比特幣在前所未有的減半中迎來了加密貨幣歷史上「最奇怪」的牛市

加密貨幣分析師認為目前的比特幣減半週期是一個異常的牛市，其特徵是比特幣不合時宜地創下歷史新高，並且投資大量湧入迷因幣。打破歷史格局，流動性繞過以太坊等高價值幣，直接流入迷因幣，創造了不尋常的市場環境。在新代幣的湧入和 Coinbase Base 網路上的投機活動的推動下，Memecoin 的資本總額已飆升至 700 億美元。目前，市場基本面的影響力較小，因為市場是由敘事和引人注目的代幣驅動的，而不是基本面因素。

Unprecedented Bull Run: Bitcoin Halving Cycle Dubbed 'Weirdest' in Crypto History

史無前例​​的牛市：比特幣減半週期被稱為加密貨幣史上“最奇怪”

The ongoing Bitcoin halving cycle has baffled crypto industry analysts, prompting them to label it the "weirdest" bull market on record. This unconventional market behavior has been characterized by a premature Bitcoin all-time high, a surge in memecoin speculation, and an atypical pattern of liquidity flow.

正在進行的比特幣減半週期讓加密行業分析師感到困惑，促使他們將其稱為有史以來「最奇怪」的牛市。這種非常規的市場行為的特點是比特幣過早創下歷史新高、迷因幣投機激增以及流動性流動的非典型模式。

Atypical Liquidity Flows

非典型流動性

Historically, bull markets in the cryptocurrency space have followed a predictable pattern, with liquidity flowing from Bitcoin to Ethereum and other high-capitalization coins before trickling down to smaller altcoins. However, in this cycle, this trend has been disrupted.

從歷史上看，加密貨幣領域的多頭市場遵循可預測的模式，流動性從比特幣流向以太坊和其他高市值代幣，然後流向較小的山寨幣。然而，在這個週期中，這種趨勢被打亂了。

"This bull market has been weird," observed Zach Rynes, Chainlink community liaison, in a post to his substantial following. Liquidity, he noted, has skipped the usual steps and flowed directly from Bitcoin to memecoins, a departure from previous cycles.

Chainlink 社區聯絡員 Zach Rynes 在發給眾多追隨者的帖子中表示：“這次牛市很奇怪。”他指出，流動性跳過了通常的步驟，直接從比特幣流向迷因幣，這與先前的周期不同。

Surging Memecoin Capitalization

Memecoin 資本激增

The total capitalization of memecoins has witnessed a meteoric rise, reaching $70 billion as of April 1st. This surge has been driven by the rapid appreciation of newly launched tokens such as Solana-based 'dogwifhat' (WIF) and Book of Meme (BOME), alongside older memecoins like Pepe PEPEUSD and Bonk (BONK).

Memecoin 的總市值飛速增長，截至 4 月 1 日已達到 700 億美元。這一激增是由新推出的代幣快速升值所推動的，例如基於 Solana 的「dogwifhat」（WIF）和 Book of Meme（BOME），以及 Pepe PEPEUSD 和 Bonk（BONK）等較舊的 memecoin。

Even the Coinbase layer-2 network, Base, has become a breeding ground for memecoin speculation. DEGEN, a recently launched Base-native token, has skyrocketed by an astonishing 2,800% in the past month. Interestingly, this unofficial token was distributed within the community of the decentralized social network, Farcaster.

甚至 Coinbase 二層網路 Base 也成為了 memecoin 投機的溫床。 DEGEN是最近推出的Base-native代幣，在過去一個月飆升了驚人的2,800%。有趣的是，這個非官方代幣是在去中心化社交網路 Farcaster 的社群內分發的。

Fundamentals Take a Backseat

基礎知識退居二線

Analysts have noted that market fundamentals seem to be playing a diminished role in the current market dynamics. "There's some retail money that's entered, but nowhere near the levels we've seen before," explained Rynes. "We're in an attention economy based on specific narratives, not real fundamentals."

分析師指出，市場基本面在當前市場動態中的作用似乎正在減弱。 「有一些散戶資金進入，但遠遠沒有達到我們之前看到的水平，」賴恩斯解釋道。 “我們所處的注意力經濟是基於特定的敘述，而不是真正的基本面。”

Anthony Sassano, an Ethereum educator, echoed this sentiment, stating that "this is, by far, the weirdest bull market crypto has ever had." He emphasized that retail investors are not participating in a meaningful way until the entire market moves in tandem, rather than witnessing isolated sector-specific pumps driven by crypto enthusiasts.

以太坊教育家安東尼·薩薩諾（Anthony Sassano）也表達了同樣的觀點，他表示「這是迄今為止加密貨幣史上最奇怪的牛市」。他強調，在整個市場同步波動之前，散戶不會以有意義的方式參與，而不是目睹由加密貨幣愛好者推動的孤立的特定行業的上漲。

Unprecedented Bitcoin All-Time High

比特幣創歷史新高

Another anomaly of this cycle is that Bitcoin has reached its all-time high before the halving. In previous cycles, the Bitcoin all-time high typically occurred the year after the halving. However, on March 14th, the asset hit $73,734 with just 18 days to go until the next halving, scheduled for April 20th.

這週期的另一個異常現像是，比特幣在減半前已達到歷史新高。在先前的周期中，比特幣的歷史高點通常發生在減半後的一年。然而，3 月 14 日，該資產觸及 73,734 美元，距離計劃於 4 月 20 日進行的下一次減半僅剩 18 天。

Technical analyst Moustache highlighted that Bitcoin has reclaimed a crucial Fibonacci ratio level seen in past cycles, but this time, it has occurred prior to the halving. This further underscores the unprecedented nature of the current bull market.

技術分析師穆斯塔什強調，比特幣已經恢復了過去週期中看到的關鍵斐波那契比率水平，但這次是在減半之前發生的。這進一步凸顯了當前牛市的前所未有的性質。

In conclusion, the ongoing Bitcoin halving cycle has defied historical norms, with its premature Bitcoin all-time high, the surge in memecoin speculation, and the atypical pattern of liquidity flow. Analysts have characterized it as the "weirdest" bull market in crypto history, with market fundamentals taking a backseat to speculative narratives and the influence of crypto enthusiasts.

總而言之，正在進行的比特幣減半週期違背了歷史常態，比特幣過早創下歷史新高，迷因幣投機激增，以及流動性流動的非典型模式。分析師將其描述為加密貨幣歷史上「最奇怪」的牛市，市場基本面讓位給投機敘述和加密貨幣愛好者的影響。