{"id":296278,"date":"2025-02-14T14:19:00","date_gmt":"2025-02-14T06:19:00","guid":{"rendered":"https:\/\/pingtungtimes.com.tw\/?p=296278"},"modified":"2025-02-14T14:19:00","modified_gmt":"2025-02-14T06:19:00","slug":"bybit%e8%88%87block-scholes%e8%81%af%e5%90%88%e5%a0%b1%e5%91%8a%ef%bc%9a%e5%9c%a8%e4%b8%8d%e7%a2%ba%e5%ae%9a%e6%80%a7%e4%b8%ad%e6%8e%a2%e5%b0%8b%e5%b1%b1%e5%af%a8%e5%b9%a3%e7%88%86%e7%99%bc%e6%9c%9f","status":"publish","type":"post","link":"https:\/\/pingtungtimes.com.tw\/?p=296278","title":{"rendered":"Bybit\u8207Block Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f"},"content":{"rendered":"<div>\n<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2267288\/Logo.jpg?p=medium600\" border=\"0\" alt=\"\" title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p id=\"temp_ReleaseStart\"><span class=\"legendSpanClass\">\u963f\u806f\u914b\u8fea\u62dc<\/span><span class=\"legendSpanClass\">2025\u5e742\u670813\u65e5<\/span> <span>\/\u7f8e\u901a\u793e\/ &#8212; \u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240<u><br \/><span>Bybit and Block Scholes Report: Timing Altcoin Season in a Sea of Uncertainty<\/span><\/p>\n<\/p><\/div>\n<p class=\"prntaj\"><b><span>\u5c71\u5be8\u5e63\u7206\u767c\u671f\uff1a\u6642\u6a5f\u662f\u95dc\u9375\u00a0<\/span><\/b><\/p>\n<p class=\"prntaj\"><span>\u4f9d\u8cf4\u6bd4\u7279\u5e63<\/span><span>(BTC)\u548c\u4ee5\u592a\u574a(ETH)\u7b49\u4e3b\u6d41\u52a0\u5bc6\u8ca8\u5e63\u8cc7\u91d1\u6d41\u5165\u5c71\u5be8\u5e63\u7684\u4ea4\u6613\u8005\uff0c\u901a\u5e38\u671f\u5f85\u5e02\u5834\u7206\u767c\u6027\u589e\u9577&#8211;\u5e02\u503c\u5f80\u5f80\u98c6\u53476\u81f37\u500d\uff0c\u4f46\u8a31\u591a\u4eba\u7684\u8010\u5fc3\u6b63\u53d7\u5230\u8003\u9a57\u3002\u5831\u544a\u6307\u51fa\uff0c\u7576\u524d\u5e02\u5834\u8207\u6b77\u53f2\u5468\u671f\u6a21\u5f0f\u4e0d\u540c\uff0cBTC\u5728\u591a\u6b21\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u5f8c\u4ecd\u4fdd\u6301\u4e3b\u5c0e\u5730\u4f4d\uff0c\u6253\u7834\u4e86\u5341\u591a\u5e74\u4f86\u7684\u50b3\u7d71\u898f\u5f8b\u3002<\/span><\/p>\n<p class=\"prntaj\"><span>BTC\u5728\u672c\u5468\u671f\u4e2d\u5c1a\u672a\u8b93\u4f4d\u65bc\u5c0f\u773e\u9805\u76ee\uff0c\u9019\u4e0d\u50c5\u50c5\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u7684\u76c8\u5229\u504f\u597d\u3002\u5c71\u5be8\u5e63\u7206\u767c\u671f\u901a\u5e38\u4ee5\u300c\u5c71\u5be8\u5e63\u986f\u8457\u4e14\u6301\u7e8c\u8dd1\u8d0f\u5927\u76e4\u5e63\u300d\u70ba\u7279\u5f81\uff0c\u5f80\u5f80\u6a19\u5fd7\u8457\u725b\u5e02\u7684\u5c3e\u8072\u3002\u5831\u544a\u7a31\uff1a\u300c\u5728\u6211\u5011\u5b9a\u7fa9\u7684\u4e09\u6b21\u52a0\u5bc6\u8ca8\u5e63\u725b\u5e02\u4e2d\uff0c\u6700\u8fd1\u5169\u6b21\u90fd\u51fa\u73fe\u4e86\u8a31\u591a\u4ea4\u6613\u8005\u719f\u77e5\u7684\u300e \u5c71\u5be8\u5e63\u7206\u767c\u671f\u300f \u73fe\u8c61\u3002\u300d\u00a0<\/span><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder4060\">\n<p style=\"TEXT-ALIGN: center; WIDTH: 100%\"><a href=\"https:\/\/mma.prnasia.com\/media2\/2618729\/The_graph_illustrates_typical_capital_flow_patterns_growth_cycles_Starting.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2618729\/The_graph_illustrates_typical_capital_flow_patterns_growth_cycles_Starting.jpg?p=medium600\" title='The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an \"altseason\".  Source: Bybit, Block Scholes' alt='The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an \"altseason\".  