特朗普的虛擬資產行政命令之後

美國監管立場的變化

After US President Donald Trump announced plans for a strategic virtual asset reserve, focusing on Bitcoin (BTC) and allocating a portion to altcoins like Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA), these major altcoins displayed substantial declines and struggled to recover.

在美國總統唐納德·特朗普（Donald Trump）宣布了戰略性虛擬資產儲備計劃，重點關注比特幣（BTC），並向以太坊（ETH），Solana（SolAna），Ripple（XRP）和Cardano（ADA）等AltCoins分配了一部分，這些主要的AltCoins表現出了實質性的下降和努力恢復。

As of the 20th, according to CoinMarketCap, Ethereum is trading at $2027.87, showing a decrease of 25.71% over the past month, while Ripple is trading at $2.49, with a decline of 6.27%. Solana also plunged by 24.89% to $133.52, and Cardano decreased by 9.1% to $0.7290.

根據CoinMarketCap的數據，以太坊的交易價格為2027.87美元，過去一個月下降了25.71％，而Ripple的交易價格為2.49美元，下降了6.27％。 Solana也下跌了24.89％，至133.52美元，Cardano下降了9.1％，至0.7290美元。

This downturn in altcoins is being analyzed as a result of their exclusion from Trump’s strategic reserve assets, despite investor anticipation.

儘管投資者的期望，但由於將特朗普的戰略儲備資產排除在戰略儲備資產之外，因此正在分析AltCoins的低迷。

Previously, on his social media platform, Truth Social, Trump announced that he would be promoting a virtual asset strategic reserve, focusing on Bitcoin and Ethereum, and also including Solana, Ripple, and Cardano. This announcement led to a surge in the prices of major altcoins.

此前，特朗普在他的社交媒體平台“ Truth Social”中宣布，他將促進虛擬資產戰略儲備，專注於比特幣和以太坊，還包括Solana，Ripple和Cardano。這一宣布導致主要山寨幣價格上漲。

However, on the 7th (local time), the only asset included in the reserve under Trump’s executive order was Bitcoin. Investors had anticipated announcements related to altcoins at the ‘Crypto Summit’ held at the White House, but instead, announcements that dashed these hopes followed.

但是，在第七（當地時間），根據特朗普執行命令，預備役中唯一的資產是比特幣。投資者預計在白宮舉行的“加密峰會”上發布了與Altcoins有關的公告，但相反，隨後將這些希望的公告破壞了。

David Sacks, the White House’s virtual asset policy chief, stated, “President Trump’s mention of Ripple, Solana, and Cardano was unrelated to government preference and merely mentioned the top 5 cryptocurrencies by market cap,” urging people not to read too much into it.

白宮的虛擬資產政策負責人戴維·薩克斯（David Sacks）表示：“特朗普總統提到的是波紋，索拉納和卡爾達諾與政府的偏好無關，只是通過市值提到了前五名的加密貨幣，”敦促人們不要對此讀太多。

Now, with the U.S. administration focusing on Bitcoin for its strategic reserve, are there any remaining growth factors for the altcoin market?

現在，隨著美國政府將其戰略儲備專注於比特幣，altcoin市場剩下的增長因素嗎？

Possibility of Regulatory Changes with Stablecoin Bill Passage and Chokepoint 2.0 Withdrawal

使用Stablecoin賬單通道和Chokepoint 2.0提款進行監管變化的可能性

Experts first identify the passage of the U.S. ‘Stablecoin Bill (GENIUS Act)’ as a key factor for altcoins.

專家首先將美國“ Stablecoin法案（Genius Act）”的通過是Altcoins的關鍵因素。

Previously, on the 13th, the Stablecoin Bill passed the Senate Banking Committee vote with 18 in favor and 6 against, and it is now awaiting a full Senate vote. On the 18th, Bo Hines, chairman of the White House Virtual Asset Presidential Advisory Committee, mentioned that the Stablecoin Bill may be delivered to President Trump for signing within two months. It is expected that the bill could be approved within two months.

