随着机构投资者的堆积，比特币将加密货币抛在后面

加密市场正在经历深刻的转变，比特币比以往任何时候都成为数字金融领域的核心要素。虽然以前的周期看到Altcoins受益于BTC的崛起，但目前的动态正在发生前所未有的转变。

The crypto market is undergoing a profound transformation, and bitcoin is more than ever the central element of the digital financial landscape. While previous cycles saw altcoins benefiting from BTC’s rise, the current dynamics are taking an unprecedented turn. Institutional investors are massively favoring bitcoin, while neglecting the thousands of tokens that are still increasing in number. Its dominance index jumped by 15.5 % in January 2025, reaching nearly 59 %, a level that illustrates a clear imbalance between BTC and the rest of the market. This rising power is not only due to the influx of capital. Political decisions, ETF performances, and the exhaustion of altcoins are strengthening the supremacy of the king of cryptos. In the face of these transformations, is bitcoin in the process of permanently detaching itself from the traditional crypto market?

加密市场正在经历深刻的转变，比特币比以往任何时候都成为数字金融领域的核心要素。虽然以前的周期看到Altcoins受益于BTC的崛起，但目前的动态正在发生前所未有的转变。机构投资者非常喜欢比特币，同时忽略了数千个仍在增加数量的代币。它的优势指数在2025年1月上升了15.5％，达到了近59％，这一水平表明了BTC和其他市场之间的明显失衡。这种上升的力量不仅是由于资本的涌入。政治决定，ETF表现和替代币的精疲力尽正在加强加密王的至高无上。面对这些转型，比特币在永久脱离传统加密市场的过程中吗？

Bitcoin, an essential asset for institutional investors

比特币是机构投资者的重要资产

The crypto market is experiencing exponential inflation of new tokens, a situation that worries some major players. Brian Armstrong, CEO of Coinbase, lamented on social network X (formerly Twitter) on January 26, 2025, the creation “of about one million tokens per week”, a number that is constantly increasing, thus calling for a reform of the crypto listing process in the United States. While altcoins are multiplying without real control, bitcoin is following a radically opposite trajectory and is attracting ever more substantial institutional capital.

加密市场正经历新令牌的指数通货膨胀，这种情况使一些主要参与者感到担忧。 Coinbase首席执行官Brian Armstrong于2025年1月26日在社交网络X（以前为Twitter）上感叹，“每周约一百万个令牌”的创作，这一数字不断增加，因此呼吁对加密货币清单进行改革在美国的过程。虽然Altcoins在没有真正控制的情况下繁殖，但比特币遵循了根本相反的轨迹，并且正在吸引更大的机构资本。

The rapid ascent of bitcoin is no accident. The approval of Bitcoin ETFs has opened the door to an unprecedented influx of institutional capital, which is profoundly transforming the market’s structure. In just one year, the assets under management of bitcoin funds have increased from $1.17 billion to $39.57 billion, illustrating a massive enthusiasm from traditional investors.

比特币的快速上升绝非偶然。比特币ETF的批准为机构资本的前所未有的涌入打开了大门，这正在深刻地改变了市场的结构。在短短一年内，比特币基金管理的资产从11.7亿美元增加到395.7亿美元，这表明了传统投资者的热情。

This interest extends beyond private players. Several U.S. states, such as Wyoming, Arizona, and New Hampshire, are considering integrating bitcoin into their public reserves, a project that could redefine its status within economic policies. Such political adoption enhances the perception of bitcoin as a strategic asset, independent of the usual speculative cycles of cryptos.

这种兴趣超出了私人参与者。怀俄明州，亚利桑那州和新罕布什尔州等美国几个州都在考虑将比特币整合到其公共储备中，该项目可以重新定义其在经济政策中的地位。这种政治采用增强了比特币作为一种战略资产的看法，与通常的投机性循环无关。

The impact is even more visible in the market as whales continue to accumulate significant amounts of BTC. This dynamic reduces supply and lowers the probabilities of a sharp correction. Sam Wouters, an analyst at River Financial, observes that “in this cycle, bitcoin is leaving crypto behind”, while strategist Tuur Demeester bluntly asserts in a post on January 29 on X (formerly Twitter) that “altseason is dead”. More than just a simple cyclical phenomenon, this trend reveals a major structural change: bitcoin is establishing itself as a fully-fledged asset, detached from the rest of the crypto market.

