山寨币被敦促停止依赖比特币的上涨，提出独特的价值主张

当前的市场可以说正在经历重大转变，因为机构投资者当前的比特币反弹从根本上看涨。

Institutions Steered Bitcoin’s Rally, But Altcoins Need Retail FOMO

机构引导比特币上涨，但山寨币需要散户 FOMO

The market is experiencing a major shift as Bitcoin’s current rally is fundamentally bullish due to institutional investors.

市场正在经历重大转变，由于机构投资者的推动，比特币当前的反弹从根本上看涨。

However, institutions tend to hold Bitcoin for the long term and are less likely to rotate their capital into altcoins (alts).

然而，机构倾向于长期持有比特币，不太可能将其资本转向山寨币（alts）。

For alts to sustainably rebound, new capital must flow in through exchange trading activity, possibly triggered by FOMO among retail investors.

为了让另类股持续反弹，新的资本必须通过交易所交易活动流入，这可能是由散户投资者的 FOMO 引发的。

Bitcoin’s rally is largely driven by institutional demand, which differs from the retail-driven speculation cycles of the past.

比特币的上涨很大程度上是由机构需求推动的，这与过去散户驱动的投机周期不同。

Currently, institutional investors and spot ETFs are mainly responsible for the capital flow into Bitcoin, thus influencing its price movements.

目前，机构投资者和现货ETF主要负责流入比特币的资金，从而影响其价格走势。

These investors typically operate outside traditional cryptocurrency exchanges and focus on long-term holdings rather than short-term trading.

这些投资者通常在传统的加密货币交易所之外运营，专注于长期持有而不是短期交易。

As a result, they are less inclined to quickly rotate their capital into alts, especially given the recent market structure and institutional strategies.

因此，他们不太愿意将资本快速转向另类投资，特别是考虑到最近的市场结构和机构策略。

Ki Young Ju, the CEO of CryptoQuant, highlighted the importance of new capital flowing into altcoins for a sustainable recovery.

CryptoQuant 首席执行官 Ki Young Ju 强调了新资本流入山寨币对于可持续复苏的重要性。

According to Ki, the new capital must enter through exchange trading activity, potentially sparked by FOMO among retail investors.

Ki 表示，新资本必须通过交易所交易活动进入，这可能是由散户投资者的 FOMO 引发的。

Although institutional investors can invest in major altcoins through ETFs or other products, minor altcoins cannot attract such funding.

尽管机构投资者可以通过 ETF 或其他产品投资主要山寨币，但次要山寨币无法吸引此类资金。

Without increased capital inflows from exchange users, altcoins will remain far from their previous market highs, limiting their participation in the broader crypto market rally.

如果交易所用户的资本流入不增加，山寨币将仍远离之前的市场高点，从而限制它们参与更广泛的加密货币市场上涨。

The total cryptocurrency market capitalization has also been affected by the recent market downturn, declining to $3.15 trillion.

加密货币总市值也受到近期市场低迷的影响，跌至3.15万亿美元。

However, thanks to buyers’ sentiments, the market cap has been recovering and has reached $3.22 trillion.

然而，由于买家情绪高涨，市值一直在恢复，已达到 3.22 万亿美元。

Despite Bitcoin’s surge, altcoins have not been able to maintain steady growth and often experience price corrections after Bitcoin rallies.

尽管比特币价格飙升，但山寨币却未能保持稳定增长，并且经常在比特币上涨后经历价格调整。

Previously, alts were considered more profitable than Bitcoin during a bull run due to their lower trading volume and higher volatility.

此前，由于交易量较低和波动性较高，山寨币在牛市期间被认为比比特币更有利可图。

However, with the introduction of a vast number of alts in the market, investors have been allocating their funds across multiple projects, spreading their capital among various tokens.

然而，随着市场上大量替代品的引入，投资者已经将资金分配到多个项目，将资金分散到各种代币中。

This has presented a challenge for altcoins, especially with the emergence of meme coins that are capturing the attention of retail investors and diverting liquidity from other altcoins.

这给山寨币带来了挑战，特别是随着迷因币的出现，它们吸引了散户投资者的注意力，并从其他山寨币中转移了流动性。

In the past, leveraged trading was a key driver of activity in the altcoin market.

过去，杠杆交易是山寨币市场活动的主要驱动力。

But now, retail traders are largely focused on high-risk, high-reward meme coins.

但现在，零售交易者主要关注高风险、高回报的模因币。

For alts to succeed in the current market, they must demonstrate strong fundamentals, clear use cases, and the ability to attract sustainable liquidity.

山寨币要想在当前市场取得成功，就必须展现出强大的基本面、清晰的用例以及吸引可持续流动性的能力。

Altcoins should no longer rely on Bitcoin and should instead prioritize developing unique value propositions.

山寨币不应再依赖比特币，而应优先考虑开发独特的价值主张。

Unlike Bitcoin, which continues to benefit from institutional adoption, alts need innovative strategies to attract new capital and gain investor trust.

与继续受益于机构采用的比特币不同，山寨币需要创新策略来吸引新资本并获得投资者信任。

This could involve fostering strong developer ecosystems, forming strategic partnerships, and enhancing token utility within their platforms.

这可能涉及培育强大的开发者生态系统、形成战略合作伙伴关系以及增强平台内的代币效用。

Bitcoin’s recent pullback provided a brief opportunity for alts to catch up as investors explored more profitable alternatives.

随着投资者探索更有利可图的替代方案，比特币最近的回调为另类货币提供了一个短暂的迎头赶上的机会。

However, industry experts remain skeptical about a large-scale altcoin rally, especially with Bitcoin’s dominance in institutional portfolios.

然而，行业专家仍然对大规模山寨币反弹持怀疑态度，尤其是考虑到比特币在机构投资组合中占据主导地位。

Additionally, James Butterfill, head of research at CoinShares, expressed doubt about altcoins reaching their 2021 highs again, especially if there are regulatory shifts or government initiatives to adopt Bitcoin, such as the potential Trump administration’s proposal for a national Bitcoin reserve.

此外，CoinShares 研究主管 James Butterfill 对山寨币再次达到 2021 年高点表示怀疑，特别是如果监管发生变化或政府采取比特币举措，例如特朗普政府可能提出建立国家比特币储备的提议。

In other news, Maya Parbho, a presidential candidate in Suriname, has announced plans to recognize Bitcoin as legal tender, further solidifying its role as the dominant cryptocurrency.

其他消息方面，苏里南总统候选人 Maya Parbho 宣布计划承认比特币为法定货币，进一步巩固其作为主导加密货币的地位。