本文由FBS带给您。 2025年的加密牛周期不仅会奖励炒作 - 它会以真正的骨干为蓝色的山顶。

经过多年的监管不确定性和残酷的熊市波动，机构和企业没有猜测 - 他们正在寻找基础设施，公用事业和实际增长。

This article is brought to you by FBS.

本文由FBS带给您。

The 2025 crypto bull cycle won't just reward hype — it'll put a spotlight on the altcoins with real backbone. After years of regulatory uncertainty and brutal bear-market volatility, institutions and businesses aren't speculating — they're looking for infrastructure, utility, and real growth. In this new landscape, altcoins with serious technology innovation, sound tokenomics, and increasing adoption won't just stand out — they'll lead the way.

2025年的加密牛周期不仅会奖励炒作 - 它会以真正的骨干为蓝色的山顶。经过多年的监管不确定性和残酷的熊市波动，机构和企业没有猜测 - 他们正在寻找基础设施，公用事业和实际增长。在这一新的景观中，具有认真技术创新，合理的令牌组和越来越多的采用的山寨币不仅脱颖而出 - 他们会引领前进。

Hedge funds and macro desks have already begun positioning, following the ripple effects of major catalysts — Bitcoin's 2024 halving, the ETF arms race, and a market narrative that's finally flipping risk-on. And once the capital starts flowing, it flows fast — from BTC to ETH... and then into the sharpest names just beneath the surface.

遵循主要催化剂的连锁反应 - 比特币的2024年减半，ETF武器竞赛以及最终风险风险的市场叙述，对冲基金和宏观办公桌已经开始定位。一旦资本开始流动，它就会快速流动 - 从BTC到ETH ...然后进入表面下方的最鲜明的名称。

"Altseason" is a period when bitcoin capital is transferred into other cryptocurrencies, producing large multi-month price increases for most altcoins. Throughout history, altcoins have lagged the strong appreciation of Bitcoin. As the price of Bitcoin stabilizes or consolidates following a peak, investors look for higher returns in potential altcoins. According to the Tangem report, "the rise in the inter-seasonal index signals a shift of attention away from bitcoin and towards altcoins." In 2025, a combination of several factors - improved liquidity conditions and potential regulatory clarity - may lay the groundwork for such a cycle.

“ Altseason”是将比特币资本转移到其他加密货币的时期，大多数Altcoins造成了大量的多个月价格上涨。在整个历史上，Altcoins落后于比特币的强烈欣赏。由于比特币的价格稳定或巩固了高峰之后，投资者正在寻找潜在山寨币的更高回报。根据探戈报告：“季节间指数的上升表明，人们将注意力从比特币转向山寨币。”在2025年，几个因素的组合 - 改善了流动性条件和潜在的调节性清晰度 - 可能为这种周期奠定了基础。

Signs of Bitcoin's dominance support this thesis. Bitcoin's dominance in May 2025 was ~65%. Despite continuing to rise, the dominance has reached a critical resistance area from which it had previously bounced! When bitcoin dominance increases (as it did in early 2025, to ~65%), it signals that alts are either not growing as fast, or are falling. Most analysts are now signalling that a continued drop in bitcoin dominance to around 50-54% has been a precursor in the past to an altcoin season. In short, the macroeconomic context of 2025 - increased liquidity, Fed policy easing, and the resumption of channeling funds into cryptocurrencies - combined with bitcoin consolidation, may finally lead to the next phase of altcoin-driven growth.

比特币主导地位的迹象支持这一论文。比特币在2025年5月的统治地位约为65％。尽管持续上升，但统治地位已经达到了以前弹跳的关键阻力区域！当比特币优势增加（如2025年初，达到约65％）时，它表明Alts要么不如快速生长，要么下降。现在，大多数分析师都表明，比特币优势持续下降至约50-54％，过去是Altcoin季节的前身。简而言之，2025年的宏观经济背景 - 增加了流动性，减轻政策的缓解以及将资金恢复到加密货币中 - 与比特币巩固结合在一起，最终可能导致下一阶段的AltCoin驱动增长。

Legislative changes are another driver. Besides ETFs for Bitcoin and Ethereum (approved late in 2023), US regulators are now considering dozens of proposed ETFs for altcoins. Bloomberg Intelligence recently cited a 90% probability that the Solana spot ETF will be approved in 2025, with similarly high probabilities for XRP and Dogecoin funds. If altcoin ETFs (or other products like ETFs) get approved, it could have the power to channel institutional and retail funds right into altcoin land. Such moves - and corresponding global changes in stablecoin regulation and digital asset management systems - can considerably enhance investor confidence in altcoins.

