比特幣的市場份額：空中的另類季節？

儘管比特幣的價格飛漲，但隨著山寨幣的增長勢頭，其市場份額仍在下滑。 alt季節終於來了嗎？

Bitcoin's Market Share: Alt-Season in the Air?

比特幣的市場份額：空中的另類季節？

Bitcoin's been on a tear, hitting new all-time highs, but something interesting is happening: its market share is shrinking. With Bitcoin dominance potentially trailing downward, and altcoins gaining momentum. What's behind this shift, and could it signal the start of alt-season?

比特幣一直流淚，達到了新的高潮，但是正在發生一些有趣的事情：它的市場份額正在縮小。隨著比特幣的優勢，潛在地向下落後，而Altcoins則獲得了動力。這次轉變的背後是什麼，它可以標誌著Alt季節的開始嗎？

The Bitcoin Balancing Act

比特幣平衡行為

Bitcoin recently reached an all-time high of $118,000, fueled by spot Bitcoin ETFs and institutional adoption. However, this surge hasn't translated into complete market dominance. Instead, investors are diversifying, and altcoins are catching their eye.

比特幣最近達到了118,000美元的歷史最高點，這是由現場比特幣ETF和機構採用的推動力所推動的。但是，這種激增並未轉化為完全的市場優勢。取而代之的是，投資者正在多元化，而Altcoins引起了他們的注意。

Why Bitcoin's Market Share is Slipping

為什麼比特幣的市場份額滑倒

Several factors are contributing to Bitcoin's shrinking market share:

有幾個因素導致比特幣的市場份額縮小：

• Altcoin Investments: Savvy investors often rotate profits from Bitcoin into altcoins, seeking diversification and potentially higher returns.
• Ethereum's Rise: Ethereum's market share is steadily increasing, driven by its utility in decentralized applications and its potential for growth.
• Speculation: Bitcoin's all-time highs attract new investors, who often seek the "next Bitcoin" in low-cap altcoins, diluting Bitcoin's dominance.
• Ecosystem Tokens: Tokens like Ethereum, Solana, and Polygon, which power decentralized economies, are attracting attention due to their functionality and growth potential.

DEXs on the Rise

Dex在上升

Adding another layer to this dynamic is the surge in decentralized exchange (DEX) trading volume. DEXs captured a record 23% of crypto spot trading volume in Q2 2025, signaling a growing preference for on-chain trading mechanisms. This trend aligns with the increasing popularity of self-custody solutions, empowering users to control their digital assets directly.

在這種動態中添加另一層是分散交換（DEX）交易量的激增。 DEX捕獲了第2季度2025年第2季度加密現貨交易量的創紀錄的23％，這表明人們對鏈交易機制的偏愛越來越大。這種趨勢符合自我客戶解決方案的日益普及，使用戶能夠直接控制其數字資產。

Trump Media's Bitcoin Bet

特朗普媒體的比特幣押注

In a bold move, Trump Media and Technology Group has confirmed a $2 billion Bitcoin treasury strategy. This significant investment, representing two-thirds of their liquid reserves, underscores Bitcoin's growing acceptance as a strategic asset. The company's CEO, Devin Nunes, emphasized that this move aims to support financial independence and shield against traditional financial system risks.

特朗普媒體和技術集團以大膽的舉動確認了一項20億美元的比特幣國庫策略。這項巨大的投資代表了其液體儲量的三分之二，這強調了比特幣作為戰略資產的日益認可。該公司的首席執行官德文·納尼斯（Devin Nunes）強調，此舉旨在支持金融獨立性，並屏蔽傳統的金融體系風險。

Alt-Season: Hype or Reality?

alt季節：炒作還是現實？

Altcoins have been gaining momentum, with the market capitalization excluding Bitcoin reaching its highest level since February at $1.32 trillion. Ethereum and XRP have seen substantial gains, and on-chain data reveals a wave of altcoin withdrawals from exchanges, suggesting investors are moving assets to self-custody wallets for long-term holding.

AltCoins一直在增長，市值不包括比特幣以來2月以來的最高水平，為1.32萬億美元。以太坊和XRP已經獲得了可觀的收益，鏈上數據顯示，從交易所撤出了山寨幣，這表明投資者正在將資產轉移到自居住錢包中，以進行長期持有。

While it's too early to declare a full-blown alt-season, the "trickle-down" effect from Bitcoin accumulation into the altcoin market aligns with historical patterns that often precede altcoin rallies. Keep an eye on Bitcoin dominance; a continued downward trend could signal a more significant shift.

雖然現在宣布一個成熟的另類季節還為時過早，但比特幣積累到Altcoin市場的“ trick流”效果與經常在Altcoin集會之前的歷史模式保持一致。密切關注比特幣優勢；持續的下降趨勢可能表明更明顯的轉變。

Final Thoughts

最後的想法

The crypto landscape is constantly evolving. Bitcoin's continued success is no longer the only story, altcoins are getting stronger. Whether alt-season is truly upon us remains to be seen, but one thing's for sure: it's an exciting time to be in crypto! So buckle up, do your research, and enjoy the ride!

加密景觀不斷發展。比特幣的持續成功不再是唯一的故事，Altcoins越來越強大。 alt季節是否真的在我們身上還有待觀察，但可以肯定的是：這是一個令人興奮的時刻！因此，搭扣，進行研究，享受旅程！