随着鲸鱼继续积累大量的BTC，影响在市场上更加明显。这种动态减少了供应并降低了急剧校正的概率。 River Financial的分析师Sam Wouters观察到“在这个周期中，比特币将留下加密货币”，而战略家Tuur DeMeester在1月29日在X（以前是Twitter）的帖子中坦率地断言“ Altseason已死”。这种趋势不仅仅是一种简单的周期性现象，还揭示了一个重大的结构性变化：比特币将自己确立为一个成熟的资产，与加密货币市场的其余部分分离。

Ethereum and altcoins struggling against bitcoin

以太坊和山寨币与比特币斗争

This situation results from several factors. Ethereum’s transaction fees remain high, making its use less attractive for investors and everyday users. Meanwhile, alternatives like Solana are gaining ground and offering faster, cheaper solutions. Uncertainty around upcoming developments in Ethereum also fuels this trend. Internal debates on scalability strategies and changes in leadership within the ecosystem undermine investor confidence.

这种情况来自几个因素。以太坊的交易费用仍然很高，这使得对投资者和日常用户的使用量降低。同时，诸如Solana之类的替代方案正在获得地面，并提供更快，更便宜的解决方案。以太坊即将发生的发展的不确定性也助长了这一趋势。内部关于可伸缩性策略和生态系统领导力变化的辩论破坏了投资者的信心。

Capital flows confirm this growing imbalance. In 2024, bitcoin captured 90 % of institutional investments in the crypto sector, leaving Ethereum ETFs lagging behind. This divergence reveals a grim reality for ETH. If the ETH/BTC pair crosses the critical threshold of 0.030 BTC, a new downward phase could begin, further weakening its status as a leader among altcoins.

资本流动证实了这种不平衡的不平衡。 2024年，比特币捕获了90％的机构投资在加密货币领域，使以太坊ETF落后。这种差异揭示了ETH的严峻现实。如果ETH/BTC对越过0.030 BTC的临界阈值，则可以开始新的下降阶段，从而进一步削弱了其作为AltCoins领导者的地位。

In this context, a major question arises: Can Ethereum still reverse the trend, or is it doomed to lose its influence to bitcoin? The history of the crypto market has already proven that volatility can reshuffle the cards, but this time, the dynamics seem more structural than cyclical.

在这种情况下，出现了一个主要问题：以太坊能否扭转趋势，还是注定要失去对比特币的影响？加密市场的历史已经证明，波动性可以改善卡片，但是这次，动态似乎比周期性更具结构性。

Ultimately, bitcoin’s ascent rests on three solid pillars: massive institutional adoption, increased political support, and a market of altcoins struggling to compete. In the face of this dynamic, some analysts, such as those at Standard Chartered, predict a BTC at $200,000 by the end of 2025, driven by increasing flows to ETFs and public reserves. However, this dominance is not an absolute certainty. The history of cryptos has always been marked by cycles of innovation and reversals. If bitcoin continues to institutionalize, its role could evolve into that of a fully-fledged financial asset, detached from the traditional crypto market. Conversely, a new generation of altcoins, driven by technological advances, could attempt to challenge its supremacy. In either case, the bitcoin has never been so dominant. It remains to be seen whether this position will be definitively secured or still contested in the years to come.

最终，比特币的上升基于三个坚实的支柱：大量的机构采用，增加的政治支持以及努力竞争的山寨币市场。面对这种动态，一些分析师（例如标准特许的分析师）预测，到2025年底，BTC的价格为2025美元，这是由于向ETF和公共储备的流量增加而驱动。但是，这种主导地位并不是绝对的确定性。加密的历史一直以创新和逆转的循环为标志。如果比特币继续制度化，它的作用可能会演变为与传统加密市场分离的成熟金融资产的作用。相反，由技术进步驱动的新一代AltCoins可能会试图挑战其至高无上的地位。无论哪种情况，比特币从未如此占主导地位。在未来几年中，该职位是否将被确定或仍在竞争。

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Holder of a Sciences Po Toulouse degree and a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019. vinced of blockchain'

我于2019年加入了Cointribune冒险。