第二季度2025年初的篮板使一些精选的Altcoins邮政双倍和三位数增长，而比特币[BTC]从7.4万美元上升到$ 10万美元以上。

现在，随着BTC在11.1万美元以上的新高高打印出来，可能很快就会见证一个更新和更广泛的Altcoin季节。

Early Q2 2025 saw some select altcoins post double and triple-digit gains as Bitcoin [BTC] climbed from $74K to over $100K. Now, with BTC printing a new high above $111K, a renewed and broader altcoin season may be witnessed soon, according to renowned Hyperliquid whale trader James Wynn.

第二季度2025年初，随着比特币[BTC]从74,000美元上涨至$ 10万美元，一些精选的Altcoins邮政为双位和三位数增长。现在，随着BTC在11.1万美元以上的新高高打印出来，可能很快就会见证一个更新和更广泛的Altcoin季节。

“I do think once Bitcoin tops around $118k-$122k and we’ll see a cool off and some sideways movement, and then this is where things get really interesting. Altcoin season.”

“我确实认为，曾经比特币的价格约为$ 118k- $ 122K，我们会看到一个凉爽的侧面运动，然后这是事情变得非常有趣的地方。

Wynn, who recently opened an $800 million BTC long position on Hyperliquid, expected the crypto asset to hit a top in a week or so. If validated, then the altcoin season may hit in June.

Wynn最近在Hyproliquid上开设了8亿美元的BTC长位，他预计加密货币资产将在一周左右的时间内达到最高水平。如果经过验证，则Altcoin季节可能会在6月发生。

Assessing altcoin season signals

评估Altcoin季节信号

Several early signs pointed to a budding altcoin season, especially after a slight drop in Tether’s USDT dominance (USDT.D). This suggests improving liquidity conditions as users reduce USDT holdings for altcoin gems.

几个早期的迹象表明了一个崭露头角的Altcoin季节，尤其是在Tether的USDT优势（USDT.D）略有下降之后。这表明随着用户减少Altcoin Gems的USDT持股，改善了流动性条件。

Notably, the above chart showed that the April bounce was this cycle’s third altcoin season phase, despite being relatively sluggish and concentrated on select gems. In each scenario, USDT dominance decline (red lines) was marked by a run-up (green arrows) in the altcoin market size (TOTAL 3, excluding BTC and ETH).

值得注意的是，以上图表显示，尽管相对缓慢并且专注于精选的宝石，但四月的反弹是该周期的第三个Altcoin赛季阶段。在每种情况下，USDT优势下降（红线）的标志是Altcoin市场规模（总计3，不包括BTC和ETH）。

In Q2 2025 alone, the altcoin market cap added $200 billion after USDT dominance slipped from 6% to 4.3%. But BTC dominance (BTC.D) strengthened to nearly 64% from mid-May, subjecting the sector to a brief cool-off. So, the BTC dominance needs to drop lower for Wynn’s projection to materialize.

仅在第二季度2025年第2季度，Altcoin市值在USDT优势从6％下降到4.3％后增加了2000亿美元。但是BTC的优势（BTC.D）从五月中旬开始增长到近64％，使该行业短暂冷静。因此，BTC的优势需要下降，以使Wynn的投影实现。

Another barometer, the ETH/BTC ratio, also leaned towards Wynn’s projection, noted Chris Burniske, crypto VC partner at Placeholder, he said, “If $ETH keeps making moves against $BTC, then Alt season will be upon us. May all your bags moon, for a period.”

他说，另一个晴雨表，ETH/BTC的比率也倾向于永利的投影，他说，Crypto VC合作伙伴Chris Burniske说：“如果$ ETH继续对$ BTC进行动作，那么Alt季节将会在我们身上。

The ratio recently jumped 40%, highlighting ETH’s outperformance against BTC, a bullish cue for altcoins. Any extended rally could increase the odds of the expected altcoin rally. However, market analyst Crypto Cred warned traders that not all BTC profits will be rotated to altcoins. He urged traders to focus only on top gems.

该比率最近跃升了40％，强调了ETH对BTC的表现，这是Altcoins的看涨提示。任何延长的集会都可以增加预期的替代集会的几率。但是，市场分析师Crypto Cred警告交易者，并非所有BTC利润都将转移到Altcoins。他敦促交易者只专注于顶级宝石。

In fact, Solana [SOL] and several other altcoins were on the verge of clearing the 200-day SMA (Simple Moving Average), raising the odds of a further rally. That said, the altcoin season index was still low at 20, underscoring a BTC season at the time of writing.

实际上，Solana [Sol]和其他几个Altcoins即将清除200天的SMA（简单的移动平均线），这增加了一次集会的几率。也就是说，Altcoin赛季指数在20时仍然很低，强调了写作时BTC赛季。