隨著Coinbase的2025年4月報告不包括比特幣，比特幣（BTC）資本化下降了40％

Coinbase於2025年4月的報告說，加密貨幣的資本化（不考慮比特幣）下降了41％

The report by Coinbase for April 2025 says that the capitalisation of cryptocurrencies—without taking Bitcoin into account—has dropped by 41% from $1.6 trillion in December 2024 to $950 billion by early April 2025.

Coinbase於2025年4月的報告說，加密貨幣的資本化（不考慮比特幣）從2024年12月12月12日的1.6萬億美元下降到2025年4月上旬的950億美元。

>Related: Bitcoin price stays above key level as U.S. 20-year bond hits 2-yr peak

>相關：比特幣價格保持在關鍵水平以上，因為美國20年債券達到2年峰值

Capitalisations have now reached their lowest level since the 2021–2022 period, which makes this the largest fall over a two-year period. Some digital assets have not been hit as hard by this downturn, however. Bitcoin’s price declined by just 19.8% over the same period.

自2021 - 2022年以來，現在已經達到了其最低水平，這使得這是兩年內最大的下降。但是，這種低迷並沒有那麼嚴重地打擊一些數字資產。在同一時期，比特幣的價格僅下降了19.8％。

This move toward more reliable assets is evident in Bitcoin’s resilience. In fact, Bitcoin has bounced back strongly and set a new high at above $110,000 on May 21, while Ethereum and XRP have not followed suit.

在比特幣的彈性中，這一朝著更可靠的資產轉向。實際上，比特幣在5月21日以上彈跳，並將新的高點定為110,000美元以上，而以太坊和XRP卻沒有效仿。

As capital retreated from riskier altcoins, investor sentiment has soured, prompting Coinbase to warn of an emerging ‘crypto winter’ scenario.

隨著資本從風險較高的山寨幣撤退，投資者的情緒酸痛，促使Coinbase警告新興的“加密冬季”場景。

Global broker Octa, active in digital asset transactions, sees this as a decisive phase of risk reallocation, with traders seeking clarity before any meaningful return to risk.

活躍於數字資產交易的全球經紀人Octa將其視為風險重新分配的決定性階段，交易者在任何有意義的風險回報率恢復之前尋求清晰度。

Pressure on crypto

加密壓力

Octa notes that certain things are putting strain on the crypto industry:

Octa指出，某些事情給加密貨幣行業帶來了壓力：

* Investors are moving away from risky assets because of issues such as uncertain world situations and increases in tariffs.

*由於不確定的世界情況和關稅的增加等問題，投資者正在遠離風險資產。

* Because investors are more hesitant, most of the damage from the market retreat has hit the likes of DePINs, memecoins and AI tokens.

*由於投資者更加猶豫，因此市場務虛會的大部分損失都襲擊了Depins，Memecoins和AI令牌。

Kar Yong Ang, a financial market analyst at Octa broker, explains: “As of right now, the market clearly sees more value in Bitcoin vs the rest of the crypto universe. The global macroeconomic situation is highly unstable, with tariffs drama still unfolding and rising protectionism potentially threatening the U.S. dollar's reserve currency status. As a result, investors' capital has migrated from the high-risk crypto space like alt-coins into relatively low-risk Bitcoin. In fact, Bitcoin has become a sort of 'safe-haven coin' of the crypto market.”

Octa Broker的金融市場分析師Kar Yong Ang解釋說：“截至目前，該市場顯然看到比特幣與其他宇宙的其餘部分的價值。全球宏觀經濟狀況非常不穩定，這是非常不穩定的，關稅戲劇仍在展開，並且在proceedeism中仍在越來越多地越來越多地遷移了protection-crailing cryrar cryrar of dollar的儲備金。實際上，比特幣相對較低。

Bitcoin's stability in wires compared to macro uncertainty

與宏觀不確定性相比，比特幣在電線中的穩定性

Stress is also being put on wider financial markets. On May 22, the U.S. 20-year bond impressed 5.15%, very close to its two-year peak and the DXY sank just under 100—a sign investors are losing faith in the dollar as a safe haven. Moody's change in the U.S. credit rating helps highlight worries about its fiscal and trade deficits.

