顶级专家说

分析师本杰明·科恩（Benjamin Cowen）表示，随着定量收紧（QT）政策继续压力全球市场的流动性，相对于比特币，Altcoins可能会面临进一步的下行方面。

output: As quantitative tightening (QT) policies continue to pressure liquidity across global markets, altcoins may face further downside relative to Bitcoin, according to analyst Benjamin Cowen.

产出：随着分析师本杰明·科恩（Benjamin Cowen）表示，随着定量收紧（QT）政策继续压力全球市场的流动性，相对于比特币，山寨币可能会面临进一步的下跌。

In his latest outlook, Cowen suggests that ALT/BTC pairs are likely to decline from the current 0.34 level to 0.32, with a longer-term target of 0.25.

Cowen在最新的前景中表明，ALT/BTC对可能从当前的0.34水平下降到0.32，长期目标为0.25。

Cowen’s chart shows the performance of the TOTAL3/BTC pair, which represents the total altcoin market cap (excluding BTC and ETH) versus Bitcoin. The chart shows that the pair has been in a downward trend since early 2022, moving in a descending channel. The chart shows that the pair has found support at the 0.32 and 0.25 levels previously during prior bear market phases.

Cowen的图表显示了总3/BTC对的性能，该表代表了总山币市值（不包括BTC和ETH）与比特币。该图表显示，自2022年初以来，这对夫妇一直处于下降趋势，以降级通道移动。图表显示，两人在先前的熊市阶段之前发现了以前在0.32和0.25水平的支持。

“Bitcoin dominance could rise to 66% soon,” adds Cowen, signaling capital flowing back into BTC as investors seek safety in the most established crypto asset.

Cowen补充说：“比特币的优势可能很快上升到66％。”当投资者寻求最成熟的加密资产的安全性时，信号将资本流回BTC。

The chart’s long-term structure highlights a market becoming increasingly risk-averse, with capital flowing into Bitcoin during periods of macro uncertainty. This further supports the narrative of BTC outperformance continuing until broader market sentiment shows signs of improvement.

该图表的长期结构强调了一个市场变得越来越避开风险，在宏观不确定性期间，资本流入比特币。这进一步支持了BTC的叙述持续不断，直到更广泛的市场情绪显示出改善的迹象。