Altcoin季节的到来通常与比特币的表现有关。

随着资金从BTC流入AltCoins，这会触发Altcoin价格的上涨。

The arrival of an altcoin season is often tied to Bitcoin’s performance. As money flows out of BTC and into altcoins, this triggers a rise in altcoin prices.

Altcoin季节的到来通常与比特币的表现有关。随着资金从BTC流入AltCoins，这会触发Altcoin价格的上涨。

However, this cycle is being delayed by factors beyond Bitcoin. One such factor is the recent surge in token generation events (TGEs).

但是，这个周期被超越比特币的因素延迟。一个因素是最近的代币生成事件（TGE）的激增。

Rise in TGEs – A Boon or a Bane?

tges升起 - 恩赐还是祸根？

In the past four and a half months, 45 new tokens have launched, with most failing to provide decent returns. Many tokens launched in 2025 failed to sustain growth post-listing, which begs the question of whether this trend is driven by bearish macroeconomic conditions or the lack of fundamental value in these tokens. This is turning altcoins into momentum-driven speculative assets.

在过去的四个半月中，已经推出了45个新令牌，其中大多数未能提供不错的回报。许多代币在2025年推出，未能维持上市后的增长，这就引出了一个问题，即这种趋势是由看跌的宏观经济条件或缺乏这些代币的基本价值所驱动的。这将AltCoins变成动量驱动的投机资产。

Talking to BeInCrypto, Vincent Liu, CIO of Kronos Research, elaborated on this question.

Kronos Research的CIO Vincent Liu与Beincrypto进行了交谈，并在此问题上阐述了。

“Relentless token launches, especially meme coins, diluted liquidity and fragmented investor attention. Simultaneously, macro headwinds like rising interest rates and a global shift to risk-off sentiment throttled speculative capital. Tokens lacking utility, clear roadmaps, or sustainable ecosystems were quickly reprieved in line with growing investor skepticism,” Liu said.

However, of the few successful launches that did provide a strong return on investment (ROI), there was a surprising performance from Solayer (LAYER). Since its February launch, LAYER has seen an 88% rise and is currently trading just under $2.00.

但是，在少数成功的推出确实提供了强劲的投资回报（ROI）中，Solayer（层）的表现令人惊讶。自2月推出以来，Layer上涨了88％，目前的交易价格不到2.00美元。

Altcoin Season Index Remains in Bitcoin’s Favor

Altcoin季节指数仍然受到比特币的青睐

The altcoin season index currently stands at 16, indicating that Bitcoin is still largely in the lead. Rapid token launches and post-listing failures are contributing to this delay.

Altcoin季节指数目前为16，表明比特币仍在很大程度上处于领先地位。快速令牌发布和列出后失败导致了这一延迟。

suggest that there needs to be reforms in the way that token launches are approached.

建议需要进行代币发射的方式进行改革。

“The issue of artificially inflated token prices before launch presents a growing concern. While these short-term surges might attract initial attention, they often undermine long-term investor confidence. To mitigate this, the industry must champion greater transparency around partner agreements, listing criteria, and pre-launch disclosures. Clear communication about a project’s structure, roadmap, and market cap expectations is essential to building a sustainable and trustworthy ecosystem.

“在推出之前，人工膨胀的代币价格问题引起了人们的关注。尽管这些短期潮流可能会引起最初的关注，但它们经常会破坏长期投资者的信心。为了减轻这种情况，该行业必须围绕合作伙伴协议，列出标准和发布前的披露和预启动前的披露。对项目的结构，公路和市场的良好的良好的良好的良好的良好的良好的良好沟通。

“Finally, investors themselves play a crucial role. By conducting thorough research into the fundamentals of new projects, investors can protect themselves from significant losses and identify valuable tokens in the long run. This includes evaluating the team behind the project, the token’s economics, and the project’s overall market fit. In essence, a new token's success depends not only on the project itself but also on how it navigates the broader macroeconomic landscape and investor sentiment.”

“最后，投资者自己发挥了至关重要的作用。通过对新项目的基础进行彻底的研究，投资者可以保护自己免受重大损失，并在长远来看确定有价值的代币。这包括评估项目背后的团队，代币经济学，代币的经济学，项目的整体市场合适。在本质上不仅依赖于新的Token的项目，但也不仅投资了项目，而且还不仅投资于项目范围，而且还遍布了项目范围。情绪。”

This point was raised by Arthur Cheong, founder and CEO of DeFiance Capital, who recently expressed concerns over TGEs. He highlighted the risk of projects and market makers working together to inflate token prices artificially. This can distort market behavior and undermine investor confidence.

这一点是由Defiance Capital的创始人兼首席执行官Arthur Cheong提出的，他最近对TGE表示关注。他强调了项目和做市商共同努力以人为地膨胀代币价格的风险。这会扭曲市场行为并破坏投资者的信心。

“You don’t know whether the price is a result of organic demand and supply or simply due to projects and market makers colluding to fix the apex for other objectives. Absolutely bizarre that CEXs are turning a blind eye to this and altcoin markets are becoming more and more like a lemon market where confidence gets lesser.

“您不知道价格是有机需求和供应的结果，还是仅仅是由于项目和做市商勾结以修复其他目标的顶点。绝对奇怪的是，CEXS对此视而不见，而Altcoin Markets越来越像一个柠檬市场，信心越来越少。

Responding to this,suggest that there needs to be reforms in the way that token launches are approached.

对此做出回应，建议需要进行对代币发射的方式进行改革。