比特幣（BTC）的優勢為61.7％，因為Altcoin Season Index僅讀取28

加密市場非常傾向於比特幣的青睞，而Altcoin季節的讀數僅為28。這個數字遠低於通常需要宣布真正的“ Altcoin季節”所需的75個閾值，這表明比特幣仍處於命令狀態。

The crypto market is heavily leaning to Bitcoin’s (BTC) favor, with the Altcoin Season Index now reading just 28. This figure is far below the 75 threshold typically required to declare a true “altcoin season,” indicating Bitcoin is still firmly in command and outpacing the performance of most altcoins despite a recent broad market recovery.

加密市場非常傾向於比特幣（BTC）的青睞，而AltCoin季節指數現在僅閱讀28個。這個數字遠低於宣布真正的“ Altcoin季節”所需的75個閾值，表明儘管最近的大多數Altcoin在最近的大多數Altcoins的表現都超過了大多數Altcoins，但儘管最近的廣泛市場恢復了大多數Altcoins。

While recent reports highlight a short-lived bounce in altcoins during Bitcoin’s surge to $105,000, the crypto behemoth’s dominance at 61.7% showcases that capital is still consolidating around BTC.

儘管最近的報導強調了比特幣飆升期間在山寨幣的短暫反彈至105,000美元，但加密龐然大物的統治地位為61.7％，表明資本仍在BTC附近鞏固。

As explained in a previous analysis, for an altcoin season to unfold, we'd typically see BTC dominance decrease significantly, paving the way for altcoins to take the lead and outperform. However, that narrative hasn't unfolded yet.

正如先前的分析中所解釋的那樣，對於AltCoin季節的展開，我們通常會看到BTC的優勢大大下降，這為AltCoins帶來了領先優勢和跑贏大大的道路鋪平了道路。但是，這種敘述還沒有展開。

On-chain data also supports this BTC-centric scenario. The Short-Term Holder MVRV (Market Value to Realized Value) is currently at 1.09, signaling more room for Bitcoin to move up.

鏈上數據還支持以BTC為中心的方案。短期持有人MVRV（實現價值的市場價值）目前為1.09，標誌著比特幣增加的空間。

According to on-chain analyst Axel Adler Jr., the next key selling pressure could emerge around 1.25 (≈$118K) and again at 1.35 (≈$128K). If current momentum holds, Adler forecasts these levels could be reached by early to late June, keeping the focus squarely on Bitcoin in the near term.

根據鏈分析師阿克塞爾·阿德勒（Axel Adler Jr.）的說法，下一個鑰匙銷售壓力的可能性可能約為1.25（≈118K），又可能出現在1.35（約128K $ 128K）。如果目前的勢頭持續下去，Adler預測這些水平可以在6月初到6月下旬達到，從而將重點保持在短期內。

At the same time, Long-Term Holders (LTHs) have started to take profits. Data from May 13 shows LTH SOPR (Spent Output Profit Ratio) hit 2.27, meaning many coins are being sold at a 227% gain.

同時，長期持有人（LTHS）已開始獲利。 5月13日的數據顯示，第lth Sopr（用過的產出利潤率）達到2.27，這意味著許多硬幣以227％的收益出售。

This is a classic signal of distribution–long-term investors locking in profits before potential pullbacks. The last time LTHs showed such behavior, Bitcoin faced noticeable corrections shortly after.

這是分銷長期投資者在潛在回調之前將其鎖定的經典信號。 LTHS上一次顯示這種行為，比特幣不久後面臨著明顯的校正。

The Total3 chart (crypto market cap excluding BTC and ETH) reveals a mixed picture for altcoins. After bouncing off the 0.618 Fibonacci level (~$892 billion), Total3 was rejected near the 0.786 retracement (~$923 billion). RSI is sitting at 63, which is bullish but not overheated. MACD remains in a positive crossover, hinting at continued upside.

Total3圖表（不包括BTC和ETH的加密市值）揭示了Altcoins的混合圖片。在彈跳0.618斐波那契水平（約8.92億美元）之後，總計3次拒絕了0.786撤回（約9230億美元）。 RSI坐在63歲，是看漲但沒有過熱的。 MACD仍處於積極的跨界狀態，暗示持續上漲。

However, without a decisive break above $962 billion (previous high), the altcoin market remains vulnerable to BTC-led market dynamics.

但是，如果沒有果斷超過9620億美元的決定性中斷（先前的高），Altcoin市場仍然容易受到BTC領導的市場動態的影響。

Until then, the market remains firmly in Bitcoin Season, with altcoin dominance on hold and profit-taking behavior from veteran BTC holders shaping the next phase.

在此之前，市場在比特幣季節保持牢固，而Altcoin在持有和獲利行為的占主導地位，而經驗豐富的BTC持有人則塑造了下一階段。