据彭博社,随着风险偏好回落,加密市场中小市值代币正经历明显资金撤离。做市商 Wintermute 的 OTC 报告显示,2025 年山寨币行情的中位上涨周期仅约 20 天,较此前 40–60 天明显缩短;自 10 月以来,山寨币期货未平仓合约规模下降约 55%,对应超过 400 亿美元的敞口消失。市场参与者正更多转向 Bitcoin 和 Ether 等流动性更高、与宏观因素关联度更强的资产进行交易。
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