随着数字资产的法规继续改善，Altcoins可能会在2025年第二季度复活

Sygnum在其第二季度的2025年投资前景中表示，该空间已“明显改善”的加密用例法规，为强大的Alt部门集会创造了基础。

As digital asset regulations continue to improve, we may see a resurgence of altcoins in the second quarter of 2025, according to Swiss bank Sygnum.

根据瑞士银行Sygnum的数据，随着数字资产法规的不断改善，我们可能会在2025年第二季度看到Altcoins的复兴。

In its Q2 2025 investment outlook, Sygnum said the space has seen “drastically improved” regulations for crypto use cases, setting the stage for a strong second-quarter rally in the alt-sector. However, it added that “none of the positive developments have been priced in.”

Sygnum在其第二季度的2025年投资前景中说，该空间已看到加密货例案例的“大幅改进”法规，为Alt领域的强烈第二季度集会奠定了基础。但是，它补充说：“没有任何积极的发展。”

In April, Bitcoin dominance reached a four-year high, signaling that crypto investors are rotating their funds into an asset perceived to be relatively safer.

4月，比特币优势达到了四年的高度，表明加密货币投资者正在将其资金旋转到被认为相对更安全的资产中。

Still, Sygnum said regulatory developments in the US, such as President Donald Trump’s establishment of a Digital Asset Stockpile and advancing stablecoin regulations, may propel broader crypto adoption.

Sygnum表示，美国的监管发展仍可能推动更广泛的加密货币采用，例如唐纳德·特朗普总统建立数字资产库存和推进Stablecoin法规。

“We expect protocols successful in gaining user traction to outperform and Bitcoin’s dominance to decline,” Sygnum wrote.

Sygnum写道：“我们预计协议成功地获得了用户牵引力，以胜过表现优于比特币的主导地位。”

Increased focus on economic value ignites competition

增加对经济价值点燃竞争的关注

Sygnum also said that competition would increase as the market focuses on economic value. Increased competition in a market often results in better products, ultimately benefiting consumers:

Sygnum还表示，随着市场关注经济价值，竞争将会增加。市场竞争的增加通常会导致更好的产品，最终使消费者受益：

Sygnum added that while high-performance blockchains address limitations of the Bitcoin, Ethereum and Solana blockchains, they find it challenging to achieve meaningful adoption and fee income.

Sygnum补充说，尽管高性能区块链解决了比特币，以太坊和Solana区块链的局限性，但他们发现实现有意义的采用和费用收入是具有挑战性的。

The report highlighted that some approaches have been more sustainable. These include Berachain’s approach of incentivizing validators to provide liquidity to decentralized finance (DeFi) applications, Sonic’s rewarding developers that attract and retain users, and Toncoin’s Telegram affiliation to access 1 billion users.

该报告强调，某些方法更可持续。其中包括Berachain激励验证者为分散融资（DEFI）应用程序提供流动性的方法，Sonic的吸引和留住用户的奖励开发人员以及Toncoin的Telegram隶属关系以访问10亿用户。

Aside from layer-1 chains, Sygnum highlighted that layer-2 networks like Base also have potential. The report pointed out that while the memecoin frenzy on the blockchain pushed its users and revenue to new highs, it made an equally sharp decline after memecoins started losing steam.

除了第1层链外，Sygnum还强调了类似第2层网络（例如基地）也具有潜力。该报告指出，虽然区块链上的Memecoin Frenzy将其用户推向了新高，但在Memecoins开始失去Steam之后，它同样急剧下降。

Despite this, Sygnum noted that Base remains the layer-2 leader in metrics like daily transactions, throughput and total value locked.

尽管如此，Sygnum指出，基础仍然是每日交易，吞吐量和总价值锁定等指标的第2层领导者。

Related: Italy finance minister warns US stablecoins pose bigger threat than tariffs

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Memecoins still a leading crypto narrative in Q1

Memecoin仍然是第一季度的主要加密叙事

Despite recent price declines, memecoins remained a dominant crypto narrative in Q1 2025. A CoinGecko report recently highlighted that memecoins remained dominant as a crypto narrative in the first quarter of 2025. The crypto data company said memecoins had 27.1% of global investor interest, second only to artificial intelligence tokens, which had 35.7%.

尽管价格最近下降，但Memecoins仍然是2025年第1季度的主要加密叙事。最近的一份Coingecko报告最近强调，Memecoins在2025年第一季度作为加密货币叙事仍然占主导地位。加密数据公司表示，Memecoins表示，Memecoins在Global Invester Ipport of Global Investor Export占了27.1％的全球投资人，而Art Intellition Intellition Intellition Intellition Intellition Intellition Intellotice Intelligence Tokence Tokence tokens tokence tokens at占35.7％。

While retail investors are still busy with memecoins, institutions have a different approach. Asset manager Bitwise reported on April 14 that publicly traded firms are stacking Bitcoin. At least 12 public companies purchased Bitcoin for the first time in Q1 2025, pushing public firm holdings to $57 billion.

虽然散户投资者仍在忙于模因，但机构采用了不同的方法。资产经理Bitwise在4月14日报告说，公开交易的公司正在堆叠比特币。至少有12家上市公司在2025年第1季度首次购买了比特币，将公共公司持股推向了570亿美元。