比特幣優勢阻礙了山寨幣激增

比特幣的優勢（BTC.D）是監視Altcoin循環的關鍵指標。當BTC.D下降時，通常意味著投資者正在轉向

Bitcoin’s dominance (BTC.D) is a crucial indicator to keep an eye on when discussing altcoin cycles. Usually, when BTC.D drops, it signifies that investors are shifting towards altcoins during periods of market volatility.

比特幣的優勢（BTC.D）是在討論山寨幣週期時關注的關鍵指標。通常，當BTC.D下降時，它表明投資者在市場波動期間正在向Altcoins轉移。

However, despite macroeconomic worries such as the upcoming Federal Reserve meeting and “reciprocal tariffs” by Trump, Bitcoin’s dominance remains high. At the time of writing, it stands at 61.6%, which is lower than its February peak of 64.3%.

但是，儘管宏觀經濟的擔憂，例如即將舉行的美聯儲會議和特朗普的“互惠關稅”，但比特幣的主導地位仍然很高。在撰寫本文時，它為61.6％，低於其2月峰值64.3％。

This week’s top gainers list features 4 medium to small-cap altcoins, which are becoming more attractive to investors over large-cap cryptocurrencies. This shift is evident as they are opting for riskier and cheaper options.

本週的最高元素列表具有4個中型至中型山寨幣，這對大型加密貨幣的投資者變得越來越有吸引力。這種轉變是顯而易見的，因為他們選擇了風險更高，更便宜的選擇。

Bitcoin ETFs Impacting Capital Rotation

比特幣ETF影響資本旋轉

A significant factor contributing to this cycle is the emergence of Bitcoin ETFs. Just prior to Bitcoin reaching its all-time high of $109,000 in January, Bitcoin ETFs experienced inflows of $1.078 billion.

促成該週期的一個重要因素是比特幣ETF的出現。在比特幣在一月份達到109,000美元的歷史最高點之前，比特幣ETF經歷了107.8億美元的流入。

Since then, these ETFs have continued to receive millions of dollars in investments, concentrating capital in BTC and delaying the typical altcoin season, especially with liquidity remaining limited.

從那時起，這些ETF繼續獲得數百萬美元的投資，將資本集中在BTC上，並推遲了典型的Altcoin季節，尤其是流動性仍有限制。

This delay in altseason is also being attributed to token dilution, with expert Virtual Bacon noting that altcoins usually surge later in the cycle.

Altseason的這種延遲也歸因於代幣稀釋，專家虛擬培根指出，山寨幣通常在周期後期激增。

“Many think the bull run is over as altcoins haven’t surged yet. But history shows altcoins tend to move later in the cycle, often well after Bitcoin’s rally.”

“許多人認為公牛的奔跑已經結束，因為山寨幣還沒有激增。但是歷史表明，在比特幣集會之後，山寨幣往往會在周期後期移動。”

Currently, Virtual Bacon observes that “liquidity remains limited due to three major factors”:

目前，虛擬培根觀察到“由於三個主要因素，流動性仍然有限”：

Finally, altcoins might not pump until these factors are addressed, which could happen in Q3 2023 or at the latest in Q4 2023.

最後，在解決這些因素之前，山寨幣可能不會抽水，這可能發生在第3季度2023年，或最早在2023年第四季度發生。

This anticipated turnaround could bring a peak in Bitcoin dominance around 70% in the liquidity zone, setting the stage for a strong kickoff to altseason during or after the summer.

預計的周轉可能會使比特幣在流動性區的70％左右達到頂峰，從而為夏季或夏季之後的季后賽開球奠定了基礎。