阿爾特賽季死了嗎？看看比特幣的主導地位，地緣政治緊張局勢以及本傑明·科恩（Benjamin Cowen）對加密貨幣市場未來的分析。

Altseason on Hold? Bitcoin Dominance and Benjamin Cowen's Perspective

Altseason暫停？比特幣優勢和本傑明·考恩的觀點

The crypto market is a wild ride, and lately, all eyes have been on Bitcoin. Altseason, the period when altcoins outperform Bitcoin, seems to be perpetually delayed. Let's dive into what's happening, with insights from Benjamin Cowen and a look at Bitcoin's increasing dominance.

加密市場是一個瘋狂的旅程，最近，所有人的目光都在比特幣上。 Altseason（Altcoins勝過比特幣的時期）似乎永遠延遲了。讓我們深入了解正在發生的事情，並從本傑明·考恩（Benjamin Cowen）的見解以及比特幣越來越多的統治地位。

Bitcoin's Reign: Dominance Above All

比特幣的統治：首先

Bitcoin dominance (BTC.D) surged past 65% on June 23, 2025, hitting levels not seen since February 2021. This metric reflects Bitcoin's growing share of the total crypto market, signaling that investors are flocking back to the original cryptocurrency. According to TradingView, BTC.D has increased for seven consecutive quarters, underscoring a significant shift in capital flows.

比特幣優勢（BTC.D）在2025年6月23日飆升了65％，達到了自2021年2月以來未見水平。該度量標準反映了比特幣在總加密貨幣市場中的份額日益增長，這表明投資者正在湧向原始的加密貨幣。根據TradingView的數據，BTC.D連續七個季度增加了，這突顯了資本流量的重大轉移。

Crypto analyst Rekt Capital pointed out that Bitcoin Dominance is approaching 71%. Historically, when Bitcoin dominance peaks, the altcoin market experiences a major drop. The total altcoin market cap could fall below $700 billion if BTC.D reaches 71%.

加密分析師Rekt Capital指出，比特幣優勢接近71％。從歷史上看，當比特幣優勢達到頂峰時，山寨幣市場會大大下降。如果BTC.D達到71％，總山幣市值可能會低於7000億美元。

Altcoin Season Index: A Grim Outlook

Altcoin季節指數：嚴峻的前景

As of June 23, the Altcoin Season Index plummeted to 12, a two-year low. This index, which tracks altcoins' performance against Bitcoin over the past 90 days, needs to hit 75 to indicate a true altseason. The current low score shows continued underperformance of altcoins.

截至6月23日，Altcoin賽季指數下降到12年，低於兩年。該指數在過去的90天內跟踪Altcoins對比特幣的性能，需要達到75次，以表明真正的季后賽。當前的低分錶明，山寨幣的表現不佳。

CoinBureau co-founder Nic noted that this is the furthest we've been from altseason in almost a year, if you trust the index. Analyst Michaël van de Poppe mentioned that the index often bottoms in June or July before capital rotates back into altcoins. However, with Bitcoin dominance still on the rise, that shift hasn't materialized yet.

Coinbureau聯合創始人Nic指出，如果您相信該指數，這是我們將近一年來最遠的賽季。分析師Michaëlvan de Poppe提到，該指數通常在6月或7月向下底部，然後資本又回到Altcoins。但是，隨著比特幣優勢仍在上升，這種轉變尚未實現。

Geopolitical Tensions and Bitcoin Preference

地緣政治緊張局勢和比特幣偏好

The rise in Bitcoin dominance also coincides with geopolitical tensions. Increased tensions between the U.S. and Iran have led investors to reduce risk, favoring Bitcoin's relative stability over altcoins. This shift in market structure confirms long-term inflows into Bitcoin while altcoin market caps decline.

比特幣優勢的上升也與地緣政治緊張局勢相吻合。美國和伊朗之間的緊張局勢增加導致投資者降低了風險，這有利於比特幣的相對穩定性對山寨幣的穩定性。這種市場結構的這種轉變證實了長期流入比特幣，而替補幣市值下降。

Benjamin Cowen's 2025 Prediction

本傑明·科恩（Benjamin Cowen）的2025年預測

Benjamin Cowen believes Bitcoin will continue to gain ground over altcoins. He suggests that altcoins will bleed out to Bitcoin, further delaying the anticipated altseason in 2025. Cowen anticipates a local low for the wider crypto market, led by Bitcoin, around August or September.

本傑明·考恩（Benjamin Cowen）認為，比特幣將繼續在山寨幣上獲得立場。他建議，Altcoins會流血到比特幣，進一步延遲了2025年預期的Altseason。 Cowen預計在八月或9月左右，由比特幣領導的更廣泛的加密貨幣市場的本地低點。

Adding another layer to the discussion, Adam Back, co-founder and CEO of Blockstream, sees Bitcoin treasury adoption by public companies as the new altcoin season. He encourages speculators to dump altcoins into Bitcoin or Bitcoin treasuries.

Blockstream的聯合創始人兼首席執行官Adam Back將另一層添加到討論中，將公開公司的比特幣財政部收養為新的Altcoin季節。他鼓勵投機者將Altcoins轉換為比特幣或比特幣國庫。

Corporate Bitcoin Adoption: A Silver Lining?

公司比特幣採用：一線希望？

The number of public companies holding Bitcoin has doubled since June 5, accounting for about 3.96% of the total BTC supply. This growing corporate adoption signals institutional interest in Bitcoin as a treasury asset.

自6月5日以來，持有比特幣的上市公司數量增加了一倍，約佔BTC總供應總額的3.96％。這種越來越多的公司收養信號表明比特幣作為國庫資產的機構利益。

While Bitcoin treasury firms present potential shareholder concerns, Back argues they offer a possible path to recover losses from altcoins. Companies like Mercurity Fintech Holding and The Blockchain Group are raising significant funds to establish Bitcoin treasury reserves.

儘管比特幣國庫公司提出了潛在的股東擔憂，但後背認為他們為從山寨幣中恢復損失提供了可能的途徑。像Mercurity Fintech Holding和Blockchain集團這樣的公司正在籌集大量資金來建立比特幣財政部儲備。

Final Thoughts

最後的想法

So, is altseason dead? Not necessarily. The market is cyclical, and what goes down must eventually come up. But for now, Bitcoin is in the spotlight, driven by dominance, geopolitical factors, and institutional adoption. Keep an eye on the Altcoin Season Index and Benjamin Cowen's analysis, but don't hold your breath for an immediate altcoin surge.

那麼，阿爾賽季死了嗎？未必。市場是周期性的，最終必須出現。但是就目前而言，由比特幣引起了勝利，地緣政治因素和機構採用的驅動。請密切關注Altcoin季節指數和本傑明·考恩（Benjamin Cowen）的分析，但不要屏住呼吸，以立即激增。

In the meantime, maybe it's time to cozy up with some Bitcoin and enjoy the ride. Who knows, maybe Bitcoin season is the new altseason, after all!

同時，也許是時候讓一些比特幣舒適並享受這次旅行了。誰知道，畢竟，也許比特幣季節是新的季節！