Source: Bybit, Block Scholes'><\/a><br \/><span>The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an &#8220;altseason&#8221;. Source: Bybit, Block Scholes<\/span><\/p>\n<\/p><\/div>\n<p class=\"prntaj\"><b><span>\u65b0\u683c\u5c40\u8207\u672a\u4f86\u8def\u5f91<\/span><\/b><\/p>\n<p class=\"prntaj\"><span>\u5728\u5145\u6eff\u6d3b\u529b\u7684\u5e02\u5834\u80cc\u666f\u4e0b\uff0c\u5c71\u5be8\u5e63\u7684\u5e73\u6de1\u8868\u73fe\u8b93\u8cc7\u6df1\u4ea4\u6613\u8005\u5c0d\u539f\u56e0\u3001\u6a5f\u5236\u53ca\u672a\u4f86\u8d70\u52e2\u5145\u6eff\u7591\u554f\u3002<\/span><span>\u00a0 <\/span><\/p>\n<p class=\"prntaj\"><span>\u5831\u544a\u63ed\u793a\u4e86\u5c0e\u81f4\u9019\u4e00\u504f\u96e2\u7684\u986f\u8457\u56e0\u7d20\uff0c\u5305\u62ec<\/span><span>BTC\u6e1b\u534a\u30012020\u5e74\u7684DeFi\uff08\u4e2d\u5fc3\u5316\u91d1\u878d\uff09\u71b1\u6f6e\u3001ETF\uff08\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff09\u5e36\u4f86\u7684\u6a5f\u69cb\u8cc7\u91d1\u6d41\u5165\u4ee5\u53ca\u7a69\u5b9a\u5e63\u7684\u5ee3\u6cdb\u4f7f\u7528\u3002\u591a\u500b\u8de1\u8c61\u8868\u660e\uff0c\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u53ef\u80fd\u6b63\u5728\u767c\u751f\u6839\u672c\u6027\u8b8a\u5316\u3002\u4f8b\u5982\uff0c2024\u5e744\u6708\u7684\u6e1b\u534a\u6548\u61c9\u4e26\u672a\u6e1b\u7de9BTC\u7684\u8868\u73fe\uff0c\u9019\u8868\u660e\u5e02\u5834\u884c\u70ba\u51fa\u73fe\u4e86\u65b0\u7684\u7d50\u69cb\u6027\u8b8a\u5316\u3002\u00a0 <\/span><\/p>\n<p class=\"prntaj\"><span>\u5831\u544a\u9084\u5c55\u671b\u4e86\u65b0\u6642\u4ee3\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6f5b\u5728\u50ac\u5316\u5291\u3002\u4e3b\u8981\u60c5\u666f\u5305\u62ec<\/span><span>BTC\u6301\u6709\u8005\u5728\u65b0\u9ad8\u9ede\u7372\u5229\u5f8c\u8cc7\u91d1\u81ea\u7136\u8f2a\u52d5\u81f3\u5c71\u5be8\u5e63\u3002\u53e6\u4e00\u7a2e\u53ef\u80fd\u6027\u662fETH\u7684\u8868\u73fe&#8211;\u5982\u679cETH\u958b\u59cb\u8dd1\u8d0fBTC\uff0c\u53ef\u80fd\u6703\u5f15\u767c\u5c0d\u66ff\u4ee3\u52a0\u5bc6\u8ca8\u5e63\u7684\u5ee3\u6cdb\u8208\u8da3\uff0c\u985e\u4f3c\u65bc\u4e4b\u524d\u7684\u5e02\u5834\u5468\u671f\u3002\u6b64\u5916\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u5c0d\u65b0\u76e3\u7ba1\u898f\u8303\u7684\u9069\u61c9\uff0c\u52a0\u4e0a\u6563\u6236\u6295\u8cc7\u8005\u5c0dmeme\u5e63\u7684\u6301\u7e8c\u71b1\u60c5\uff0c\u90fd\u53ef\u80fd\u5171\u540c\u63a8\u52d5\u66f4\u5ee3\u6cdb\u7684\u5c71\u5be8\u5e63\u7206\u767c\u671f\u5230\u4f86\u3002\u00a0 <\/span><\/p>\n<p class=\"prntaj\"><span>\u66f4\u591a\u95dc\u65bc\u6587\u7ae0\u7684\u8a73\u7d30\u4fe1\u606f\u53ca\u5b8c\u6574\u5831\u544a\u5206\u6790\uff0c\u8acb\u8a2a\u554f<\/span><u><span><a href=\"https:\/\/learn.bybit.com\/insights\/\" target=\"_blank\" rel=\"nofollow noopener\">Bybit Learn<\/a><\/span><\/u><span>\u3002<\/span><span>\u00a0 <\/span><\/p>\n<p class=\"prntaj\"><span>#Bybit \/ #TheCryptoArk \/#BybitResearch\u00a0 <\/span><\/p>\n<p class=\"prntaj\"><span>\/\/\u7d50\u5c3e\u00a0 <\/span><\/p>\n<p class=\"prntaj\"><b><span>\u95dc\u65bc<\/span><span>Bybit <\/span><\/b><\/p>\n<p class=\"prntaj\"><span>Bybit\u6210\u7acb\u65bc2018\u5e74\uff0c\u662f\u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\uff0c\u670d\u52d9\u8d85\u904e6000\u842c\u5168\u7403\u7528\u6236\u3002Bybit\u81f4\u529b\u65bc\u70ba\u6bcf\u500b\u4eba\u6253\u9020\u4e00\u500b\u66f4\u7c21\u55ae\u3001\u958b\u653e\u548c\u5e73\u7b49\u7684\u751f\u614b\u7cfb\u7d71\uff0c\u5f9e\u800c\u5728\u53bb\u4e2d\u5fc3\u5316\u7684\u4e16\u754c\u4e2d\u91cd\u65b0\u5b9a\u7fa9\u958b\u653e\u6027\u3002Bybit\u6df1\u8015Web3\u9818\u57df\uff0c\u8207\u9818\u5148\u7684\u5340\u584a\u93c8\u5354\u8b70\u9032\u884c\u6230\u7565\u5408\u4f5c\uff0c\u63d0\u4f9b\u5805\u5be6\u7684\u57fa\u790e\u8a2d\u65bd\u4e26\u63a8\u52d5\u93c8\u4e0a\u5275\u65b0\u3002Bybit\u6191\u501f\u5b89\u5168\u7684\u6258\u7ba1\u670d\u52d9\u3001\u591a\u5143\u5316\u7684\u5e02\u5834\u3001\u76f4\u89c0\u7684\u7528\u6236\u9ad4\u9a57\u548c\u5148\u9032\u7684\u5340\u584a\u93c8\u5de5\u5177\u800c\u805e\u540d\uff0c\u642d\u5efa\u4e86\u50b3\u7d71\u91d1\u878d(TradFi)\u8207\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d(DeFi)\u4e4b\u9593\u7684\u6a4b\u6881\uff0c\u8ce6\u80fd\u5efa\u8a2d\u8005\u3001\u5275\u9020\u8005\u548c\u611b\u597d\u8005\u5145\u5206\u6316\u6398Web3\u7684\u5168\u90e8\u6f5b\u529b\u3002\u63a2\u7d22\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u672a\u4f86\uff0c\u8acb\u8a2a\u554f<u><a href=\"http:\/\/bybit.