比特幣（BTC）和以太坊（ETH）請參閱資本流出進入Stablecoins，尚無Altseason的跡象

根據阿里·馬丁內斯（Ali Martinez）的說法，首都繼續從比特幣和以太坊流入穩定幣，沒有明顯的跡象即將到來。

On-chain data suggests that capital is flowing out of Bitcoin (BTC) and Ethereum (ETH) into stablecoins, with no clear signs of an upcoming altseason yet.

鏈上的數據表明，資本正在從比特幣（BTC）和以太坊（ETH）流入穩定幣，但尚無明確的即將到來的Altseason的跡象。

According to on-chain data analyst Ali Martinez, capital is continuing to flow out of Bitcoin and Ethereum into stablecoins. He also noted that there are “no signs of altseason yet.”

根據鍊鍊數據分析師阿里·馬丁內斯（Ali Martinez）的說法，資本繼續從比特幣和以太坊流入穩定的人。他還指出，“尚無季后賽的跡象”。

Capital continues to flow out of #Bitcoin and #Ethereum into stablecoins.

資本繼續從#BitCoin和#Ethereum流入Stablecoins。

No signs of altseason yet!

尚無季后賽的跡象！

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The chart accompanying Martinez's statement shows a clear trend of declining capital inflows into both Bitcoin and Ethereum, while stablecoins have seen a historically large increase in net capital change.

馬丁內斯聲明伴隨的圖表表明，資本流入比特幣和以太坊的清晰趨勢，而穩定幣的淨資本變動變化歷史上有很大的增長。

Specifically, as of Feb. 4, Bitcoin had a net capital change of $0.0412 million, and Ethereum saw $0.0048 million. In contrast, stablecoins experienced a much larger shift, with a net capital change of $0.0644 million. This suggests that investors are currently favoring safer assets, likely waiting for better entry points before making their next move.

具體而言，截至2月4日，比特幣的淨資本變動為0.412億美元，以太坊的淨資本變動為0.48億美元。相比之下，Stablecoins經歷了更大的轉變，淨資本變動為0.0644億美元。這表明投資者目前贊成更安全的資產，可能會等待更好的入學點，然後再採取下一步行動。

Historically, capital rotations from Bitcoin into smaller-cap coins have signaled the start of an altcoin season. According to CoinMarketCap, the altcoin season is typically marked by 75% of the top 100 cryptos (excluding stablecoins and asset-backed tokens) outperforming Bitcoin over the last 90 days. At this time, however, the CoinMarketCap index stands at just 33.

從歷史上看，從比特幣到較小股硬幣的資本輪換標誌著Altcoin季節的開始。根據CoinMarketCap的數據，在過去的90天內，AltCoin季節通常以優於比特幣的前100個加密貨幣（不包括Stablecoins和資產支持令牌）的標誌。但是，目前，CoinMarketCap索引僅為33。

Martinez's chart also shows that the oscillator indicators remain in a neutral position, showing no evidence of a brewing altseason.

馬丁內斯（Martinez）的圖表還表明，振盪器指標仍處於中立位置，沒有顯示釀造賽季的證據。

Another on-chain analyst, Deutscher, shared his own thoughts on why this cycle is different as far as the arrival of altseason is concerned. He explained that instead of moving into established altcoins, traders have been chasing fast-moving low-cap on-chain tokens. As a result, that speculative capital “got stuck in illiquid on-chain meme coins,” he said in his post on Feb. 5.

另一位鍊鍊分析師Deutscher分享了他自己的想法，即就Altseason的到來而言，為什麼這個週期有所不同。他解釋說，貿易商並沒有進入既定的山寨幣，而是在追逐快速移動的低帽子內鏈令牌。結果，他在2月5日的帖子中說，投機資本“被困在流動性的鏈上模因硬幣中”。

The launch of Pump Fun is directly correlated to the destruction of the altcoin market vs $BTC.

泵趣味的推出與Altcoin Market vs $ BTC的破壞直接相關。

The reason we've seen no major "alt season" across majors, is because the speculative capital that would've once poured into top 200 assets, instead decided to jump the gun and…

我們沒有看到大滿貫賽事的主要“ ALT季節”的原因，是因為曾經湧入前200名資產的投機資本，而是決定跳槍並…

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According to Deutscher, the launch of Pump Fun, a decentralized application that enables users to quickly pump and dump on-chain tokens, has played a significant role in this dynamic. He highlighted that the fast-moving low-cap on-chain tokens are usually the "first to die" in any bear market.

根據Deutscher的說法，Pump Fun的推出，這是一個分散的應用程序，使用戶能夠快速泵送和傾倒鍊鍊令牌，在這種動態中發揮了重要作用。他強調說，快速移動的低帽子內鏈令牌通常是任何熊市中的“首先死亡”。

However, this time around, those tokens are "still up huge" relative to the broader market, which suggests that the speculative capital is still present in the market but is simply not flowing into the smaller-cap altcoins.

但是，這次，這些代幣相對於更廣泛的市場“仍然是巨大的”，這表明投機資本仍然存在於市場中，但根本沒有流入較小股的山寨幣。