此前，在13日，斯塔布萊幣法案以18和6反對參議院銀行委員會的投票通過了參議院委員會投票，現在正在等待全面的參議院投票。 18日，白宮虛擬資產總統諮詢委員會主席Bo Hines提到，該法案可以在兩個月內簽署給特朗普總統。預計該法案可以在兩個月內獲得批准。

Juwon Lee, a researcher at Xangle Research, said, “Stablecoins form the core foundation of DeFi (Decentralized Finance) and on-chain finance, so if a clear regulatory framework is established, liquidity in the virtual asset market is likely to increase, and the usability of altcoins is likely to expand.”

Xangle Research的研究人員Juwon Lee說：“ Stablecoins構成了DEFI（分散融資）和鏈融資的核心基礎，因此，如果確定了明確的監管框架，則虛擬資產市場中的流動性可能會增加，而Altcoins的可用性可能會擴大。”

He added, “If the bill passes, overall trust and capital inflow into the altcoin market are expected to improve, and projects that were previously constrained by regulatory uncertainty are likely to become active again.”

他補充說：“如果法案通過，預計總體信任和資本流入將有所改善，而先前受監管不確定性限制的項目可能會再次變得活躍。”

Ki-Young Ju, CEO of CryptoQuant, also noted the capital inflow into the altcoin market following the growth of stablecoins.

CryptoQuant首席執行官Ki-Young Ju還指出，隨著穩定劑的增長，資本流入了Altcoin市場。

He said, “Until 2021, the term altseason referred to the rotation of assets from Bitcoin to other altcoins. However, now, with onboarding from traditional finance layers like spot ETFs or MicroStrategy, there is almost no asset rotation to altcoins.”

他說：“直到2021年，Altseason一詞都提到了資產從比特幣轉向其他Altcoins的旋轉。但是，現在，隨著傳統金融層（如Spot ETFS或MicroStrategy）的登機，幾乎沒有資產旋轉到Altcoins。”

He explained, “If the stablecoin market grows, stablecoin trading on virtual asset exchanges will become active, and asset rotation to altcoins will also increase. This is a long-term boon for the altcoin market.”

他解釋說：“如果Stablecoin市場增長，那麼在虛擬資產交易所進行的Stablecoin交易將變得活躍，並且資產輪換向AltCoins也將增加。這是AltCoin市場的長期福音。”

Similar to the passage of the Stablecoin Bill, the withdrawal of Chokepoint 2.0 is also analyzed to have a positive impact on altcoins.

與穩定法案的通過類似，也分析了Cocepoint 2.0的撤回對山寨幣產生積極影響。

Chokepoint 2.0 is a regulation that blocks access to banking services for virtual asset companies, and Trump is reportedly reviewing an executive order to withdraw it.

Chokepoint 2.0是一項法規，該法規阻止了虛擬資產公司對銀行服務的訪問，據報導，特朗普正在審查撤回該公司的行政命令。

Byung-Jun Kim, a researcher at Dispread, predicted, “If Chokepoint 2.0 is lifted, virtual asset companies can establish stable banking partnerships, and as investors find it easier to use on-off ramps, liquidity flowing into the virtual asset market, including altcoins, may increase.”

令人討厭的研究人員拜恩·詹·金（Byung-jun Kim）預測：“如果取消了Chokepoint 2.0，虛擬資產公司可以建立穩定的銀行業務合作夥伴關係，並且隨著投資者的使用更容易使用，將其使用後的坡道，流入虛擬資產市場的流動性，包括AltCoins，可能會增加。”

Likely Approval of Solana and Ripple Spot ETFs Within the Year…Possibility of US Government Reserves?

一年中可能會批准Solana和Ripple Spot ETF…美國政府儲備的可能性？

Multiple altcoin ETFs expected to launch this year are also considered major boons for the altcoin market.

預計今年將推出的多個Altcoin ETF也被認為是Altcoin市場的主要恩惠。

Currently, the most likely products to be approved within the year are Solana and Ripple spot ETFs. Although the U.S. Securities and Exchange Commission (SEC) has once again delayed the approval decision for these, considering the changes in the U.S. regulatory stance, the approval is still highly likely within the year.

目前，一年中最有可能獲得批准的產品是Solana和Ripple Spot ETF。儘管美國證券交易委員會（SEC）再次延遲了對這些批准的批准決定，考慮到美國的監管立場的變化，但在一年中，批准仍然很可能。

In particular, Solana is evaluated to have opened the path for spot ETF listing further with the recent

特別是，對Solana進行了評估，以開闢了近期列表ETF列表的道路