比特币优势阻碍了山寨币激增

比特币的优势（BTC.D）是监视Altcoin循环的关键指标。当BTC.D下降时，通常意味着投资者正在转向

Bitcoin’s dominance (BTC.D) is a crucial indicator to keep an eye on when discussing altcoin cycles. Usually, when BTC.D drops, it signifies that investors are shifting towards altcoins during periods of market volatility.

比特币的优势（BTC.D）是在讨论山寨币周期时关注的关键指标。通常，当BTC.D下降时，它表明投资者在市场波动期间正在向Altcoins转移。

However, despite macroeconomic worries such as the upcoming Federal Reserve meeting and “reciprocal tariffs” by Trump, Bitcoin’s dominance remains high. At the time of writing, it stands at 61.6%, which is lower than its February peak of 64.3%.

但是，尽管宏观经济的担忧，例如即将举行的美联储会议和特朗普的“互惠关税”，但比特币的主导地位仍然很高。在撰写本文时，它为61.6％，低于其2月峰值64.3％。

This week’s top gainers list features 4 medium to small-cap altcoins, which are becoming more attractive to investors over large-cap cryptocurrencies. This shift is evident as they are opting for riskier and cheaper options.

本周的最高元素列表具有4个中型至中型山寨币，这对大型加密货币的投资者变得越来越有吸引力。这种转变是显而易见的，因为他们选择了风险更高，更便宜的选择。

Bitcoin ETFs Impacting Capital Rotation

比特币ETF影响资本旋转

A significant factor contributing to this cycle is the emergence of Bitcoin ETFs. Just prior to Bitcoin reaching its all-time high of $109,000 in January, Bitcoin ETFs experienced inflows of $1.078 billion.

促成该周期的一个重要因素是比特币ETF的出现。在比特币在一月份达到109,000美元的历史最高点之前，比特币ETF经历了107.8亿美元的流入。

Since then, these ETFs have continued to receive millions of dollars in investments, concentrating capital in BTC and delaying the typical altcoin season, especially with liquidity remaining limited.

从那时起，这些ETF继续获得数百万美元的投资，集中资本在BTC上，并推迟了典型的Altcoin季节，尤其是流动性仍有限制。

This delay in altseason is also being attributed to token dilution, with expert Virtual Bacon noting that altcoins usually surge later in the cycle.

Altseason的这种延迟也归因于代币稀释，专家虚拟培根指出，山寨币通常在周期后期激增。

“Many think the bull run is over as altcoins haven’t surged yet. But history shows altcoins tend to move later in the cycle, often well after Bitcoin’s rally.”

“许多人认为公牛的奔跑已经结束，因为山寨币还没有激增。但是历史表明，在比特币集会之后，山寨币往往会在周期后期移动。”

Currently, Virtual Bacon observes that “liquidity remains limited due to three major factors”:

目前，虚拟培根观察到“由于三个主要因素，流动性仍然有限”：

Finally, altcoins might not pump until these factors are addressed, which could happen in Q3 2023 or at the latest in Q4 2023.

最后，在解决这些因素之前，山寨币可能不会抽水，这可能发生在第3季度2023年，或最早在2023年第四季度发生。

This anticipated turnaround could bring a peak in Bitcoin dominance around 70% in the liquidity zone, setting the stage for a strong kickoff to altseason during or after the summer.

预计的周转可能会使比特币在流动性区的70％左右达到顶峰，从而为夏季或夏季之后的季后赛开球奠定了基础。