随着宏部队对齐，山寨币市场可能会卷土重来

根据加密分析师MichaëlVande Poppe的说法，在长达四年的低迷后，人生的迹象开始在Altcoin市场重新出现。

The crypto market has taken a strong interest in altcoins despite the recent downturn. While investor sentiment soured over last quarter, it seems like the tides may be turning, according to crypto analyst Michaël van de Poppe.

尽管最近经历下降，但加密市场对山寨币产生了浓厚的兴趣。据加密分析师MichaëlVande Poppe称，虽然上个季度的投资者情绪在上个季度变酸，但似乎潮汐可能会发生。

As global liquidity trends are increasingly crucial for risk assets, China is rolling out new rounds of quantitative easing, Europe is easing interest rates, and U.S. policymakers are hinting at cutting rates. This will benefit Bitcoin (BTC) and altcoins with fresh money.

随着全球流动性趋势对风险资产的越来越重要，中国正在推出新的量化宽松回合，欧洲正在降低利率，美国决策者正在暗示削减速度。这将使比特币（BTC）和Altcoins用新鲜资金受益。

As we covered previously, rare assets like Bitcoin tend to perform well when the money supply (M2) is expanding. We’re now seeing that pattern again.

正如我们之前报道的那样，当货币供应（M2）扩大时，像比特币这样的稀有资产往往会表现良好。我们现在再次看到了这种模式。

Furthermore, gold has been rallying strongly, outperforming the S&P 500 since 2022, indicating increasing risk appetite. However, van de Poppe believes that gold’s momentum might be peaking.

此外，黄金一直在强烈地集会，自2022年以来表现优于标准普尔500指数，表明风险食欲增加。但是，范德·波普（Van de Poppe）认为，黄金的势头可能会达到顶峰。

If gold’s rally cools off, capital could rotate into riskier plays like crypto over the next 12–18 months, setting up a favorable environment for altcoins.

如果Gold的集会降温，那么在接下来的12-18个月中，资本可能会旋转成诸如加密货币之类的风险更高，为AltCoins建立了有利的环境。

Another metric van de Poppe is closely monitoring is the Chinese Yuan’s performance against the U.S. Dollar (CNH/USD).

另一个公制的Van de Poppe是密切监视的是中国人民币对美元（CNH/USD）的表现。

Historically, when this pair bottoms out, major altcoin rallies have followed—as seen in 2016 and 2019. Following sharp recent declines, the yuan seems to be stabilizing, which could signal a new uptrend in the crypto markets.

从历史上看，当这对夫妇最低点时，大型山寨币集会随后发生了 - 正如2016年和2019年所见。在最近的急剧下降之后，人民币似乎正在稳定，这可能表明加密货币市场上的新上升趋势。

“Old models and cycles are losing strength. Instead, it’s about total liquidity, global monetary policy shifts, and the flow of funds that will create the next explosive phase for #altcoins and #bitcoin.”

“旧的模型和周期正在失去力量。相反，这是关于总流动性，全球货币政策的变化以及将为#altcoins和#bitcoin创造下一个爆炸阶段的资金流。”

The macroeconomic factors are becoming increasingly dominant in a market that’s used to technical indicators and on-chain analysis.

在用于技术指标和链分析的市场中，宏观经济因素越来越占主导地位。