隨著BTC.D的增長至65％，比特幣（BTC）的市場份額接近四年。

比特幣在加密貨幣市場中的份額已經飆升至四年來未見的水平，接近心理意義的75％閾值。

Bitcoin’s share of the cryptocurrency market has surged to levels not seen in four years, approaching the psychologically significant 75% threshold.

比特幣在加密貨幣市場中的份額已經飆升至四年來未見的水平，接近心理意義的75％閾值。

Despite Bitcoin itself trading slightly below its May 22 all-time high of $111,970, its dominance (BTC.D) has continued to climb, signaling an imbalanced recovery that heavily favors BTC over other digital assets.

儘管比特幣本身的交易略低於其5月22日的111,970美元，但其優勢（BTC.D）仍在繼續攀升，這表明，不平衡的恢復率極大地支持BTC，而不是其他數字資產。

What Is BTC Dominance (BTC.D)?

什麼是BTC優勢（BTC.D）？

Bitcoin Dominance, abbreviated as BTC.D, measures Bitcoin’s share of the total cryptocurrency market capitalization. It reflects the proportion of capital allocated to Bitcoin relative to all other digital assets. A rising BTC.D typically indicates that capital is consolidating in Bitcoin at the expense of altcoins, often signaling risk-off sentiment or institutional preference for BTC’s liquidity and regulatory clarity.

縮寫為BTC.D的比特幣優勢衡量了比特幣在加密貨幣市值總資本中的份額。它反映了分配給比特幣相對於所有其他數字資產的資本的比例。 BTC.D的上升通常表明，資本是以犧牲山寨幣為代價的，通常表明了風險的情緒或機構偏愛BTC的流動性和監管性清晰度。

Conversely, a declining BTC.D suggests growing interest in altcoins and the potential for broader market speculation.

相反，BTC.D的下降表明，人們對山寨幣的興趣越來越大，並且可能會引起更廣泛的市場投機。

Bitcoin’s Market Share Nears Four-Year Highs

比特幣的市場份額接近四年高點

Bitcoin dominance surpassed 64% in early May, reaching its highest point since January 2021. Recent data from TradingView shows BTC.D oscillating between 64% and 65%, marking a sustained period of outperformance against altcoins.

5月初，比特幣優勢超過了64％，達到了2021年1月以來的最高點。貿易視圖的最新數據顯示，BTC.D的振盪在64％至65％之間，標誌著對Altcoins的持續超過效果。

For the past few months, BTC.D has outpaced other major cryptocurrencies, such as Ether (ETH) and smaller altcoins, in terms of price gains. This dominance is evident in the visualization of BTC.D on the chart, highlighting the strong demand for Bitcoin and the relative weakness in the broader altcoin market.

在過去的幾個月中，BTC.D在價格上漲方面超過了其他主要的加密貨幣，例如Ether（Eth）和較小的Altcoins。在圖表上的BTC.D的可視化中，這種主導地位顯而易見，強調了對比特幣的強勁需求和較寬的山寨幣市場的相對弱點。

However, it’s worth noting that altcoins have faced a challenging year, with prices remaining significantly depressed from previous highs. Nonetheless, the visualization clearly depicts the prevailing trend of capital flowing into Bitcoin at a greater rate than other cryptocurrencies.

但是，值得注意的是，Altcoins面臨著充滿挑戰的一年，價格仍然與以前的高點相差顯著。但是，可視化清楚地描繪了比其他加密貨幣更高的資本流入比特幣的趨勢。

Capital Keeps Flowing Into Bitcoin

資本不斷流入比特幣

Since the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs in early 2024, institutional capital has poured into these products at a scale previously unseen in crypto markets. Over $1 billion in net inflows have entered BTC-focused ETFs, reflecting a new wave of professional investor participation. Registered investment advisers and wealth managers now dominate ETF shareholder registries, according to CoinDesk’s 13F filings.

自從2024年初美國證券交易委員會批准了現場比特幣ETF以來，機構資本已以先前在加密市場上看不見的規模湧入這些產品。超過10億美元的淨流入進入了以BTC為中心的ETF，這反映了新的專業投資者參與。根據Coindesk的13F文件，註冊投資顧問和財富管理人員現在主導了ETF股東註冊表。

In contrast, Ethereum ETFs recorded $228 million in net outflows in Q1 2025. Analysts interpret the disparity as a clear signal that institutions prefer Bitcoin as a “first exposure” asset due to its longer track record, perceived regulatory safety, and higher liquidity profile.