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Bybit.com<\/a><\/u>\u3002<\/span><\/p>\n<p class=\"prntaj\"><span>\u66f4\u591a\u8a73\u60c5\uff0c\u8acb\u8a2a\u554f<\/span><u><span><a href=\"https:\/\/www.bybit.com\/en\/press\" target=\"_blank\" rel=\"nofollow noopener\">Bybit Press<\/a><\/span><\/u><\/p>\n<p class=\"prntaj\"><span>\u5a92\u9ad4\u54a8\u8a62\uff0c\u8acb\u806f\u7cfb\uff1a<\/span><u><span><a href=\"mailto:media@bybit.com\" target=\"_blank\" rel=\"nofollow noopener\">media@bybit.com<\/a><\/span><\/u><\/p>\n<p class=\"prntaj\"><span>\u5982\u9700\u4e86\u89e3\u6700\u65b0\u4fe1\u606f\uff0c\u8acb\u95dc\u6ce8<\/span><span><a href=\"https:\/\/www.bybit.com\/en-us\/promo\/global\/communities\/\" target=\"_blank\" rel=\"nofollow noopener\">Bybit\u793e\u7fa4\u548c\u793e\u4ea4\u5a92\u9ad4<\/a><\/span><\/p>\n<p class=\"prntaj\"><u><span><a href=\"https:\/\/discord.gg\/bybit\" target=\"_blank\" rel=\"nofollow 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href=\"https:\/\/www.youtube.com\/c\/bybit\" target=\"_blank\" rel=\"nofollow noopener\">Youtube<\/a><\/u><\/span><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder0\">\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u963f\u806f\u914b\u8fea\u62dc2025\u5e742\u670813\u65e5&#8230;<\/p>\n","protected":false},"author":16,"featured_media":296279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[40567],"tags":[],"class_list":["post-296278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-40567"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bybit\u8207Block Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831<\/title>\n<meta name=\"description\" content=\"\u963f\u806f\u914b\u8fea\u62dc2025\u5e742\u670813\u65e5 \/\u7f8e\u901a\u793e\/ -- \u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240Bybit and Block Scholes Report: Timing Altcoin Season in a Sea of Uncertainty  \u5c71\u5be8\u5e63\u7206\u767c\u671f\uff1a\u6642\u6a5f\u662f\u95dc\u9375\u00a0 \u4f9d\u8cf4\u6bd4\u7279\u5e63(BTC)\u548c\u4ee5\u592a\u574a(ETH)\u7b49\u4e3b\u6d41\u52a0\u5bc6\u8ca8\u5e63\u8cc7\u91d1\u6d41\u5165\u5c71\u5be8\u5e63\u7684\u4ea4\u6613\u8005\uff0c\u901a\u5e38\u671f\u5f85\u5e02\u5834\u7206\u767c\u6027\u589e\u9577--\u5e02\u503c\u5f80\u5f80\u98c6\u53476\u81f37\u500d\uff0c\u4f46\u8a31\u591a\u4eba\u7684\u8010\u5fc3\u6b63\u53d7\u5230\u8003\u9a57\u3002\u5831\u544a\u6307\u51fa\uff0c\u7576\u524d\u5e02\u5834\u8207\u6b77\u53f2\u5468\u671f\u6a21\u5f0f\u4e0d\u540c\uff0cBTC\u5728\u591a\u6b21\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u5f8c\u4ecd\u4fdd\u6301\u4e3b\u5c0e\u5730\u4f4d\uff0c\u6253\u7834\u4e86\u5341\u591a\u5e74\u4f86\u7684\u50b3\u7d71\u898f\u5f8b\u3002 BTC\u5728\u672c\u5468\u671f\u4e2d\u5c1a\u672a\u8b93\u4f4d\u65bc\u5c0f\u773e\u9805\u76ee\uff0c\u9019\u4e0d\u50c5\u50c5\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u7684\u76c8\u5229\u504f\u597d\u3002\u5c71\u5be8\u5e63\u7206\u767c\u671f\u901a\u5e38\u4ee5\u300c\u5c71\u5be8\u5e63\u986f\u8457\u4e14\u6301\u7e8c\u8dd1\u8d0f\u5927\u76e4\u5e63\u300d\u70ba\u7279\u5f81\uff0c\u5f80\u5f80\u6a19\u5fd7\u8457\u725b\u5e02\u7684\u5c3e\u8072\u3002\u5831\u544a\u7a31\uff1a\u300c\u5728\u6211\u5011\u5b9a\u7fa9\u7684\u4e09\u6b21\u52a0\u5bc6\u8ca8\u5e63\u725b\u5e02\u4e2d\uff0c\u6700\u8fd1\u5169\u6b21\u90fd\u51fa\u73fe\u4e86\u8a31\u591a\u4ea4\u6613\u8005\u719f\u77e5\u7684\u300e \u5c71\u5be8\u5e63\u7206\u767c\u671f\u300f \u73fe\u8c61\u3002\u300d\u00a0   The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an &quot;altseason&quot;. Source: Bybit, Block