比特币（BTC）和以太坊（ETH）请参阅资本流出进入Stablecoins，尚无Altseason的迹象

根据阿里·马丁内斯（Ali Martinez）的说法，首都继续从比特币和以太坊流入稳定币，没有明显的迹象即将到来。

On-chain data suggests that capital is flowing out of Bitcoin (BTC) and Ethereum (ETH) into stablecoins, with no clear signs of an upcoming altseason yet.

链上的数据表明，资本正在从比特币（BTC）和以太坊（ETH）流入稳定币，但尚无明确的即将到来的Altseason的迹象。

According to on-chain data analyst Ali Martinez, capital is continuing to flow out of Bitcoin and Ethereum into stablecoins. He also noted that there are “no signs of altseason yet.”

根据链链数据分析师阿里·马丁内斯（Ali Martinez）的说法，资本继续从比特币和以太坊流入稳定的人。他还指出，“尚无季后赛的迹象”。

Capital continues to flow out of #Bitcoin and #Ethereum into stablecoins.

资本继续从#BitCoin和#Ethereum流入Stablecoins。

No signs of altseason yet!

尚无季后赛的迹象！

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The chart accompanying Martinez's statement shows a clear trend of declining capital inflows into both Bitcoin and Ethereum, while stablecoins have seen a historically large increase in net capital change.

马丁内斯声明伴随的图表表明，资本流入比特币和以太坊的清晰趋势，而稳定币的净资本变动变化历史上有很大的增长。

Specifically, as of Feb. 4, Bitcoin had a net capital change of $0.0412 million, and Ethereum saw $0.0048 million. In contrast, stablecoins experienced a much larger shift, with a net capital change of $0.0644 million. This suggests that investors are currently favoring safer assets, likely waiting for better entry points before making their next move.

具体而言，截至2月4日，比特币的净资本变动为0.412亿美元，以太坊的净资本变动为0.48亿美元。相比之下，Stablecoins经历了更大的转变，净资本变动为0.0644亿美元。这表明投资者目前赞成更安全的资产，可能会等待更好的入学点，然后再采取下一步行动。

Historically, capital rotations from Bitcoin into smaller-cap coins have signaled the start of an altcoin season. According to CoinMarketCap, the altcoin season is typically marked by 75% of the top 100 cryptos (excluding stablecoins and asset-backed tokens) outperforming Bitcoin over the last 90 days. At this time, however, the CoinMarketCap index stands at just 33.

从历史上看，从比特币到较小股硬币的资本轮换标志着Altcoin季节的开始。根据CoinMarketCap的数据，在过去的90天内，AltCoin季节通常以优于比特币的前100个加密货币（不包括Stablecoins和资产支持令牌）的标志。但是，目前，CoinMarketCap索引仅为33。

Martinez's chart also shows that the oscillator indicators remain in a neutral position, showing no evidence of a brewing altseason.

马丁内斯（Martinez）的图表还表明，振荡器指标仍处于中立位置，没有显示酿造赛季的证据。

Another on-chain analyst, Deutscher, shared his own thoughts on why this cycle is different as far as the arrival of altseason is concerned. He explained that instead of moving into established altcoins, traders have been chasing fast-moving low-cap on-chain tokens. As a result, that speculative capital “got stuck in illiquid on-chain meme coins,” he said in his post on Feb. 5.

另一位链链分析师Deutscher分享了他自己的想法，即就Altseason的到来而言，为什么这个周期有所不同。他解释说，贸易商并没有进入既定的山寨币，而是在追逐快速移动的低帽子内链令牌。结果，他在2月5日的帖子中说，投机资本“被困在流动性的链上模因硬币中”。

The launch of Pump Fun is directly correlated to the destruction of the altcoin market vs $BTC.

泵趣味的推出与Altcoin Market vs $ BTC的破坏直接相关。

The reason we've seen no major "alt season" across majors, is because the speculative capital that would've once poured into top 200 assets, instead decided to jump the gun and…

我们没有看到大满贯赛事的主要“ ALT季节”的原因，是因为曾经涌入前200名资产的投机资本，而是决定跳枪并…

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According to Deutscher, the launch of Pump Fun, a decentralized application that enables users to quickly pump and dump on-chain tokens, has played a significant role in this dynamic. He highlighted that the fast-moving low-cap on-chain tokens are usually the "first to die" in any bear market.

根据Deutscher的说法，Pump Fun的推出，这是一个分散的应用程序，使用户能够快速泵送和倾倒链链令牌，在这种动态中发挥了重要作用。他强调说，快速移动的低帽子内链令牌通常是任何熊市中的“首先死亡”。

However, this time around, those tokens are "still up huge" relative to the broader market, which suggests that the speculative capital is still present in the market but is simply not flowing into the smaller-cap altcoins.

但是，这次，这些代币相对于更广泛的市场“仍然是巨大的”，这表明投机资本仍然存在于市场中，但根本没有流入较小股的山寨币。