比特币（BTC）的优势为61.7％，因为Altcoin Season Index仅读取28

加密市场非常倾向于比特币的青睐，而Altcoin季节的读数仅为28。这个数字远低于通常需要宣布真正的“ Altcoin季节”所需的75个阈值，这表明比特币仍处于命令状态。

The crypto market is heavily leaning to Bitcoin’s (BTC) favor, with the Altcoin Season Index now reading just 28. This figure is far below the 75 threshold typically required to declare a true “altcoin season,” indicating Bitcoin is still firmly in command and outpacing the performance of most altcoins despite a recent broad market recovery.

加密市场非常倾向于比特币（BTC）的青睐，而AltCoin季节指数现在仅阅读28个。这个数字远低于宣布真正的“ Altcoin季节”所需的75个阈值，表明尽管最近的大多数Altcoin在最近的大多数Altcoins的表现都超过了大多数Altcoins，但尽管最近的广泛市场恢复了大多数Altcoins。

While recent reports highlight a short-lived bounce in altcoins during Bitcoin’s surge to $105,000, the crypto behemoth’s dominance at 61.7% showcases that capital is still consolidating around BTC.

尽管最近的报道强调了比特币飙升期间在山寨币的短暂反弹至105,000美元，但加密庞然大物的统治地位为61.7％，表明资本仍在BTC附近巩固。

As explained in a previous analysis, for an altcoin season to unfold, we'd typically see BTC dominance decrease significantly, paving the way for altcoins to take the lead and outperform. However, that narrative hasn't unfolded yet.

正如先前的分析中所解释的那样，对于AltCoin季节的展开，我们通常会看到BTC的优势大大下降，这为AltCoins带来了领先优势和跑赢大大的道路铺平了道路。但是，这种叙述还没有展开。

On-chain data also supports this BTC-centric scenario. The Short-Term Holder MVRV (Market Value to Realized Value) is currently at 1.09, signaling more room for Bitcoin to move up.

链上数据还支持以BTC为中心的方案。短期持有人MVRV（实现价值的市场价值）目前为1.09，标志着比特币增加的空间。

According to on-chain analyst Axel Adler Jr., the next key selling pressure could emerge around 1.25 (≈$118K) and again at 1.35 (≈$128K). If current momentum holds, Adler forecasts these levels could be reached by early to late June, keeping the focus squarely on Bitcoin in the near term.

根据链分析师阿克塞尔·阿德勒（Axel Adler Jr.）的说法，下一个钥匙销售压力的可能性可能约为1.25（≈118K），又可能出现在1.35（约128K $ 128K）。如果目前的势头持续下去，Adler预测这些水平可以在6月初到6月下旬达到，从而将重点保持在短期内。

At the same time, Long-Term Holders (LTHs) have started to take profits. Data from May 13 shows LTH SOPR (Spent Output Profit Ratio) hit 2.27, meaning many coins are being sold at a 227% gain.

同时，长期持有人（LTHS）已开始获利。 5月13日的数据显示，第lth Sopr（用过的产出利润率）达到2.27，这意味着许多硬币以227％的收益出售。

This is a classic signal of distribution–long-term investors locking in profits before potential pullbacks. The last time LTHs showed such behavior, Bitcoin faced noticeable corrections shortly after.

这是分销长期投资者在潜在回调之前将其锁定的经典信号。 LTHS上一次显示这种行为，比特币不久后面临着明显的校正。

The Total3 chart (crypto market cap excluding BTC and ETH) reveals a mixed picture for altcoins. After bouncing off the 0.618 Fibonacci level (~$892 billion), Total3 was rejected near the 0.786 retracement (~$923 billion). RSI is sitting at 63, which is bullish but not overheated. MACD remains in a positive crossover, hinting at continued upside.

Total3图表（不包括BTC和ETH的加密市值）揭示了Altcoins的混合图片。在弹跳0.618斐波那契水平（约8.92亿美元）之后，总计3次拒绝了0.786撤回（约9230亿美元）。 RSI坐在63岁，是看涨但没有过热的。 MACD仍处于积极的跨界状态，暗示持续上涨。

However, without a decisive break above $962 billion (previous high), the altcoin market remains vulnerable to BTC-led market dynamics.

但是，如果没有果断超过9620亿美元的决定性中断（先前的高），Altcoin市场仍然容易受到BTC领导的市场动态的影响。

Until then, the market remains firmly in Bitcoin Season, with altcoin dominance on hold and profit-taking behavior from veteran BTC holders shaping the next phase.

在此之前，市场在比特币季节保持牢固，而Altcoin在持有和获利行为的占主导地位，而经验丰富的BTC持有人则塑造了下一阶段。