比特幣優勢達到驚人的65.4％，標誌著其四年來的最高水平

這是紐約的飾邊週 - 這意味著不間斷的畫廊開口，雞尾酒會和下班後的藝術世界能量。

Welcome back to the Now Newsletter. I’m Matt Medved.

歡迎回到現在的新聞通訊。我是啞光的。

It’s Frieze week here in New York — which means a nonstop blur of gallery openings, cocktail circuits, and after-hours art world energy.

這是紐約的飾邊週 - 這意味著不間斷的畫廊開口，雞尾酒會和下班後的藝術世界能量。

Last night, I dropped by Ledger’s meetup at Pubkey — a quirky Greenwich Village dive bar that feels like it was coded into existence by Bitcoiners. Complete with a real-time LED wall tracking Bitcoin’s price and cocktail names like “The Orange Pill,” the spot drew a sharp crowd of artists, collectors, and builders from across the web3 space.

昨晚，我在Ledger在Pubkey舉行的聚會下摔倒了，這是一個古怪的格林威治村潛水酒吧，感覺就像是由比特幣編碼為存在的。配備了一個實時LED牆壁跟踪比特幣的價格和雞尾酒名稱，例如“橙色藥”，該地點吸引了來自Web3空間的眾多藝術家，收藏家和建築商。

Between impromptu photo shoots with Dave Krugman and Oveck, I found myself in a candid market conversation with a digital art dealer. “Bitcoin’s at $97K?” she asked, incredulous, pointing at the cheery red LED ticker overhead.

在與戴夫·克魯格曼（Dave Krugman）和奧維克（Oveck）拍攝即興照片之間，我發現自己與數字藝術經銷商進行了坦率的市場對話。 “比特幣的$ 97,000？”她問，令人難以置信，指著愉快的紅色領導式售票員的頭頂。

The question’s implication was clear: if Bitcoin’s booming, why aren’t NFTs — or altcoins, or any other sector for that matter — feeling the love?

這個問題的含義很明確：如果比特幣的蓬勃發展，為什麼不在那個問題的NFT，Altcoins或任何其他部門都感到愛情？

It got me thinking about how crypto cycles diverge — and how the space experiences the wealth effect differently. Right now, institutions are euphoric, positioning for the long term, while more crypto-native investors and creators are still trudging through a kind of ambiguous malaise.

這使我思考了加密週期的分歧，以及該空間的經歷如何不同。目前，機構令人欣喜，長期定位，而更多的加密本地投資者和創作者仍在陷入一種模棱兩可的不適。

This sentiment is reflected in the statistics. Today, Bitcoin dominance hit a staggering 65.4%, marking its highest level in four years. So what’s driving the shift? Let’s dig into what’s really going on.

這種情緒反映在統計數據中。如今，比特幣優勢達到了驚人的65.4％，標誌著其四年來的最高水平。那是什麼驅動轉變呢？讓我們挖掘真正發生的事情。

5 Reasons Why Bitcoin Is Dominating

比特幣主導的5個原因

For the past decade, the crypto market has marched to the rhythm of Bitcoin’s drum. Its cyclical booms and busts are predictable, almost reassuring in their consistency.

在過去的十年中，加密貨幣市場已經進入了比特幣鼓的節奏。它的周期性繁榮和胸圍是可以預見的，幾乎令人放心。

Yet, something has shifted over the past year. As Bitcoin soared past $100,000, buoyed by institutional billions and a friendly incoming administration, the rest of the crypto universe has largely languished. Bitcoin, it seems, is no longer leading a unified crypto front; it’s breaking away entirely.

然而，在過去的一年中發生了一些變化。隨著比特幣超過100,000美元，受到機構數十億美元和友好的臨時政府的鼓舞，加密貨幣宇宙的其餘部分在很大程度上都陷入了困境。看來比特幣不再領導統一的加密貨幣前沿。它完全破裂了。

Historically, Bitcoin’s four-year halving cycle, when mining rewards diminish, reducing new supply, has signaled a new bull run. The narrative was predictable: Bitcoin rises first, followed by an “altseason” where speculative capital floods smaller cryptocurrencies.

從歷史上看，比特幣的四年減半週期（開採獎勵減少，減少新供應）已經標誌著新的公牛奔跑。敘述是可以預見的：比特幣首先上升，其次是“季前賽”，投機性資本洪水氾濫較小的加密貨幣。

The past twelve months have broken this pattern. Despite Bitcoin’s meteoric rise since the April 2024 halving, altcoins have underperformed, with Ethereum trading below previous peaks and Solana barely setting a new all-time high before plummeting by nearly 60%. Meanwhile, NFTs have plunged by 90% in trading volume, reflecting a market sobering after speculative excess.