Scholes  \u65b0\u683c\u5c40\u8207\u672a\u4f86\u8def\u5f91 \u5728\u5145\u6eff\u6d3b\u529b\u7684\u5e02\u5834\u80cc\u666f\u4e0b\uff0c\u5c71\u5be8\u5e63\u7684\u5e73\u6de1\u8868\u73fe\u8b93\u8cc7\u6df1\u4ea4\u6613\u8005\u5c0d\u539f\u56e0\u3001\u6a5f\u5236\u53ca\u672a\u4f86\u8d70\u52e2\u5145\u6eff\u7591\u554f\u3002\u00a0  \u5831\u544a\u63ed\u793a\u4e86\u5c0e\u81f4\u9019\u4e00\u504f\u96e2\u7684\u986f\u8457\u56e0\u7d20\uff0c\u5305\u62ecBTC\u6e1b\u534a\u30012020\u5e74\u7684DeFi\uff08\u4e2d\u5fc3\u5316\u91d1\u878d\uff09\u71b1\u6f6e\u3001ETF\uff08\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff09\u5e36\u4f86\u7684\u6a5f\u69cb\u8cc7\u91d1\u6d41\u5165\u4ee5\u53ca\u7a69\u5b9a\u5e63\u7684\u5ee3\u6cdb\u4f7f\u7528\u3002\u591a\u500b\u8de1\u8c61\u8868\u660e\uff0c\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u53ef\u80fd\u6b63\u5728\u767c\u751f\u6839\u672c\u6027\u8b8a\u5316\u3002\u4f8b\u5982\uff0c2024\u5e744\u6708\u7684\u6e1b\u534a\u6548\u61c9\u4e26\u672a\u6e1b\u7de9BTC\u7684\u8868\u73fe\uff0c\u9019\u8868\u660e\u5e02\u5834\u884c\u70ba\u51fa\u73fe\u4e86\u65b0\u7684\u7d50\u69cb\u6027\u8b8a\u5316\u3002\u00a0  \u5831\u544a\u9084\u5c55\u671b\u4e86\u65b0\u6642\u4ee3\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6f5b\u5728\u50ac\u5316\u5291\u3002\u4e3b\u8981\u60c5\u666f\u5305\u62ecBTC\u6301\u6709\u8005\u5728\u65b0\u9ad8\u9ede\u7372\u5229\u5f8c\u8cc7\u91d1\u81ea\u7136\u8f2a\u52d5\u81f3\u5c71\u5be8\u5e63\u3002\u53e6\u4e00\u7a2e\u53ef\u80fd\u6027\u662fETH\u7684\u8868\u73fe--\u5982\u679cETH\u958b\u59cb\u8dd1\u8d0fBTC\uff0c\u53ef\u80fd\u6703\u5f15\u767c\u5c0d\u66ff\u4ee3\u52a0\u5bc6\u8ca8\u5e63\u7684\u5ee3\u6cdb\u8208\u8da3\uff0c\u985e\u4f3c\u65bc\u4e4b\u524d\u7684\u5e02\u5834\u5468\u671f\u3002\u6b64\u5916\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u5c0d\u65b0\u76e3\u7ba1\u898f\u8303\u7684\u9069\u61c9\uff0c\u52a0\u4e0a\u6563\u6236\u6295\u8cc7\u8005\u5c0dmeme\u5e63\u7684\u6301\u7e8c\u71b1\u60c5\uff0c\u90fd\u53ef\u80fd\u5171\u540c\u63a8\u52d5\u66f4\u5ee3\u6cdb\u7684\u5c71\u5be8\u5e63\u7206\u767c\u671f\u5230\u4f86\u3002\u00a0  \u66f4\u591a\u95dc\u65bc\u6587\u7ae0\u7684\u8a73\u7d30\u4fe1\u606f\u53ca\u5b8c\u6574\u5831\u544a\u5206\u6790\uff0c\u8acb\u8a2a\u554fBybit Learn\u3002\u00a0  #Bybit \/ #TheCryptoArk \/#BybitResearch\u00a0  \/\/\u7d50\u5c3e\u00a0  \u95dc\u65bcBybit  Bybit\u6210\u7acb\u65bc2018\u5e74\uff0c\u662f\u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\uff0c\u670d\u52d9\u8d85\u904e6000\u842c\u5168\u7403\u7528\u6236\u3002Bybit\u81f4\u529b\u65bc\u70ba\u6bcf\u500b\u4eba\u6253\u9020\u4e00\u500b\u66f4\u7c21\u55ae\u3001\u958b\u653e\u548c\u5e73\u7b49\u7684\u751f\u614b\u7cfb\u7d71\uff0c\u5f9e\u800c\u5728\u53bb\u4e2d\u5fc3\u5316\u7684\u4e16\u754c\u4e2d\u91cd\u65b0\u5b9a\u7fa9\u958b\u653e\u6027\u3002Bybit\u6df1\u8015Web3\u9818\u57df\uff0c\u8207\u9818\u5148\u7684\u5340\u584a\u93c8\u5354\u8b70\u9032\u884c\u6230\u7565\u5408\u4f5c\uff0c\u63d0\u4f9b\u5805\u5be6\u7684\u57fa\u790e\u8a2d\u65bd\u4e26\u63a8\u52d5\u93c8\u4e0a\u5275\u65b0\u3002Bybit\u6191\u501f\u5b89\u5168\u7684\u6258\u7ba1\u670d\u52d9\u3001\u591a\u5143\u5316\u7684\u5e02\u5834\u3001\u76f4\u89c0\u7684\u7528\u6236\u9ad4\u9a57\u548c\u5148\u9032\u7684\u5340\u584a\u93c8\u5de5\u5177\u800c\u805e\u540d\uff0c\u642d\u5efa\u4e86\u50b3\u7d71\u91d1\u878d(TradFi)\u8207\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d(DeFi)\u4e4b\u9593\u7684\u6a4b\u6881\uff0c\u8ce6\u80fd\u5efa\u8a2d\u8005\u3001\u5275\u9020\u8005\u548c\u611b\u597d\u8005\u5145\u5206\u6316\u6398Web3\u7684\u5168\u90e8\u6f5b\u529b\u3002\u63a2\u7d22\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u672a\u4f86\uff0c\u8acb\u8a2a\u554fBybit.com\u3002 \u66f4\u591a\u8a73\u60c5\uff0c\u8acb\u8a2a\u554fBybit Press \u5a92\u9ad4\u54a8\u8a62\uff0c\u8acb\u806f\u7cfb\uff1amedia@bybit.com \u5982\u9700\u4e86\u89e3\u6700\u65b0\u4fe1\u606f\uff0c\u8acb\u95dc\u6ce8Bybit\u793e\u7fa4\u548c\u793e\u4ea4\u5a92\u9ad4 Discord\u00a0|\u00a0Facebook\u00a0|\u00a0Instagram\u00a0|\u00a0LinkedIn\u00a0|\u00a0Reddit\u00a0|\u00a0Telegram\u00a0|\u00a0TikTok\u00a0|\u00a0X\u00a0|\u00a0Youtube\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pingtungtimes.com.tw\/?p=296278\" \/>\n<meta property=\"og:locale\" content=\"zh_TW\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bybit\u8207Block Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831\" \/>\n<meta property=\"og:description\" content=\"\u963f\u806f\u914b\u8fea\u62dc2025\u5e742\u670813\u65e5 \/\u7f8e\u901a\u793e\/ -- \u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240Bybit and Block Scholes Report: Timing Altcoin Season in a Sea of Uncertainty  \u5c71\u5be8\u5e63\u7206\u767c\u671f\uff1a\u6642\u6a5f\u662f\u95dc\u9375\u00a0 \u4f9d\u8cf4\u6bd4\u7279\u5e63(BTC)\u548c\u4ee5\u592a\u574a(ETH)\u7b49\u4e3b\u6d41\u52a0\u5bc6\u8ca8\u5e63\u8cc7\u91d1\u6d41\u5165\u5c71\u5be8\u5e63\u7684\u4ea4\u6613\u8005\uff0c\u901a\u5e38\u671f\u5f85\u5e02\u5834\u7206\u767c\u6027\u589e\u9577--\u5e02\u503c\u5f80\u5f80\u98c6\u53476\u81f37\u500d\uff0c\u4f46\u8a31\u591a\u4eba\u7684\u8010\u5fc3\u6b63\u53d7\u5230\u8003\u9a57\u3002\u5831\u544a\u6307\u51fa\uff0c\u7576\u524d\u5e02\u5834\u8207\u6b77\u53f2\u5468\u671f\u6a21\u5f0f\u4e0d\u540c\uff0cBTC\u5728\u591a\u6b21\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u5f8c\u4ecd\u4fdd\u6301\u4e3b\u5c0e\u5730\u4f4d\uff0c\u6253\u7834\u4e86\u5341\u591a\u5e74\u4f86\u7684\u50b3\u7d71\u898f\u5f8b\u3002 BTC\u5728\u672c\u5468\u671f\u4e2d\u5c1a\u672a\u8b93\u4f4d\u65bc\u5c0f\u773e\u9805\u76ee\uff0c\u9019\u4e0d\u50c5\u50c5\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u7684\u76c8\u5229\u504f\u597d\u3002\u5c71\u5be8\u5e63\u7206\u767c\u671f\u901a\u5e38\u4ee5\u300c\u5c71\u5be8\u5e63\u986f\u8457\u4e14\u6301\u7e8c\u8dd1\u8d0f\u5927\u76e4\u5e63\u300d\u70ba\u7279\u5f81\uff0c\u5f80\u5f80\u6a19\u5fd7\u8457\u725b\u5e02\u7684\u5c3e\u8072\u3002\u5831\u544a\u7a31\uff1a\u300c\u5728\u6211\u5011\u5b9a\u7fa9\u7684\u4e09\u6b21\u52a0\u5bc6\u8ca8\u5e63\u725b\u5e02\u4e2d\uff0c\u6700\u8fd1\u5169\u6b21\u90fd\u51fa\u73fe\u4e86\u8a31\u591a\u4ea4\u6613\u8005\u719f\u77e5\u7684\u300e \u5c71\u5be8\u5e63\u7206\u767c\u671f\u300f \u73fe\u8c61\u3002\u300d\u00a0   The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an &quot;altseason&quot;. Source: Bybit, Block Scholes  \u65b0\u683c\u5c40\u8207\u672a\u4f86\u8def\u5f91 \u5728\u5145\u6eff\u6d3b\u529b\u7684\u5e02\u5834\u80cc\u666f\u4e0b\uff0c\u5c71\u5be8\u5e63\u7684\u5e73\u6de1\u8868\u73fe\u8b93\u8cc7\u6df1\u4ea4\u6613\u8005\u5c0d\u539f\u56e0\u3001\u6a5f\u5236\u53ca\u672a\u4f86\u8d70\u52e2\u5145\u6eff\u7591\u554f\u3002\u00a0  \u5831\u544a\u63ed\u793a\u4e86\u5c0e\u81f4\u9019\u4e00\u504f\u96e2\u7684\u986f\u8457\u56e0\u7d20\uff0c\u5305\u62ecBTC\u6e1b\u534a\u30012020\u5e74\u7684DeFi\uff08\u4e2d\u5fc3\u5316\u91d1\u878d\uff09\u71b1\u6f6e\u3001ETF\uff08\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff09\u5e36\u4f86\u7684\u6a5f\u69cb\u8cc7\u91d1\u6d41\u5165\u4ee5\u53ca\u7a69\u5b9a\u5e63\u7684\u5ee3\u6cdb\u4f7f\u7528\u3002\u591a\u500b\u8de1\u8c61\u8868\u660e\uff0c\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u53ef\u80fd\u6b63\u5728\u767c\u751f\u6839\u672c\u6027\u8b8a\u5316\u3002\u4f8b\u5982\uff0c2024\u5e744\u6708\u7684\u6e1b\u534a\u6548\u61c9\u4e26\u672a\u6e1b\u7de9BTC\u7684\u8868\u73fe\uff0c\u9019\u8868\u660e\u5e02\u5834\u884c\u70ba\u51fa\u73fe\u4e86\u65b0\u7684\u7d50\u69cb\u6027\u8b8a\u5316\u3002\u00a0  \u5831\u544a\u9084\u5c55\u671b\u4e86\u65b0\u6642\u4ee3\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6f5b\u5728\u50ac\u5316\u5291\u3002\u4e3b\u8981\u60c5\u666f\u5305\u62ecBTC\u6301\u6709\u8005\u5728\u65b0\u9ad8\u9ede\u7372\u5229\u5f8c\u8cc7\u91d1\u81ea\u7136\u8f2a\u52d5\u81f3\u5c71\u5be8\u5e63\u3002\u53e6\u4e00\u7a2e\u53ef\u80fd\u6027\u662fETH\u7684\u8868\u73fe--\u5982\u679cETH\u958b\u59cb\u8dd1\u8d0fBTC\uff0c\u53ef\u80fd\u6703\u5f15\u767c\u5c0d\u66ff\u4ee3\u52a0\u5bc6\u8ca8\u5e63\u7684\u5ee3\u6cdb\u8208\u8da3\uff0c\u985e\u4f3c\u65bc\u4e4b\u524d\u7684\u5e02\u5834\u5468\u671f\u3002\u6b64\u5916\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u5c0d\u65b0\u76e3\u7ba1\u898f\u8303\u7684\u9069\u61c9\uff0c\u52a0\u4e0a\u6563\u6236\u6295\u8cc7\u8005\u5c0dmeme\u5e63\u7684\u6301\u7e8c\u71b1\u60c5\uff0c\u90fd\u53ef\u80fd\u5171\u540c\u63a8\u52d5\u66f4\u5ee3\u6cdb\u7684\u5c71\u5be8\u5e63\u7206\u767c\u671f\u5230\u4f86\u3002\u00a0  \u66f4\u591a\u95dc\u65bc\u6587\u7ae0\u7684\u8a73\u7d30\u4fe1\u606f\u53ca\u5b8c\u6574\u5831\u544a\u5206\u6790\uff0c\u8acb\u8a2a\u554fBybit Learn\u3002\u00a0  #Bybit \/ #TheCryptoArk \/#BybitResearch\u00a0  \/\/\u7d50\u5c3e\u00a0  \u95dc\u65bcBybit  Bybit\u6210\u7acb\u65bc2018\u5e74\uff0c\u662f\u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\uff0c\u670d\u52d9\u8d85\u904e6000\u842c\u5168\u7403\u7528\u6236\u3002Bybit\u81f4\u529b\u65bc\u70ba\u6bcf\u500b\u4eba\u6253\u9020\u4e00\u500b\u66f4\u7c21\u55ae\u3001\u958b\u653e\u548c\u5e73\u7b49\u7684\u751f\u614b\u7cfb\u7d71\uff0c\u5f9e\u800c\u5728\u53bb\u4e2d\u5fc3\u5316\u7684\u4e16\u754c\u4e2d\u91cd\u65b0\u5b9a\u7fa9\u958b\u653e\u6027\u3002Bybit\u6df1\u8015Web3\u9818\u57df\uff0c\u8207\u9818\u5148\u7684\u5340\u584a\u93c8\u5354\u8b70\u9032\u884c\u6230\u7565\u5408\u4f5c\uff0c\u63d0\u4f9b\u5805\u5be6\u7684\u57fa\u790e\u8a2d\u65bd\u4e26\u63a8\u52d5\u93c8\u4e0a\u5275\u65b0\u3002Bybit\u6191\u501f\u5b89\u5168\u7684\u6258\u7ba1\u670d\u52d9\u3001\u591a\u5143\u5316\u7684\u5e02\u5834\u3001\u76f4\u89c0\u7684\u7528\u6236\u9ad4\u9a57\u548c\u5148\u9032\u7684\u5340\u584a\u93c8\u5de5\u5177\u800c\u805e\u540d\uff0c\u642d\u5efa\u4e86\u50b3\u7d71\u91d1\u878d(TradFi)\u8207\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d(DeFi)\u4e4b\u9593\u7684\u6a4b\u6881\uff0c\u8ce6\u80fd\u5efa\u8a2d\u8005\u3001\u5275\u9020\u8005\u548c\u611b\u597d\u8005\u5145\u5206\u6316\u6398Web3\u7684\u5168\u90e8\u6f5b\u529b\u3002\u63a2\u7d22\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u672a\u4f86\uff0c\u8acb\u8a2a\u554fBybit.com\u3002 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class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=296278#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=296278\"},\"author\":{\"name\":\"\u7f8e\u901a\u793e\",\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/#\\\/schema\\\/person\\\/683b937f29ec1537972f6c41e22a2cf3\"},\"headline\":\"Bybit\u8207Block Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f\",\"datePublished\":\"2025-02-14T06:19:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=296278\"},\"wordCount\":105,\"publisher\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=296278#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/wp-content\\\/uploads\\\/Bybit_Block_Scholes_Report_Timing_Altcoin_Season_a_Sea_Uncertainty.jpg\",\"articleSection\":[\"\u7f8e\u901a\u793e\"],\"inLanguage\":\"zh-TW\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=296278\",\"url\":\"https:\\\/\\\/pingtungtimes.com.tw\\\/?p=296278\",\"name\":\"Bybit\u8207Block Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f - 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\u4f9d\u8cf4\u6bd4\u7279\u5e63(BTC)\u548c\u4ee5\u592a\u574a(ETH)\u7b49\u4e3b\u6d41\u52a0\u5bc6\u8ca8\u5e63\u8cc7\u91d1\u6d41\u5165\u5c71\u5be8\u5e63\u7684\u4ea4\u6613\u8005\uff0c\u901a\u5e38\u671f\u5f85\u5e02\u5834\u7206\u767c\u6027\u589e\u9577--\u5e02\u503c\u5f80\u5f80\u98c6\u53476\u81f37\u500d\uff0c\u4f46\u8a31\u591a\u4eba\u7684\u8010\u5fc3\u6b63\u53d7\u5230\u8003\u9a57\u3002\u5831\u544a\u6307\u51fa\uff0c\u7576\u524d\u5e02\u5834\u8207\u6b77\u53f2\u5468\u671f\u6a21\u5f0f\u4e0d\u540c\uff0cBTC\u5728\u591a\u6b21\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u5f8c\u4ecd\u4fdd\u6301\u4e3b\u5c0e\u5730\u4f4d\uff0c\u6253\u7834\u4e86\u5341\u591a\u5e74\u4f86\u7684\u50b3\u7d71\u898f\u5f8b\u3002 