随着宏观经济逆风的持续数字资产，比特币优势达到62.2％

2025年第一季度是数字资产的现实检查。一年始于当选美国总统的乐观情绪，并期望更友好的监管环境

The first quarter of 2025 was a reality check for digital assets. While the year began with optimism fueled by the election of a pro-crypto U.S. president and expectations of a friendlier regulatory environment, macroeconomic challenges quickly came to dominate the narrative.

2025年第一季度是数字资产的现实检查。尽管当选为美国总统的乐观和对友好的监管环境的期望，这一年始于乐观，但宏观经济挑战迅速占据了叙述。

Bitcoin briefly touched a new all-time high of $109,356 on New Year’s Day before posting a 11.6% decline for the quarter—its second-largest such move since Q2 2022.

比特币短暂触及了元旦的新历史最高点109,356美元，然后在本季度下降了11.6％，这是自2022年第二季度以来的第二大这样的举动。

CoinDesk indices more heavily weighted toward smaller-cap tokens such as the CoinDesk Memecoin Index (CDMEME) and the CoinDesk 80 (CD80) fared worse, notching decreases of 55.2% and 46.4%, respectively.

Coindesk索引索引更大地倾向于较小帽子代币，例如Coindesk Memecoin指数（CDMeme）和Coindesk 80（CD80）的情况差得多，分别减少了55.2％和46.4％。

But beneath the volatility, a more fundamental shift is playing out. The gap between bitcoin and the rest of the market continues to widen, driven in large part by institutional behavior.

但是在波动之下，一个更根本的转变正在发生。比特币与市场其余部分之间的差距继续扩大，这在很大程度上是由机构行为驱动的。

As outlined in our latest Digital Assets Quarterly Report, institutions are playing an increasingly decisive role in shaping capital flows, preferring liquid and regulated large-cap assets. This shift is pushing the digital asset market toward more structured, benchmark-driven strategies.

正如我们最新的数字资产季度报告中概述的那样，机构在塑造资本流，更喜欢液体和受监管的大型资产方面发挥了越来越决定性的作用。这种转变将数字资产市场推向了更具结构化的，基准驱动的策略。

One of the clearest signs of this realignment comes from bitcoin dominance, which expresses bitcoin’s total market capitalization as a percentage of the market capitalization for all cryptocurrencies combined.

这种重新调整的最明显迹象之一来自比特币的优势，该比特币表达了比特币的总市值，这是所有加密货币总和的市值的百分比。

This figure rose to 62.2% in Q1, its highest level since February 2021. Notably, this increase occurred despite a 26.9% drop in bitcoin’s total market capitalization from its January peak.

这一数字在第1季度（自2021年2月以来的最高水平）中升至62.2％。值得注意的是，尽管比特币从1月的峰值起，比特币的总市值下降了26.9％。

Our latest chart of the week highlights this trend, showing how capital rotated out of speculative assets and into bitcoin as macro volatility and geopolitical uncertainty mounted.

我们本周的最新图表强调了这一趋势，显示了资本如何从投机性资产中旋转，并随着宏观波动和地缘政治不确定性的安装而旋转到比特币中。

The CoinDesk 20 Index (CD20) has emerged as a useful lens for tracking this institutional shift. While the index fell 23.2% in Q1, it significantly outperformed most major digital assets.

Coindesk 20指数（CD20）已成为跟踪这种机构转变的有用镜头。尽管该指数在第一季度下降了23.2％，但它的表现明显优于大多数主要的数字资产。

Only XRP, a constituent of both the CD20 and the CD80 indices, managed to post a positive return. The CD80 Index slid 46.4% in the quarter.

只有XRP是CD20和CD80指数的组成部分，才设法发布了正回报。 CD80指数在本季度下跌46.4％。

XRP's 0.4% gain in Q1 was driven by the dismissal of the SEC’s case against Ripple, as well as strong growth in its RLUSD stablecoin.

