山寨币、Demand 和 Arthur Hayes：探索加密货币格局

分析 Arthur Hayes 对比特币、以太坊和特定山寨币在市场波动和需求动态中的见解。

Altcoins, Demand, and Arthur Hayes: Navigating the Crypto Landscape

山寨币、Demand 和 Arthur Hayes：探索加密货币格局

The crypto market's a wild ride, ain't it? Arthur Hayes, BitMEX's co-founder, offers his take on Bitcoin, Ethereum, and altcoins, giving us a compass in this volatile sea. Let's dive in.

加密货币市场很疯狂，不是吗？ BitMEX 联合创始人 Arthur Hayes 提出了他对比特币、以太坊和山寨币的看法，为我们在这片动荡的海洋中提供了指南针。让我们深入了解一下。

Hayes' Bitcoin Bullishness: $200,000+ Incoming?

海耶斯的比特币看涨：20万美元以上的收入？

Hayes believes Bitcoin could more than double in months, citing historical patterns of surges after supply drops. He's eyeing $200,000+, aligning with analysts' cycle expectations. He also acknowledges the traditional four-year crypto cycle, linking bull markets to monetary expansion in the US and China, anticipating a peak around late 2026 or early 2027.

海耶斯认为，比特币在几个月内可能会增加一倍以上，理由是供应量下降后比特币价格飙升的历史模式。他的目标是 20 万美元以上，与分析师的周期预期一致。他还承认传统的四年加密货币周期，将牛市与美国和中国的货币扩张联系起来，预计在 2026 年底或 2027 年初左右达到峰值。

Altcoins: Quality Over Hype

山寨币：质量胜于炒作

Hayes points out that not all altcoins are created equal. He emphasizes the importance of "high-quality" tokens with real-world use cases and consistent revenue. Projects like Pendle, EtherFi, and Ethena, where users pay with BTC, ETH, or stablecoins, demonstrate measurable value flow. Low-liquidity tokens relying on market-making agreements, on the other hand, got exposed during recent liquidations.

海耶斯指出，并非所有山寨币都是生而平等的。他强调了具有现实用例和稳定收入的“高质量”代币的重要性。 Pendle、EtherFi 和 Ethena 等项目的用户使用 BTC、ETH 或稳定币进行支付，展示了可衡量的价值流。另一方面，依赖做市协议的低流动性代币在最近的清算中暴露了风险。

Ethereum's Potential: A $10,000 Target

以太坊的潜力：10,000 美元的目标

Hayes, along with Tom Lee, is bullish on Ethereum, predicting it could hit $10,000 by year-end. Despite lagging behind other blockchains this cycle, ETH is poised to catch up, supported by both technical charts and fundamentals. The recent break above its 4-year trading range suggests price discovery at a new level.

Hayes 和 Tom Lee 都看好以太坊，预计到年底它的价格可能会达到 10,000 美元。尽管本周期落后于其他区块链，但在技术图表和基本面的支持下，ETH 有望迎头赶上。最近突破四年交易区间表明价格发现达到了一个新水平。

Market Shakeouts and ETF Confidence

市场震荡和 ETF 信心

Matt Hougan from Bitwise sees recent market crashes as short-lived events within a strong bull market. Despite significant deleveraging events and price drops, the crypto market has shown resilience. Strong ETF inflows signal returning institutional confidence, particularly in Bitcoin and Ethereum ETFs.

Bitwise 的 Matt Hougan 认为最近的市场崩盘是强劲牛市中的短暂事件。尽管发生了重大的去杠杆化事件和价格下跌，但加密货币市场仍表现出弹性。强劲的 ETF 流入标志着机构信心的恢复，尤其是对比特币和以太坊 ETF 的信心。

Delistings: A Necessary Evil?

下架：必要之恶？

OKX's decision to delist altcoins like SLERF, ALPHA, BADGER, OAS, MLN, and AIDOGE highlights the exchange's commitment to maintaining a robust trading environment. While unfortunate for holders of those specific tokens, it underscores the importance of project viability and adherence to listing criteria.

OKX 决定下架 SLERF、ALPHA、BADGER、OAS、MLN 和 AIDOGE 等山寨币，这凸显了该交易所对维持稳健交易环境的承诺。虽然对于这些特定代币的持有者来说是不幸的，但它强调了项目可行性和遵守上市标准的重要性。

My Two Satoshis

我的两个中本聪

Hayes' analysis, combined with market data, paints a picture of a maturing crypto landscape. While Bitcoin and Ethereum remain the frontrunners, select altcoins with genuine utility are poised to outperform. Market shakeouts are inevitable, but they also present opportunities. The key is to focus on quality, real-world demand, and long-term viability.

海耶斯的分析与市场数据相结合，描绘了一幅成熟的加密货币格局。虽然比特币和以太坊仍然是领跑者，但具有真正实用性的精选山寨币有望表现出色。市场震荡不可避免，但也带来了机遇。关键是要关注质量、现实世界的需求和长期生存能力。

Wrapping Up

总结

So, there you have it, folks! Hayes' insights, seasoned with a dash of market analysis, give us a clearer view of what's poppin' in the crypto world. Remember, it's not just about the hype; it's about the hustle. Keep your eyes peeled, do your homework, and who knows, maybe you'll catch the next big wave!

所以，这就是你得到的，伙计们！海耶斯的见解加上大量的市场分析，使我们能够更清晰地了解加密货币世界的流行趋势。请记住，这不仅仅是炒作；而是。这是关于喧嚣的。擦亮眼睛，做好功课，谁知道呢，也许你会赶上下一波大浪潮！