蠕虫（蠕虫）的表现要优于比特币，因为皇室的迈克尔警告“视网膜”

在他的最新市场失败中，总部位于阿姆斯特丹的贸易商和教育家Michaëlvan de Poppe警告说，“零售业还不到市场上”，并指出，广泛关注的AltCoin赛季指数仍在29左右new脚 - 低于50点的阈值，这表明比特币旋转到比特币和广阔的市场。

Amsterdam-based trader and educator Michaël van de Poppe warns that “retail isn’t here in the markets as of yet.”

总部位于阿姆斯特丹的交易员和教育家MichaëlVande Poppe警告说：“零售业尚未在市场上。”

The trader, who is widely followed on social media, made the point while noting that the widely-followed Altcoin Season Index is still languishing around 29—well below the 50-point threshold that would signal a rotation out of Bitcoin and into the broader market.

在社交媒体上广泛关注的交易者指出，广泛遵循的山寨币季节指数仍在努力29左右，低于50点阈值，这表明从比特币中旋转并进入更广阔的市场。

Against that still-cautious backdrop, Van de Poppe argues that the recent 38–42 percent rebound in the ETH/BTC pair is the first concrete sign of capital rotating down the risk curve, echoing on-chain data that show Ethereum clawing back ground after months of under-performance.

在仍然谨慎的背景下，范德波普（Van de Poppe）认为，最近在ETH/BTC对中的38-42％的反弹是第一个具体的迹象，即资本沿风险曲线旋转，呼应链上的数据，显示了几个月后的以太坊爪式倒闭后的倒退。

“We’ve had a 40% return against Bitcoin in just a week, and therefore the blue chips or the large caps are the ones to watch.”

“我们在短短一周内就对比特币获得了40％的回报，因此，蓝芯片或大帽子是值得关注的。”

Crypto Watchlist: Top 5 Altcoins

加密监视列表：前5个Altcoins

Van de Poppe’s thesis rests on a classic money-flow model: funds move from Bitcoin to Ethereum, then to large-cap altcoins, mid-caps and, finally, into the smallest caps once animal spirits truly take hold.

范德·波普（Van de Poppe）的论文基于经典的货币流模型：资金从比特币转移到以太坊，然后转变为大型山寨币，中帽，最后，一旦动物烈酒真正占据了最小的帽子。

With that framework in mind, he singles out five names that he believes sit at different rungs of the risk ladder, each with a specific macro- or sector-level tail-wind.

考虑到这个框架，他列出了五个名字，他认为坐在风险阶梯的不同梯级上，每个名字都有特定的宏观或部门级别的尾声。

The first pick, Chainlink (LINK), is Van de Poppe’s “easiest play” on institutional adoption because “we require oracles to provide data in the web-3 space to connect between web 2 and web 3.” The analyst emphasises that LINK’s bitcoin-denominated chart is “still at an all-time low,” suggesting asymmetric upside if a true altseason materialises.

第一个选择ChainLink（链接）是Van de Poppe在机构采用方面的“最简单的游戏”，因为“我们要求Oracles在Web-3空间中提供数据以在Web 2和Web 3之间连接。”分析师强调，Link以比特币计数的图表为“仍然处于历史最低水平”，这表明如果真正的Altsease构成，则表明不对称上升空间。

Next on the large-cap list is Aave (AAVE). Van de Poppe calls the decentralised lending protocol “a large cap which implies less risk,” but adds that the market is under-pricing its role in bringing bank-grade yield products on-chain. Notably, the token has attracted high-profile flows this cycle—Donald Trump–linked World Liberty Financial disclosed cumulative AAVE purchases alongside LINK and ETH earlier this year.

大帽列表上的下一个是AAVE（AAVE）。范德·波普（Van de Poppe）称该分散的贷款协议为“大型限额，这意味着较小的风险”，但补充说，市场在将银行级收益产品带入链上的作用降低了定价的作用。值得注意的是，该代币吸引了这个周期的引人注目的流动 - 唐纳德·特朗普（Donald Trump Trump）的世界自由金融（World Liberty Financial）在今年早些时候与Link and ETH一起披露了累积的AAVE。

Moving down the capitalization spectrum, the analyst turns to Wormhole (W), a cross-chain messaging and liquidity layer he describes as “being used to transfer between the chains,” with revenues that cycle back into the protocol. He flags its selection as exclusive bridge infrastructure for multiple real-world-asset initiatives in which “tokenised T-bill funds” migrate across networks. Wormhole’s fundamentals received a liquidity boost when Binance listed the W token with four trading pairs on 3 April 2024, broadening access for retail and institutional desks alike.

分析师向下移动资本谱，转向虫洞（W），这是他描述的跨链消息传递和流动性层“用于在链之间转移”，收入循环回该协议。他将其选择作为用于多个现实资产计划的独家桥梁基础架构，其中“令牌化的t-bill基金”跨越了网络。当Binance于2024年4月3日列出了四个贸易对，扩大了零售和机构桌子的通道，因此，Binance列出了W象征时，虫洞的基本面获得了流动性提升。

For investors willing to venture further out on the risk curve, Van de Poppe highlights Peaq (PEAQ), a layer-1 focused on DePIN and the machine economy. “It’s the largest ecosystem within the machine economy and … finally waking up again,” he says, citing on-chain data that already show more than 50 companies and six-million devices active on the network. He argues that growing transaction counts and cross-industry partnerships make PEAQ “interesting for an investment thesis” at current valuations.

对于愿意在风险曲线上进一步冒险的投资者，Van de Poppe强调了Peaq（Peaq），这是一个专注于DEPIN和机器经济的第1层。他说：“这是机器经济中最大的生态系统，……最终再次醒来。”链上数据已经显示了该网络上活跃的50多家公司和600万个设备。他认为，不断增长的交易数量和跨行业伙伴关系使Peaq在当前的估值中“为投资论文有趣”。

His smallest-cap mention is Alkimi (ADS), which he dubs “an advertising project” whose revenue “has gone 4x from $1.2 million to $5 million” even as the token corrected from $0.50 to $0.10 during the recent macro-driven sell-off. Alkimi positions itself as a decentralised ad exchange designed to cut supply-chain fees and provide on-chain transparency, a use-case the company claims can slash CPMs by over 200 percent for advertisers.

他最小的提及是Alkimi（Ads），他将其称为“广告项目”，其收入“从120万美元到500万美元，即使代币在最近的宏观驱动抛售中从0.50美元纠正到0.10美元。 Alkimi将自己定位为一种分散的AD交易所，旨在削减供应链费用并提供链上透明度，该公司声称，该公司声称可以将广告客户削减200％以上。

Van de Poppe closes with portfolio construction advice rather than price targets. “The larger the market cap, the longer it’s in business, the larger your allocation can be because the lower the risk involved. The smaller and newer the project, the smaller the allocation,” he says.

Van de Poppe以投资组合的建设建议而不是价格目标结束。他说：“市值越大，业务越长，您的分配就越大，因为所涉及的风险越小。项目越小，分配越小。”

At press time, the total crypto market cap stood at $3.18 trillion.

发稿时，总加密货币市场上限为3.18万亿美元。