加密貨幣市場的變化景觀

瑞安·沃特金斯（Ryan Watkins）稱

The digital asset market is poised for a new chapter of growth that could irrevocably alter the industry's long-term trajectory, according to Syncracy Capital co-founder Ryan Watkins. A former research analyst at Messari, Watkins believes that the crypto market is no longer subject to traditional cyclical patterns such as the four-year cycle or altcoin season, signaling that the industry has outgrown these once-predictable trends.

根據Syncracy Capital聯合創始人Ryan Watkins的數據，數字資產市場有望為增長的新篇章，可以不可撤銷地改變該行業的長期軌跡。沃特金斯（Watkins）曾是梅薩里（Messari）的一名研究分析師，他認為加密貨幣市場不再受到傳統週期性模式的影響，例如四年周期或山寨幣季節，這表明該行業已經超越了這些曾經可預測的趨勢。

Watkins shared his perspectives on X (formerly Twitter), delving into the shifts that are driving the maturation of the crypto space. He highlighted several pivotal developments that are reshaping the market dynamics:

沃特金斯（Watkins）分享了他對X（以前是Twitter）的看法，深入研究了推動加密貨幣空間成熟的轉變。他強調了一些重塑市場動態的關鍵發展：

Watkins believes that the concept of the traditional crypto cycle is becoming antiquated. He suggests that terms like “cycle” and “alt season” should be erased from the crypto lexicon. While fluctuations in the market will always persist, the underlying structure has fundamentally changed, leading Watkins to assert, “This is a fundamentally different game now.”

沃特金斯認為，傳統加密週期的概念正在過時。他建議，應從加密詞來刪除“循環”和“ ALT季節”之類的術語。儘管市場上的波動始終會持續存在，但根本的結構從根本上發生了變化，導致沃特金斯斷言：“現在這是一場根本不同的遊戲。”

The maturation of enduring projects and the shifting market structure are rendering the familiar boom-and-bust patterns of the past obsolete. The crypto market is undergoing a transition where speculative booms are becoming more sector-specific and less predictable, challenging investors who may have previously relied solely on historical trends to guide their decisions.

持久項目和轉移市場結構的成熟正在使過去熟悉的繁榮和障礙模式過時。加密市場正在進行過渡，在這種過渡中，投機性繁榮變得越來越多，而且富有預測性，具有挑戰性的投資者，他們以前可能僅依靠歷史趨勢來指導他們的決策。

Watkins also pointed to a new phase that will likely usher in an extended bull market. However, the path to the next extended bear market might take longer than most expect. “Higher than many expect, but takes longer to get there than most expect,” he notes. This suggests that the current bull run could persist for an extended period before the market cools down, testing investors' patience along the way.

沃特金斯還指出了一個新階段，可能會引入擴展的牛市。但是，通往下一個擴展熊市的道路可能要比大多數人預期的要長。他指出：“比許多人預期的要高，但到達那裡的時間比大多數人預期的要長。”這表明，在市場冷卻之前，目前的公牛跑步可能會持續很長時間，從而測試了投資者在此過程中的耐心。

Another key observation from Watkins is the growing number of coins in the market. While some may view this explosion of assets with trepidation, Watkins sees it as a net positive for the industry. More coins and projects in the market will force investors to become more discerning in their choices.

沃特金斯的另一個主要觀察結果是市場上越來越多的硬幣。雖然有些人可能會因恐懼而爆炸，但沃特金斯將其視為該行業的淨淨值。市場上有更多的硬幣和項目將迫使投資者在選擇方面變得更加敏銳。

“As the asset class matures, it will be harder to make ridiculous multiples buying ridiculous assets,” Watkins explains. This is because, unlike in the early days of crypto where speculative investments were commonplace, today's market demands active management. Investors will need to be more selective, prioritizing projects with real value and long-term potential.

沃特金斯解釋說：“隨著資產類的成熟，很難使荒謬的倍數購買可笑的資產。”這是因為，在投機性投資很常見的加密貨幣早期不同，當今的市場需要積極的管理。投資者將需要更具選擇性，優先考慮具有實際價值和長期潛力的項目。

Watkins' central message is that as the crypto asset class continues to mature, investors will need to adapt their strategies. The market will see increased dispersion—more assets with varying degrees of risk and reward. The days of easy wins from buying into speculative, early-stage assets are fading.

沃特金斯（Watkins）的核心信息是，隨著加密資產類別的持續成熟，投資者將需要調整其策略。市場將看到擴散的增加​​ - 風險和回報程度不同的更多資產。從購買投機，早期資產逐漸消失的輕鬆勝利的日子。

In this evolving landscape, active management will become paramount. Investors who want to stay ahead must meticulously curate their portfolios and take a hands-on approach to ensure they are making wise choices. The focus will shift beyond just Bitcoin (BTC) and extend to a wider array of assets that promise innovation and real utility.

在這種不斷發展的景觀中，主動管理將變得至關重要。想要保持領先地位的投資者必須精心策劃自己的投資組合，並採取動手態度，以確保他們做出明智的選擇。重點將超越比特幣（BTC），並擴展到更廣泛的資產，這些資產承諾創新和實用性。

While the future of the crypto market may appear unpredictable at times, it's clear that we are entering an era where informed, strategic investing will take precedence over relying on outdated models.

儘管加密市場的未來有時似乎是不可預測的，但很明顯，我們正在進入一個時代，在這個時代，知情，戰略性投資將優先於依靠過時的模型。