加密货币市场的变化景观

瑞安·沃特金斯（Ryan Watkins）称

The digital asset market is poised for a new chapter of growth that could irrevocably alter the industry's long-term trajectory, according to Syncracy Capital co-founder Ryan Watkins. A former research analyst at Messari, Watkins believes that the crypto market is no longer subject to traditional cyclical patterns such as the four-year cycle or altcoin season, signaling that the industry has outgrown these once-predictable trends.

根据Syncracy Capital联合创始人Ryan Watkins的数据，数字资产市场有望为增长的新篇章，可以不可撤销地改变该行业的长期轨迹。沃特金斯（Watkins）曾是梅萨里（Messari）的一名研究分析师，他认为加密货币市场不再受到传统周期性模式的影响，例如四年周期或山寨币季节，这表明该行业已经超越了这些曾经可预测的趋势。

Watkins shared his perspectives on X (formerly Twitter), delving into the shifts that are driving the maturation of the crypto space. He highlighted several pivotal developments that are reshaping the market dynamics:

沃特金斯（Watkins）分享了他对X（以前是Twitter）的看法，深入研究了推动加密货币空间成熟的转变。他强调了一些重塑市场动态的关键发展：

Watkins believes that the concept of the traditional crypto cycle is becoming antiquated. He suggests that terms like “cycle” and “alt season” should be erased from the crypto lexicon. While fluctuations in the market will always persist, the underlying structure has fundamentally changed, leading Watkins to assert, “This is a fundamentally different game now.”

沃特金斯认为，传统加密周期的概念正在过时。他建议，应从加密词来删除诸如“循环”和“ ALT季节”之类的术语。尽管市场上的波动始终会持续存在，但根本的结构从根本上发生了变化，导致沃特金斯断言：“现在这是一场根本不同的游戏。”

The maturation of enduring projects and the shifting market structure are rendering the familiar boom-and-bust patterns of the past obsolete. The crypto market is undergoing a transition where speculative booms are becoming more sector-specific and less predictable, challenging investors who may have previously relied solely on historical trends to guide their decisions.

持久项目和转移市场结构的成熟正在使过去熟悉的繁荣和障碍模式过时。加密市场正在进行过渡，在这种过渡中，投机性繁荣变得越来越多，而且富有预测性，具有挑战性的投资者，他们以前可能仅依靠历史趋势来指导他们的决策。

Watkins also pointed to a new phase that will likely usher in an extended bull market. However, the path to the next extended bear market might take longer than most expect. “Higher than many expect, but takes longer to get there than most expect,” he notes. This suggests that the current bull run could persist for an extended period before the market cools down, testing investors' patience along the way.

沃特金斯还指出了一个新阶段，可能会引入扩展的牛市。但是，通往下一个扩展熊市的道路可能要比大多数人预期的要长。他指出：“比许多人预期的要高，但到达那里的时间比大多数人预期的要长。”这表明，在市场冷却之前，目前的公牛跑步可能会持续很长时间，从而测试了投资者在此过程中的耐心。

Another key observation from Watkins is the growing number of coins in the market. While some may view this explosion of assets with trepidation, Watkins sees it as a net positive for the industry. More coins and projects in the market will force investors to become more discerning in their choices.

沃特金斯的另一个主要观察结果是市场上越来越多的硬币。虽然有些人可能会因恐惧而爆炸，但沃特金斯将其视为该行业的净净值。市场上有更多的硬币和项目将迫使投资者在选择方面变得更加敏锐。

“As the asset class matures, it will be harder to make ridiculous multiples buying ridiculous assets,” Watkins explains. This is because, unlike in the early days of crypto where speculative investments were commonplace, today's market demands active management. Investors will need to be more selective, prioritizing projects with real value and long-term potential.

沃特金斯解释说：“随着资产类的成熟，很难使荒谬的倍数购买可笑的资产。”这是因为，在投机性投资很常见的加密货币早期不同，当今的市场需要积极的管理。投资者将需要更具选择性，优先考虑具有实际价值和长期潜力的项目。

Watkins' central message is that as the crypto asset class continues to mature, investors will need to adapt their strategies. The market will see increased dispersion—more assets with varying degrees of risk and reward. The days of easy wins from buying into speculative, early-stage assets are fading.

沃特金斯（Watkins）的核心信息是，随着加密资产类别的持续成熟，投资者将需要调整其策略。市场将看到扩散的增加​​ - 风险和回报程度不同的更多资产。从购买投机，早期资产逐渐消失的轻松胜利的日子。

In this evolving landscape, active management will become paramount. Investors who want to stay ahead must meticulously curate their portfolios and take a hands-on approach to ensure they are making wise choices. The focus will shift beyond just Bitcoin (BTC) and extend to a wider array of assets that promise innovation and real utility.

在这种不断发展的景观中，主动管理将变得至关重要。想要保持领先地位的投资者必须精心策划自己的投资组合，并采取动手态度，以确保他们做出明智的选择。重点将超越比特币（BTC），并扩展到更广泛的资产，这些资产承诺创新和实用性。

While the future of the crypto market may appear unpredictable at times, it's clear that we are entering an era where informed, strategic investing will take precedence over relying on outdated models.

尽管加密市场的未来有时似乎是不可预测的，但很明显，我们正在进入一个时代，在这个时代，知情，战略性投资将优先于依靠过时的模型。