相比之下，以太坊ETF在第1季度的2025年記錄了2.28億美元的淨流出。分析師將差異解釋為明確的信號，即由於其較長的往績，感知的監管安全性和更高的流動性，機構更喜歡比特幣作為“首次曝光”資產。

Bitcoin continues to benefit from its de facto regulatory clarity. It is widely classified as a commodity by U.S. agencies like the CFTC, unlike many altcoins still entangled in legal gray areas or enforcement actions. Financial News London reports that hedge funds such as Millennium Management and Brevan Howard have significantly expanded positions in Bitcoin ETFs since their approval.

比特幣繼續受益於其事實上的監管清晰度。與CFTC這樣的美國機構將其歸類為商品，這與許多仍在合法的灰色地區或執法行動中糾纏的山寨幣不同。倫敦金融新聞報導說，自從批准以來，千禧管理和布雷文·霍華德等對沖基金在比特幣ETF中的頭寸大大擴大。

Meanwhile, the absence of regulatory approval for crypto basket ETFs, those that include altcoins, has limited broader institutional diversification, reinforcing Bitcoin’s primacy in regulated portfolios.

同時，缺乏包括山寨幣在內的加密貨幣籃子ETF的監管批准，其機構多樣化有限，增強了比特幣在受監管投資組合中的首要地位。

Bitcoin’s deep liquidity remains one of its most compelling attributes, especially during uncertain macroeconomic environments.

比特幣的深層流動性仍然是其最引人注目的屬性之一，尤其是在不確定的宏觀經濟環境中。

Macro risks like renewed tariff conflicts, Fed policy ambiguity, and geopolitical flare-ups have prompted portfolio managers to seek refuge in the most liquid crypto asset available. Mitrade’s cross-exchange data confirms that during sharp market drawdowns, BTC.D actually increases, showing that traders offload altcoins first.

宏觀風險，例如新的關稅衝突，美聯儲的政策歧義和地緣政治爆發，促使投資組合經理尋求避難所，以避難。 Mitrade的跨交換數據證實，在急劇下降的情況下，BTC.D實際上增加了，這表明交易者首先卸載了Altcoins。

This pattern has become self-reinforcing: the more Bitcoin dominates liquidity flows, the more cautious capital it attracts, further marginalizing altcoins during volatility spikes.

這種模式已經變得自我強化：比特幣占主導地位的流動性流量越多，它吸引的資本就越謹慎，在波動性峰值期間進一步邊緣化了山寨幣。

Can Altcoin Season Break Free?

Altcoin季節可以自由打破嗎？

U.S. spot Ethereum ETFs have entered a strong inflow streak – 15 consecutive days with approximately $837.5 million added since mid-May, bringing cumulative 2025 inflows to over $3.3 billion. With BlackRock’s ETHA leading (∼$600M), a successful U.S. listing could reorient institutional funds toward ETH and away from BTC.

美國現場以太坊ETF進入了強勁的流入紀錄 - 自5月中旬以來，連續15天增加了約8.375億美元，使累計2025流入量達到33億美元以上。隨著貝萊德（Blackrock）的Etha領先（約6億美元），成功的美國上市可以重新定位機構資金，並遠離BTC。

On-chain risk models from AInvest show a 90% probability that easing Fed policy could trigger an altcoin rally. The CME FedWatch Tool still assigns about a 4.6% chance of a rate cut in early June, but if cuts materialize later, historical patterns suggest smaller-cap cryptos could rally in tandem.

Ainvest的鍊鍊風險模型表明，放鬆聯邦政策可能觸發Altcoin集會的概率為90％。 CME FedWatch工具仍在6月初分配約4.6％的降低率的機會，但是如果削減後以後降低，歷史模式表明，較小股加密貨幣可能會串聯起來。

Moreover, new thematic bets, like AI-linked tokens, real-world-asset plays, or industry-specific protocols, may briefly decouple from BTC-dominated trends. However, these sectors currently lack ETF channels or robust institutional exposure, making any breakout vulnerable without broader adoption drivers.

此外，新的主題賭注，例如AI鏈接的令牌，現實世界中的戲劇或特定於行業的協議，可能會脫離以BTC為主的趨勢。但是，這些部門目前缺乏ETF渠道或強大的機構暴露，這使得在沒有更廣泛的採用驅動因素的情況下，任何突破都易受傷害。

Still, note that even bullish technical signals like a golden cross on the TOTAL3 chart require new capital inflows to be meaningful, capital that remains concentrated in Bitcoin.

不過，請注意，即使是看漲的技術信號，例如Total 3圖表上的Golden Cross等技術信號也需要新的資本流入有意義，資本仍然集中在比特幣中。

Structural advantages regulatory, liquidity, and institutional currently favor BTC. Unless one of those levers shifts, or

目前，結構性優勢監管，流動性和機構有利於BTC。除非那些槓桿中的一個轉移，否則