随着法规的发展，Altseason最终可能在2025年第2季度到达

几个月以来，“ altseason”一直在等待，就像沙漠中的夏季雨一样：希望，宣布，但经常被推迟。

"For months now, "altseason" has been awaited like a summer rain in the desert: hoped for, announced, but often postponed. Yet, a glimmer of hope emerges from the latest report by Sygnum Bank, which suggests that altcoins could finally experience a revival in the second quarter of 2025.

“几个月来，”阿尔特赛季一直在等待着，就像沙漠中的夏季雨一样：希望，宣布，但经常被推迟。然而，Sygnum Bank的最新报告中产生了一丝希望，这表明Altcoins可能在2025年第二季度可以终于体验到复兴。

In the shadow of a dominant bitcoin, altcoins could benefit from a more favorable regulatory climate and increased user traction.

在主要的比特币的阴影下，山寨币可以从更有利的监管气候中受益并增加用户牵引力。

Regulations Crafted to Revive the Sector

制定为复兴该部门的法规

Donald Trump’s crypto America may have more than just a tweet up its sleeve. With the establishment of a Digital Asset Stockpile and the resumption of the regulatory work around stablecoins, Washington is shifting into second gear.

唐纳德·特朗普（Donald Trump）的加密货币美国（Crypto America）可能不仅有一条推文。随着数字资产库存的建立，以及围绕Stablecoins的监管工作的恢复，华盛顿正在转变为第二档。

In its “Investment Outlook”, Sygnum notes: “The regulatory landscape for crypto use cases has radically improved.”

Sygnum指出，在其“投资前景”中：“加密式用例的监管格局从根本上改善了。”

It added that these advances “lay the foundation for a powerful altcoin rally”.

它补充说，这些进步“为强大的Altcoin Rally奠定了基础”。

In other words, while the dollar wavers, regulators are sharpening their pencils to not miss the innovation train. Decentralized projects might thus transfer value to token holders without ending up in a legal labyrinth.

换句话说，虽然美元摇动，但监管机构正在削减铅笔，以免错过创新火车。因此，分散的项目可能会将价值转移到代币持有人的情况下，而无需结束法律迷宫。

And in the ring corner, the United States is not alone. Other jurisdictions are also refining favorable rules. Enough to offer an unexpected launching pad for projects still seeking traction.

在环角，美国并不孤单。其他司法管辖区也正在完善有利的规则。足以为仍在寻求牵引力的项目提供意外的发射台。

Bitcoin at the Peak: But For How Much Longer?

比特币在峰值：但是多长时间？

In April, bitcoin’s dominance over the crypto market peaked at an unprecedented level not seen in four years. For cautious investors, it’s the Noah’s Ark of digital assets. But of course, every season comes to an end.

4月，比特币对加密货币市场的统治地位达到了四年来未见的空前水平。对于谨慎的投资者来说，这是诺亚的数字资产方舟。但是，当然，每个季节都结束了。

Sygnum anticipates that “protocols capable of attracting users will outperform bitcoin, and its dominance will decline.” This is referred to as a reshuffling of the cards.

Sygnum预计“能够吸引用户的协议将胜过比特币，其优势将下降。”这被称为卡片的改装。

Certain names come up persistently: Toncoin, with its close connection to Telegram, Sui, Sonic, Aptos, Berachain… All are developing distinctive strategies. At Sonic, developers who retain users are rewarded. Berachain, meanwhile, encourages its validators to inject liquidity into DeFi. Another approach: more organic, more rooted.

某些名字持续出现：托币与电报，SUI，Sonic，Aptos，Berachain的密切联系，都在制定独特的策略。在Sonic，保留用户的开发人员将获得奖励。同时，Berachain鼓励其验证者将流动性注入Defi。另一种方法：更有机，植根于植根。

And while private blockchains capture value without distributing it, others are slowly weaving their web. The verdict is clear: King Bitcoin may see his subjects demand more attention.

虽然私人区块链捕获价值而无需分发价值，但其他区块链却慢慢地编织了他们的网络。判决很明确：国王比特币可能会看到他的臣民需要更多的关注。

Altcoins: Fireworks or Damp Squib?

AltCoins：烟火还是潮湿的冲？

Not everything is rosy in the altcoin world. Although conditions are improving, adoption remains uneven. According to Sygnum, initiatives like Base, even though leading in volumes, struggle to provide a fair model to their token holders.

并非一切都很乐观。尽管条件正在改善，但采用仍然不平衡。根据Sygnum的说法，像Base这样的倡议，即使领导着卷，也很难为他们的代币持有人提供公平的模型。

And what about the irrational frenzy around memecoins? CoinGecko recently revealed that in the first quarter, memecoins accounted for 27.1% of investor interest — just behind AI tokens. A fascination that makes you laugh… until it makes you cry.

那周围的不理性的疯狂呢？ Coingecko最近透露，在第一季度，Memecoins占投资者利息的27.1％，仅次于AI令牌。一种让你发笑的迷恋……直到你哭泣。

But some players are changing the game. The report cites UXLINK surpassing 30 million registered users. Proof that innovation can rhyme with adoption — provided it is based on a robust model.

但是有些玩家正在改变游戏。该报告引用了Uxlink超过3000万注册用户。证明创新可以通过采用押韵 - 只要它基于强大的模型。

Another perspective from Bitwise: 12 publicly listed companies bought bitcoin for the first time in Q1 2025, bringing public holdings to $57 billion. An institutional rush that highlights growing interest but also refocuses attention on bitcoin.

Bitwise的另一个观点是：12家公开上市的公司在2025年第1季度首次购买了比特币，使公共持股量达到570亿美元。机构的匆忙突出了人们日益增长的兴趣，但也重新调整了对比特币的关注。

According to market signals, AI tokens and memecoins will be the darlings of 2025. But altcoins do not intend to remain on the sidelines. The question remains whether this regulatory awakening and thirst for innovation will be enough to shake the established order. Will decentralization finally find its moment of glory?

根据市场信号，AI令牌和成员将是2025年的宠儿。但是Altcoins并不打算留在场上。问题仍然是这种监管觉醒和创新的渴望是否足以动摇既定秩序。权力下放会最终找到荣耀的时刻吗？