也在更廣泛的金融市場上壓力。 5月22日，美國20年債券給5.15％留下了深刻的印象，非常接近其為期兩年的高峰，而DXY沉沒了不到100，這一標誌投資者正在對美元作為避風港失去信心。穆迪（Moody）在美國信用評級上的變化有助於強調對其財政和貿易赤字的擔憂。

Since cryptocurrencies are seen as high-risk assets, they've seen significant changes due to the current macro environment. Bitcoin is not following the trend.

由於加密貨幣被視為高風險資產，因此由於當前的宏觀環境，他們看到了重大變化。比特幣沒有遵循趨勢。

Kar Yong Ang explains: "At first, the BTC rally appeared to be highly speculative: the market had positively reacted to Trump's softer stance towards the Federal Reserve (Fed) Chairman and U.S.-China trade deal. Later, however, Bitcoin became the only major crypto coin to set a new all-time high. It suggests a continuing flight to perceived safety within the crypto universe, while alt-coin flows remain diminished."

Kar Yong Ang解釋說：“起初，BTC集會似乎是高度投機性的：市場對特朗普對美聯儲（美聯儲）主席和美國 - 中國貿易協議的柔和立場做出了積極的反應。但是，後來，比特幣成為唯一一家新的持續飛行的比特幣在剩下的範圍內持續了一個新的。

Worries are not gone

擔心沒有消失

Even as Bitcoin continues to endure, a wide range of government and economic dangers persist. A warning from President Trump that he may enact a 50% tariff on EU goods increased selling pressure in BTCUSD and boosted XAUUSD, the main gold benchmark.

即使比特幣繼續持久，各種政府和經濟危險仍然存在。特朗普總統警告說，他可能會對歐盟商品徵收50％的關稅，這增加了BTCUSD的銷售壓力，並提高了主要金基準Xauusd。

For investors, it is important to keep an eye on:

對於投資者而言，重要的是要關注：

* We should use caution for the upcoming months. Though Bitcoin's price jump might look attractive, Octa analysts advise you to wait for dips instead, especially with strong support at $105,000, $98,000, $94,000, $89,000 and $84,000.

*我們應該在接下來的幾個月內謹慎行事。儘管比特幣的價格上漲可能看起來很有吸引力，但Octa分析師建議您等待下降，尤其是在105,000美元，98,000美元，94,000美元，94,000美元，89,000美元和84,000美元的強勁支持下。

* CFD trading should be considered high risk and may not be the right investment for all people. Trading decisions made on feelings without much thought can result in you losing more. Trade in a responsible way and fully understand your own limitations.

* CFD交易應被視為高風險，可能不是所有人的正確投資。在沒有太多思考的情況下做出的交易決定會導致您失去更多。以負責任的方式進行交易，並充分理解您自己的局限性。

Octa is an international broker that has been providing online trading services throughout the world since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

Octa是一家國際經紀人，自2011年以來一直在全球範圍內提供在線交易服務。它提供了無佣金的訪問金融市場和來自180個國家開設超過5200萬個交易帳戶的客戶使用的各種服務。為了幫助客戶達到投資目標，Octa提供免費的教育網絡研討會，文章和分析工具。

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

該公司參與了慈善和人道主義倡議的綜合網絡，包括改善教育基礎設施和支持當地社區的簡報救濟項目。

Since its foundation, Octa has won more than 100 awards, including the ‘Most Reliable Broker Global 2024’ award from Global Forex Awards and the ‘Best

自從其基礎以來，Octa贏得了100多個獎項，包括全球外匯獎的“最可靠的經紀人全球2024年獎和“最佳”獎