特朗普的虚拟资产行政命令之后

美国监管立场的变化

After US President Donald Trump announced plans for a strategic virtual asset reserve, focusing on Bitcoin (BTC) and allocating a portion to altcoins like Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA), these major altcoins displayed substantial declines and struggled to recover.

在美国总统唐纳德·特朗普（Donald Trump）宣布了战略性虚拟资产储备计划，重点关注比特币（BTC），并向以太坊（ETH），Solana（SolAna），Ripple（XRP）和Cardano（ADA）等AltCoins分配了一部分，这些主要的AltCoins表现出了实质性的下降和努力恢复。

As of the 20th, according to CoinMarketCap, Ethereum is trading at $2027.87, showing a decrease of 25.71% over the past month, while Ripple is trading at $2.49, with a decline of 6.27%. Solana also plunged by 24.89% to $133.52, and Cardano decreased by 9.1% to $0.7290.

根据CoinMarketCap的数据，以太坊的交易价格为2027.87美元，过去一个月下降了25.71％，而Ripple的交易价格为2.49美元，下降了6.27％。 Solana也下跌了24.89％，至133.52美元，Cardano下降了9.1％，至0.7290美元。

This downturn in altcoins is being analyzed as a result of their exclusion from Trump’s strategic reserve assets, despite investor anticipation.

尽管投资者的期望，但由于将特朗普的战略储备资产排除在战略储备资产之外，因此正在分析AltCoins的低迷。

Previously, on his social media platform, Truth Social, Trump announced that he would be promoting a virtual asset strategic reserve, focusing on Bitcoin and Ethereum, and also including Solana, Ripple, and Cardano. This announcement led to a surge in the prices of major altcoins.

此前，特朗普在他的社交媒体平台“ Truth Social”中宣布，他将促进虚拟资产战略储备，专注于比特币和以太坊，还包括Solana，Ripple和Cardano。这一宣布导致主要山寨币价格上涨。

However, on the 7th (local time), the only asset included in the reserve under Trump’s executive order was Bitcoin. Investors had anticipated announcements related to altcoins at the ‘Crypto Summit’ held at the White House, but instead, announcements that dashed these hopes followed.

但是，在第七（当地时间），根据特朗普执行命令，预备役中唯一的资产是比特币。投资者预计在白宫举行的“加密峰会”上发布了与Altcoins有关的公告，但相反，随后将这些希望的公告破坏了。

David Sacks, the White House’s virtual asset policy chief, stated, “President Trump’s mention of Ripple, Solana, and Cardano was unrelated to government preference and merely mentioned the top 5 cryptocurrencies by market cap,” urging people not to read too much into it.

白宫的虚拟资产政策负责人戴维·萨克斯（David Sacks）表示：“特朗普总统提到的是波纹，索拉纳和卡尔达诺与政府的偏好无关，只是通过市值提到了前五名的加密货币，”敦促人们不要对此读太多。

Now, with the U.S. administration focusing on Bitcoin for its strategic reserve, are there any remaining growth factors for the altcoin market?

现在，随着美国政府将其战略储备专注于比特币，altcoin市场剩下的增长因素吗？

Possibility of Regulatory Changes with Stablecoin Bill Passage and Chokepoint 2.0 Withdrawal

使用Stablecoin账单通道和Chokepoint 2.0提款进行监管变化的可能性

Experts first identify the passage of the U.S. ‘Stablecoin Bill (GENIUS Act)’ as a key factor for altcoins.

专家首先将美国“ Stablecoin法案（Genius Act）”的通过是Altcoins的关键因素。

Previously, on the 13th, the Stablecoin Bill passed the Senate Banking Committee vote with 18 in favor and 6 against, and it is now awaiting a full Senate vote. On the 18th, Bo Hines, chairman of the White House Virtual Asset Presidential Advisory Committee, mentioned that the Stablecoin Bill may be delivered to President Trump for signing within two months. It is expected that the bill could be approved within two months.