XRP在第一季度的0.4％增长是由SEC对Ripple的案件的解雇以及其RLUSD Stablecoin的强劲增长所驱动的。

RLUSD's market cap surged 323% in Q1 to reach $245 million, while cumulative trading volumes exceeded $10 billion in just over three months. By contrast, ether slid 45.3%—underperforming most major assets amid continued migration of user activity to Layer 2s and a lack of positive catalysts.

RLUSD的市值在第1季度飙升了323％，达到2.45亿美元，而累计交易量超过了三个月的100亿美元。相比之下，Ether SLID 45.3％ - 在用户活动继续迁移到第2层和缺乏阳性催化剂的情况下，大多数主要资产不足。

U.S. spot ETH ETFs saw net outflows of $228 million in Q1, compared to net inflows of over $1 billion for bitcoin ETFs. The ETH/BTC ratio declined to 0.022, its lowest level since May 2020, reinforcing the shift in relative dominance this cycle.

美国现场ETF的净流出在第一季度的净流出为2.28亿美元，而比特币ETF的净流入超过10亿美元。 ETH/BTC的比率下降到0.022，其自2020年5月以来的最低水平加强了本周期的相对优势转移。

Bitcoin’s broader role as a macro asset also continued to gain traction.

比特币作为宏观资产的广泛作用也继续吸引。

In addition to strong ETF flows, public companies added nearly 100,000 BTC to their holdings in Q1, representing a 34.7% increase. This brought the total held by such companies to 689,059 BTC—equivalent to more than $56.4 billion at current prices.

除了强大的ETF流量外，上市公司还增加了近100,000个BTC的持股量，增加了34.7％。这使此类公司持有的总数达到了689,059 BTC，等于当前价格超过564亿美元。

The launch of the U.S. Strategic Bitcoin Reserve, along with the introduction of a broader Digital Asset Stockpile by the Treasury, further underscored bitcoin’s growing legitimacy within U.S. policy.

美国战略比特币储备的推出，加上财政部引入更广泛的数字资产，进一步强调了比特币在美国政策中的合法性日益增长的合法性。

Looking to Q2, the tone in markets has improved following the recent pause in new tariff measures. Risk assets responded favorably, and altcoin ETF optimism remains high.

寻求第二季度，在新的关税措施中最近停顿之后，市场上的基调有所改善。风险资产反应良好，而Altcoin ETF乐观仍然很高。

Nearly 40 spot ETF applications for altcoins were submitted in Q1 alone, led by those for Solana and XRP, which each had eight filings. Other assets applying for spot ETFs included Litecoin, Dogecoin and Polkadot.

仅在第1季度就提交了近40个AltCoins的ETF申请，由Solana和XRP的申请提交，每个ETF申请都有8个文件。申请现货ETF的其他资产包括莱特币，狗狗币和Polkadot。

With Solana futures now live on the CME, the precedent for institutional-grade altcoin exposure continues to build.

随着Solana Futures现在居住在CME上，机构级别的Altcoin暴露的先例继续建立。

The first quarter offered a reminder that digital assets are no longer moving in isolation.

第一季度提醒您，数字资产不再孤立地移动。

As macro conditions evolve and policy shifts begin to reshape the regulatory environment, capital is consolidating into assets with deeper liquidity, stronger narratives and institutional relevance.

随着宏观条件的发展和政策的转变开始重塑监管环境，资本正在巩固具有更深的流动性，更强的叙事和机构相关性的资产。

Bitcoin’s rising dominance, shifting ETF flows and the fragmentation of altcoin performance all point to a market recalibrating around structural factors rather than sentiment alone.

比特币的统治地位，转移ETF流动和Altcoin绩效的碎片都表明市场围绕结构因素重新校准，而不是仅凭情感。

For a deeper dive into these dynamics, including full index performance and constituent insights, you can access the full Digital Assets Quarterly Report here.

为了更深入地了解这些动态，包括完整的索引性能和组成见解，您可以在此处访问“完整数字资产”季度报告。