隨著宏觀經濟逆風的持續數字資產，比特幣優勢達到62.2％

2025年第一季度是數字資產的現實檢查。一年始於當選美國總統的樂觀情緒，並期望更友好的監管環境

The first quarter of 2025 was a reality check for digital assets. While the year began with optimism fueled by the election of a pro-crypto U.S. president and expectations of a friendlier regulatory environment, macroeconomic challenges quickly came to dominate the narrative.

2025年第一季度是數字資產的現實檢查。儘管當選為美國總統的樂觀和對友好的監管環境的期望，這一年始於樂觀，但宏觀經濟挑戰迅速佔據了敘述。

Bitcoin briefly touched a new all-time high of $109,356 on New Year’s Day before posting a 11.6% decline for the quarter—its second-largest such move since Q2 2022.

比特幣短暫觸及了元旦的新歷史最高點109,356美元，然後在本季度下降了11.6％，這是自2022年第二季度以來的第二大這樣的舉動。

CoinDesk indices more heavily weighted toward smaller-cap tokens such as the CoinDesk Memecoin Index (CDMEME) and the CoinDesk 80 (CD80) fared worse, notching decreases of 55.2% and 46.4%, respectively.

Coindesk索引索引更大地傾向於較小帽子代幣，例如Coindesk Memecoin指數（CDMeme）和Coindesk 80（CD80）的情況差得多，分別減少了55.2％和46.4％。

But beneath the volatility, a more fundamental shift is playing out. The gap between bitcoin and the rest of the market continues to widen, driven in large part by institutional behavior.

但是在波動之下，一個更根本的轉變正在發生。比特幣與市場其餘部分之間的差距繼續擴大，這在很大程度上是由機構行為驅動的。

As outlined in our latest Digital Assets Quarterly Report, institutions are playing an increasingly decisive role in shaping capital flows, preferring liquid and regulated large-cap assets. This shift is pushing the digital asset market toward more structured, benchmark-driven strategies.

正如我們最新的數字資產季度報告中概述的那樣，機構在塑造資本流，更喜歡液體和受監管的大型資產方面發揮了越來越決定性的作用。這種轉變將數字資產市場推向了更具結構化的，基準驅動的策略。

One of the clearest signs of this realignment comes from bitcoin dominance, which expresses bitcoin’s total market capitalization as a percentage of the market capitalization for all cryptocurrencies combined.

這種重新調整的最明顯跡象之一來自比特幣的優勢，該比特幣表達了比特幣的總市值，這是所有加密貨幣總和的市值的百分比。

This figure rose to 62.2% in Q1, its highest level since February 2021. Notably, this increase occurred despite a 26.9% drop in bitcoin’s total market capitalization from its January peak.

這一數字在第1季度（自2021年2月以來的最高水平）中升至62.2％。值得注意的是，儘管比特幣從1月的峰值起，比特幣的總市值下降了26.9％。

Our latest chart of the week highlights this trend, showing how capital rotated out of speculative assets and into bitcoin as macro volatility and geopolitical uncertainty mounted.

我們本週的最新圖表強調了這一趨勢，顯示了資本如何從投機性資產中旋轉，並隨著宏觀波動和地緣政治不確定性的安裝而旋轉到比特幣中。

The CoinDesk 20 Index (CD20) has emerged as a useful lens for tracking this institutional shift. While the index fell 23.2% in Q1, it significantly outperformed most major digital assets.

Coindesk 20指數（CD20）已成為跟踪這種機構轉變的有用鏡頭。儘管該指數在第一季度下降了23.2％，但它的表現明顯優於大多數主要的數字資產。

Only XRP, a constituent of both the CD20 and the CD80 indices, managed to post a positive return. The CD80 Index slid 46.4% in the quarter.

只有XRP是CD20和CD80指數的組成部分，才設法發布了正回報。 CD80指數在本季度下跌46.4％。

XRP's 0.4% gain in Q1 was driven by the dismissal of the SEC’s case against Ripple, as well as strong growth in its RLUSD stablecoin.