BTC\u5728\u672c\u5468\u671f\u4e2d\u5c1a\u672a\u8b93\u4f4d\u65bc\u5c0f\u773e\u9805\u76ee\uff0c\u9019\u4e0d\u50c5\u50c5\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u7684\u76c8\u5229\u504f\u597d\u3002\u5c71\u5be8\u5e63\u7206\u767c\u671f\u901a\u5e38\u4ee5\u300c\u5c71\u5be8\u5e63\u986f\u8457\u4e14\u6301\u7e8c\u8dd1\u8d0f\u5927\u76e4\u5e63\u300d\u70ba\u7279\u5f81\uff0c\u5f80\u5f80\u6a19\u5fd7\u8457\u725b\u5e02\u7684\u5c3e\u8072\u3002\u5831\u544a\u7a31\uff1a\u300c\u5728\u6211\u5011\u5b9a\u7fa9\u7684\u4e09\u6b21\u52a0\u5bc6\u8ca8\u5e63\u725b\u5e02\u4e2d\uff0c\u6700\u8fd1\u5169\u6b21\u90fd\u51fa\u73fe\u4e86\u8a31\u591a\u4ea4\u6613\u8005\u719f\u77e5\u7684\u300e \u5c71\u5be8\u5e63\u7206\u767c\u671f\u300f \u73fe\u8c61\u3002\u300d\u00a0 The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an \\\"altseason\\\". Source: Bybit, Block Scholes \u65b0\u683c\u5c40\u8207\u672a\u4f86\u8def\u5f91 \u5728\u5145\u6eff\u6d3b\u529b\u7684\u5e02\u5834\u80cc\u666f\u4e0b\uff0c\u5c71\u5be8\u5e63\u7684\u5e73\u6de1\u8868\u73fe\u8b93\u8cc7\u6df1\u4ea4\u6613\u8005\u5c0d\u539f\u56e0\u3001\u6a5f\u5236\u53ca\u672a\u4f86\u8d70\u52e2\u5145\u6eff\u7591\u554f\u3002\u00a0 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Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an \"altseason\". 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Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an \"altseason\". Source: Bybit, Block Scholes  \u65b0\u683c\u5c40\u8207\u672a\u4f86\u8def\u5f91 \u5728\u5145\u6eff\u6d3b\u529b\u7684\u5e02\u5834\u80cc\u666f\u4e0b\uff0c\u5c71\u5be8\u5e63\u7684\u5e73\u6de1\u8868\u73fe\u8b93\u8cc7\u6df1\u4ea4\u6613\u8005\u5c0d\u539f\u56e0\u3001\u6a5f\u5236\u53ca\u672a\u4f86\u8d70\u52e2\u5145\u6eff\u7591\u554f\u3002\u00a0  \u5831\u544a\u63ed\u793a\u4e86\u5c0e\u81f4\u9019\u4e00\u504f\u96e2\u7684\u986f\u8457\u56e0\u7d20\uff0c\u5305\u62ecBTC\u6e1b\u534a\u30012020\u5e74\u7684DeFi\uff08\u4e2d\u5fc3\u5316\u91d1\u878d\uff09\u71b1\u6f6e\u3001ETF\uff08\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff09\u5e36\u4f86\u7684\u6a5f\u69cb\u8cc7\u91d1\u6d41\u5165\u4ee5\u53ca\u7a69\u5b9a\u5e63\u7684\u5ee3\u6cdb\u4f7f\u7528\u3002\u591a\u500b\u8de1\u8c61\u8868\u660e\uff0c\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u53ef\u80fd\u6b63\u5728\u767c\u751f\u6839\u672c\u6027\u8b8a\u5316\u3002\u4f8b\u5982\uff0c2024\u5e744\u6708\u7684\u6e1b\u534a\u6548\u61c9\u4e26\u672a\u6e1b\u7de9BTC\u7684\u8868\u73fe\uff0c\u9019\u8868\u660e\u5e02\u5834\u884c\u70ba\u51fa\u73fe\u4e86\u65b0\u7684\u7d50\u69cb\u6027\u8b8a\u5316\u3002\u00a0  \u5831\u544a\u9084\u5c55\u671b\u4e86\u65b0\u6642\u4ee3\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6f5b\u5728\u50ac\u5316\u5291\u3002\u4e3b\u8981\u60c5\u666f\u5305\u62ecBTC\u6301\u6709\u8005\u5728\u65b0\u9ad8\u9ede\u7372\u5229\u5f8c\u8cc7\u91d1\u81ea\u7136\u8f2a\u52d5\u81f3\u5c71\u5be8\u5e63\u3002\u53e6\u4e00\u7a2e\u53ef\u80fd\u6027\u662fETH\u7684\u8868\u73fe--\u5982\u679cETH\u958b\u59cb\u8dd1\u8d0fBTC\uff0c\u53ef\u80fd\u6703\u5f15\u767c\u5c0d\u66ff\u4ee3\u52a0\u5bc6\u8ca8\u5e63\u7684\u5ee3\u6cdb\u8208\u8da3\uff0c\u985e\u4f3c\u65bc\u4e4b\u524d\u7684\u5e02\u5834\u5468\u671f\u3002\u6b64\u5916\uff0c\u6a5f\u69cb\u6295\u8cc7\u8005\u5c0d\u65b0\u76e3\u7ba1\u898f\u8303\u7684\u9069\u61c9\uff0c\u52a0\u4e0a\u6563\u6236\u6295\u8cc7\u8005\u5c0dmeme\u5e63\u7684\u6301\u7e8c\u71b1\u60c5\uff0c\u90fd\u53ef\u80fd\u5171\u540c\u63a8\u52d5\u66f4\u5ee3\u6cdb\u7684\u5c71\u5be8\u5e63\u7206\u767c\u671f\u5230\u4f86\u3002\u00a0  