随着BTC.D的增长至65％，比特币（BTC）的市场份额接近四年。

比特币在加密货币市场中的份额已经飙升至四年来未见的水平，接近心理意义的75％阈值。

Bitcoin’s share of the cryptocurrency market has surged to levels not seen in four years, approaching the psychologically significant 75% threshold.

比特币在加密货币市场中的份额已经飙升至四年来未见的水平，接近心理意义的75％阈值。

Despite Bitcoin itself trading slightly below its May 22 all-time high of $111,970, its dominance (BTC.D) has continued to climb, signaling an imbalanced recovery that heavily favors BTC over other digital assets.

尽管比特币本身的交易略低于其5月22日的111,970美元，但其优势（BTC.D）仍在继续攀升，这表明，不平衡的恢复率极大地支持BTC，而不是其他数字资产。

What Is BTC Dominance (BTC.D)?

什么是BTC优势（BTC.D）？

Bitcoin Dominance, abbreviated as BTC.D, measures Bitcoin’s share of the total cryptocurrency market capitalization. It reflects the proportion of capital allocated to Bitcoin relative to all other digital assets. A rising BTC.D typically indicates that capital is consolidating in Bitcoin at the expense of altcoins, often signaling risk-off sentiment or institutional preference for BTC’s liquidity and regulatory clarity.

缩写为BTC.D的比特币优势衡量了比特币在加密货币市值总资本中的份额。它反映了分配给比特币相对于所有其他数字资产的资本的比例。 BTC.D的上升通常表明，资本是以牺牲山寨币为代价的，通常表明了风险的情绪或机构偏爱BTC的流动性和监管性清晰度。

Conversely, a declining BTC.D suggests growing interest in altcoins and the potential for broader market speculation.

相反，BTC.D的下降表明，人们对山寨币的兴趣越来越大，并且可能会引起更广泛的市场投机。

Bitcoin’s Market Share Nears Four-Year Highs

比特币的市场份额接近四年高点

Bitcoin dominance surpassed 64% in early May, reaching its highest point since January 2021. Recent data from TradingView shows BTC.D oscillating between 64% and 65%, marking a sustained period of outperformance against altcoins.

5月初，比特币优势超过了64％，达到了2021年1月以来的最高点。贸易视图的最新数据显示，BTC.D的振荡在64％至65％之间，标志着对Altcoins的持续超过效果。

For the past few months, BTC.D has outpaced other major cryptocurrencies, such as Ether (ETH) and smaller altcoins, in terms of price gains. This dominance is evident in the visualization of BTC.D on the chart, highlighting the strong demand for Bitcoin and the relative weakness in the broader altcoin market.

在过去的几个月中，BTC.D在价格上涨方面超过了其他主要的加密货币，例如Ether（Eth）和较小的Altcoins。在图表上的BTC.D的可视化中，这种主导地位显而易见，强调了对比特币的强劲需求和较宽的山寨币市场的相对弱点。

However, it’s worth noting that altcoins have faced a challenging year, with prices remaining significantly depressed from previous highs. Nonetheless, the visualization clearly depicts the prevailing trend of capital flowing into Bitcoin at a greater rate than other cryptocurrencies.

但是，值得注意的是，Altcoins面临着充满挑战的一年，价格仍然与以前的高点相差显着。但是，可视化清楚地描绘了比其他加密货币更高的资本流入比特币的趋势。

Capital Keeps Flowing Into Bitcoin

资本不断流入比特币

Since the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs in early 2024, institutional capital has poured into these products at a scale previously unseen in crypto markets. Over $1 billion in net inflows have entered BTC-focused ETFs, reflecting a new wave of professional investor participation. Registered investment advisers and wealth managers now dominate ETF shareholder registries, according to CoinDesk’s 13F filings.

自从2024年初美国证券交易委员会批准了现场比特币ETF以来，机构资本已以先前在加密市场上看不见的规模涌入这些产品。超过10亿美元的净流入进入了以BTC为中心的ETF，这反映了新的专业投资者参与。根据Coindesk的13F文件，注册投资顾问和财富管理人员现在主导了ETF股东注册表。

In contrast, Ethereum ETFs recorded $228 million in net outflows in Q1 2025. Analysts interpret the disparity as a clear signal that institutions prefer Bitcoin as a “first exposure” asset due to its longer track record, perceived regulatory safety, and higher liquidity profile.

