當我們目睹新的公牛奔跑展開時，加密貨幣市場再次成為人們關注的焦點。

當我們目睹新的公牛奔跑展開時，加密貨幣市場再次成為人們關注的焦點。但是，這次循環正在以獨特的形式發展

The cryptocurrency market is once again grabbing attention as we witness a new bull run unfold. However, this cycle is unique, and several aspects distinguish it from previous market upswings.

當我們看到新的公牛奔跑展開時，加密貨幣市場再次引起人們的注意。但是，這個週期是獨特的，幾個方面將其與以前的市場上升區分開。

From the emergence of Bitcoin ETFs to the surge of Solana-based memecoins, this bull run reflects a shift in investor behavior, regulatory sentiment and capital flow dynamics.

從比特幣ETF的出現到基於Solana的Memecoins的激增，這種公牛奔跑反映了投資者行為，監管情緒和資本流動動態的轉變。

Historically, crypto bull runs follow a familiar cyclical pattern. The initial phase begins with Bitcoin (BTC) dominance, where liquidity accumulates in BTC, driving its price upward. Once Bitcoin reaches a peak or enters a consolidation phase, capital begins to flow into altcoins, triggering a secondary rally. Eventually, as market conditions shift, capital exits crypto assets, leading to a correction across the board.

從歷史上看，加密公牛運行遵循熟悉的周期性模式。初始階段始於比特幣（BTC）的優勢，在BTC中，流動性積累，推動其價格向上推動。一旦比特幣達到峰值或進入鞏固階段，資本就開始流入山寨幣，觸發次要集會。最終，隨著市場狀況的變化，資本退出加密資產，導致全面進行更正。

However, in my opinion, two key factors make this bull run fundamentally different.

但是，我認為，這兩個關鍵因素使得公牛的運行根本不同。

1. Bitcoin ETFs and institutional adoption

1。比特幣ETF和機構採用

The approval of Bitcoin spot ETFs has altered liquidity flows, creating an alternative investment channel that competes with traditional altcoin rotations. Instead of capital automatically cycling into altcoins, ETFs now offer institutional investors a regulated pathway to gain exposure to Bitcoin, which could impact the speed and intensity of altcoin season.

比特幣現場ETF的批准改變了流動性流量，創建了一種與傳統的Altcoin輪換競爭的替代投資渠道。 ETF現在沒有自動騎自動循環到Altcoins中，而是為機構投資者提供了一種受監管的途徑，以獲取對比特幣的接觸，這可能會影響Altcoin季節的速度和強度。

2. Macroeconomic and political influences

2。宏觀經濟和政治影響

The US presidential election has introduced an unexpected variable into the crypto equation. Donald Trump and his administration’s recent pro-crypto stance – coupled with discussions about integrating Bitcoin into the US Federal Reserve’s strategy – have created a surge in optimism. Regulatory clarity and political support could significantly impact institutional confidence and long-term adoption trends.

美國總統大選已在加密方程式中引入了一個意外的變量。唐納德·特朗普（Donald Trump）及其政府最近的親克賴特托（Crypto）立場 - 加上有關將比特幣整合到美國美聯儲的戰略的討論 - 引起了樂觀的激增。監管清晰度和政治支持可能會嚴重影響機構的信心和長期採用趨勢。

From my point of view, at present, the market is still in the Bitcoin accumulation phase. Altcoin season has not yet begun, but key indicators suggest it is on the horizon. Historically, when BTC enters a three to five-percent consolidation phase, liquidity flows into altcoins, igniting rapid price increases. The role of memecoins in the current bull run

從我的角度來看，目前，市場仍處於比特幣積累階段。 Altcoin季節尚未開始，但是主要指標表明它即將到來。從歷史上看，當BTC進入三到五％的合併階段時，流動性流入山寨幣，點燃了快速價格上漲。 Memecoins在當前的公牛跑中的作用

One of the most striking developments in this bull cycle is the meteoric rise of memecoins – particularly those on Solana. With the market capitalization of Solana-based memecoins surpassing $20 billion this January, their impact on the broader crypto ecosystem cannot be ignored.

在這個牛週期中，最引人注目的發展之一是成年人的迅速崛起，尤其是那些在索拉納（Solana）上。隨著今年1月的基於索拉納的紀念物的市值超過200億美元，它們對更廣泛的加密生態系統的影響不可忽視。

Memecoins play two crucial roles in the market.

Memecoins在市場上扮演兩個關鍵角色。

1. Onboarding new market participants

1。入職新市場參與者

Memecoins serve as an entry point for new investors, particularly on low-fee chains like Solana (SOL), where transaction costs are minimal. Their accessibility and viral appeal make them an ideal starting point for retail investors looking to explore the crypto space.

