山寨幣、比特幣和以太坊：應對 2025 年的加密貨幣寒冬

分析 2025 年 11 月的山寨幣市場低迷，重點關注比特幣、以太坊以及向基本面健全的加密項目的轉變。

Altcoins, Bitcoin, and Ethereum: Navigating the Crypto Winter of 2025

山寨幣、比特幣和以太坊：應對 2025 年的加密貨幣寒冬

The crypto market is experiencing a wild ride! Altcoins, Bitcoin, and Ethereum are facing significant challenges, but amidst the turmoil, opportunities arise for savvy investors. Let’s dive into what’s happening.

加密貨幣市場正在經歷瘋狂的發展！山寨幣、比特幣和以太坊正面臨重大挑戰，但在動蕩之中，精明的投資者也面臨著機遇。讓我們深入了解正在發生的事情。

The Great Altcoin Correction of 2025

2025 年山寨幣大調整

Early November 2025 has been brutal for altcoins. Many have seen their values plummet by over 60% compared to the previous year. Even Bitcoin (BTC) dipped below the $100,000 mark, and Ethereum (ETH) turned negative for the year. This has sparked “extreme fear” in the crypto community, pushing investors towards safer assets like Bitcoin.

2025 年 11 月初對於山寨幣來說是殘酷的。與去年相比，許多人的價值暴跌了 60% 以上。就連比特幣（BTC）也跌破了 10 萬美元大關，以太坊（ETH）今年也出現了負值。這在加密貨幣社區引發了“極度恐懼”，促使投資者轉向比特幣等更安全的資產。

This downturn isn't just about panic selling. It's a recalibration. Investors are now prioritizing projects with real-world utility and strong fundamentals. Speculative bets are out; groundbreaking tech and tangible applications are in.

這次經濟低迷不僅僅是恐慌性拋售造成的。這是一次重新校準。投資者現在優先考慮具有現實實用性和強大基本面的項目。投機性賭注已被淘汰；突破性的技術和切實的應用已經出現。

Bitcoin and Ethereum Under Pressure

比特幣和以太坊面臨壓力

Even the giants aren't immune. Bitcoin briefly fell below the $100,000 threshold, and Ethereum experienced its steepest daily drop in months. Trading volumes have been volatile, and liquidity for smaller altcoins has dried up, exacerbating price swings.

即使是巨人也不能倖免。比特幣一度跌破 10 萬美元大關，以太坊則經歷了數月來的最大單日跌幅。交易量一直不穩定，較小的山寨幣的流動性已經枯竭，加劇了價格波動。

Bitcoin dominance remains high, signaling a “risk-off” environment. It’s like a crypto version of everyone running for the exits and piling into the safest corner of the room.

比特幣的主導地位仍然很高，預示著“避險”環境。這就像一個加密版本的每個人都跑向出口並湧入房間最安全的角落。

Community and Expert Reactions

社區和專家的反應

Social media is buzzing with caution and apprehension. You'll see terms like “extreme fear” and “capitulation” all over Crypto Twitter and Reddit. Some investors are holding on for dear life (“diamond hands”), while others are hunting for undervalued altcoins with real potential.

社交媒體上充斥著謹慎和憂慮。你會在加密推特和 Reddit 上看到“極度恐懼”和“投降”等術語。一些投資者正在堅持持有（“鑽石手”），而另一些投資者則在尋找具有真正潛力的被低估的山寨幣。

Crypto influencers are divided. Some are advising caution, suggesting investors stick with Bitcoin until things clear up. Others see this as a prime opportunity to accumulate fundamentally strong projects, emphasizing due diligence and a long-term view. Keep an eye on projects integrating Artificial Intelligence (AI) with blockchain. This is where some analysts see a “rotation to innovation” happening.

加密貨幣影響者意見分歧。一些人建議謹慎行事，建議投資者堅持持有比特幣，直到情況明朗為止。其他人則認為這是積累基本實力雄厚的項目的絕佳機會，強調盡職調查和長遠眼光。關注人工智能（AI）與區塊鏈相結合的項目。這就是一些分析師認為“創新輪換”正在發生的地方。

DeFi, NFTs, and Web3: Still Building

DeFi、NFT 和 Web3：仍在建設中

While the overall market decline has impacted DeFi protocols and NFT collections, development and innovation continue. Projects focused on scalability, reduced transaction fees, and solving computational bottlenecks are still attracting attention. The NFT market is also expanding beyond digital art, finding new uses in gaming, entertainment, and real estate.