過去的十二個月打破了這種模式。儘管比特幣自2024年4月以來比特幣的迅速升高，但山寨幣的表現不佳，以太坊的交易低於以前的峰值，而Solana幾乎沒有設定新的歷史最高高點，然後下降了近60％。同時，NFT的交易量下降了90％，反映出投機性過剩後的市場清醒。

As mentioned, Bitcoin dominance eclipsed 65.4% today, the highest it’s been in four years. Why is this happening? Here are five factors.

如前所述，今天比特幣的優勢黯然失色65.4％，這是四年來最高的。為什麼會發生這種情況？這是五個因素。

1. Institutional Capital

1。機構資本

At the heart of Bitcoin’s decoupling is institutional adoption at an unprecedented scale. January 2024 marked a turning point, with the U.S. SEC’s approval of spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust.

比特幣脫鉤的核心是以前所未有的規模採用機構。 2024年1月，在美國SEC對現場比特幣ETF的認可，包括貝萊德的iShares比特幣信託，這標誌著一個轉折點。

Institutional money poured in with startling velocity; that BlackRock fund hit $50 billion faster than any ETF in history.

機構錢以驚人的速度湧入；該貝萊德基金的命中率比歷史上任何ETF的速度快500億美元。

This new, serious money (pension funds, hedge funds, corporate treasuries) seeks stability, legitimacy, and a hedge against inflation and economic uncertainty. Bitcoin offers all three.

這筆新的，嚴肅的錢（養老基金，對沖基金，公司國庫）尋求穩定，合法性以及對沖通貨膨脹和經濟不確定性的對沖。比特幣提供所有三個。

2. Government Adoption

2。政府採用

Governments, too, have entered this narrative shift. Once dismissive, several nations are now considering Bitcoin as a strategic reserve asset. El Salvador’s gamble no longer looks like folly; Fidelity even suggests central banks may follow suit, accumulating BTC to diversify from traditional sovereign assets.

政府也進入了這種敘事轉變。一旦不屑一顧，幾個國家現在都將比特幣視為一種戰略儲備資產。薩爾瓦多的賭博看起來不再像愚蠢。富達甚至暗示中央銀行可能會效仿，從而累積了BTC以使其從傳統的主權資產中多樣化。

Just this week, New Hampshire became the first U.S. state to sign a strategic Bitcoin reserve bill into law.

就在本週，新罕布什爾州成為美國第一個簽署一項戰略性比特幣儲備法案的州。

The regulatory environment, historically crypto-hostile, has ironically reinforced Bitcoin’s primacy. Bitcoin is acknowledged by agencies like the SEC and CFTC as a commodity or a unique asset class, distinctly not a security. Even as U.S. regulations ease under new SEC chair Paul Atkins, this clarity has become its shield.

具有諷刺意味的是，監管環境歷史上是加密鎮壓的，具有諷刺意味的是，比特幣的首要地位。 SEC和CFTC等機構將比特幣視為商品或獨特的資產類別，這顯然不是安全性。即使美國的法規在新的SEC主席保羅·阿特金斯（Paul Atkins）的領導下，這種清晰度也已成為其盾牌。

3. Fragmented Liquidity

3。流動性分散

In previous cycles, liquidity predictably flowed from Bitcoin into altcoins, fueling widespread, speculative rallies that defined the euphoric peaks of crypto bull markets.

在以前的周期中，流動性可以預見地從比特幣流向山寨幣，助長了廣泛的投機集會，這些集會定義了加密牛市的欣快峰值。

But the landscape has fundamentally changed. Today, in the Pump.fun era, launching a token has never been easier, resulting in countless new projects relentlessly competing for attention. The sheer volume of memecoin launches, each promising quick returns and viral gains, has fragmented available liquidity across an endless array of speculative and extractive gambles.

但是景觀從根本上發生了變化。如今，在泵送時代，推出令牌從未如此簡單，從而導致無數的新項目無情地爭取關注。 Memecoin發射的巨大量，每個有希望的快速回報和病毒率收益，都在無盡的投機和提取性賭博中分散了可用的流動性。

With capital and attention spread so thin, the concentrated momentum needed for a genuine altseason may never materialize.

隨著資本和注意力的傳播如此稀薄，真正的季前賽所需的集中勢頭可能永遠不會實現。

4. Safe Harbor

4。安全港

It’s ironic that Bitcoin, once castigated by the financial system as volatile and fringe,

具有諷刺意味