我们还没有处于山寨币牛市之中，甚至还没有接近：分析师

分析师迈尔斯·多伊彻 (Miles Deutscher) 表示，我们目前并未处于山寨币牛市之中，甚至还没有接近牛市。如果您正在这个循环中挣扎，那么您并不孤单。

Miles Deutscher recently analyzed the crypto market data, revealing some surprising truths about the current market state. He stated that we are not currently in an altcoin bull run.

Miles Deutscher 最近分析了加密货币市场数据，揭示了有关当前市场状况的一些令人惊讶的事实。他表示，我们目前并未处于山寨币牛市之中。

At first glance, one might expect euphoric crypto sentiment with Bitcoin ($BTC) nearing all-time highs (ATHs), meme coins exploding, and celebrities promoting crypto again. However, the reality is different. Most retail investors don’t hold large amounts of Bitcoin; they are invested in altcoins, which have significantly underperformed this cycle.

乍一看，人们可能会期待比特币（$BTC）接近历史高点（ATH）、迷因币爆炸以及名人再次推广加密货币的欣快加密情绪。然而，现实却有所不同。大多数散户投资者并不持有大量比特币；他们投资于山寨币，而山寨币的表现明显低于本周期。

The OTHERS/BTC ratio, which measures the total crypto market cap excluding the top 10 coins, is now lower than it was in October 2023 (8 months ago). This paints a clear picture of the current market situation. Since the fall of FTX, only 8 coins have surpassed their previous ATHs compared to Bitcoin. Altcoins (TOTAL3) are still 70% away from their previous highs, while Bitcoin is nearing its ATH.

OTHERS/BTC 比率衡量的是不包括前 10 名代币的加密货币总市值，目前低于 2023 年 10 月（8 个月前）。这清楚地描绘了当前的市场状况。自 FTX 垮台以来，与比特币相比，只有 8 个币种超越了之前的 ATH。山寨币 (TOTAL3) 距离之前的高点仍有 70% 的距离，而比特币则接近其最高点。

Miles wrote on X, “This has been a Bitcoin-narrative led cycle. The narrative that propelled BTC to ATHs was the spot ETF narrative and the strong corresponding inflows. Although BTC and altcoins are interlinked, there hasn’t been a strong broader market catalyst yet, like BTC has had.

迈尔斯在 X 上写道：“这是一个以比特币叙事为主导的周期。将 BTC 推向 ATH 的因素是现货 ETF 的因素以及相应的强劲资金流入。尽管比特币和山寨币是相互关联的，但还没有像比特币那样强大的更广泛的市场催化剂。

Since Bitcoin started its strong rise from $27k in October, altcoins haven’t seen a sustained rally. The altcoin market phases over the last three quarters show this has been a Bitcoin-narrative led cycle, driven by the spot ETF narrative and strong inflows.

自 10 月份比特币从 2.7 万美元开始强劲上涨以来，山寨币并未出现持续上涨。过去三个季度的山寨币市场阶段表明，这是一个由比特币叙事主导的周期，由现货 ETF 叙事和强劲资金流入推动。

We are NOT in an altcoin bull run.

我们还没有处于山寨币牛市之中。

Not even close.

差远了。

If you're struggling this cycle, you're not alone.

如果您正在这个周期中苦苦挣扎，那么您并不孤单。

?: I just dug through the data which reveals some shocking truths about the current state of the market.

?：我刚刚挖掘了一些数据，这些数据揭示了有关当前市场状况的一些令人震惊的事实。

(it also holds the key as to when things could turn around).

（它也掌握着事情何时能够扭转的关键）。

?

?

Although Bitcoin and altcoins are interlinked, altcoins haven’t had a significant broader market catalyst like Bitcoin. Specific narratives, such as memes, AI, and real-world assets (RWA), have outperformed, with major altcoins lagging behind. If you haven’t been well-capitalized in these sectors, you’ve likely felt FOMO and the strong temptation to rebalance your portfolio.

尽管比特币和山寨币是相互关联的，但山寨币并没有像比特币那样拥有更广泛的市场催化剂。迷因、人工智能和现实世界资产（RWA）等特定叙事表现出色，而主要山寨币则落后。如果您在这些领域的资本不足，您可能会感到害怕错过机会以及重新平衡投资组合的强烈诱惑。

Also Read : Bitcoin on Edge: Crypto Rating Firm Predicts Market Turbulence Ahead of CPI Release

另请阅读：比特币边缘：加密货币评级公司预测 CPI 发布前市场动荡