儘管整體市場下滑影響了 DeFi 協議和 NFT 集合，但開發和創新仍在繼續。專注於可擴展性、降低交易費用和解決計算瓶頸的項目仍然受到關注。 NFT 市場也正在擴展到數字藝術之外，在遊戲、娛樂和房地產領域尋找新的用途。

Looking Ahead: What's Next for Crypto?

展望未來：加密貨幣的下一步是什麼？

The short-term outlook remains cautiously optimistic, but challenges persist. A sustained altcoin rebound likely depends on Bitcoin establishing a clear upward trajectory. Potential catalysts for recovery include interest rate cuts by central banks and improvements in global economic conditions.

短期前景依然謹慎樂觀，但挑戰依然存在。山寨幣的持續反彈可能取決於比特幣建立明確的上升軌跡。復甦的潛在催化劑包括央行降息和全球經濟狀況的改善。

Long term, this “flight to quality” will likely weed out weaker projects, leading to a more mature ecosystem. Strategic projects are doubling down on development and showcasing real-world use cases. Investors should focus on projects with solid tech, clear roadmaps, and strong teams.

從長遠來看，這種“追求質量”可能會淘汰較弱的項目，從而形成更成熟的生態系統。戰略項目正在加倍努力開發並展示現實世界的用例。投資者應重點關注技術紮實、路線圖清晰、團隊強大的項目。

The potential approval of altcoin spot ETFs could unlock significant institutional investment. Also, watch the increasing integration of AI within blockchain tech. Projects leveraging AI for analytics, trading efficiency, and network scalability are poised for substantial growth.

山寨幣現貨 ETF 的潛在批准可能會釋放大量機構投資。此外，請注意人工智能在區塊鏈技術中的日益融合。利用人工智能進行分析、提高交易效率和網絡可擴展性的項目有望實現大幅增長。

A Whale of a Transaction

一筆巨額交易

Recently, a stunning Bitcoin transaction saw 4,199 BTC move from Coinbase to a mystery wallet. This kind of move often indicates institutional players managing their digital asset portfolios, taking assets out of immediate trading circulation, which can create upward price pressure.

最近，一筆令人震驚的比特幣交易，4,199 BTC 從 Coinbase 轉移到了一個神秘錢包。這種舉動通常表明機構參與者正在管理其數字資產投資組合，將資產從直接交易流通中撤出，這可能會造成價格上漲壓力。

Recent ETF Outflows

近期 ETF 資金流出

U.S. spot exchange-traded funds tracking Bitcoin and Ethereum have experienced combined outflows exceeding $2.6 billion since late October. Market participants have redirected capital away from cryptocurrency and other risk assets due to multiple macroeconomic concerns. However, experts point out that while outflows appear substantial in dollar terms, they remain proportionally modest relative to the enormous inflows these products generated during their historic launches.

自 10 月底以來，追踪比特幣和以太坊的美國現貨交易所交易基金的資金流出總額已超過 26 億美元。由於多種宏觀經濟擔憂，市場參與者已將資本從加密貨幣和其他風險資產轉移。然而，專家指出，雖然以美元計算，資金流出量似乎很大，但相對於這些產品歷史性推出期間產生的巨額資金流入而言，資金流出量仍然不大。

Bottom Line: Stay Informed, Stay Smart

底線：保持消息靈通、保持明智

The current altcoin market is complex, but potentially rewarding. Shift from speculative investing to a fundamentals-driven approach. This “extreme fear” is an opportunity to identify and accumulate projects with strong tech, clear utility, and long-term growth potential.

當前的山寨幣市場很複雜，但潛力巨大。從投機性投資轉向基本面驅動型投資。這種“極度恐懼”是一個識別和積累具有強大技術、明確效用和長期增長潛力的項目的機會。

Keep an eye on Bitcoin dominance, inflation rates, and central bank decisions. Regulatory clarity and the performance of AI-focused crypto projects will also be crucial.

密切關注比特幣的主導地位、通貨膨脹率和央行決策。監管的清晰度和以人工智能為中心的加密項目的表現也至關重要。

Remember, this isn't financial advice. Crypto investments carry risk. But with a little savvy and a lot of research, you might just find yourself riding the next wave to the moon!

請記住，這不是財務建議。加密貨幣投資存在風險。但只要有一點點悟性和大量研究，您可能會發現自己正踏上下一波登月浪潮！