Memecoins是新投資者的入口處，尤其是在Solana（Sol）之類的低收入連鎖店的入口處，在交易成本很小的情況下。他們的可訪問性和病毒吸引力使他們成為希望探索加密貨幣空間的散戶投資者的理想起點。

2. Driving liquidity and market activity

2。推動流動性和市場活動

Memecoins generate significant trading volume, increasing overall liquidity in the market. Their speculative nature fuels demand across DeFi (decentralized finance) and exchange platforms, sustaining interest in the crypto ecosystem.

Memecoins產生了大量的交易量，增加了市場流動性。他們的投機性質為跨越（分散的財務）和交換平台的需求增添了需求，從而維持對加密生態系統的興趣。

Despite their popularity, memecoins remain one of the riskiest asset classes in the crypto space. Their value is driven entirely by hype, community engagement and speculative demand, rather than intrinsic utility. Their life cycle is short, often lasting less than a year, and price fluctuations can be extreme. In some cases, a 10 to 15-minute window can result in double-digit percentage swings, making them highly volatile investments.

儘管它們很受歡迎，但Memecoins仍然是加密貨幣領域中最風險的資產類別之一。它們的價值完全由炒作，社區參與和投機性需求而不是內在的效用驅動。他們的生命週期很短，通常持續不到一年，而且價格波動可能是極端的。在某些情況下，一個10到15分鐘的窗口可能會導致兩位數的波動，從而使它們高度波動。

TRUMP and MELANIA – Political hype or viable assets

特朗普和梅拉尼亞 - 政治炒作或可行的資產

The intersection of politics and crypto has given rise to politically themed memecoins such as TRUMP and MELANIA. While these tokens leverage branding and narrative momentum, they follow the same fundamental pattern as other memecoins – relying on community speculation and hype cycles rather than any inherent utility.

政治與加密貨幣的交集引起了政治主題的紀念物，例如特朗普和梅拉尼亞。儘管這些代幣利用品牌和敘事動力，但它們遵循與其他成人相同的基本模式 - 依靠社區投機和炒作週期而不是任何固有的效用。

What sets these tokens apart from other memecoins is their ability to leverage real-world figures for speculative momentum. However, this creates a double-edged sword for the crypto market.

將這些令牌與其他模因的不同之處在於，它們有能力利用現實世界中的人物來進行投機勢頭。但是，這為加密市場創造了雙刃劍。

On one hand, these assets generate high engagement and trading volume, attracting new participants into the space. On the other, they contribute to an unpredictable and often misleading market environment, where many investors – especially newcomers – suffer losses due to hype-driven speculation rather than informed decision-making.

一方面，這些資產產生了高參與度和交易量，從而吸引了新的參與者進入該領域。另一方面，他們為不可預測的且常常具有誤導性的市場環境做出了貢獻，許多投資者（尤其是新移民）由於炒作驅動的投機而遭受損失，而不是明智的決策。

A key concern is the concentration of token supply, which significantly impacts market dynamics. Let’s take TRUMP as an example.

一個關鍵的問題是令牌供應的集中度，從而顯著影響市場動態。讓我們以特朗普為例。

This means that the majority of TRUMP’s supply is centrally controlled, giving its team significant influence over price movements and liquidity. Investors who fail to analyze token distribution often fall victim to supply manipulations, unexpected sell-offs and liquidity squeezes, further exacerbating volatility.

這意味著大多數特朗普的供應受到集中控制，從而使團隊對價格變動和流動性產生了重大影響。未能分析令牌分銷的投資者通常會成為供應操作，意外拋售和流動性壓縮的受害者，進一步加劇了波動。

While these politically driven tokens may serve as short-term speculative instruments, their long-term sustainability remains questionable. More importantly, their impact on the reputation of the crypto market is profound. When retail investors experience losses due to opaque tokenomics and market manipulation, it reinforces skepticism about the legitimacy of crypto as a whole.

儘管這些政治驅動的代幣可以用作短期投機工具，但它們的長期可持續性仍然值得懷疑。更重要的是，它們對加密市場聲譽的影響是深遠的。當散戶投資者因不透明的令牌和市場操縱而遭受損失時，它加強了對整個加密合法性的懷疑。

Ultimately, political memecoins are speculative assets with a high-risk, high-reward profile. Investors should approach them with extreme caution, armed with a clear understanding of token supply, team control and the broader market conditions driving their price movements.

最終，政治紀念因素是投機性資產，具有高風險，高級獎勵。投資者應謹慎對待他們，並清楚地了解令牌供應，團隊控制和更廣泛的市場狀況推動其價格變動。

Looking ahead – The crypto market’s next phase

展望未來 - 加密市場的下一階段

As this bull run continues to unfold, several key developments will

隨著公牛奔跑的繼續展開，幾個關鍵的發展將