市場觀察者可能需要付出潛在的逆風

根據Jason Pizzino的說法，Tether在整個加密貨幣市場上的主導地位可能預示了比特幣和其他數字資產的冷卻期。

The crypto market may be heading for some turbulence, according to trader and analyst Jason Pizzino. In a recent market analysis, Pizzino pointed out an indicator that could be indicating a potential cooling-off period for Bitcoin and other digital assets.

據Trader兼分析師Jason Pizzino稱，加密市場可能正處於某些動蕩之中。在最近的市場分析中，披薩諾指出了一個指標，可能表明比特幣和其他數字資產可能存在潛在的冷卻期。

This indicator is none other than Tether (USDT) dominance, which is measured by dividing the market cap of USDT by the entire crypto market cap. The ratio is expressed as a percentage and is often denoted as USDT.D.

該指標不過是繫繩（USDT）優勢，該指標是通過將USDT的市值除以整個加密市政上限來衡量的。該比率表示為一個百分比，通常表示為USDT.D。

As capital moves between risk assets (like Bitcoin and other cryptos) and stablecoins like Tether, the Tether dominance percentage tends to change. A rising ratio typically signifies that traders are pulling out of risk assets and putting their capital into Tether—a move usually associated with a preference for less volatile assets or an indication of defensive positioning.

隨著風險資產（例如比特幣和其他加密貨幣）和諸如Tether等穩定幣之間的轉移，繩索優勢百分比往往會發生變化。上升的比率通常表示交易者正在退出風險資產並將其資本納入束縛 - 這一舉動通常與偏愛較少波動性資產或防禦性定位的指示有關。

Currently, Tether dominance is around 4.53%, which is notably higher than the 3.7% threshold that Pizzino highlighted. According to the analyst, unless we start seeing this number decrease as we enter Q3, it might be a sign that investors’ appetite for higher-risk assets is diminishing.

目前，繫繩的優勢約為4.53％，尤其高於披薩島突出的3.7％閾值。根據分析師的說法，除非我們在進入Q3時開始看到此數字減少，否則這可能表明投資者對高風險資產的需求正在減少。

“If we don’ λε видим ότι το ποσοστό αλλάζει και αρχίζει να κατεβαίνει σε σχέση με το σύνολο της περιουσίας τεραστης όπως BTC, ETH, ή altcoins όπως υπολογίζεται από το CoinGecko, traders might want to scale back on overly aggressive plays,” Pizzino stated.

Pizzino說：“如果百分比正在發生變化並開始下降，這與Coingecko所計算的大量資產（例如BTC，ETH或Altcoins）的全部財富有關，則交易者可能希望在過度加劇的戲劇上擴大規模，” Pizzino說。

While some maintain that capital flowing directly into Bitcoin ETFs from fiat could alter this dynamic, Pizzino advises keeping an open mind and not dismissing the importance of Tether dominance just yet.

儘管有些人堅持認為，從菲亞特（Fiat）直接流入比特幣ETF可能會改變這種動態，但Pizzino建議保持開放的心態，而不是暫時不忽略繩索優勢的重要性。

According to Pizzino, the correlation between Tether dominance and crypto price action has been a strong factor in his analysis, and it’s something that shouldn’t be disregarded lightly. However, he does acknowledge the possibility of new trends emerging with institutional flows via ETFs, which could lead to a change in this correlation over time.

根據Pizzino的說法，繫繩主導地位與加密價格行動之間的相關性是他分析的重要因素，這是不應輕視的。但是，他確實承認通過ETF的機構流出現了新趨勢的可能性，這可能會導致這種相關性隨著時間的推移而改變。