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BTC 分析师指出：9月山寨币季已结束，市场流动性正回流比特币
有分析师表示，此前出现的山寨币行情已经结束。根据评估，当前的市场条件不再有利于山寨币表现，因为“山寨币季节指数”（Altcoin Season Index）已达到峰值。
流动性轮动回归比特币与稳定币
加密货币分析平台 Alphractal 的创始人兼分析师 Joao Wedson 在社交媒体 X 上分享了这一观点：“我们经历过的9月山寨币季已经结束了！目前不再是投资山寨币的理想时机，因为山寨币季节指数已经见顶。从历史数据来看，在此类峰值出现后，部分流动性往往会重新轮动回比特币和稳定币。”
历史模式表明，在达到峰值之后，市场流动性通常会向比特币和稳定币转移。这种资金轮动现象有助于解释在近期更广泛的市场下跌中，许多山寨币的价格跌幅为何比比特币更为陡峭。
该分析师补充道：“这一新的发展情况解释了为什么在近期的市场低迷中，多种山寨币的跌幅要显著大于比特币。”
图表数据印证周期规律
The subsequent trend chart of the "Altcoin Season Index" shared further supports the above assessment that the September altcoin season has ended. The chart tracks the proportion of major altcoins outperforming Bitcoin over the past few years versus the price of Bitcoin itself. When the index enters the top red zone, it usually marks the beginning of the altcoin season; when the index falls to the bottom green zone, it means the beginning of the Bitcoin season.
The data on the right side of the chart shows that the index surged significantly into the "altcoin season" range in September, and then there was a correction. This pattern is consistent with historical cycles, where peaks in the index often signal a return of liquidity to Bitcoin again.
These visual evidence strongly explains the recent larger decline in many altcoins relative to Bitcoin, reinforcing the view that current market conditions are more conducive to Bitcoin than other alternative cryptocurrencies.