此前，在13日，斯塔布莱币法案以18和6反对参议院银行委员会的投票通过了参议院委员会投票，现在正在等待全面的参议院投票。 18日，白宫虚拟资产总统咨询委员会主席Bo Hines提到，该法案可以在两个月内签署给特朗普总统。预计该法案可以在两个月内获得批准。

Juwon Lee, a researcher at Xangle Research, said, “Stablecoins form the core foundation of DeFi (Decentralized Finance) and on-chain finance, so if a clear regulatory framework is established, liquidity in the virtual asset market is likely to increase, and the usability of altcoins is likely to expand.”

Xangle Research的研究人员Juwon Lee说：“ Stablecoins构成了DEFI（分散融资）和链融资的核心基础，因此，如果确定了明确的监管框架，则虚拟资产市场中的流动性可能会增加，而Altcoins的可用性可能会扩大。”

He added, “If the bill passes, overall trust and capital inflow into the altcoin market are expected to improve, and projects that were previously constrained by regulatory uncertainty are likely to become active again.”

他补充说：“如果法案通过，预计总体信任和资本流入将有所改善，而先前受监管不确定性限制的项目可能会再次变得活跃。”

Ki-Young Ju, CEO of CryptoQuant, also noted the capital inflow into the altcoin market following the growth of stablecoins.

CryptoQuant首席执行官Ki-Young Ju还指出，随着稳定剂的增长，资本流入了Altcoin市场。

He said, “Until 2021, the term altseason referred to the rotation of assets from Bitcoin to other altcoins. However, now, with onboarding from traditional finance layers like spot ETFs or MicroStrategy, there is almost no asset rotation to altcoins.”

他说：“直到2021年，Altseason一词都提到了资产从比特币转向其他Altcoins的旋转。但是，现在，随着传统金融层（如Spot ETFS或MicroStrategy）的登机，几乎没有资产旋转到Altcoins。”

He explained, “If the stablecoin market grows, stablecoin trading on virtual asset exchanges will become active, and asset rotation to altcoins will also increase. This is a long-term boon for the altcoin market.”

他解释说：“如果Stablecoin市场增长，那么在虚拟资产交易所进行的Stablecoin交易将变得活跃，并且资产轮换向AltCoins也将增加。这是AltCoin市场的长期福音。”

Similar to the passage of the Stablecoin Bill, the withdrawal of Chokepoint 2.0 is also analyzed to have a positive impact on altcoins.

与稳定法案的通过类似，也分析了Cocepoint 2.0的撤回对山寨币产生积极影响。

Chokepoint 2.0 is a regulation that blocks access to banking services for virtual asset companies, and Trump is reportedly reviewing an executive order to withdraw it.

Chokepoint 2.0是一项法规，该法规阻止了虚拟资产公司对银行服务的访问，据报道，特朗普正在审查撤回该公司的行政命令。

Byung-Jun Kim, a researcher at Dispread, predicted, “If Chokepoint 2.0 is lifted, virtual asset companies can establish stable banking partnerships, and as investors find it easier to use on-off ramps, liquidity flowing into the virtual asset market, including altcoins, may increase.”

令人讨厌的研究人员拜恩·詹·金（Byung-jun Kim）预测：“如果取消了Chokepoint 2.0，虚拟资产公司可以建立稳定的银行业务合作伙伴关系，并且随着投资者的使用更容易使用，将其使用后的坡道，流入虚拟资产市场的流动性，包括AltCoins，可能会增加。”

Likely Approval of Solana and Ripple Spot ETFs Within the Year…Possibility of US Government Reserves?

一年中可能会批准Solana和Ripple Spot ETF…美国政府储备的可能性？

Multiple altcoin ETFs expected to launch this year are also considered major boons for the altcoin market.

预计今年将推出的多个Altcoin ETF也被认为是Altcoin市场的主要恩惠。

Currently, the most likely products to be approved within the year are Solana and Ripple spot ETFs. Although the U.S. Securities and Exchange Commission (SEC) has once again delayed the approval decision for these, considering the changes in the U.S. regulatory stance, the approval is still highly likely within the year.

目前，一年中最有可能获得批准的产品是Solana和Ripple Spot ETF。尽管美国证券交易委员会（SEC）再次延迟了对这些批准的批准决定，考虑到美国的监管立场的变化，但在一年中，批准仍然很可能。

In particular, Solana is evaluated to have opened the path for spot ETF listing further with the recent

特别是，对Solana进行了评估，以开辟了近期列表ETF列表的道路