加密首席执行官说，重新定义Altseason：旧的Altseason资本流动周期已过时。

CryptoQuant的创始人兼首席执行官Ki Young Ju挑战了Altcoin季节的传统概念。他建议，导致山币潮流的旧资本流动周期已过时。

CryptoQuant founder and CEO Ki Young Ju has shared his thoughts on the changing nature of altcoin season, suggesting that the traditional capital flow cycle leading to altcoin surges has become obsolete.

CryptoQuant的创始人兼首席执行官Ki Young Ju分享了他对Altcoin季节不断变化的性质的想法，这表明导致Altcoin Surges的传统资本流动周期已过时。

In a recent post on X (formerly Twitter), Ki compared the old altcoin season cycle to a disappearing rainy season.

在最近关于X（以前是Twitter）的文章中，Ki将旧的Altcoin季节周期与消失的雨季进行了比较。

“Redefining Altseason. The old altseason capital flow cycle is obsolete. What I meant was that due to climate change, the rainy season has completely disappeared, leaving only a season of occasional drizzles,” Ki explained.

“重新定义了Altseason。旧的Altseason资本流动周期已过时。我的意思是，由于气候变化，雨季完全消失了，只留下偶尔的毛毛雨。” Ki解释说。

He went on to say that Bitcoin-driven capital rotations no longer function as they once did due to institutional involvement and regulatory changes. Instead, new capital primarily flows into stablecoins or widely accepted altcoins rather than speculative smaller tokens.

他接着说，由比特币驱动的资本轮换不再像机构参与和监管变化那样发挥作用。取而代之的是，新资本主要流入稳定剂或广泛接受的山寨币，而不是投机性的较小令牌。

Ki's comments come as some have declared an altcoin season amid liquidity struggles. However, Ki's analysis suggests that the era of indiscriminate altcoin surges is over. Instead, he predicts a “selective altseason,” where only a few altcoins will benefit from new market trends.

Ki的评论是在流动性斗争中宣布的Altcoin赛季的。但是，KI的分析表明，滥用山币的繁荣时代已经结束。取而代之的是，他预测了一个“选择性的Altseason”，其中只有少数几个Altcoins将从新的市场趋势中受益。

The CryptoQuant executive cited the potential approval of exchange-traded funds (ETFs) for altcoins, sustainable attention drivers, and revenue-generating projects as three key factors that could drive altcoin performance in 2025.

加密高管认为，用于替代币，可持续的关注驱动因素和创收项目的交易所交易基金（ETF）的潜在批准是三个关键因素，这些因素可能会在2025年推动Altcoin绩效。

“most altcoins won’t make it”

“大多数山寨币都不会做到”

He, however, concluded by emphasizing that “most altcoins won’t make it,” marking a stark contrast to previous cycles where nearly all altcoins experienced substantial price increases.

然而，他的结论是强调“大多数山寨币都不会做到”，这与以前几乎所有山寨币的价格都大幅上涨的周期形成了鲜明的对比。

Meanwhile, recent market trends support Ki's assessment of a selective altcoin season. As BeInCrypto reported, altcoins outperformed Bitcoin regarding crypto inflows last week. Citing a CoinShares report, BeInCrypto highlighted Bitcoin’s outflows of $571 million.

同时，最近的市场趋势支持Ki对选择性替代赛季节的评估。正如Beincrypto报道的那样，上周，Altcoins的表现优于比特币。 Beincrypto引用了一份Coinshares报告，强调了比特币的流出5.71亿美元。

The analysis showed that XRP, Solana (SOL), and Ethereum (ETH) were among the top-grossing cryptocurrencies, registering inflows of $38.3 million, $15.4 million, and $7.7 million, respectively. This is largely due to speculation around potential ETF approvals.

分析表明，XRP，Solana（Sol）和以太坊（ETH）是票房最高的加密货币之一，分别注册了3830万美元，1,540万美元和770万美元的流入。这主要是由于围绕潜在ETF批准的猜测。

However, the broader crypto market did not experience substantial inflows, with total outflows reaching $23 million. This indicates that capital is being selectively allocated to certain altcoins rather than flowing into the market as a whole.

但是，更广泛的加密货币市场没有大量流入，总流出达到2300万美元。这表明资本被选择性地分配给某些山寨币，而不是流入整个市场。

Recently, Ki also addressed the ongoing liquidity struggles in the crypto market, describing the situation as a “PvP fight,” where capital is redistributed among assets rather than new liquidity entering the market.

最近，KI还谈到了加密市场中持续的流动性斗争，将这种情况描述为“ PVP斗争”，其中资本被重新分配在资产之间，而不是进入市场的新流动性。

This aligns with the notion that institutional capital progressively shapes the sector, favoring stability over speculative altcoin booms. With institutional investors exerting greater influence, the days of indiscriminate altcoin surges driven by retail traders may end.

这与机构资本逐渐塑造该行业的观念相吻合，这有利于稳定性，而不是投机性的Altcoin Booms。随着机构投资者发挥更大的影响力，零售商人驱动的不加选择的山寨币激增的日子可能会结束。