比特币优势达到惊人的65.4％，标志着其四年来的最高水平

这是纽约的饰边周 - 这意味着不间断的画廊开口，鸡尾酒会和下班后的艺术世界能量。

Welcome back to the Now Newsletter. I’m Matt Medved.

欢迎回到现在的新闻通讯。我是哑光的。

It’s Frieze week here in New York — which means a nonstop blur of gallery openings, cocktail circuits, and after-hours art world energy.

这是纽约的饰边周 - 这意味着不间断的画廊开口，鸡尾酒会和下班后的艺术世界能量。

Last night, I dropped by Ledger’s meetup at Pubkey — a quirky Greenwich Village dive bar that feels like it was coded into existence by Bitcoiners. Complete with a real-time LED wall tracking Bitcoin’s price and cocktail names like “The Orange Pill,” the spot drew a sharp crowd of artists, collectors, and builders from across the web3 space.

昨晚，我在Ledger在Pubkey举行的聚会下摔倒了，这是一个古怪的格林威治村潜水酒吧，感觉就像是由比特币编码为存在的。配备了一个实时LED墙壁跟踪比特币的价格和鸡尾酒名称，例如“橙色药”，该地点吸引了来自Web3空间的众多艺术家，收藏家和建筑商。

Between impromptu photo shoots with Dave Krugman and Oveck, I found myself in a candid market conversation with a digital art dealer. “Bitcoin’s at $97K?” she asked, incredulous, pointing at the cheery red LED ticker overhead.

在与戴夫·克鲁格曼（Dave Krugman）和奥维克（Oveck）拍摄即兴照片之间，我发现自己与数字艺术经销商进行了坦率的市场对话。 “比特币的$ 97,000？”她问，令人难以置信，指着愉快的红色领导式售票员的头顶。

The question’s implication was clear: if Bitcoin’s booming, why aren’t NFTs — or altcoins, or any other sector for that matter — feeling the love?

这个问题的含义很明确：如果比特币的蓬勃发展，为什么不在那个问题的NFT，Altcoins或任何其他部门都感到爱情？

It got me thinking about how crypto cycles diverge — and how the space experiences the wealth effect differently. Right now, institutions are euphoric, positioning for the long term, while more crypto-native investors and creators are still trudging through a kind of ambiguous malaise.

这使我思考了加密周期的分歧，以及该空间的经历如何不同。目前，机构令人欣喜，长期定位，而更多的加密本地投资者和创作者仍在陷入一种模棱两可的不适。

This sentiment is reflected in the statistics. Today, Bitcoin dominance hit a staggering 65.4%, marking its highest level in four years. So what’s driving the shift? Let’s dig into what’s really going on.

这种情绪反映在统计数据中。如今，比特币优势达到了惊人的65.4％，标志着其四年来的最高水平。那是什么驱动转变呢？让我们挖掘真正发生的事情。

5 Reasons Why Bitcoin Is Dominating

比特币主导的5个原因

For the past decade, the crypto market has marched to the rhythm of Bitcoin’s drum. Its cyclical booms and busts are predictable, almost reassuring in their consistency.

在过去的十年中，加密货币市场已经进入了比特币鼓的节奏。它的周期性繁荣和胸围是可以预见的，几乎令人放心。

Yet, something has shifted over the past year. As Bitcoin soared past $100,000, buoyed by institutional billions and a friendly incoming administration, the rest of the crypto universe has largely languished. Bitcoin, it seems, is no longer leading a unified crypto front; it’s breaking away entirely.

然而，在过去的一年中发生了一些变化。随着比特币超过100,000美元，受到机构数十亿美元和友好的临时政府的鼓舞，加密货币宇宙的其余部分在很大程度上都陷入了困境。看来比特币不再领导统一的加密货币前沿。它完全破裂了。

Historically, Bitcoin’s four-year halving cycle, when mining rewards diminish, reducing new supply, has signaled a new bull run. The narrative was predictable: Bitcoin rises first, followed by an “altseason” where speculative capital floods smaller cryptocurrencies.

从历史上看，比特币的四年减半周期（开采奖励减少，减少新供应）已经标志着新的公牛奔跑。叙述是可以预见的：比特币首先上升，其次是“季前赛”，投机性资本洪水泛滥较小的加密货币。

The past twelve months have broken this pattern. Despite Bitcoin’s meteoric rise since the April 2024 halving, altcoins have underperformed, with Ethereum trading below previous peaks and Solana barely setting a new all-time high before plummeting by nearly 60%. Meanwhile, NFTs have plunged by 90% in trading volume, reflecting a market sobering after speculative excess.

