加密貨幣專家關注 ETH 速度，因為大規模山寨幣季節可能即將到來

大規模的山寨幣季節可能即將到來，其特點是由於看漲勢頭，與比特幣相比，資產大量流入。

The massive altcoin season, characterized by large inflows in assets compared to Bitcoin due to bullish momentum, might be just around the corner. The present sentiment leans towards Bitcoin, with the asset breaking multiple all-time highs, hitting $99K.

大規模的山寨幣季節可能即將到來，其特點是由於看漲勢頭，與比特幣相比，資產大量流入。目前的情緒傾向於比特幣，該資產突破了多個歷史新高，達到 9.9 萬美元。

While users speculate a possible altcoin run, certain factors hinder gains in the short term as macro factors remain bullish for the crypto market leader. Usually, an altcoin season occurs when about 75% of the top 50 crypto assets outperform Bitcoin.

儘管用戶猜測山寨幣可能出現擠兌，但某些因素阻礙了短期收益，因為宏觀因素仍然看好加密貨幣市場領導者。通常，當前 50 種加密資產中約 75% 的表現優於比特幣時，就會出現山寨幣季節。

Crypto Experts Look To ETH Velocity

加密貨幣專家關注 ETH 速度

A new CryptoQuant market report provided insights on the start of the next altcoin season. Although the status quo remains far due to slow inflows to Ethereum, analysts have pointed to improved velocity. The circulating velocity can reflect the state of the market in conjunction with the total supply. This shows how coins move within the market and trickle to decentralized finance (DeFi) protocols.

一份新的 CryptoQuant 市場報告提供了有關下一個山寨幣季節開始的見解。儘管由於以太坊資金流入緩慢，現狀仍然遙遠，但分析師指出速度有所提高。流通速度可以結合總供應量來反映市場狀況。這顯示了代幣如何在市場內移動並流入去中心化金融（DeFi）協議。

“Velocity is calculated by dividing the total amount of coins moved in a year by the total supply, indicating how quickly coins circulate in the market. Past cycles show that when we see a parabolic rise, we also see an increase in circulation velocity, which reflects the growth of DApps and DeFi on the Ethereum network, resulting in more users and transactions.”

「流通速度的計算方法是將一年內流通的代幣總量除以總供應量，顯示代幣在市場上流通的速度。過去的周期表明，當我們看到拋物線上漲時，我們也會看到流通速度的增加，這反映了以太坊網路上 DApp 和 DeFi 的增長，從而帶來了更多的用戶和交易。

At press time, velocity is about seven times the supply. However, the network remains a collateral asset for institutional investors. This will ignite inflows into its DeFi ecosystem, boosting lending and leverage. Improved Ethereum DeFi numbers often translate to higher velocity, which sparks altcoins. A positive run in ETH will see similar moments in top altcoins, especially on rival networks.

截至發稿時，速度約為供應量的七倍。然而，該網絡仍然是機構投資者的抵押資產。這將刺激資金流入其 DeFi 生態系統，從而提振借貸和槓桿。以太坊 DeFi 數量的提高通常會轉化為更高的流通速度，從而激發山寨幣的發展。 ETH 的積極運作將在頂級山寨幣中看到類似的時刻，尤其是在競爭對手的網路上。

ETH Outflows Affect Price

ETH 流出影響價格

Apart from the dominant Bitcoin run, which has outpaced projections since Donald Trump’s win, an altcoin season is currently threatened by a massive sell-off of tokens. On Nov 22, an ancient crypto whale sold $224 million worth of ETH after eight years of silence. The whale bought 398,889 ETH for approximately $2.2 million in 2016. After eight years of silence, the whale sought to capitalize on the slight gains recorded.

自從唐納德·川普獲勝以來，除了主導的比特幣上漲超出了預期之外，山寨幣季節目前還受到代幣大規模拋售的威脅。 11 月 22 日，一頭古老的加密鯨魚在沉寂八年後出售了價值 2.24 億美元的 ETH。 2016 年，鯨魚以約 220 萬美元的價格購買了 398,889 ETH。

Large whale transactions often create a pattern for retail traders, leading to tougher sell pressure. Recently, ETH holders have also dumped assets or made huge transfers to centralized crypto exchanges. Unlike other custodians, this points to a potential sale because of transfer efficiency.

大額鯨魚交易通常會為散戶交易者創造一種模式，導致更嚴峻的拋售壓力。最近，ETH持有者也紛紛拋售資產或向中心化加密貨幣交易所進行巨額轉帳。與其他託管人不同的是，這表明由於轉讓效率而可能進行出售。