随着5月中旬的发展，加密市场的情绪继续上升

随着5月中旬的发展，加密货币市场情绪继续上升。尽管主要资产趋势稳步向上，但资本开始旋转成根本上固体的山寨币。

SINGAPORE, May 20, 2025 /PRNewswire/ -- As mid-May unfolds, crypto market sentiment continues to rise, major assets are trending steadily upward, and capital is beginning to rotate into fundamentally solid altcoins. In this HTX DeepThink, Chloe (@ChloeTalk1) from HTX Research shares her macro outlook and strategic insights, with a spotlight on rotation opportunities across the SUI ecosystem and the emerging AttentionFi sector.

新加坡，2025年5月20日 /美通社 / - 随着5月中旬的发展，加密货币市场的情绪持续上升，主要资产正在稳步上升，并且资本开始转变为基本上固体的Altcoins。在此HTX DeepThink中，HTX Research的Chloe（@chloetalk1）分享了她的宏观前景和战略见解，并引起了SUI生态系统和新兴的注意力领域的旋转机会的关注。

Macro Outlook: Rising Bullish Sentiment Amidst Steady Short-Term Uptrend

宏观前景：在稳定的短期上升趋势中的看涨情绪上升

This week's U.S. economic calendar is light on major data releases. Attention is focused on Federal Reserve officials' interpretations of recent commentary suggesting a possible single interest rate cut in 2025.

本周的美国经济日历符合主要数据发布。注意力集中在美联储官员对最近评论的解释上，表明2025年可能降低单一利率。

Analysis of options market data shows prevailing bullish sentiment: the Call/Put open interest ratio has reached 1.55, accompanied by increasing premiums for call options. At the same time, short-term implied volatility (IV) has dropped to a new 18-month low of 35–40%.

期权分析市场数据显示，盛行的看涨情绪：呼叫/PUT开放利息比率已达到1.55，伴随着呼叫选项的保费增加。同时，短期隐含波动率（IV）已降至新的18个月低点35-40％。

In short: the market is experiencing "euphoric sentiment amid calm volatility." Under such conditions, Bitcoin could retest new highs within the next 30–45 days, targeting the $105K–$115K range. However, this mix of high sentiment and low volatility often conceals the build-up of excessive leverage. A sudden surge in IV or a meaningful drop below $100K could trigger a sharp deleveraging event.

简而言之：市场正经历着“平静的波动”中的“欣快情感”。在这种情况下，比特币可以在接下来的30-45天内重新测量新高点，以105,000美元 - $ 115K的范围。但是，这种高情感和低波动性的混合通常掩盖了过度杠杆作用的积累。 IV突然激增或低于$ 10万美元的有意义的跌落可能会触发一场急剧的去障碍事件。

Strategic Positioning: Capital Rotation into High-Quality Altcoins for Momentum Capture

战略定位：资本旋转到高质量的山寨币以捕获动量

From a capital allocation perspective, rotating a portion of capital into fundamentally strong and liquid altcoins may present an opportunity to capitalize on potential spillover momentum from Bitcoin's upward trajectory. This HTX DeepThink highlights promising sectors and projects worthy of investor attention.

从资本分配的角度来看，将一部分资本旋转到根本上强大的液体山寨币可能会带来一个机会，以利用比特币向上轨迹的潜在溢出动力。 HTX Deepthink突出了有希望的部门和值得投资者关注的项目。

SUI Ecosystem: All-Time High Market Cap, Undervalued Core Project

SUI生态系统：有史以来高市上限，被低估的核心项目

The SUI chain has reached an all-time high in market cap, but its ecosystem projects have yet to follow with substantial gains. This opens a window for early positioning in undervalued ecosystem leaders. HTX has listed two standout projects within the SUI ecosystem: Haedal and Bluefin.

SUI连锁店的市值尚未达到历史最高，但其生态系统项目尚未获得可观的收益。这为在被低估的生态系统领导者中的早期定位打开了一个窗口。 HTX在SUI生态系统中列出了两个杰出的项目：Haedal和Bluefin。

Given the rising attention on SUI's mainnet, Haedal and Bluefin appear to exhibit dual potential for valuation recovery and Beta-driven upside, which may warrant mid-term attention from market participants.