立法变更是另一个驱动力。除了比特币和以太坊的ETF（2023年下半年批准）外，美国的监管机构现在正在考虑数十个拟议的AltCoins的ETF。彭博情报公司最近列出了90％的概率，即2025年批准Solana Spot ETF，XRP和Dogecoin基金的可能性很高。如果AltCoin ETF（或其他产品（例如ETF）获得批准），它可能有权将机构和零售资金直接转入Altcoin Land。这种举动 - 以及稳定法规和数字资产管理系统的相应全球变化 - 可以大大增强投资者对山寨币的信心。

Now, here are the five altcoins that FBS analysts are watching in 2025.

现在，这是FBS分析师在2025年观看的五个Altcoins。

Hedera (HBAR)

Hedera（HBAR）

Hedera Hashgraph is a strong contender for the distributed ledger technology crown, abandoning the traditional blockchain architecture in favor of its own hashgraph consensus protocol. As opposed to power-devouring proof-of-work or probabilistic proof-of-stake systems, Hedera's "gossip about gossip" method provides deterministic completeness, extremely high performance, and ultralow power consumption. In practice, Hedera typically processes more than 10,000 transactions per second for fractions of a cent, and with completion time less than one second.

Hedera Hashgraph是分布式分类帐冠的强大竞争者，放弃了传统的区块链体系结构，有利于自己的主题共识协议。与动力换波的工作证明或概率证明系统相反，Hedera的“关于八卦”方法提供了确定性的完整性，极高的性能和超低功耗。实际上，Hedera通常以每秒为单位的分数处理超过10,000件交易，并且完成时间少于一秒钟。

The biggest single reason to take Hedera seriously is the governance, which is widely recognized as likely to be one of the most institutionally robust to have been put forward by any major cryptocurrency. The network is governed not only by anonymous validators or open-source development groups but also by Hedera's Governing Board of up to 39 prominent worldwide companies such as Google, IBM, Boeing, LG, and Deutsche Telekom. Each board member gets one vote on decisions for the network, and no organization can own the ledger. The Council serves for a period of three years (two terms maximum), and the founder of the hashgraph protocol, Swirlds, is a permanent member of the council.

认真对待Hedera的最大原因是治理，这被广泛认为是任何主要加密货币提出的最强大的可能是最强大的。该网络不仅受匿名验证者或开源开发小组的管辖，而且还受Hedera的管理委员会（包括Google，IBM，Boeing，LG和Deutsche Telekom）的最高39家知名公司。每个董事会成员对网络的决定进行一票，并且没有组织可以拥有分类帐。该理事会服务时间为三年（最高两个任期），Hashgraph协议的创始人Swirlds是理事会的常设成员。

Hedera has been deeply involved in actual enterprise solutions since day one. Members like LG and Boeing were some of the earliest to explore uses for supply chain logistics and IoT networks. Hedera has been actively expanding in recent years in areas such as tokenization, digital payments, and decentralized finance. As part of a significant strategic initiative, the Board of Governors voted to create a $408 million ecosystem development fund in January 2025, valued at 4.86 billion HBAR tokens, to support new projects, startups, and dApps. Hedera's embedded tokenization model and asset studio allow for the issuance of real assets - bonds, stocks,

自第一天起，Hedera就一直深入参与实际的企业解决方案。像LG和波音公司这样的成员是探索供应链物流和物联网网络的最早用途。近年来，Hedera在代币化，数字支付和分散融资等领域一直在积极扩展。作为一项重大战略倡议的一部分，董事会投票决定在2025年1月创建一个耗资4.08亿美元的生态系统发展基金，价值48.6亿HBAR代币，以支持新项目，初创公司和DAPP。 Hedera的嵌入式令牌化模型和资产工作室允许发行真实资产 - 债券，股票，