第二季度2025年初的籃板使一些精選的Altcoins郵政雙倍和三位數增長，而比特幣[BTC]從7.4萬美元上升到$ 10萬美元以上。

現在，隨著BTC在11.1萬美元以上的新高高打印出來，可能很快就會見證一個更新和更廣泛的Altcoin季節。

Early Q2 2025 saw some select altcoins post double and triple-digit gains as Bitcoin [BTC] climbed from $74K to over $100K. Now, with BTC printing a new high above $111K, a renewed and broader altcoin season may be witnessed soon, according to renowned Hyperliquid whale trader James Wynn.

第二季度2025年初，隨著比特幣[BTC]從74,000美元上漲至$ 10萬美元，一些精選的Altcoins郵政為雙位和三位數增長。現在，隨著BTC在11.1萬美元以上的新高高打印出來，可能很快就會見證一個更新和更廣泛的Altcoin季節。

“I do think once Bitcoin tops around $118k-$122k and we’ll see a cool off and some sideways movement, and then this is where things get really interesting. Altcoin season.”

“我確實認為，曾經比特幣的價格約為$ 118k- $ 122K，我們會看到一個涼爽的側面運動，然後這是事情變得非常有趣的地方。

Wynn, who recently opened an $800 million BTC long position on Hyperliquid, expected the crypto asset to hit a top in a week or so. If validated, then the altcoin season may hit in June.

Wynn最近在Hyproliquid上開設了8億美元的BTC長位，他預計加密貨幣資產將在一周左右的時間內達到最高水平。如果經過驗證，則Altcoin季節可能會在6月發生。

Assessing altcoin season signals

評估Altcoin季節信號

Several early signs pointed to a budding altcoin season, especially after a slight drop in Tether’s USDT dominance (USDT.D). This suggests improving liquidity conditions as users reduce USDT holdings for altcoin gems.

幾個早期的跡象表明了一個嶄露頭角的Altcoin季節，尤其是在Tether的USDT優勢（USDT.D）略有下降之後。這表明隨著用戶減少Altcoin Gems的USDT持股，改善了流動性條件。

Notably, the above chart showed that the April bounce was this cycle’s third altcoin season phase, despite being relatively sluggish and concentrated on select gems. In each scenario, USDT dominance decline (red lines) was marked by a run-up (green arrows) in the altcoin market size (TOTAL 3, excluding BTC and ETH).

值得注意的是，以上圖表顯示，儘管相對緩慢並且專注於精選的寶石，但四月的反彈是該週期的第三個Altcoin賽季階段。在每種情況下，USDT優勢下降（紅線）的標誌是Altcoin市場規模（總計3，不包括BTC和ETH）。

In Q2 2025 alone, the altcoin market cap added $200 billion after USDT dominance slipped from 6% to 4.3%. But BTC dominance (BTC.D) strengthened to nearly 64% from mid-May, subjecting the sector to a brief cool-off. So, the BTC dominance needs to drop lower for Wynn’s projection to materialize.

僅在第二季度2025年第2季度，Altcoin市值在USDT優勢從6％下降到4.3％後增加了2000億美元。但是BTC的優勢（BTC.D）從五月中旬開始增長到近64％，使該行業短暫冷靜。因此，BTC的優勢需要下降，以使Wynn的投影實現。

Another barometer, the ETH/BTC ratio, also leaned towards Wynn’s projection, noted Chris Burniske, crypto VC partner at Placeholder, he said, “If $ETH keeps making moves against $BTC, then Alt season will be upon us. May all your bags moon, for a period.”

他說，另一個晴雨表，ETH/BTC的比率也傾向於永利的投影，他說，Crypto VC合作夥伴Chris Burniske說：“如果$ ETH繼續對$ BTC進行動作，那麼Alt季節將會在我們身上。

The ratio recently jumped 40%, highlighting ETH’s outperformance against BTC, a bullish cue for altcoins. Any extended rally could increase the odds of the expected altcoin rally. However, market analyst Crypto Cred warned traders that not all BTC profits will be rotated to altcoins. He urged traders to focus only on top gems.

該比率最近躍升了40％，強調了ETH對BTC的表現，這是Altcoins的看漲提示。任何延長的集會都可以增加預期的替代集會的機率。但是，市場分析師Crypto Cred警告交易者，並非所有BTC利潤都將轉移到Altcoins。他敦促交易者只專注於頂級寶石。

In fact, Solana [SOL] and several other altcoins were on the verge of clearing the 200-day SMA (Simple Moving Average), raising the odds of a further rally. That said, the altcoin season index was still low at 20, underscoring a BTC season at the time of writing.

實際上，Solana [Sol]和其他幾個Altcoins即將清除200天的SMA（簡單的移動平均線），這增加了一次集會的機率。也就是說，Altcoin賽季指數在20時仍然很低，強調了寫作時BTC賽季。