加密首席執行官說，重新定義Altseason：舊的Altseason資本流動週期已過時。

CryptoQuant的創始人兼首席執行官Ki Young Ju挑戰了Altcoin季節的傳統概念。他建議，導致山幣潮流的舊資本流動週期已過時。

CryptoQuant founder and CEO Ki Young Ju has shared his thoughts on the changing nature of altcoin season, suggesting that the traditional capital flow cycle leading to altcoin surges has become obsolete.

CryptoQuant的創始人兼首席執行官Ki Young Ju分享了他對Altcoin季節不斷變化的性質的想法，這表明導致Altcoin Surges的傳統資本流動週期已過時。

In a recent post on X (formerly Twitter), Ki compared the old altcoin season cycle to a disappearing rainy season.

在最近關於X（以前是Twitter）的文章中，Ki將舊的Altcoin季節週期與消失的雨季進行了比較。

“Redefining Altseason. The old altseason capital flow cycle is obsolete. What I meant was that due to climate change, the rainy season has completely disappeared, leaving only a season of occasional drizzles,” Ki explained.

“重新定義了Altseason。舊的Altseason資本流動週期已過時。我的意思是，由於氣候變化，雨季完全消失了，只留下偶爾的毛毛雨。” Ki解釋說。

He went on to say that Bitcoin-driven capital rotations no longer function as they once did due to institutional involvement and regulatory changes. Instead, new capital primarily flows into stablecoins or widely accepted altcoins rather than speculative smaller tokens.

他接著說，由比特幣驅動的資本輪換不再像機構參與和監管變化那樣發揮作用。取而代之的是，新資本主要流入穩定劑或廣泛接受的山寨幣，而不是投機性的較小令牌。

Ki's comments come as some have declared an altcoin season amid liquidity struggles. However, Ki's analysis suggests that the era of indiscriminate altcoin surges is over. Instead, he predicts a “selective altseason,” where only a few altcoins will benefit from new market trends.

Ki的評論是在流動性鬥爭中宣布的Altcoin賽季的。但是，KI的分析表明，濫用山幣的繁榮時代已經結束。取而代之的是，他預測了一個“選擇性的Altseason”，其中只有少數幾個Altcoins將從新的市場趨勢中受益。

The CryptoQuant executive cited the potential approval of exchange-traded funds (ETFs) for altcoins, sustainable attention drivers, and revenue-generating projects as three key factors that could drive altcoin performance in 2025.

加密高管認為，用於替代幣，可持續的關注驅動因素和創收項目的交易所交易基金（ETF）的潛在批准是三個關鍵因素，這些因素可能會在2025年推動Altcoin績效。

“most altcoins won’t make it”

“大多數山寨幣都不會做到”

He, however, concluded by emphasizing that “most altcoins won’t make it,” marking a stark contrast to previous cycles where nearly all altcoins experienced substantial price increases.

然而，他的結論是強調“大多數山寨幣都不會做到”，這與以前幾乎所有山寨幣的價格都大幅上漲的周期形成了鮮明的對比。

Meanwhile, recent market trends support Ki's assessment of a selective altcoin season. As BeInCrypto reported, altcoins outperformed Bitcoin regarding crypto inflows last week. Citing a CoinShares report, BeInCrypto highlighted Bitcoin’s outflows of $571 million.

同時，最近的市場趨勢支持Ki對選擇性替代賽季節的評估。正如Beincrypto報導的那樣，上週，Altcoins的表現優於比特幣。 Beincrypto引用了一份Coinshares報告，強調了比特幣的流出5.71億美元。

The analysis showed that XRP, Solana (SOL), and Ethereum (ETH) were among the top-grossing cryptocurrencies, registering inflows of $38.3 million, $15.4 million, and $7.7 million, respectively. This is largely due to speculation around potential ETF approvals.

分析表明，XRP，Solana（Sol）和以太坊（ETH）是票房最高的加密貨幣之一，分別註冊了3830萬美元，1,540萬美元和770萬美元的流入。這主要是由於圍繞潛在ETF批准的猜測。

However, the broader crypto market did not experience substantial inflows, with total outflows reaching $23 million. This indicates that capital is being selectively allocated to certain altcoins rather than flowing into the market as a whole.

但是，更廣泛的加密貨幣市場沒有大量流入，總流出達到2300萬美元。這表明資本被選擇性地分配給某些山寨幣，而不是流入整個市場。

Recently, Ki also addressed the ongoing liquidity struggles in the crypto market, describing the situation as a “PvP fight,” where capital is redistributed among assets rather than new liquidity entering the market.

最近，KI還談到了加密市場中持續的流動性鬥爭，將這種情況描述為“ PVP鬥爭”，其中資本被重新分配在資產之間，而不是進入市場的新流動性。

This aligns with the notion that institutional capital progressively shapes the sector, favoring stability over speculative altcoin booms. With institutional investors exerting greater influence, the days of indiscriminate altcoin surges driven by retail traders may end.

這與機構資本逐漸塑造該行業的觀念相吻合，這有利於穩定性，而不是投機性的Altcoin Booms。隨著機構投資者發揮更大的影響力，零售商人驅動的不加選擇的山寨幣激增的日子可能會結束。