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

加密资产在长期下降趋势后显示出弹性，其新闻时间估值为2.9.6万亿美元。

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，它现在仅比以前的3万亿美元高峰（2024年1月达到了300亿美元）。

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.

发稿时，比特币[BTC]的交易价格为71,590美元，以太坊[ETH]的交易价格为2,040美元，Ripple [XRP]的价格为0.81美元，Dogecoin [Doge]的交易价格为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.

这可能是Smart Money重写其剧本的时刻吗？最近的一份灰度报告比较了其几个加密货币持有量，表明BTC和XRP已盈利，而ETH和DOGE则造成了损失。

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

根据该报告，在过去的一年中，以太坊和狗狗币分别下跌了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，比特币和XRP分别提供了0.4％和6.1％的收益，巩固了其作为表现最佳的人的位置。

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.

这种类型的市场情绪通常决定了潜在的市场变动，因为零售和其他机构投资者将其用作决定在哪里引导其下一次投资的指南。

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

来自Ambcrypto的分析解释了为什么这些个人资产在Grayscale的投资组合中排名最高或表现不佳的人。

Bitcoin attracts institutional interest

比特币吸引机构兴趣

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

比特币仍然是加密市场中的主要吸引力。

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.

根据Coinglass的数据，在过去的几个月中，它提高了机构利益，特别是在批准现货比特币交易所交易基金（ETF）之后，该资金现在拥有1,103亿美元的总资产（AUM）。

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

唐纳德·特朗普（Donald Trump）就职典礼后，围绕联邦比特币战略储备的讨论浮出水面，进一步加剧了机构的胃口。

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.

对于XRP而言，其增长受到该团队在为期一年的法律斗争中与美国证券交易委员会（SEC）达成和解的方法的影响。

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对增长的关注，包括推出自己的Stablecoin，以及几项收购和合作伙伴，在其市场集会中发挥了重要作用。

Liquidity outflow dampens ETH and memecoin’s trajectory

流动性流出会抑制ETH和MEMECOIN的轨迹

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是第二个有价值的加密资产，市值为2174亿美元，表现不佳。尽管过去表现出积极的增长，但最近在投资者中失去了吸引力。

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.

追踪两个资产之间流动性流入和流出的ETH/BTC图表表明，与比特币相比，以太坊的流动性明显降低，自2024年1月以来，其优势下降了70％。

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

最重要的是，像Dogecoin这样的成员努力吸引新资本。

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

根据Artemis数据，由于投资者逃离了更稳定的资产，因此，Memecoin部门逐渐减少了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.

由于投资者已转移到稳定的资产或其他加密货币，整体纪念品市场已下跌44.3％。