随着Coinbase的2025年4月报告不包括比特币，比特币（BTC）资本化下降了40％

Coinbase于2025年4月的报告说，加密货币的资本化（不考虑比特币）下降了41％

The report by Coinbase for April 2025 says that the capitalisation of cryptocurrencies—without taking Bitcoin into account—has dropped by 41% from $1.6 trillion in December 2024 to $950 billion by early April 2025.

Coinbase于2025年4月的报告说，加密货币的资本化（不考虑比特币）从2024年12月12月12日的1.6万亿美元下降到2025年4月上旬的950亿美元。

>Related: Bitcoin price stays above key level as U.S. 20-year bond hits 2-yr peak

>相关：比特币价格保持在关键水平以上，因为美国20年债券达到2年峰值

Capitalisations have now reached their lowest level since the 2021–2022 period, which makes this the largest fall over a two-year period. Some digital assets have not been hit as hard by this downturn, however. Bitcoin’s price declined by just 19.8% over the same period.

自2021 - 2022年以来，现在已经达到了其最低水平，这使得这是两年内最大的下降。但是，这种低迷并没有那么严重地打击一些数字资产。在同一时期，比特币的价格仅下降了19.8％。

This move toward more reliable assets is evident in Bitcoin’s resilience. In fact, Bitcoin has bounced back strongly and set a new high at above $110,000 on May 21, while Ethereum and XRP have not followed suit.

在比特币的弹性中，这一朝着更可靠的资产转向。实际上，比特币在5月21日以上弹跳，并将新的高点定为110,000美元以上，而以太坊和XRP却没有效仿。

As capital retreated from riskier altcoins, investor sentiment has soured, prompting Coinbase to warn of an emerging ‘crypto winter’ scenario.

随着资本从风险较高的山寨币撤退，投资者的情绪酸痛，促使Coinbase警告新兴的“加密冬季”场景。

Global broker Octa, active in digital asset transactions, sees this as a decisive phase of risk reallocation, with traders seeking clarity before any meaningful return to risk.

活跃于数字资产交易的全球经纪人Octa将其视为风险重新分配的决定性阶段，交易者在任何有意义的风险回报率恢复之前寻求清晰度。

Pressure on crypto

加密压力

Octa notes that certain things are putting strain on the crypto industry:

Octa指出，某些事情给加密货币行业带来了压力：

* Investors are moving away from risky assets because of issues such as uncertain world situations and increases in tariffs.

*由于不确定的世界情况和关税的增加等问题，投资者正在远离风险资产。

* Because investors are more hesitant, most of the damage from the market retreat has hit the likes of DePINs, memecoins and AI tokens.

*由于投资者更加犹豫，因此市场务虚会的大部分损失都袭击了Depins，Memecoins和AI令牌。

Kar Yong Ang, a financial market analyst at Octa broker, explains: “As of right now, the market clearly sees more value in Bitcoin vs the rest of the crypto universe. The global macroeconomic situation is highly unstable, with tariffs drama still unfolding and rising protectionism potentially threatening the U.S. dollar's reserve currency status. As a result, investors' capital has migrated from the high-risk crypto space like alt-coins into relatively low-risk Bitcoin. In fact, Bitcoin has become a sort of 'safe-haven coin' of the crypto market.”

Octa Broker的金融市场分析师Kar Yong Ang解释说：“截至目前，该市场显然看到比特币与其他宇宙的其余部分的价值。全球宏观经济状况非常不稳定，这是非常不稳定的，关税戏剧仍在展开，并且在proceedeism中仍在越来越多地越来越多地迁移了protection-crailing cryrar cryrar of dollar的储备金。实际上，比特币相对较低。

Bitcoin's stability in wires compared to macro uncertainty

与宏观不确定性相比，比特币在电线中的稳定性

Stress is also being put on wider financial markets. On May 22, the U.S. 20-year bond impressed 5.15%, very close to its two-year peak and the DXY sank just under 100—a sign investors are losing faith in the dollar as a safe haven. Moody's change in the U.S. credit rating helps highlight worries about its fiscal and trade deficits.

也在更广泛的金融市场上压力。 5月22日，美国20年债券给5.15％留下了深刻的印象，非常接近其为期两年的高峰，而DXY沉没了不到100，这一标志投资者正在对美元作为避风港失去信心。穆迪（Moody）在美国信用评级上的变化有助于强调对其财政和贸易赤字的担忧。

Since cryptocurrencies are seen as high-risk assets, they've seen significant changes due to the current macro environment. Bitcoin is not following the trend.

由于加密货币被视为高风险资产，因此由于当前的宏观环境，他们看到了重大变化。比特币没有遵循趋势。

Kar Yong Ang explains: "At first, the BTC rally appeared to be highly speculative: the market had positively reacted to Trump's softer stance towards the Federal Reserve (Fed) Chairman and U.S.-China trade deal. Later, however, Bitcoin became the only major crypto coin to set a new all-time high. It suggests a continuing flight to perceived safety within the crypto universe, while alt-coin flows remain diminished."

Kar Yong Ang解释说：“起初，BTC集会似乎是高度投机性的：市场对特朗普对美联储（美联储）主席和美国 - 中国贸易协议的柔和立场做出了积极的反应。但是，后来，比特币成为唯一一家新的持续飞行的比特币在剩下的范围内持续了一个新的。

Worries are not gone

担心没有消失

Even as Bitcoin continues to endure, a wide range of government and economic dangers persist. A warning from President Trump that he may enact a 50% tariff on EU goods increased selling pressure in BTCUSD and boosted XAUUSD, the main gold benchmark.

即使比特币继续持久，各种政府和经济危险仍然存在。特朗普总统警告说，他可能会对欧盟商品征收50％的关税，这增加了BTCUSD的销售压力，并提高了主要金基准Xauusd。

For investors, it is important to keep an eye on:

对于投资者而言，重要的是要关注：

* We should use caution for the upcoming months. Though Bitcoin's price jump might look attractive, Octa analysts advise you to wait for dips instead, especially with strong support at $105,000, $98,000, $94,000, $89,000 and $84,000.

*我们应该在接下来的几个月内谨慎行事。尽管比特币的价格上涨可能看起来很有吸引力，但Octa分析师建议您等待下降，尤其是在105,000美元，98,000美元，94,000美元，94,000美元，89,000美元和84,000美元的强劲支持下。

* CFD trading should be considered high risk and may not be the right investment for all people. Trading decisions made on feelings without much thought can result in you losing more. Trade in a responsible way and fully understand your own limitations.

* CFD交易应被视为高风险，可能不是所有人的正确投资。在没有太多思考的情况下做出的交易决定会导致您失去更多。以负责任的方式进行交易，并充分理解您自己的局限性。

Octa is an international broker that has been providing online trading services throughout the world since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools.

Octa是一家国际经纪人，自2011年以来一直在全球范围内提供在线交易服务。它提供了无佣金的访问金融市场和来自180个国家开设超过5200万个交易帐户的客户使用的各种服务。为了帮助客户达到投资目标，Octa提供免费的教育网络研讨会，文章和分析工具。

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

该公司参与了慈善和人道主义倡议的综合网络，包括改善教育基础设施和支持当地社区的简报救济项目。

Since its foundation, Octa has won more than 100 awards, including the ‘Most Reliable Broker Global 2024’ award from Global Forex Awards and the ‘Best

自从其基础以来，Octa赢得了100多个奖项，包括全球外汇奖的“最可靠的经纪人全球2024年奖和“最佳”奖