<h2><strong>关键要点</strong></h2>
<p><em>比特币主导地位的下降和山寨币市值的上升表明山寨币市场正在增强。财政流入和 ETF 的热潮推动了主要币种的看涨情绪。</em></p>
<hr/>
<p>长期持有者对比特币 [BTC] 和以太坊 [ETH] 的信心增强，因为大量 BTC 和 ETH 从交易所撤出。</p>
<p>这种撤出通常表明持有资产的长期意图，并显示出市场信心。</p>
<h2><strong>比特币主导地位下滑</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Bitcoin-Dominance.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Bitcoin-Dominance.png"/></p>
<p>来源：TradingView 上的 BTC.D</p>
<p>比特币主导地位跌破 58.1% 的关口。青色框突出显示了 2020-21 年 BTC.D 的关键支撑/阻力位。</p>
<p>跌破这一支撑对山寨币市场来说是一个积极的发展，因为这表明资金流向比特币以外的地方。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Altcoin-Market-Cap.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Altcoin-Market-Cap.png"/></p>
<p>来源：TradingView 上的 TOTAL3</p>
<p>TOTAL3 指标追踪不包括 BTC 和 ETH 的加密市场市值，接近每周收盘超过 1.13 万亿美元。</p>
<p>这一水平首次在 2021 年 11 月达到，并在 2024 年 12 月重新测试，但当时价格未能收盘在其上方，显示出该水平的重要性。</p>
<p>因此，每周收盘超过这一关键水平将是山寨币市场看涨力量的标志。</p>
<p>这并不意味着即将迎来全面的山寨币季节。相反，它表明山寨币在未来几个月有很大机会获得大幅收益。</p>
<p>顺便提一下，并不是所有山寨币都能保证表现良好。</p>
<h2><strong>主要山寨币叙事已经开始形成</strong></h2>
<p>一些山寨币将在山寨季节中比其他同类币种受益更多。</p>
<p>在大型山寨币中，Solana [SOL] 已经见证了机构的财政活动不断增加。此外，以太坊在 6 月和 7 月也吸引了机构的关注。</p>
<p>例如，最大的持有者，如 BitMine 和 SharpLink，在过去一个月中向其财政中增加了超过一百万个 ETH。</p>
<p>同样，SOL 在过去一个月也经历了强劲的财政积累，购买了超过 260 万个 SOL。</p>
<p>被推迟到下周的狗狗币 ETF 使 DOGE 价格突破了 0.25 美元的局部阻力，并挑战 0.3 美元的水平。围绕 ETF 的炒作可能会引发更广泛的收益，尤其是对于表情包币。</p>
<p>最后，潜在的九月降息可能会提振风险资产，首先是比特币。这一变化可能会将看涨情绪延续到山寨币市场。</p>

