隨著宏部隊對齊，山寨幣市場可能會捲土重來

根據加密分析師MichaëlVande Poppe的說法，在長達四年的低迷後，人生的跡像開始在Altcoin市場重新出現。

The crypto market has taken a strong interest in altcoins despite the recent downturn. While investor sentiment soured over last quarter, it seems like the tides may be turning, according to crypto analyst Michaël van de Poppe.

儘管最近經歷下降，但加密市場對山寨幣產生了濃厚的興趣。據加密分析師MichaëlVande Poppe稱，雖然上個季度的投資者情緒在上個季度變酸，但似乎潮汐可能會發生。

As global liquidity trends are increasingly crucial for risk assets, China is rolling out new rounds of quantitative easing, Europe is easing interest rates, and U.S. policymakers are hinting at cutting rates. This will benefit Bitcoin (BTC) and altcoins with fresh money.

隨著全球流動性趨勢對風險資產的越來越重要，中國正在推出新的量化寬鬆回合，歐洲正在降低利率，美國決策者正在暗示削減速度。這將使比特幣（BTC）和Altcoins用新鮮資金受益。

As we covered previously, rare assets like Bitcoin tend to perform well when the money supply (M2) is expanding. We’re now seeing that pattern again.

正如我們之前報導的那樣，當貨幣供應（M2）擴大時，像比特幣這樣的稀有資產往往會表現良好。我們現在再次看到了這種模式。

Furthermore, gold has been rallying strongly, outperforming the S&P 500 since 2022, indicating increasing risk appetite. However, van de Poppe believes that gold’s momentum might be peaking.

此外，黃金一直在強烈地集會，自2022年以來表現優於標準普爾500指數，表明風險食慾增加。但是，范德·波普（Van de Poppe）認為，黃金的勢頭可能會達到頂峰。

If gold’s rally cools off, capital could rotate into riskier plays like crypto over the next 12–18 months, setting up a favorable environment for altcoins.

如果Gold的集會降溫，那麼在接下來的12-18個月中，資本可能會旋轉成諸如加密貨幣之類的風險更高，為AltCoins建立了有利的環境。

Another metric van de Poppe is closely monitoring is the Chinese Yuan’s performance against the U.S. Dollar (CNH/USD).

另一個公制的Van de Poppe是密切監視的是中國人民幣對美元（CNH/USD）的表現。

Historically, when this pair bottoms out, major altcoin rallies have followed—as seen in 2016 and 2019. Following sharp recent declines, the yuan seems to be stabilizing, which could signal a new uptrend in the crypto markets.

從歷史上看，當這對夫婦最低點時，大型山寨幣集會隨後發生了 - 正如2016年和2019年所見。在最近的急劇下降之後，人民幣似乎正在穩定，這可能表明加密貨幣市場上的新上升趨勢。

“Old models and cycles are losing strength. Instead, it’s about total liquidity, global monetary policy shifts, and the flow of funds that will create the next explosive phase for #altcoins and #bitcoin.”

“舊的模型和周期正在失去力量。相反，這是關於總流動性，全球貨幣政策的變化以及將為#altcoins和#bitcoin創造下一個爆炸階段的資金流。”

The macroeconomic factors are becoming increasingly dominant in a market that’s used to technical indicators and on-chain analysis.

在用於技術指標和鏈分析的市場中，宏觀經濟因素越來越占主導地位。