比特幣的[BTC]最新激增正在轉向頭部，但並非出於通常的原因

比特幣的[BTC]最新激增正在轉向頭部，但並非出於通常的原因。儘管BTC慢慢攀登，但更廣泛的山寨幣市場正在停滯 - 這種罕見的分歧。

Bitcoin’s [BTC] latest surge is turning heads, but not for the usual reasons. While the BTC price slowly climbs, the broader altcoin market is stalling – a rare divergence.

比特幣的[BTC]最新激增正在轉向頭部，但並非出於通常的原因。儘管BTC價格慢慢上漲，但更廣泛的山寨幣市場正在停滯 - 這是一種罕見的分歧。

With Bitcoin dominance on the rise and historical correlations breaking down, analysts are sounding alarms: this rally may be running on fumes, and the risk of a sudden reversal is growing.

隨著比特幣在興起的統治地位，歷史相關性崩潰了，分析師聽起來很警報：這種集會可能在煙霧上進行，並且突然逆轉的風險正在增長。

Altcoin correlation crumbles as Bitcoin climbs

隨著比特幣的攀爬，山寨幣相關性崩潰了

Bitcoin’s ascent is no longer lifting all boats.

比特幣的上升不再抬起所有船。

Source: Alphractal

來源：字母

The 14-period rolling correlation between BTC and major altcoins has sharply declined since late April 2025.

自2025年4月下旬以來，BTC和主要山寨幣之間的14個週期滾動相關性急劇下降。

Unlike previous rallies where altcoins moved in sync with Bitcoin, the current trend shows fragmentation. Most altcoins now display near-zero or negative correlation on the 12-hour timeframe.

與以前的集會與比特幣同步的集會不同，當前的趨勢顯示出碎片化。現在，大多數AltCoins在12小時的時間範圍內顯示接近零或負相關。

This disconnect, highlighted by cooler blue shades in the heatmap, signals a narrowing market.

這種斷開連接是由熱圖中的涼爽藍色陰影突出顯示的，標誌著狹窄的市場。

A Bitcoin-led rally often lacks long-term strength and can sometimes precede a broader risk-off shift in the market.

由比特幣領導的集會通常缺乏長期的力量，有時可能會在市場上發生更廣泛的風險轉變之前。

Dominance reclaimed

統治地回收

BTC’s price climb has been accompanied by a powerful resurgence in market dominance, not just for BTC alone, but when combined with stablecoins.

BTC的價格上漲伴隨著市場優勢的強大復興，不僅是BTC，而且還與Stablecoins結合在一起。

The joint dominance borders on 70%, showcasing a return to risk-off behavior and the consolidation of capital into “safer” crypto assets.

共同的統治地位為70％，展示了重返風險行為，並將資本合併為“更安全”的加密資產。

Source: Alphractal

來源：字母

While Bitcoin dominance alone remains below its 2021 peak, the inclusion of stablecoins shows that traders are waiting on the sidelines.

雖然僅比特幣優勢仍然低於其2021年的峰值，但包含穩定的人表明，交易者正在等待場景。

Source: Alphractal

來源：字母

Despite price gains, BTC dominance change has frequently turned negative, highlighting continued capital rotation and market indecision beneath the surface strength.

儘管價格上漲，但BTC的優勢變化經常變為負面，突出了持續的資本輪換和在地面強度下的猶豫不決。

Whales on thin ice

薄冰上的鯨魚

The latest rally appears to be driven by large players consolidating capital into BTC and stablecoins, not a broad market surge. With Bitcoin now nearing all-time highs, risk is elevated, especially as dominance gains appear to stall and momentum thins out.

最新的集會似乎是由大型參與者鞏固資本和穩定幣的驅動的，而不是廣泛的市場激增。隨著比特幣現在的歷史最高點，風險升高，尤其是當優勢增長似乎停滯不前，動力降低了。

If institutional buying slows or external factors tighten, the market could quickly snap back. Thin liquidity, cautious retail participation, and dependence on whale-driven flows make the current setup fragile.

如果機構購買速度速度速度或外部因素會收緊，那麼市場可能會迅速退縮。較薄的流動性，謹慎的零售參與以及對鯨魚驅動流動的依賴使當前的設置脆弱​​。

Without fresh fuel, this rally risks fading just as quickly as it climbed.

沒有新鮮的燃料，這種集會的風險就會像爬升一樣快地逐漸消失。