ETHE

<p>比特币的市场主导地位已降至 58.1% 以下，表明资金正在向其他币种转移，这些币种显示出强劲的迹象。其他币种的总市值接近 1.13 万亿美元，这是自 2021 年底以来未曾突破的重要水平。机构对 Solana 和 Ethereum 等其他币种的兴趣正在上升，且有大量的资金积累。延迟的狗狗币 ETF 也可能推动迷因币的表现。9 月份可能的降息将进一步增强整个加密市场的看涨情绪</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><p><em>The decline in Bitcoin Dominance and the rise in altcoin market cap indicated a strengthening of the altcoin market. Treasuryinflows and ETF buzz fueled bullish sentiment in majors.</em></p>
<div class="lb-trans"><p><em>比特币主导地位的下降和山寨币市值的上升表明山寨币市场正在增强。财政流入和 ETF 的热潮推动了主要币种的看涨情绪。</em></p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>Long-term holder confidence in Bitcoin [BTC] and Ethereum [ETH] grew, as large withdrawals of BTC and ETH left exchanges.</p>
<div class="lb-trans"><p>长期持有者对比特币 [BTC] 和以太坊 [ETH] 的信心增强，因为大量 BTC 和 ETH 从交易所撤出。</p>
</div><p>Such withdrawals generally indicate an intent to hold the assets long-term and denote market confidence.</p>
<div class="lb-trans"><p>这种撤出通常表明持有资产的长期意图，并显示出市场信心。</p>
</div><h2><strong>Bitcoin dominance slides</strong></h2>
<div class="lb-trans"><h2><strong>比特币主导地位下滑</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Bitcoin-Dominance.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Bitcoin-Dominance.png"/></p>
<p>Source: BTC.D on TradingView</p>
<div class="lb-trans"><p>来源：TradingView 上的 BTC.D</p>
</div><p>Bitcoin Dominance fell below the 58.1% mark. The cyan box highlighted a key support/resistance from 2020-21 for BTC.D.</p>
<div class="lb-trans"><p>比特币主导地位跌破 58.1% 的关口。青色框突出显示了 2020-21 年 BTC.D 的关键支撑/阻力位。</p>
</div><p>A drop below this support was a positive development for the altcoin market, as it showed capital flow was directed outside Bitcoin.</p>
<div class="lb-trans"><p>跌破这一支撑对山寨币市场来说是一个积极的发展，因为这表明资金流向比特币以外的地方。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/09/Altcoin-Market-Cap.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/09/Altcoin-Market-Cap.png"/></p>
<p>Source: TOTAL3 on TradingView</p>
<div class="lb-trans"><p>来源：TradingView 上的 TOTAL3</p>
</div><p>The TOTAL3 metric, which tracks crypto market capitalization excluding BTC and ETH, approached a weekly close above $1.13 trillion.</p>
<div class="lb-trans"><p>TOTAL3 指标追踪不包括 BTC 和 ETH 的加密市场市值，接近每周收盘超过 1.13 万亿美元。</p>
</div><p>This level was first reached in November 2021 and retested in December 2024, but the price failed to close above it then, showing thesignificance of the level.</p>
<div class="lb-trans"><p>这一水平首次在 2021 年 11 月达到，并在 2024 年 12 月重新测试，但当时价格未能收盘在其上方，显示出该水平的重要性。</p>
</div><p>Hence, a weekly session close above this key level would be a sign of bullish strength in the altcoin market.</p>
<div class="lb-trans"><p>因此，每周收盘超过这一关键水平将是山寨币市场看涨力量的标志。</p>
</div><p>It does not point to an imminent full-blown altcoin season. Rather, it showed that there was a high chance of altcoins seeing large gains in the coming months.</p>
<div class="lb-trans"><p>这并不意味着即将迎来全面的山寨币季节。相反，它表明山寨币在未来几个月有很大机会获得大幅收益。</p>
</div><p>By the way, it should be noted that not all altcoins are guaranteed to perform well.</p>
<div class="lb-trans"><p>顺便提一下，并不是所有山寨币都能保证表现良好。</p>
</div><h2><strong>Major altcoin narratives are already building</strong></h2>
<div class="lb-trans"><h2><strong>主要山寨币叙事已经开始形成</strong></h2>
</div><p>Select altcoins will benefit more from an alt season than their peers.</p>
<div class="lb-trans"><p>一些山寨币将在山寨季节中比其他同类币种受益更多。</p>
</div><p>Among the large-cap altcoins, Solana [SOL] has already witnessed growing treasury plays from institutions. Moreover, Ethereum saw rising interest from institutions in June and July.</p>
<div class="lb-trans"><p>在大型山寨币中，Solana [SOL] 已经见证了机构的财政活动不断增加。此外，以太坊在 6 月和 7 月也吸引了机构的关注。</p>
</div><p>For instance, the largest holders, such as BitMine and SharpLink, have added over a million ETH to their treasuries in the past month.</p>
<div class="lb-trans"><p>例如，最大的持有者，如 BitMine 和 SharpLink，在过去一个月中向其财政中增加了超过一百万个 ETH。</p>
</div><p>Similarly, SOL saw strong treasury accumulation over the past month as well, with over 2.6 million SOL bought.</p>
<div class="lb-trans"><p>同样，SOL 在过去一个月也经历了强劲的财政积累，购买了超过 260 万个 SOL。</p>
</div><p>The Dogecoin ETF, which has been delayed to next week, saw DOGE prices break past the local resistance at $0.25 and challenge the $0.3 level. Hype around the ETF could spark wider gains for memecoins.</p>
<div class="lb-trans"><p>被推迟到下周的狗狗币 ETF 使 DOGE 价格突破了 0.25 美元的局部阻力，并挑战 0.3 美元的水平。围绕 ETF 的炒作可能会引发更广泛的收益，尤其是对于表情包币。</p>
</div><p>Finally, a potential September rate cut may lift risk assets, starting with Bitcoin. That shift could extend bullish sentiment into the altcoin market.</p>
<div class="lb-trans"><p>最后，潜在的九月降息可能会提振风险资产，首先是比特币。这一变化可能会将看涨情绪延续到山寨币市场。</p>
</div>

比特币走弱，山寨币正在为下一轮市场反弹积蓄力量——还有哪些其他因素？