等待阿尔特赛季返回？厌倦了看到比特币上升，但是您最喜欢的Altcoin似乎无法跟上吗？

好吧，根据Arca的说法，在每个加密周期中，这个小事称为“ Altseason”可能不再是稳定的。

In the dynamic realm of cryptocurrency, the occurrence of altseason has been a subject of keen interest and discussion, especially as it may be losing steam.

在加密货币的动态领域中，Altseason的发生一直是浓厚的兴趣和讨论的主题，尤其是因为它可能会失去动力。

Known for its lively discussions on cryptocurrency, a recent post on the Bankless forum delved into the possibilities of altseason returning in 2024, considering the sluggish performance of many top altcoins despite Bitcoin’s strong rally.

考虑到尽管比特币的强大集会，许多顶级替代币的表现迟钝，因此以其对加密货币的生动讨论而闻名。

A factor that may be affecting the cryptocurrency market is the approval of spot Bitcoin ETFs, which has brought a greater focus on the flagship cryptocurrency.

可能影响加密货币市场的一个因素是批准比特币ETF，这使人们更加关注旗舰加密货币。

However, according to Jeff Dorman, chief investment officer at Arca, that little event called ‘altseason’ may not be a stable occurrence in every crypto cycle anymore.

但是，根据ARCA首席投资官Jeff Dorman的说法，这一小事称为“ Altseason”可能不再是每个加密周期中的稳定事件。

As major cryptos like Solana (SOL) and Dogecoin (DOGE) are closely mimicking the move of the big one – Bitcoin – smaller altcoins may struggle to keep up the pace.

由于诸如Solana（Sol）和Dogecoin（Doge）之类的主要加密货币正在密切模仿大型的移动 - 比特币 - 较小的Altcoins可能难以保持步伐。

Analysts Agree: ETF a Gamechanger for Crypto

分析师同意：ETF是加密货币的gamechanger

Echoing this, CryptoQuant CEO Ki Young Ju said that while altseason might still be a thing, it would be different than it had been in the past.

CryptoQuant首席执行官Ki Young Ju回应了这一点，虽然Altseant可能仍然是一回事，但它与过去不同。

In a post on social platform X, the analyst said that “the era of everything pumping is over”.

在社交平台X上的一篇文章中，分析师说：“一切泵的时代已经结束”。

As per his analysis, the likely winners for 2025 are those altcoins with a looming ETF approval, projects that can generate income and those that are “sustainable attention drivers” – the rest “won’t make it”, Ju added.

根据他的分析，2025年的可能获胜者是那些拥有迫在眉睫的ETF批准的Altcoins，可以产生收入的项目以及那些是“可持续的关注驱动因素”的项目 - 其余的“不会成功”。

According to a Bloomberg report, Cosmo Jiang, general partner at Pantera Capital, said that the ETFs have created a barrier between Bitcoin and other digital assets. He also said that most of crypto is still not easily accessible to traditional brokerage accounts “and the more that happens, the more it builds on itself, because these are momentum assets”.

根据彭博社的一份报告，Pantera Capital的普通合伙人Cosmo Jiang表示，ETF在比特币和其他数字资产之间造成了障碍。他还说，传统的经纪帐户仍然不容易访问“加密货币”“越多，它就越多，因为这些是势头资产”。

“Altseason is Brewing”, Says Crypto Trader

加密交易员说：“阿尔特赛季正在酿造”

Not everyone shares the negative sentiment though. For example, Bitcoin and altcoin trader Merlijn The Trader, anticipated on X that if current trends follow past patterns, the market could see a rise to over US$9 trillion (AU$14.4 trillion) in total market cap over the next year.

并非每个人都有负面情绪。例如，比特币和替代币交易者Merlijn交易员预计，如果当前趋势遵循过去的模式，那么明年的总市值将会在总市值上增加9万亿美元以上（AU 14.4万亿美元）。

Related: Slam Dunk in the Crypto Court: Rumble Kong League Set to Launch FAME Token on Ronin

相关：在加密法庭上大满贯扣篮：隆布·孔联盟（Rumble Kong League）将在罗宁上启动名声

He said the “resistance trendline” suggests a point where rising prices have previously ceased increasing, implying that if this resistance is broken, a significant upward movement in market cap could occur.

他说，“抵抗趋势线”表明，价格上涨以前已经停止上涨了，这意味着，如果这种阻力破裂，可能会发生重大的市值向上移动。