比特币在前所未有的减半中迎来了加密货币历史上“最奇怪”的牛市

加密货币分析师认为当前的比特币减半周期是一个异常的牛市，其特点是比特币不合时宜地创下历史新高，并且投资大量涌入模因币。打破历史格局，流动性绕过以太坊等高价值币，直接流入模因币，创造了不寻常的市场环境。在新代币的涌入和 Coinbase Base 网络上的投机活动的推动下，Memecoin 的资本总额已飙升至 700 亿美元。目前，市场基本面的影响力较小，因为市场是由叙事和引人注目的代币驱动的，而不是基本面因素。

Unprecedented Bull Run: Bitcoin Halving Cycle Dubbed 'Weirdest' in Crypto History

史无前例的牛市：比特币减半周期被称为加密货币史上“最奇怪”

The ongoing Bitcoin halving cycle has baffled crypto industry analysts, prompting them to label it the "weirdest" bull market on record. This unconventional market behavior has been characterized by a premature Bitcoin all-time high, a surge in memecoin speculation, and an atypical pattern of liquidity flow.

正在进行的比特币减半周期让加密行业分析师感到困惑，促使他们将其称为有记录以来“最奇怪”的牛市。这种非常规的市场行为的特点是比特币过早创下历史新高、模因币投机激增以及流动性流动的非典型模式。

Atypical Liquidity Flows

非典型流动性

Historically, bull markets in the cryptocurrency space have followed a predictable pattern, with liquidity flowing from Bitcoin to Ethereum and other high-capitalization coins before trickling down to smaller altcoins. However, in this cycle, this trend has been disrupted.

从历史上看，加密货币领域的牛市遵循可预测的模式，流动性从比特币流向以太坊和其他高市值代币，然后流向较小的山寨币。然而，在这个周期中，这种趋势被打乱了。

"This bull market has been weird," observed Zach Rynes, Chainlink community liaison, in a post to his substantial following. Liquidity, he noted, has skipped the usual steps and flowed directly from Bitcoin to memecoins, a departure from previous cycles.

Chainlink 社区联络员扎克·赖恩斯 (Zach Rynes) 在发给众多追随者的帖子中表示：“这次牛市很奇怪。”他指出，流动性跳过了通常的步骤，直接从比特币流向模因币，这与之前的周期不同。

Surging Memecoin Capitalization

Memecoin 资本激增

The total capitalization of memecoins has witnessed a meteoric rise, reaching $70 billion as of April 1st. This surge has been driven by the rapid appreciation of newly launched tokens such as Solana-based 'dogwifhat' (WIF) and Book of Meme (BOME), alongside older memecoins like Pepe PEPEUSD and Bonk (BONK).

Memecoin 的总市值飞速增长，截至 4 月 1 日已达到 700 亿美元。这一激增是由新推出的代币快速升值推动的，例如基于 Solana 的“dogwifhat”（WIF）和 Book of Meme（BOME），以及 Pepe PEPEUSD 和 Bonk（BONK）等较旧的 memecoin。

Even the Coinbase layer-2 network, Base, has become a breeding ground for memecoin speculation. DEGEN, a recently launched Base-native token, has skyrocketed by an astonishing 2,800% in the past month. Interestingly, this unofficial token was distributed within the community of the decentralized social network, Farcaster.

甚至 Coinbase 二层网络 Base 也成为了 memecoin 投机的温床。 DEGEN是最近推出的Base-native代币，在过去一个月里飙升了惊人的2,800%。有趣的是，这个非官方代币是在去中心化社交网络 Farcaster 的社区内分发的。

Fundamentals Take a Backseat

基础知识退居二线

Analysts have noted that market fundamentals seem to be playing a diminished role in the current market dynamics. "There's some retail money that's entered, but nowhere near the levels we've seen before," explained Rynes. "We're in an attention economy based on specific narratives, not real fundamentals."

分析师指出，市场基本面在当前市场动态中的作用似乎正在减弱。 “有一些散户资金进入，但远没有达到我们之前看到的水平，”赖恩斯解释道。 “我们所处的注意力经济基于特定的叙述，而不是真正的基本面。”

Anthony Sassano, an Ethereum educator, echoed this sentiment, stating that "this is, by far, the weirdest bull market crypto has ever had." He emphasized that retail investors are not participating in a meaningful way until the entire market moves in tandem, rather than witnessing isolated sector-specific pumps driven by crypto enthusiasts.

以太坊教育家安东尼·萨萨诺（Anthony Sassano）也表达了同样的观点，他表示“这是迄今为止加密货币史上最奇怪的牛市”。他强调，在整个市场同步波动之前，散户投资者不会以有意义的方式参与，而不是目睹由加密货币爱好者推动的孤立的特定行业的上涨。

Unprecedented Bitcoin All-Time High

比特币创历史新高

Another anomaly of this cycle is that Bitcoin has reached its all-time high before the halving. In previous cycles, the Bitcoin all-time high typically occurred the year after the halving. However, on March 14th, the asset hit $73,734 with just 18 days to go until the next halving, scheduled for April 20th.

这一周期的另一个异常现象是，比特币在减半之前已达到历史新高。在之前的周期中，比特币的历史高点通常发生在减半后的一年。然而，3 月 14 日，该资产触及 73,734 美元，距离计划于 4 月 20 日进行的下一次减半仅剩 18 天。

Technical analyst Moustache highlighted that Bitcoin has reclaimed a crucial Fibonacci ratio level seen in past cycles, but this time, it has occurred prior to the halving. This further underscores the unprecedented nature of the current bull market.

技术分析师穆斯塔什强调，比特币已经恢复了过去周期中看到的关键斐波那契比率水平，但这一次是在减半之前发生的。这进一步凸显了当前牛市的前所未有的性质。

In conclusion, the ongoing Bitcoin halving cycle has defied historical norms, with its premature Bitcoin all-time high, the surge in memecoin speculation, and the atypical pattern of liquidity flow. Analysts have characterized it as the "weirdest" bull market in crypto history, with market fundamentals taking a backseat to speculative narratives and the influence of crypto enthusiasts.

总而言之，正在进行的比特币减半周期违背了历史常态，比特币过早创下历史新高，模因币投机激增，以及流动性流动的非典型模式。分析师将其描述为加密货币历史上“最奇怪”的牛市，市场基本面让位于投机性叙述和加密货币爱好者的影响。