比特币若触及15万美元，这3枚山寨币或将爆发

If Bitcoin hits US$150,000, these three major altcoins deserve attention.

Bitcoin's recovery has brought risk appetite back to the crypto market. If Bitcoin finally extends this rally to $150,000, the market's attention may turn to altcoins with stronger fundamentals and business narratives. Three of these tokens stand out for very different reasons: Erena (ENA), ether.fi (ETHFI) and Bittensor (TAO). ENA and ETHFI are closely related to the DeFi protocol, which has generated huge fees, while TAO provides exposure for one of the largest long-term narratives in the cryptocurrency space: decentralized artificial intelligence.

These three coins have rebounded significantly from lows, so the easiest time to enter may have passed. Still, they are well below previous highs, and they still have huge room for revaluation if Bitcoin reaches $150,000 to spark a broader bull market in altcoins.

1. Ethena (ENA): A DeFi enterprise that generates real money

Ethena is the protocol behind USDe, a synthetic U.S. dollar native to cryptocurrency that aims to maintain its anchored price through collateral and Delta-neutral hedging strategies. USDe has grown into one of the largest cryptocurrency native U.S. dollar assets, with a current market capitalization of approximately US$4.9 billion.

The data behind the agreement may be more interesting than ENA's price. DefiLlama data shows that Ethena's total locked value (TVL) is approximately US$5.33 billion. In the past 30 days, it has incurred approximately $19.5 million in expenses, while total agreement revenue for the third quarter of 2026 (incomplete quarter) was close to $48.9 million. Cumulative expenses have exceeded US$1 billion. Importantly, these gross income figures should not be confused with the income available for distribution to ENA holders: Due to the large amount of pledge incentives and other costs Erena pays, the reported agreement income and gross profit are much smaller under DefiLlama's methodology.

Source: defilmaa.com

Aside from the above differences, Ethena has built a sizable business around products that a user actually uses. The appeal in another bull market is obvious: More crypto activity can increase demand for dollar liquidity, collateral and income products. USDe's integration on various exchanges and DeFi platforms provides Ethena with multiple ways to benefit from it.

ENA itself has achieved a huge rebound from its 2026 lows. Recent Market Data shows that the token is about 170% higher than its July low, but is still more than 70% below its 12-month high. This creates upside potential if Ethena continues to expand, but investors should not automatically equate the success of the agreement with an increase in ENA prices. Token value capture, USDe growth, funding conditions and upcoming supply changes remain key risks.

2. ether.fi (ETHFI): The fascinating story of revenue giving this DeFi token

ether.fi最初主要是一个以太坊流动性质押协议，但现已扩展为一个更广泛的链上金融平台。其生态系统现在包括质押、流动策略、借贷和EtherFi Cash，使该项目比单纯依赖质押拥有更多产生活动的途径。

这里的基本面同样突出。DefiLlama目前报告其TVL约为56亿美元，过去一个月增长了约19%。在过去30天中，该协议产生了约1320万美元的费用和360万美元的协议收入。按过去一年的数据计算，DefiLlama显示的年化费用接近1.98亿美元，协议收入接近4600万美元。

ETHFI特别有趣之处在于，其估值远低于协议内部沉淀的资金规模。目前价格约为0.71美元，DefiLlama报告显示其流通市值约为6.87亿美元，而TVL约为56亿美元。该代币仍比2024年3月创下的8.53美元的历史高点低约92%。

来源: defilama.com

DefiLlama的数据显示，这两种比较并不能使ETHFI自动成为“便宜”的投资（TVL不等于公司股权，协议收入也不一定会直接流向代币持有者），但它们有助于解释为什么在由DeFi引领的山寨币牛市中，ETHFI可能会吸引 renewed attention（ renewed关注）。如果比特币达到15万美元且以太坊随之大幅上涨，ether.fi可能会从更高的资产价值、更大的DeFi参与度以及对链上金融产品更强的需求中受益。风险也同样明确：ETHFI需要协议的增长转化为持久的代币经济学。仅在应用层面拥有强劲收入并不能保证代币表现同样强劲。

3. Bittensor (TAO)：加密货币领域最大的AI赌注之一

Bittensor是这个三人组中最不同的成员。Bittensor没有构建另一个DeFi平台，而是试图创建一个去中心化的机器智能市场。

该网络被划分为专门的子网（subnets），参与者竞争提供有用服务，并根据系统的激励机制获得奖励。这些子网可以专注于AI和计算的不同领域，赋予Bittensor一种类似市场的架构，而不是试图构建一个集中的AI产品。其经济系统使用TAO以及子网特定的alpha代币，将激励措施引导至网络参与者。

If AI is once again the dominant narrative of cryptocurrencies, TAO is an interesting candidate. The network also has bitcoin-like scarcity characteristics: the maximum supply of TAOs is 21 million, and its first halving occurred in December 2025. The current base circulation is 0.5 TAOs per block, or approximately 3600 TAOs per day.

TAO has reacted strongly to the recent market recovery, rising nearly 20% recently and recovering the $320 area. The opportunity (and risk) is that much of TAO's valuation depends on whether investors believe decentralized AI will become economically important. Bittensor still needs to prove that subnet activities can mature into persistent demand for useful AI services, rather than being driven mainly by token incentives and speculation.

Why are these three major tokens worth paying attention to if Bitcoin reaches US$150,000?

ENA, ETHFI and TAO provide three different ways to participate in another potential altcoin cycle. Ethena represents the synthetic dollar and stablecoin economy;ether.fi provides exposure to Ethereum-based on-chain finance;Bittensor represents decentralized AI infrastructure.

These three do not need Bitcoin to reach exactly US$150,000 to succeed, and Bitcoin's rise does not guarantee that funds will flow into these specific tokens. In some cycles, even if Bitcoin hits new highs, its dominance may remain high.

但是，如果15万美元的比特币伴随着更广泛的风险偏好和真正向山寨币的轮换，那么ENA和ETHFI背后有可衡量的协议业务支撑，而TAO则拥有 arguably（可以说）本十年最强技术叙事的敞口。

事实上，这三枚代币都已经从低点大幅反弹，这意味着期望值也在上升。