为什么山寨币季节落后于计划

加密货币市场的看涨模式遵循一种模式，通常由比特币（BTC）的积极信号引发，并传播到更广泛的资产类别。

Bullish patterns in the crypto market usually begin with positive signals in Bitcoin (BTC) that spread over to the broader asset class. However, this time around, altcoins have not kept pace during Bitcoin’s latest surge.

加密货币市场的看涨模式通常始于比特币（BTC）的积极信号，这些信号蔓延到更广泛的资产类别。然而，这一次，山寨币并没有跟上比特币最近一次飙升的步伐。

The lackluster trend has prompted industry-wide questions about what is driving the lag and in response, market experts are weighing in.

这种低迷的趋势引发了全行业的疑问，到底是什么导致了这种滞后，市场专家正在对此做出回应。

Why Altcoin Season Is Behind Schedule

为什么山寨币季节落后于计划

CryptoQuant founder and CEO Ki Young Ju has offered insights into the ongoing underperformance of altcoins, identifying factors hindering the expected surge.

CryptoQuant 创始人兼首席执行官 Ki Young Ju 对山寨币持续表现不佳提出了见解，并找出了阻碍预期飙升的因素。

At the heart of the lag is a shift in capital flow into Bitcoin. Unlike past cycles, the current rally is fueled by institutional investors and spot ETFs rather than retail traders, who historically drove Bitcoin-to-altcoin money rotations. Institutions tend to hold Bitcoin long-term and operate outside traditional crypto exchanges, and the change in dynamics has disrupted the usual trickle-down effect where Bitcoin gains spark altcoin rallies.

滞后的核心是资本流入比特币的转变。与过去的周期不同，当前的反弹是由机构投资者和现货 ETF 推动的，而不是散户交易员，而散户交易员历来推动了比特币到山寨币的资金轮换。机构倾向于长期持有比特币并在传统加密货币交易所之外运作，而动态的变化扰乱了比特币上涨引发山寨币反弹的通常的涓滴效应。

Why is altcoin season delayed?Compared to the last cycle, the nature of capital flowing into #Bitcoin has shifted. The current Bitcoin rally is primarily driven by demand from institutional investors and spot ETFs.

为什么山寨币季节推迟了？与上一个周期相比，流入#Bitcoin 的资本性质已经发生了变化。当前比特币的上涨主要是由机构投资者和现货 ETF 的需求推动的。

Unlike crypto exchange users, institutional investors and ETF… pic.twitter.com/dpDBCF0BTo

与加密货币交易所用户、机构投资者和 ETF 不同…… pic.twitter.com/dpDBCF0BTo

According to Ju, while some major altcoins might catch the eye of institutions through ETFs and investment funds, the bulk of smaller altcoins still rely on exchange-driven activity. Without fresh retail interest, the much-anticipated altcoin season may remain elusive.

Ju 表示，虽然一些主要的山寨币可能通过 ETF 和投资基金吸引机构的注意，但大部分较小的山寨币仍然依赖于交易所驱动的活动。如果没有新的散户兴趣，备受期待的山寨币季节可能仍然难以捉摸。

The analyst further highlighted the altcoin market’s liquidity issues, with market capitalization below previous highs, signaling reduced fresh capital inflows. Without fresh investments flowing in, these altcoins may struggle to regain momentum.

该分析师进一步强调了山寨币市场的流动性问题，市值低于之前的高点，表明新资本流入减少。如果没有新的投资流入，这些山寨币可能很难重新获得动力。

Despite the roadblocks, there’s room for optimism.

尽管存在障碍，但仍有乐观的空间。

Hopes Remain for Altcoin Season Breakout

山寨币季节突破仍存希望

Ju believes that renewed retail excitement and a boost in exchange activity could reignite altcoins. The optimism is fueled by the expectation for the growing institutional interest in Bitcoin to widen to include altcoins, potentially sparking the long-awaited rally.

Ju认为，零售业的复苏和交易活动的增加可能会重新点燃山寨币。人们预计机构对比特币的兴趣日益浓厚，将扩大到包括山寨币，从而可能引发期待已久的反弹，这加剧了乐观情绪。

This echoes broader positive sentiment among other analysts. According to Rekt Capital, stability in BTC’s price within the $91,000 and $100,000 range, could create an opportunity for an Ethereum-led altcoin breakout.

这呼应了其他分析师更广泛的积极情绪。 Rekt Capital 表示，BTC 价格稳定在 91,000 美元至 100,000 美元范围内，可能为以太坊主导的山寨币突破创造机会。

Bitcoin ranging between $91,000 & $100,000 may very well be a recipe for Ethereum to take the lead and enable money flow into smaller Altcoins#BTC $ETH #Crypto pic.twitter.com/E5Il60sjzK

比特币价格在 91,000 美元到 100,000 美元之间很可能是以太坊领先的良方，并使资金流入较小的山寨币#BTC $ETH #Crypto pic.twitter.com/E5Il60sjzK

The latest take builds on Rekt’s previous analysis that Bitcoin’s uptrend could create a positive environment for altcoins to thrive. CryptoQuant’s Ju, however, emphasized that altcoins must focus on building independent strategies to attract new capital rather than relying solely on Bitcoin’s momentum.

最新的观点建立在 Rekt 之前的分析之上，即比特币的上涨趋势可能会为山寨币的繁荣创造积极的环境。然而，CryptoQuant 的 Ju 强调，山寨币必须专注于建立独立的战略来吸引新资本，而不是仅仅依赖比特币的势头。

On the Flipside

另一方面

Why This Matters

为什么这很重要

A bullish crypto market is incomplete without an altcoin surge, making its delay a notable setback.

如果没有山寨币的飙升，看涨的加密货币市场就不完整，这使其延迟成为一个显着的挫折。

Read more about expectations for a surge in altcoins:Why Altcoin Season Is Next in Line Post Bitcoin-Breakout

阅读更多关于山寨币激增的预期：为什么山寨币季节是比特币突破后的下一个季节

Tether is facing regulatory pressure in the EU and the issuer is cutting one of its stablecoins:Tether Axes Stablecoin Offerings Amid Shifting EU Regulations

Tether 在欧盟面临监管压力，发行人正在削减其一款稳定币：在欧盟法规变化之际，Tether 取消了稳定币发行