一位著名的加密货币分析师对当前市场环境下山寨币广泛上涨的潜力表示怀疑

这位被称为“Flow Horse”的交易员最近强调了目前不太可能出现山寨币季节的挑战。

A cryptocurrency analyst has cast doubt on the possibility of a widespread altcoin rally in the current market.

一位加密货币分析师对当前市场上山寨币广泛上涨的可能性表示怀疑。

The trader, known as The Flow Horse recently highlighted the challenges that make an altcoin season unlikely at this time.

这位被称为“Flow Horse”的交易员最近强调了目前不太可能出现山寨币季节的挑战。

The analyst believes the issue stems from insufficient liquidity within the market. While some assets might see significant price surges, this typically comes at the expense of other assets. The current market dynamic means that traders’ experiences vary widely depending on their holdings. Those invested in popular, capitalized assets may feel the market is thriving, while others holding less liquid tokens might perceive a downturn as their investments stagnate or lose value.

分析师认为，问题的根源在于市场流动性不足。虽然某些资产的价格可能会大幅上涨，但这通常是以牺牲其他资产为代价的。当前的市场动态意味着交易者的经验根据其持有量的不同而有很大差异。那些投资于受欢迎的资本化资产的人可能会觉得市场正在蓬勃发展，而其他持有流动性较低的代币的人可能会觉得市场低迷，因为他们的投资停滞或失去了价值。

The Flow Horse highlighted that the market has become highly selective, favoring rotations into specific assets rather than a broad-based surge across all altcoins. The idea of a unified “altseason,” where rising interest and capital lift all tokens, seems increasingly implausible. The analyst noted that the sheer volume of low-quality projects in the crypto space further dilutes available resources, leaving little room for a general market uplift.

Flow Horse 强调，市场已经变得高度选择性，倾向于转向特定资产，而不是所有山寨币的广泛飙升。统一的“替代季节”的想法，即不断增长的兴趣和资本提升所有代币，似乎越来越难以置信。这位分析师指出，加密货币领域大量的低质量项目进一步稀释了可用资源，为整体市场提升留下了很小的空间。

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The trader also analyzed Bitcoin’s dominance (BTC.D), which measures the proportion of the crypto market cap attributed to Bitcoin. Currently sitting at 58.53%, the metric has climbed by over 4% in the past six months. This trend indicates that Bitcoin has been gaining value relative to altcoins, underscoring the current market’s preference for the leading cryptocurrency over smaller, riskier assets.

该交易员还分析了比特币的主导地位（BTC.D），该指标衡量了比特币在加密货币市值中所占的比例。该指标目前为 58.53%，在过去六个月内增长了 4% 以上。这一趋势表明，比特币相对于山寨币的价值一直在上涨，突显出当前市场对领先的加密货币的偏好，而不是规模较小、风险较高的资产。

With these trends in play, the analyst concludes that the crypto market is unlikely to experience a broad altcoin rally in the near future. Instead, the focus seems to remain on selective assets with established interest and liquidity, while other tokens struggle to maintain relevance.

鉴于这些趋势，分析师得出的结论是，加密货币市场不太可能在不久的将来经历广泛的山寨币上涨。相反，焦点似乎仍然集中在具有既定兴趣和流动性的选择性资产上，而其他代币则难以保持相关性。