隨著5月中旬的發展，加密市場的情緒繼續上升

隨著5月中旬的發展，加密貨幣市場情緒繼續上升。儘管主要資產趨勢穩步向上，但資本開始旋轉成根本上固體的山寨幣。

SINGAPORE, May 20, 2025 /PRNewswire/ -- As mid-May unfolds, crypto market sentiment continues to rise, major assets are trending steadily upward, and capital is beginning to rotate into fundamentally solid altcoins. In this HTX DeepThink, Chloe (@ChloeTalk1) from HTX Research shares her macro outlook and strategic insights, with a spotlight on rotation opportunities across the SUI ecosystem and the emerging AttentionFi sector.

新加坡，2025年5月20日 /美通社 / - 隨著5月中旬的發展，加密貨幣市場的情緒持續上升，主要資產正在穩步上升，並且資本開始轉變為基本上固體的Altcoins。在此HTX DeepThink中，HTX Research的Chloe（@chloetalk1）分享了她的宏觀前景和戰略見解，並引起了SUI生態系統和新興的注意力領域的旋轉機會的關注。

Macro Outlook: Rising Bullish Sentiment Amidst Steady Short-Term Uptrend

宏觀前景：在穩定的短期上升趨勢中的看漲情緒上升

This week's U.S. economic calendar is light on major data releases. Attention is focused on Federal Reserve officials' interpretations of recent commentary suggesting a possible single interest rate cut in 2025.

本週的美國經濟日曆符合主要數據發布。注意力集中在美聯儲官員對最近評論的解釋上，表明2025年可能降低單一利率。

Analysis of options market data shows prevailing bullish sentiment: the Call/Put open interest ratio has reached 1.55, accompanied by increasing premiums for call options. At the same time, short-term implied volatility (IV) has dropped to a new 18-month low of 35–40%.

期權分析市場數據顯示，盛行的看漲情緒：呼叫/PUT開放利息比率已達到1.55，伴隨著呼叫選項的保費增加。同時，短期隱含波動率（IV）已降至新的18個月低點35-40％。

In short: the market is experiencing "euphoric sentiment amid calm volatility." Under such conditions, Bitcoin could retest new highs within the next 30–45 days, targeting the $105K–$115K range. However, this mix of high sentiment and low volatility often conceals the build-up of excessive leverage. A sudden surge in IV or a meaningful drop below $100K could trigger a sharp deleveraging event.

簡而言之：市場正經歷著“平靜的波動”中的“欣快情感”。在這種情況下，比特幣可以在接下來的30-45天內重新測量新高點，以105,000美元 - $ 115K的範圍。但是，這種高感和低波動率的混合通常掩蓋了過度槓桿作用的積累。 IV突然激增或低於$ 10萬美元的有意義的跌落可能會觸發一場急劇的去障礙事件。

Strategic Positioning: Capital Rotation into High-Quality Altcoins for Momentum Capture

戰略定位：資本旋轉到高質量的山寨幣以捕獲動量

From a capital allocation perspective, rotating a portion of capital into fundamentally strong and liquid altcoins may present an opportunity to capitalize on potential spillover momentum from Bitcoin's upward trajectory. This HTX DeepThink highlights promising sectors and projects worthy of investor attention.

從資本分配的角度來看，將一部分資本旋轉到根本上強大的液體山寨幣可能會帶來一個機會，以利用比特幣向上軌蹟的潛在溢出動力。 HTX Deepthink突出了有希望的部門和值得投資者關注的項目。

SUI Ecosystem: All-Time High Market Cap, Undervalued Core Project

SUI生態系統：有史以來高市上限，被低估的核心項目

The SUI chain has reached an all-time high in market cap, but its ecosystem projects have yet to follow with substantial gains. This opens a window for early positioning in undervalued ecosystem leaders. HTX has listed two standout projects within the SUI ecosystem: Haedal and Bluefin.

SUI連鎖店的市值尚未達到歷史最高，但其生態系統項目尚未獲得可觀的收益。這為在被低估的生態系統領導者中的早期定位打開了一個窗口。 HTX在SUI生態系統中列出了兩個傑出的項目：Haedal和Bluefin。

Given the rising attention on SUI's mainnet, Haedal and Bluefin appear to exhibit dual potential for valuation recovery and Beta-driven upside, which may warrant mid-term attention from market participants.

