Crypto assets have shown resilience following a prolonged downtrend, with its press time valuation going to $2.96 trillion.

加密資產在長期下降趨勢後顯示出彈性，其新聞時間估值為2.9.6萬億美元。

Remarkably, it is now just $40 billion shy of its previous peak of $3 trillion, which it reached in January 2024.

值得注意的是，它現在僅比以前的3萬億美元高峰（2024年1月達到了300億美元）。

At press time, Bitcoin [BTC] traded at $71,590, Ethereum [ETH] at $2,040, Ripple [XRP] at $0.81, and Dogecoin [DOGE] at $0.74.

發稿時，比特幣[BTC]的交易價格為71,590美元，以太坊[ETH]的交易價格為2,040美元，Ripple [XRP]的價格為0.81美元，Dogecoin [Doge]的交易價格為0.74美元。

Could this be the moment smart money rewrites its playbook? A recent Grayscale report comparing several of its crypto holdings shows that BTC and XRP have turned a profit, while ETH and DOGE have contributed to losses.

這可能是Smart Money重寫其劇本的時刻嗎？最近的一份灰度報告比較了其幾個加密貨幣持有量，表明BTC和XRP已盈利，而ETH和DOGE則造成了損失。

According to the report, Ethereum and Dogecoin slumped 47% and 42.2%, respectively, over the past year.

根據該報告，在過去的一年中，以太坊和狗狗幣分別下跌了47％和42.2％。

However, Bitcoin and XRP delivered gains of 0.4% and 6.1%, respectively, cementing their positions as top performers.

但是，比特幣和XRP分別提供了0.4％和6.1％的收益，鞏固了其作為表現最佳的人的位置。

This type of market sentiment often dictates potential market movements, as retail and other institutional investors use it as a guide to decide where to channel their next investments.

這種類型的市場情緒通常決定了潛在的市場變動，因為零售和其他機構投資者將其用作決定在哪裡引導其下一次投資的指南。

This analysis from AMBCrypto explains why these individual assets rank as either top performers or underperformers within Grayscale’s portfolio.

來自Ambcrypto的分析解釋了為什麼這些個人資產在Grayscale的投資組合中排名最高或表現不佳的人。

Bitcoin attracts institutional interest

比特幣吸引機構興趣

Bitcoin has remained a major point of attraction in the crypto market.

比特幣仍然是加密市場中的主要吸引力。

Over the past few months, it has drawn heightened institutional interest, particularly following the approval of Spot Bitcoin Exchange-Traded Funds (ETFs), which now boast a total asset under management (AUM) of $110.3 billion, according to CoinGlass.

根據Coinglass的數據，在過去的幾個月中，它提高了機構利益，特別是在批准現貨比特幣交易所交易基金（ETF）之後，該資金現在擁有1,103億美元的總資產（AUM）。

Following Donald Trump’s inauguration, discussions around a federal Bitcoin strategic reserve resurfaced, further fueling institutional appetite.

唐納德·特朗普（Donald Trump）就職典禮後，圍繞聯邦比特幣戰略儲備的討論浮出水面，進一步加劇了機構的胃口。

For XRP, its growth has been influenced by the team’s approach to reaching a settlement with the U.S. Securities and Exchange Commission (S.E.C) over a years-long legal battle on whether XRP is a security.

對於XRP而言，其增長受到該團隊在為期一年的法律鬥爭中與美國證券交易委員會（SEC）達成和解的方法的影響。

In addition, Ripple’s focus on growth, including the launch of its own stablecoin, as well as several acquisitions and partnerships, has played a significant role in its market rally.

此外，Ripple對增長的關注，包括推出自己的Stablecoin，以及幾項收購和合作夥伴，在其市場集會中發揮了重要作用。

Liquidity outflow dampens ETH and memecoin’s trajectory

流動性流出會抑制ETH和MEMECOIN的軌跡

However, Ethereum failed to keep pace.

但是，以太坊未能保持步伐。

Ethereum, the second-most valuable crypto asset with a market capitalization of $217.4 billion, has underperformed. Although it showed positive growth in the past, it has recently lost appeal among investors.

Ethereum是第二個有價值的加密資產，市值為2174億美元，表現不佳。儘管過去表現出積極的增長，但最近在投資者中失去了吸引力。

The ETH/BTC chart, which tracks liquidity inflow and outflow between the two assets, shows that Ethereum has recorded significantly less liquidity compared to Bitcoin, with its dominance dropping 70% since January 2024.

追踪兩個資產之間流動性流入和流出的ETH/BTC圖表表明，與比特幣相比，以太坊的流動性明顯降低，自2024年1月以來，其優勢下降了70％。

On top of that, memecoins like Dogecoin struggled to attract new capital.

最重要的是，像Dogecoin這樣的成員努力吸引新資本。

According to Artemis data, the memecoin sector shrank by 44.3% year-to-date as investors fled toward more stable assets.

根據Artemis數據，由於投資者逃離了更穩定的資產，Memecoin部門逐漸減少了44.3％。

The overall memecoin market has declined by 44.3% year-to-date, as investors have shifted to either stable assets or other cryptocurrencies.

由於投資者已轉移到穩定的資產或其他加密貨幣，整體紀念品市場已下跌44.3％。