分析师警告说

著名的加密分析师AB Kuai Dong最近预测，新推出的代币可能会在交换清单时面临主要价格下降。

Prominent crypto analyst AB Kui Dong has flagged a key factor that could lead to massive price declines for newly launched tokens upon their exchange listings. According to Dong, project owners should brace themselves for drops exceeding 80%, especially given the current market dynamics.

著名的加密分析师AB Kui Dong标记了一个关键因素，该因素可能会导致新推出的代币在交易所清单时的大幅下降。根据董el的说法，项目所有者应该为超过80％的下降而做好准备，尤其是考虑到当前的市场动态。

This aligns with the ongoing market trend where new token listings often face heavy sell-offs due to a combination of initial hype, VC unlocks, and lack of community growth. Earlier on Monday, Dong noted that many projects are launching tokens with inflated market values due to previous overvaluations and high costs associated with selling tokens to early backers. This forces projects to debut on exchanges at prices above their cost to avoid backlash from community members and key opinion leaders (KOLs).

这与正在进行的市场趋势相吻合，因为最初的炒作，VC解锁和缺乏社区增长，新的代币清单通常会面临巨大的抛售。周一早些时候，董指出，由于以前的过度价值和与早期支持者的销售代币相关的高昂成本，许多项目正在推出具有膨胀市场价值的代币。这将迫使以高于其成本的价格进行交流，以避免社区成员和关键意见领袖（KOLS）的反对。

Notably, platforms such as Bybit are set to introduce new coin offerings, calculating projected opening prices based on annualized returns. Users are expected to favor projects with an annualized rate exceeding 40% and a single income of 1-2%. As a result, exchanges tend to prioritize projects with high market caps for their initial listings.

值得注意的是，诸如BYBIT之类的平台将引入新的硬币产品，并根据年度回报计算预计的开放价格。预计用户的年度利率超过40％，单一收入为1-2％。结果，交易所倾向于优先考虑具有高市上限的项目的优先级，以便其最初的列表。

Smaller crypto projects with valuations under $100 million and minimal public offerings may experience less pressure, Dong suggested. However, even these projects are not entirely immune to market turbulence.

Dong建议，估值低于1亿美元的估值和最少的公共产品的较小加密项目的压力可能会减轻。但是，即使这些项目也不完全不受市场动荡的影响。

Among the institutional players, we can observe a growing trend of hedging against future losses by shorting newly listed currencies. This strategy aims to protect investments from plummeting token prices upon unlocks, especially relevant for projects that have raised funds at lower valuations.

在机构参与者中，我们可以通过缩短新上市货币来观察到对抗未来损失的日益增长的趋势。该策略旨在保护投资免受解锁上的代币价格暴跌，尤其是与在较低估值中筹集资金的项目有关。

Dong predicts that this "coin cleansing" will continue through the summer, potentially signaling the market’s recovery in late 2025 or 2026. He further warns that many venture capital funds could face dissolution due to poor returns and difficulties in securing additional funding rounds, leading to layoffs and salary reductions for investment managers.

董预测，这种“硬币清洗”将持续到整个夏天，有可能向市场的复苏表示2025年下半年或2026年的收益。他进一步警告说，由于获得额外的筹资回合，许多风险投资基金可能面临不良的回报和困难，从而导致了额外的资金。投资经理的裁员和减少工资。

“When this phenomenon occurs on a large scale, we may see the real bottom of VC coins,” Dong explained. He noted that excess returns from 2020 and 2021 brought a wave of external capital into the crypto market, leading to increased salaries and lavish perks for investment managers—a trend Dong predicted will soon reverse.

“当这种现象大规模发生时，我们可能会看到VC硬币的真实底部，” Dong解释说。他指出，从2020年和2021年开始的超额回报将外部资本浪潮带入了加密货币市场，从而增加了投资经理的薪水和豪华的好处 - 趋势董事会预测，很快就会扭转。

Bitcoin is currently trading at around $97,600, according to CoinMarketCap. The overall crypto market capitalization has fallen by 15% in the past 20 days, now standing at $3.19 trillion.

根据CoinMarketCap的数据，比特币目前的交易价格约为97,600美元。在过去的20天中，总体加密市值下降了15％，现在为3.19万亿美元。

This slump comes as the Crypto Fear and Greed Index sits at 43, indicating fear among investors amid ongoing market uncertainty. Several crypto analysts, including BitMEX co-founder Arthur Hayes, have predicted the next few months as bearish for the crypto market.

由于加密恐惧和贪婪指数率达到43，这表明投资者的恐惧在不断的市场不确定性中，这表明投资者的恐惧。包括Bitmex联合创始人Arthur Hayes在内的几位加密分析师预测，接下来的几个月是加密市场的看跌。