市场观察者可能需要付出潜在的逆风

根据Jason Pizzino的说法，Tether在整个加密货币市场上的主导地位可能预示了比特币和其他数字资产的冷却期。

The crypto market may be heading for some turbulence, according to trader and analyst Jason Pizzino. In a recent market analysis, Pizzino pointed out an indicator that could be indicating a potential cooling-off period for Bitcoin and other digital assets.

据Trader兼分析师Jason Pizzino称，加密市场可能正处于某些动荡之中。在最近的市场分析中，披萨诺指出了一个指标，可能表明比特币和其他数字资产可能存在潜在的冷却期。

This indicator is none other than Tether (USDT) dominance, which is measured by dividing the market cap of USDT by the entire crypto market cap. The ratio is expressed as a percentage and is often denoted as USDT.D.

该指标不过是系绳（USDT）优势，该指标是通过将USDT的市值除以整个加密市政上限来衡量的。该比率表示为一个百分比，通常表示为USDT.D。

As capital moves between risk assets (like Bitcoin and other cryptos) and stablecoins like Tether, the Tether dominance percentage tends to change. A rising ratio typically signifies that traders are pulling out of risk assets and putting their capital into Tether—a move usually associated with a preference for less volatile assets or an indication of defensive positioning.

随着风险资产（例如比特币和其他加密货币）和诸如Tether等稳定币之间的转移，绳索优势百分比往往会发生变化。上升的比率通常表示交易者正在退出风险资产并将其资本纳入束缚 - 这一举动通常与偏爱较少波动性资产或防御性定位的指示有关。

Currently, Tether dominance is around 4.53%, which is notably higher than the 3.7% threshold that Pizzino highlighted. According to the analyst, unless we start seeing this number decrease as we enter Q3, it might be a sign that investors’ appetite for higher-risk assets is diminishing.

目前，系绳的优势约为4.53％，尤其高于披萨岛突出的3.7％阈值。根据分析师的说法，除非我们在进入Q3时开始看到此数字减少，否则这可能表明投资者对高风险资产的需求正在减少。

“If we don’ λε видим ότι το ποσοστό αλλάζει και αρχίζει να κατεβαίνει σε σχέση με το σύνολο της περιουσίας τεραστης όπως BTC, ETH, ή altcoins όπως υπολογίζεται από το CoinGecko, traders might want to scale back on overly aggressive plays,” Pizzino stated.

Pizzino说：“如果百分比正在发生变化并开始下降，这与Coingecko所计算的大量资产（例如BTC，ETH或Altcoins）的全部财富有关，则交易者可能希望在过度加剧的戏剧上扩大规模，” Pizzino说。

While some maintain that capital flowing directly into Bitcoin ETFs from fiat could alter this dynamic, Pizzino advises keeping an open mind and not dismissing the importance of Tether dominance just yet.

尽管有些人坚持认为，从菲亚特（Fiat）直接流入比特币ETF可能会改变这种动态，但Pizzino建议保持开放的心态，而不是暂时不忽略绳索优势的重要性。

According to Pizzino, the correlation between Tether dominance and crypto price action has been a strong factor in his analysis, and it’s something that shouldn’t be disregarded lightly. However, he does acknowledge the possibility of new trends emerging with institutional flows via ETFs, which could lead to a change in this correlation over time.

根据Pizzino的说法，系绳主导地位与加密价格行动之间的相关性是他分析的重要因素，这是不应轻视的。但是，他确实承认通过ETF的机构流出现了新趋势的可能性，这可能会导致这种相关性随着时间的推移而改变。