XRP在第一季度的0.4％增長是由SEC對Ripple的案件的解僱以及其RLUSD Stablecoin的強勁增長所驅動的。

RLUSD's market cap surged 323% in Q1 to reach $245 million, while cumulative trading volumes exceeded $10 billion in just over three months. By contrast, ether slid 45.3%—underperforming most major assets amid continued migration of user activity to Layer 2s and a lack of positive catalysts.

RLUSD的市值在第1季度飆升了323％，達到2.45億美元，而累計交易量超過了三個月的100億美元。相比之下，Ether SLID 45.3％ - 在用戶活動繼續遷移到第2層和缺乏陽性催化劑的情況下，大多數主要資產不足。

U.S. spot ETH ETFs saw net outflows of $228 million in Q1, compared to net inflows of over $1 billion for bitcoin ETFs. The ETH/BTC ratio declined to 0.022, its lowest level since May 2020, reinforcing the shift in relative dominance this cycle.

美國現場ETF的淨流出在第一季度的淨流出為2.28億美元，而比特幣ETF的淨流入超過10億美元。 ETH/BTC的比率下降到0.022，其自2020年5月以來的最低水平加強了本週期的相對優勢轉移。

Bitcoin’s broader role as a macro asset also continued to gain traction.

比特幣作為宏觀資產的廣泛作用也繼續吸引。

In addition to strong ETF flows, public companies added nearly 100,000 BTC to their holdings in Q1, representing a 34.7% increase. This brought the total held by such companies to 689,059 BTC—equivalent to more than $56.4 billion at current prices.

除了強大的ETF流量外，上市公司還增加了近100,000個BTC的持股量，增加了34.7％。這使此類公司持有的總數達到了689,059 BTC，等於當前價格超過564億美元。

The launch of the U.S. Strategic Bitcoin Reserve, along with the introduction of a broader Digital Asset Stockpile by the Treasury, further underscored bitcoin’s growing legitimacy within U.S. policy.

美國戰略比特幣儲備的推出，加上財政部引入更廣泛的數字資產，進一步強調了比特幣在美國政策中的合法性日益增長的合法性。

Looking to Q2, the tone in markets has improved following the recent pause in new tariff measures. Risk assets responded favorably, and altcoin ETF optimism remains high.

尋求第二季度，在新的關稅措施中最近停頓之後，市場上的基調有所改善。風險資產反應良好，而Altcoin ETF樂觀仍然很高。

Nearly 40 spot ETF applications for altcoins were submitted in Q1 alone, led by those for Solana and XRP, which each had eight filings. Other assets applying for spot ETFs included Litecoin, Dogecoin and Polkadot.

僅在第1季度就提交了近40個AltCoins的ETF申請，由Solana和XRP的申請提交，每個ETF申請都有8個文件。申請現貨ETF的其他資產包括萊特幣，狗狗幣和Polkadot。

With Solana futures now live on the CME, the precedent for institutional-grade altcoin exposure continues to build.

隨著Solana Futures現在居住在CME上，機構級別的Altcoin暴露的先例繼續建立。

The first quarter offered a reminder that digital assets are no longer moving in isolation.

第一季度提醒您，數字資產不再孤立地移動。

As macro conditions evolve and policy shifts begin to reshape the regulatory environment, capital is consolidating into assets with deeper liquidity, stronger narratives and institutional relevance.

隨著宏觀條件的發展和政策的轉變開始重塑監管環境，資本正在鞏固具有更深的流動性，更強的敘事和機構相關性的資產。

Bitcoin’s rising dominance, shifting ETF flows and the fragmentation of altcoin performance all point to a market recalibrating around structural factors rather than sentiment alone.

比特幣的統治地位，轉移ETF流動和Altcoin績效的碎片都表明市場圍繞結構因素重新校準，而不是僅憑情感。

For a deeper dive into these dynamics, including full index performance and constituent insights, you can access the full Digital Assets Quarterly Report here.

為了更深入地了解這些動態，包括完整的索引性能和組成見解，您可以在此處訪問“完整數字資產”季度報告。