about a project’s structure, roadmap, and market cap expectations is essential to building a sustainable and trustworthy ecosystem.

“在推出之前，人工膨脹的代幣價格問題引起了人們的關注。儘管這些短期潮流可能會引起最初的關注，但它們經常會破壞長期投資者的信心。為了減輕這種情況，該行業必須圍繞合作夥伴協議，列出標準和發布前的披露和預啟動前的披露。對項目的結構，公路和市場的良好的良好的良好的良好的良好的良好的良好溝通。

“Finally, investors themselves play a crucial role. By conducting thorough research into the fundamentals of new projects, investors can protect themselves from significant losses and identify valuable tokens in the long run. This includes evaluating the team behind the project, the token’s economics, and the project’s overall market fit. In essence, a new token's success depends not only on the project itself but also on how it navigates the broader macroeconomic landscape and investor sentiment.”

“最後，投資者自己發揮了至關重要的作用。通過對新項目的基礎進行徹底的研究，投資者可以保護自己免受重大損失，並在長遠來看確定有價值的代幣。這包括評估項目背後的團隊，代幣經濟學，代幣的經濟學，項目的整體市場合適。在本質上不僅依賴於新的Token的項目，但也不僅投資了項目，而且還不僅投資於項目範圍，而且還遍布了項目範圍。情緒。”

This point was raised by Arthur Cheong, founder and CEO of DeFiance Capital, who recently expressed concerns over TGEs. He highlighted the risk of projects and market makers working together to inflate token prices artificially. This can distort market behavior and undermine investor confidence.

這一點是由Defiance Capital的創始人兼首席執行官Arthur Cheong提出的，他最近對TGE表示關注。他強調了項目和做市商共同努力以人為地膨脹代幣價格的風險。這會扭曲市場行為並破壞投資者的信心。

“You don’t know whether the price is a result of organic demand and supply or simply due to projects and market makers colluding to fix the apex for other objectives. Absolutely bizarre that CEXs are turning a blind eye to this and altcoin markets are becoming more and more like a lemon market where confidence gets lesser.

“您不知道價格是有機需求和供應的結果，還是僅僅是由於項目和做市商勾結以修復其他目標的頂點。絕對奇怪的是，CEXS對此視而不見，而Altcoin Markets越來越像一個檸檬市場，信心越來越少。

Responding to this,suggest that there needs to be reforms in the way that token launches are approached.

對此做出回應，建議需要進行對代幣發射的方式進行改革。