相比之下，以太坊ETF在第1季度的2025年记录了2.28亿美元的净流出。分析师将差异解释为明确的信号，即由于其较长的往绩，感知的监管安全性和更高的流动性，机构更喜欢比特币作为“首次曝光”资产。

Bitcoin continues to benefit from its de facto regulatory clarity. It is widely classified as a commodity by U.S. agencies like the CFTC, unlike many altcoins still entangled in legal gray areas or enforcement actions. Financial News London reports that hedge funds such as Millennium Management and Brevan Howard have significantly expanded positions in Bitcoin ETFs since their approval.

比特币继续受益于其事实上的监管清晰度。与CFTC这样的美国机构将其归类为商品，这与许多仍在合法的灰色地区或执法行动中纠缠的山寨币不同。伦敦金融新闻报道说，自从批准以来，千禧管理和布雷文·霍华德等对冲基金在比特币ETF中的头寸大大扩大。

Meanwhile, the absence of regulatory approval for crypto basket ETFs, those that include altcoins, has limited broader institutional diversification, reinforcing Bitcoin’s primacy in regulated portfolios.

同时，缺乏包括山寨币在内的加密货币篮子ETF的监管批准，其机构多样化有限，增强了比特币在受监管投资组合中的首要地位。

Bitcoin’s deep liquidity remains one of its most compelling attributes, especially during uncertain macroeconomic environments.

比特币的深层流动性仍然是其最引人注目的属性之一，尤其是在不确定的宏观经济环境中。

Macro risks like renewed tariff conflicts, Fed policy ambiguity, and geopolitical flare-ups have prompted portfolio managers to seek refuge in the most liquid crypto asset available. Mitrade’s cross-exchange data confirms that during sharp market drawdowns, BTC.D actually increases, showing that traders offload altcoins first.

宏观风险，例如新的关税冲突，美联储的政策歧义和地缘政治爆发，促使投资组合经理寻求避难所，以避难。 Mitrade的跨交换数据证实，在急剧下降的情况下，BTC.D实际上增加了，这表明交易者首先卸载了Altcoins。

This pattern has become self-reinforcing: the more Bitcoin dominates liquidity flows, the more cautious capital it attracts, further marginalizing altcoins during volatility spikes.

这种模式已经变得自我强化：比特币占主导地位的流动性流量越多，它吸引的资本就越谨慎，在波动性峰值期间进一步边缘化了山寨币。

Can Altcoin Season Break Free?

Altcoin季节可以自由打破吗？

U.S. spot Ethereum ETFs have entered a strong inflow streak – 15 consecutive days with approximately $837.5 million added since mid-May, bringing cumulative 2025 inflows to over $3.3 billion. With BlackRock’s ETHA leading (∼$600M), a successful U.S. listing could reorient institutional funds toward ETH and away from BTC.

美国现场以太坊ETF进入了强劲的流入纪录 - 自5月中旬以来，连续15天增加了约8.375亿美元，使累计2025流入量达到33亿美元以上。随着贝莱德（Blackrock）的Etha领先（约6亿美元），成功的美国上市可以重新定位机构资金，并远离BTC。

On-chain risk models from AInvest show a 90% probability that easing Fed policy could trigger an altcoin rally. The CME FedWatch Tool still assigns about a 4.6% chance of a rate cut in early June, but if cuts materialize later, historical patterns suggest smaller-cap cryptos could rally in tandem.

Ainvest的链链风险模型表明，放松联邦政策可能触发Altcoin集会的概率为90％。 CME FedWatch工具仍在6月初分配约4.6％的降低率的机会，但是如果削减后以后降低，历史模式表明，较小股加密货币可能会串联起来。

Moreover, new thematic bets, like AI-linked tokens, real-world-asset plays, or industry-specific protocols, may briefly decouple from BTC-dominated trends. However, these sectors currently lack ETF channels or robust institutional exposure, making any breakout vulnerable without broader adoption drivers.

此外，新的主题赌注，例如AI链接的令牌，现实世界中的戏剧或特定于行业的协议，可能会脱离以BTC为主的趋势。但是，这些部门目前缺乏ETF渠道或强大的机构暴露，这使得在没有更广泛的采用驱动因素的情况下，任何突破都易受伤害。

Still, note that even bullish technical signals like a golden cross on the TOTAL3 chart require new capital inflows to be meaningful, capital that remains concentrated in Bitcoin.

不过，请注意，即使是看涨的技术信号，例如Total 3图表上的Golden Cross等技术信号也需要新的资本流入有意义，资本仍然集中在比特币中。

Structural advantages regulatory, liquidity, and institutional currently favor BTC. Unless one of those levers shifts, or

目前，结构性优势监管，流动性和机构有利于BTC。除非那些杠杆中的一个转移，否则