蠕蟲（蠕蟲）的表現要優於比特幣，因為皇室的邁克爾警告“視網膜”

在他的最新市場失敗中，總部位於阿姆斯特丹的貿易商和教育家Michaëlvan de Poppe警告說，“零售業還不到市場上”，並指出，廣泛關注的AltCoin賽季指數仍在29左右new腳 - 低於50點的閾值，這表明比特幣旋轉到比特幣和廣闊的市場。

Amsterdam-based trader and educator Michaël van de Poppe warns that “retail isn’t here in the markets as of yet.”

總部位於阿姆斯特丹的交易員和教育家MichaëlVande Poppe警告說：“零售業尚未在市場上。”

The trader, who is widely followed on social media, made the point while noting that the widely-followed Altcoin Season Index is still languishing around 29—well below the 50-point threshold that would signal a rotation out of Bitcoin and into the broader market.

在社交媒體上廣泛關注的交易者指出，廣泛遵循的山寨幣季節指數仍在努力29左右，低於50點閾值，這表明從比特幣中旋轉並進入更廣闊的市場。

Against that still-cautious backdrop, Van de Poppe argues that the recent 38–42 percent rebound in the ETH/BTC pair is the first concrete sign of capital rotating down the risk curve, echoing on-chain data that show Ethereum clawing back ground after months of under-performance.

在仍然謹慎的背景下，范德波普（Van de Poppe）認為，最近在ETH/BTC對中的38-42％的反彈是第一個具體的跡象，即資本沿風險曲線旋轉，呼應鏈上的數據，顯示了幾個月後的以太坊爪式倒閉後的倒退。

“We’ve had a 40% return against Bitcoin in just a week, and therefore the blue chips or the large caps are the ones to watch.”

“我們在短短一周內就對比特幣獲得了40％的回報，因此，藍芯片或大帽子是值得關注的。”

Crypto Watchlist: Top 5 Altcoins

加密監視列表：前5個Altcoins

Van de Poppe’s thesis rests on a classic money-flow model: funds move from Bitcoin to Ethereum, then to large-cap altcoins, mid-caps and, finally, into the smallest caps once animal spirits truly take hold.

范德·波普（Van de Poppe）的論文基於經典的貨幣流模型：資金從比特幣轉移到以太坊，然後轉變為大型山寨幣，中帽，最後，一旦動物烈酒真正佔據了最小的帽子。

With that framework in mind, he singles out five names that he believes sit at different rungs of the risk ladder, each with a specific macro- or sector-level tail-wind.

考慮到這個框架，他列出了五個名字，他認為坐在風險階梯的不同梯級上，每個名字都有特定的宏觀或部門級別的尾聲。

The first pick, Chainlink (LINK), is Van de Poppe’s “easiest play” on institutional adoption because “we require oracles to provide data in the web-3 space to connect between web 2 and web 3.” The analyst emphasises that LINK’s bitcoin-denominated chart is “still at an all-time low,” suggesting asymmetric upside if a true altseason materialises.

第一個選擇ChainLink（鏈接）是Van de Poppe在機構採用方面的“最簡單的遊戲”，因為“我們要求Oracles在Web-3空間中提供數據以在Web 2和Web 3之間連接。”分析師強調，Link以比特幣計數的圖表為“仍然處於歷史最低水平”，這表明如果真正的Altsease構成，則表明不對稱上升空間。

Next on the large-cap list is Aave (AAVE). Van de Poppe calls the decentralised lending protocol “a large cap which implies less risk,” but adds that the market is under-pricing its role in bringing bank-grade yield products on-chain. Notably, the token has attracted high-profile flows this cycle—Donald Trump–linked World Liberty Financial disclosed cumulative AAVE purchases alongside LINK and ETH earlier this year.

大帽列表上的下一個是AAVE（AAVE）。范德·波普（Van de Poppe）稱該分散的貸款協議為“大型限額，這意味著較小的風險”，但補充說，市場在將銀行級收益產品帶入鏈上的作用降低了定價的作用。值得注意的是，該代幣吸引了這個週期的引人注目的流動 - 唐納德·特朗普（Donald Trump Trump）的世界自由金融（World Liberty Financial）在今年早些時候與Link and ETH一起披露了累積的AAVE。

Moving down the capitalization spectrum, the analyst turns to Wormhole (W), a cross-chain messaging and liquidity layer he describes as “being used to transfer between the chains,” with revenues that cycle back into the protocol. He flags its selection as exclusive bridge infrastructure for multiple real-world-asset initiatives in which “tokenised T-bill funds” migrate across networks. Wormhole’s fundamentals received a liquidity boost when Binance listed the W token with four trading pairs on 3 April 2024, broadening access for retail and institutional desks alike.

分析師向下移動資本譜，轉向蟲洞（W），這是他描述的跨鏈消息傳遞和流動性層“用於在鏈之間轉移”，收入循環回該協議。他將其選擇作為用於多個現實資產計劃的獨家橋樑基礎架構，其中“令牌化的t-bill基金”跨越了網絡。當Binance於2024年4月3日列出了四個貿易對，擴大了零售和機構桌子的通道，因此，Binance列出了W象徵時，蟲洞的基本面獲得了流動性提升。

For investors willing to venture further out on the risk curve, Van de Poppe highlights Peaq (PEAQ), a layer-1 focused on DePIN and the machine economy. “It’s the largest ecosystem within the machine economy and … finally waking up again,” he says, citing on-chain data that already show more than 50 companies and six-million devices active on the network. He argues that growing transaction counts and cross-industry partnerships make PEAQ “interesting for an investment thesis” at current valuations.

對於願意在風險曲線上進一步冒險的投資者，Van de Poppe強調了Peaq（Peaq），這是一個專注於DEPIN和機器經濟的第1層。他說：“這是機器經濟中最大的生態系統，……最終再次醒來。”鏈上數據已經顯示了該網絡上活躍的50多家公司和600萬個設備。他認為，不斷增長的交易數量和跨行業夥伴關係使Peaq在當前的估值中“為投資論文有趣”。

His smallest-cap mention is Alkimi (ADS), which he dubs “an advertising project” whose revenue “has gone 4x from $1.2 million to $5 million” even as the token corrected from $0.50 to $0.10 during the recent macro-driven sell-off. Alkimi positions itself as a decentralised ad exchange designed to cut supply-chain fees and provide on-chain transparency, a use-case the company claims can slash CPMs by over 200 percent for advertisers.

他最小的提及是Alkimi（Ads），他將其稱為“廣告項目”，其收入“從120萬美元到500萬美元，即使代幣在最近的宏觀驅動拋售中從0.50美元糾正到0.10美元。 Alkimi將自己定位為一種分散的AD交易所，旨在削減供應鏈費用並提供鏈上透明度，該公司聲稱，該公司聲稱可以將廣告客戶削減200％以上。

Van de Poppe closes with portfolio construction advice rather than price targets. “The larger the market cap, the longer it’s in business, the larger your allocation can be because the lower the risk involved. The smaller and newer the project, the smaller the allocation,” he says.

Van de Poppe以投資組合的建設建議而不是價格目標結束。他說：“市值越大，業務越長，您的分配就越大，因為所涉及的風險越小。項目越小，分配越小。”

At press time, the total crypto market cap stood at $3.18 trillion.

發稿時，總加密貨幣市場上限為3.18萬億美元。