比特币的[BTC]最新激增正在转向头部，但并非出于通常的原因

比特币的[BTC]最新激增正在转向头部，但并非出于通常的原因。尽管BTC慢慢攀登，但更广泛的山寨币市场正在停滞 - 这种罕见的分歧。

Bitcoin’s [BTC] latest surge is turning heads, but not for the usual reasons. While the BTC price slowly climbs, the broader altcoin market is stalling – a rare divergence.

比特币的[BTC]最新激增正在转向头部，但并非出于通常的原因。尽管BTC价格慢慢上涨，但更广泛的山寨币市场正在停滞 - 这是一种罕见的分歧。

With Bitcoin dominance on the rise and historical correlations breaking down, analysts are sounding alarms: this rally may be running on fumes, and the risk of a sudden reversal is growing.

随着比特币在兴起的统治力和历史相关性破裂，分析师听起来很警报：这种集会可能在烟雾上进行，并且突然逆转的风险正在增长。

Altcoin correlation crumbles as Bitcoin climbs

随着比特币的攀爬，山寨币相关性崩溃了

Bitcoin’s ascent is no longer lifting all boats.

比特币的上升不再抬起所有船。

Source: Alphractal

来源：字母

The 14-period rolling correlation between BTC and major altcoins has sharply declined since late April 2025.

自2025年4月下旬以来，BTC和主要山寨币之间的14个周期滚动相关性急剧下降。

Unlike previous rallies where altcoins moved in sync with Bitcoin, the current trend shows fragmentation. Most altcoins now display near-zero or negative correlation on the 12-hour timeframe.

与以前的集会与比特币同步的集会不同，当前的趋势显示出碎片化。现在，大多数AltCoins在12小时的时间范围内显示接近零或负相关。

This disconnect, highlighted by cooler blue shades in the heatmap, signals a narrowing market.

这种断开连接是由热图中的凉爽蓝色阴影突出显示的，标志着狭窄的市场。

A Bitcoin-led rally often lacks long-term strength and can sometimes precede a broader risk-off shift in the market.

由比特币领导的集会通常缺乏长期的力量，有时可能会在市场上发生更广泛的风险转变之前。

Dominance reclaimed

统治地回收

BTC’s price climb has been accompanied by a powerful resurgence in market dominance, not just for BTC alone, but when combined with stablecoins.

BTC的价格上涨伴随着市场优势的强大复兴，不仅是BTC，而且还与Stablecoins结合在一起。

The joint dominance borders on 70%, showcasing a return to risk-off behavior and the consolidation of capital into “safer” crypto assets.

共同的统治地位为70％，展示了重返风险行为，并将资本合并为“更安全”的加密资产。

Source: Alphractal

来源：字母

While Bitcoin dominance alone remains below its 2021 peak, the inclusion of stablecoins shows that traders are waiting on the sidelines.

虽然仅比特币优势仍然低于其2021年的峰值，但包含稳定的人表明，交易者正在等待场景。

Source: Alphractal

来源：字母

Despite price gains, BTC dominance change has frequently turned negative, highlighting continued capital rotation and market indecision beneath the surface strength.

尽管价格上涨，但BTC的优势变化经常变为负面，突出了持续的资本轮换和在地面强度下的犹豫不决。

Whales on thin ice

薄冰上的鲸鱼

The latest rally appears to be driven by large players consolidating capital into BTC and stablecoins, not a broad market surge. With Bitcoin now nearing all-time highs, risk is elevated, especially as dominance gains appear to stall and momentum thins out.

最新的集会似乎是由大型参与者巩固资本和稳定币的驱动的，而不是广泛的市场激增。随着比特币现在的历史最高点，风险升高，尤其是当优势增长似乎停滞不前，动力降低了。

If institutional buying slows or external factors tighten, the market could quickly snap back. Thin liquidity, cautious retail participation, and dependence on whale-driven flows make the current setup fragile.

如果机构购买速度速度速度或外部因素会收紧，那么市场可能会迅速退缩。较薄的流动性，谨慎的零售参与以及对鲸鱼驱动流动的依赖使当前的设置脆弱​​。

Without fresh fuel, this rally risks fading just as quickly as it climbed.

没有新鲜的燃料，这种集会的风险就会像爬升一样快地逐渐消失。