鑑於人們對Sui的主網的關注不斷增加，Haedal和Bluefin似乎具有雙重潛力的估值恢復和Beta驅動的上升空間，這可能需要市場參與者的中期關注。

AttentionFi: Capitalizing on Bull Market User Acquisition Premium

注意力：利用牛市用戶獲取溢價

New Web3 projects are launching rapidly, and the cost of user acquisition is soaring. In traditional channels like Telegram, Google, or Red Note, user acquisition cost (UAC) is calculated via "traffic × conversion rate." With CPCs at $0.5–1.0 and conversion rates around 10%, it can cost $5–10 to acquire a real, retained user.

新的Web3項目正在迅速啟動，用戶獲取的成本正在飆升。在傳統渠道（例如Telegram，Google或Red Note）中，用戶獲取成本（UAC）是通過“流量×轉換率”計算的。 CPC的$ 0.5–1.0和轉換率約為10％，獲取真實保留的用戶的成本可能為5-10美元。

Kaito offers a far more efficient "attention engine." Its API charges based on a combination of reputation score and meaningful engagement. As a result, project teams can acquire real users with 3–4x higher retention at just $2–3 per user—much lower than traditional channels. With this model, Kaito has grown rapidly, expanding from 30 to 120 integrated projects in the past three months, and quadrupling API call volume.

Kaito提供了更有效的“注意引擎”。它的API基於聲譽得分和有意義的參與的結合。結果，項目團隊可以以每位用戶僅2-3美元的價格收購3–4倍保留率的真實用戶，低於傳統渠道。通過這種模型，Kaito迅速發展，在過去三個月中從30個綜合項目擴展到120個綜合項目，並進行了四倍的API呼叫量。

Meanwhile, $KAITO staking has surged to 19.7M tokens, and the protocol has cumulatively bought back and burned 3.7M tokens, creating a strong demand-supply mismatch and deflationary pressure that supports higher price ceilings.

同時，$ kaito Staking飆升至1970萬個令牌，該協議累計回購併燒毀了370萬個令牌，造成了強烈的需求不匹配和支配壓力，支持更高的價格上限。

On Base chain's IDO platform Virtuals, users who stake ≥5,000 $KAITO can earn Virgen Points to redeem IDO allocations. Several recent IDOs have seen 10–30x returns on day one, forming a lucrative loop: stake → points → arbitrage.

在基礎鏈的IDO平台虛擬上，股權≥5,000美元的用戶可以賺取Virgen積分來贖回IDO分配。最近的幾個IDO在第一天看到了10-30倍的回報，形成了有利可圖的循環：股份→點→套利。

With the recent listing of $KAITO on HTX, its liquidity is expanding—and in a bull market where competition for user attention intensifies, Kaito's combination of low-cost, high-precision targeting and deflationary tokenomics makes it a promising asset to watch.

隨著HTX上$ KAITO的最新上市，其流動性正在擴大 - 在牛市中，對用戶關注的競爭加劇了競爭，Kaito的低成本，高級靶向定位和放氣標記的結合使其成為有望觀看的資產。

*The above content is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

*上述內容不是投資建議，也不構成任何要約或徵集的報價或建議。

About HTX DeepThink:

關於HTX DeepThink：

HTX DeepThink is a flagship market insights column created by HTX, dedicated to exploring global macro trends, key economic indicators, and major developments across the crypto industry. In a world where volatility is the norm, HTX DeepThink aims to help readers "Find Order in Chaos."

HTX DeepThink是由HTX創建的旗艦市場見解列，致力於探索全球宏觀趨勢，關鍵的經濟指標和加密行業的主要發展。在一個普通話的世界中，HTX DeepThink旨在幫助讀者“在混亂中找到秩序”。

About HTX Research

關於HTX研究

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

HTX Research是HTX集團的專門研究部門，負責進行深入分析，生產全面的報告，並在包括加密貨幣，區塊鏈技術和新興市場趨勢在內的廣泛主題進行專家評估。