鉴于人们对Sui的主网的关注不断增加，Haedal和Bluefin似乎具有双重潜力的估值恢复和Beta驱动的上升空间，这可能需要市场参与者的中期关注。

AttentionFi: Capitalizing on Bull Market User Acquisition Premium

注意力：利用牛市用户获取溢价

New Web3 projects are launching rapidly, and the cost of user acquisition is soaring. In traditional channels like Telegram, Google, or Red Note, user acquisition cost (UAC) is calculated via "traffic × conversion rate." With CPCs at $0.5–1.0 and conversion rates around 10%, it can cost $5–10 to acquire a real, retained user.

新的Web3项目正在迅速启动，用户获取的成本正在飙升。在传统渠道（例如Telegram，Google或Red Note）中，用户获取成本（UAC）是通过“流量×转换率”计算的。 CPC的价格为0.5–1.0美元，转化率约为10％，获取真实保留的用户的费用可能为5-10美元。

Kaito offers a far more efficient "attention engine." Its API charges based on a combination of reputation score and meaningful engagement. As a result, project teams can acquire real users with 3–4x higher retention at just $2–3 per user—much lower than traditional channels. With this model, Kaito has grown rapidly, expanding from 30 to 120 integrated projects in the past three months, and quadrupling API call volume.

Kaito提供了更有效的“注意引擎”。它的API基于声誉得分和有意义的参与的结合。结果，项目团队可以以每位用户仅2-3美元的价格收购3–4倍保留率的真实用户，低于传统渠道。通过这种模型，Kaito迅速发展，在过去三个月中从30个综合项目扩展到120个综合项目，并进行了四倍的API呼叫量。

Meanwhile, $KAITO staking has surged to 19.7M tokens, and the protocol has cumulatively bought back and burned 3.7M tokens, creating a strong demand-supply mismatch and deflationary pressure that supports higher price ceilings.

同时，$ kaito Staking飙升至1970万个令牌，该协议累计回购并烧毁了370万个令牌，造成了强烈的需求不匹配和支配压力，支持更高的价格上限。

On Base chain's IDO platform Virtuals, users who stake ≥5,000 $KAITO can earn Virgen Points to redeem IDO allocations. Several recent IDOs have seen 10–30x returns on day one, forming a lucrative loop: stake → points → arbitrage.

在基础链的IDO平台虚拟上，股权≥5,000美元的用户可以赚取Virgen积分来赎回IDO分配。最近的几个IDO在第一天看到了10-30倍的回报，形成了有利可图的循环：股份→点→套利。

With the recent listing of $KAITO on HTX, its liquidity is expanding—and in a bull market where competition for user attention intensifies, Kaito's combination of low-cost, high-precision targeting and deflationary tokenomics makes it a promising asset to watch.

随着HTX上$ KAITO的最新上市，其流动性正在扩大 - 在牛市中，对用户关注的竞争加剧了竞争，Kaito的低成本，高级靶向定位和放气标记的结合使其成为有望观看的资产。

*The above content is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

*上述内容不是投资建议，也不构成任何要约或征集的报价或建议。

About HTX DeepThink:

关于HTX DeepThink：

HTX DeepThink is a flagship market insights column created by HTX, dedicated to exploring global macro trends, key economic indicators, and major developments across the crypto industry. In a world where volatility is the norm, HTX DeepThink aims to help readers "Find Order in Chaos."

HTX DeepThink是由HTX创建的旗舰市场见解列，致力于探索全球宏观趋势，关键的经济指标和加密行业的主要发展。在一个普通话的世界中，HTX DeepThink旨在帮助读者“在混乱中找到秩序”。

About HTX Research

关于HTX研究

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

HTX Research是HTX集团的专门研究部门，负责进行深入分析，生产全面的报告，并在包括加密货币，区块链技术和新兴市场趋势在内的广泛主题进行专家评估。