过去的十二个月打破了这种模式。尽管比特币自2024年4月以来比特币的迅速升高，但山寨币的表现不佳，以太坊的交易低于以前的峰值，而Solana几乎没有设定新的历史最高高点，然后下降了近60％。同时，NFT的交易量下降了90％，反映出投机性过剩后的市场清醒。

As mentioned, Bitcoin dominance eclipsed 65.4% today, the highest it’s been in four years. Why is this happening? Here are five factors.

如前所述，今天比特币的优势黯然失色65.4％，这是四年来最高的。为什么会发生这种情况？这是五个因素。

1. Institutional Capital

1。机构资本

At the heart of Bitcoin’s decoupling is institutional adoption at an unprecedented scale. January 2024 marked a turning point, with the U.S. SEC’s approval of spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust.

比特币脱钩的核心是以前所未有的规模采用机构。 2024年1月，在美国SEC对现场比特币ETF的认可，包括贝莱德的iShares比特币信托，这标志着一个转折点。

Institutional money poured in with startling velocity; that BlackRock fund hit $50 billion faster than any ETF in history.

机构钱以惊人的速度涌入；该贝莱德基金的命中率比历史上任何ETF的速度快500亿美元。

This new, serious money (pension funds, hedge funds, corporate treasuries) seeks stability, legitimacy, and a hedge against inflation and economic uncertainty. Bitcoin offers all three.

这笔新的，严肃的钱（养老基金，对冲基金，公司国库）寻求稳定，合法性以及对冲通货膨胀和经济不确定性的对冲。比特币提供所有三个。

2. Government Adoption

2。政府采用

Governments, too, have entered this narrative shift. Once dismissive, several nations are now considering Bitcoin as a strategic reserve asset. El Salvador’s gamble no longer looks like folly; Fidelity even suggests central banks may follow suit, accumulating BTC to diversify from traditional sovereign assets.

政府也进入了这种叙事转变。一旦不屑一顾，几个国家现在都将比特币视为一种战略储备资产。萨尔瓦多的赌博看起来不再像愚蠢。富达甚至暗示中央银行可能会效仿，从而累积了BTC以使其从传统的主权资产中多样化。

Just this week, New Hampshire became the first U.S. state to sign a strategic Bitcoin reserve bill into law.

就在本周，新罕布什尔州成为美国第一个签署一项战略性比特币储备法案的州。

The regulatory environment, historically crypto-hostile, has ironically reinforced Bitcoin’s primacy. Bitcoin is acknowledged by agencies like the SEC and CFTC as a commodity or a unique asset class, distinctly not a security. Even as U.S. regulations ease under new SEC chair Paul Atkins, this clarity has become its shield.

具有讽刺意味的是，监管环境历史上是加密镇压的，具有讽刺意味的是，比特币的首要地位。 SEC和CFTC等机构将比特币视为商品或独特的资产类别，这显然不是安全性。即使美国的法规在新的SEC主席保罗·阿特金斯（Paul Atkins）的领导下，这种清晰度也已成为其盾牌。

3. Fragmented Liquidity

3。流动性分散

In previous cycles, liquidity predictably flowed from Bitcoin into altcoins, fueling widespread, speculative rallies that defined the euphoric peaks of crypto bull markets.

在以前的周期中，流动性可以预见地从比特币流向山寨币，助长了广泛的投机集会，这些集会定义了加密牛市的欣快峰值。

But the landscape has fundamentally changed. Today, in the Pump.fun era, launching a token has never been easier, resulting in countless new projects relentlessly competing for attention. The sheer volume of memecoin launches, each promising quick returns and viral gains, has fragmented available liquidity across an endless array of speculative and extractive gambles.

但是景观从根本上发生了变化。如今，在泵送时代，推出令牌从未如此简单，从而导致无数的新项目无情地争取关注。 Memecoin发射的巨大量，每个有希望的快速回报和病毒率收益，都在无尽的投机和提取性赌博中分散了可用的流动性。

With capital and attention spread so thin, the concentrated momentum needed for a genuine altseason may never materialize.

随着资本和注意力的传播如此稀薄，真正的季前赛所需的集中势头可能永远不会实现。

4. Safe Harbor

4。安全港

It’s ironic that Bitcoin, once castigated by the financial system as volatile and fringe,

具有讽刺意味