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Bybit\u6210\u7acb\u65bc2018\u5e74\uff0c\u662f\u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240\uff0c\u670d\u52d9\u8d85\u904e6000\u842c\u5168\u7403\u7528\u6236\u3002Bybit\u81f4\u529b\u65bc\u70ba\u6bcf\u500b\u4eba\u6253\u9020\u4e00\u500b\u66f4\u7c21\u55ae\u3001\u958b\u653e\u548c\u5e73\u7b49\u7684\u751f\u614b\u7cfb\u7d71\uff0c\u5f9e\u800c\u5728\u53bb\u4e2d\u5fc3\u5316\u7684\u4e16\u754c\u4e2d\u91cd\u65b0\u5b9a\u7fa9\u958b\u653e\u6027\u3002Bybit\u6df1\u8015Web3\u9818\u57df\uff0c\u8207\u9818\u5148\u7684\u5340\u584a\u93c8\u5354\u8b70\u9032\u884c\u6230\u7565\u5408\u4f5c\uff0c\u63d0\u4f9b\u5805\u5be6\u7684\u57fa\u790e\u8a2d\u65bd\u4e26\u63a8\u52d5\u93c8\u4e0a\u5275\u65b0\u3002Bybit\u6191\u501f\u5b89\u5168\u7684\u6258\u7ba1\u670d\u52d9\u3001\u591a\u5143\u5316\u7684\u5e02\u5834\u3001\u76f4\u89c0\u7684\u7528\u6236\u9ad4\u9a57\u548c\u5148\u9032\u7684\u5340\u584a\u93c8\u5de5\u5177\u800c\u805e\u540d\uff0c\u642d\u5efa\u4e86\u50b3\u7d71\u91d1\u878d(TradFi)\u8207\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d(DeFi)\u4e4b\u9593\u7684\u6a4b\u6881\uff0c\u8ce6\u80fd\u5efa\u8a2d\u8005\u3001\u5275\u9020\u8005\u548c\u611b\u597d\u8005\u5145\u5206\u6316\u6398Web3\u7684\u5168\u90e8\u6f5b\u529b\u3002\u63a2\u7d22\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u672a\u4f86\uff0c\u8acb\u8a2a\u554fBybit.com\u3002 \u66f4\u591a\u8a73\u60c5\uff0c\u8acb\u8a2a\u554fBybit Press \u5a92\u9ad4\u54a8\u8a62\uff0c\u8acb\u806f\u7cfb\uff1amedia@bybit.com \u5982\u9700\u4e86\u89e3\u6700\u65b0\u4fe1\u606f\uff0c\u8acb\u95dc\u6ce8Bybit\u793e\u7fa4\u548c\u793e\u4ea4\u5a92\u9ad4 Discord\u00a0|\u00a0Facebook\u00a0|\u00a0Instagram\u00a0|\u00a0LinkedIn\u00a0|\u00a0Reddit\u00a0|\u00a0Telegram\u00a0|\u00a0TikTok\u00a0|\u00a0X\u00a0|\u00a0Youtube","og_url":"https:\/\/pingtungtimes.com.tw\/?p=296278","og_site_name":"\u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831","article_publisher":"https:\/\/www.facebook.com\/pingtungnews","article_published_time":"2025-02-14T06:19:00+00:00","og_image":[{"width":400,"height":225,"url":"https:\/\/pingtungtimes.com.tw\/wp-content\/uploads\/Bybit_Block_Scholes_Report_Timing_Altcoin_Season_a_Sea_Uncertainty.jpg","type":"image\/jpeg"}],"author":"\u7f8e\u901a\u793e","twitter_card":"summary_large_image","twitter_misc":{"\u4f5c\u8005:":"\u7f8e\u901a\u793e","\u9810\u4f30\u95b1\u8b80\u6642\u9593":"1 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Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f","datePublished":"2025-02-14T06:19:00+00:00","mainEntityOfPage":{"@id":"https:\/\/pingtungtimes.com.tw\/?p=296278"},"wordCount":105,"publisher":{"@id":"https:\/\/pingtungtimes.com.tw\/#organization"},"image":{"@id":"https:\/\/pingtungtimes.com.tw\/?p=296278#primaryimage"},"thumbnailUrl":"https:\/\/pingtungtimes.com.tw\/wp-content\/uploads\/Bybit_Block_Scholes_Report_Timing_Altcoin_Season_a_Sea_Uncertainty.jpg","articleSection":["\u7f8e\u901a\u793e"],"inLanguage":"zh-TW"},{"@type":"WebPage","@id":"https:\/\/pingtungtimes.com.tw\/?p=296278","url":"https:\/\/pingtungtimes.com.tw\/?p=296278","name":"Bybit\u8207Block Scholes\u806f\u5408\u5831\u544a\uff1a\u5728\u4e0d\u78ba\u5b9a\u6027\u4e2d\u63a2\u5c0b\u5c71\u5be8\u5e63\u7206\u767c\u671f\u7684\u6642\u6a5f - \u5c4f\u6771\u6642\u5831\u96fb\u5b50\u5831","isPartOf":{"@id":"https:\/\/pingtungtimes.com.tw\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pingtungtimes.com.tw\/?p=296278#primaryimage"},"image":{"@id":"https:\/\/pingtungtimes.com.tw\/?p=296278#primaryimage"},"thumbnailUrl":"https:\/\/pingtungtimes.com.tw\/wp-content\/uploads\/Bybit_Block_Scholes_Report_Timing_Altcoin_Season_a_Sea_Uncertainty.jpg","datePublished":"2025-02-14T06:19:00+00:00","description":"\u963f\u806f\u914b\u8fea\u62dc2025\u5e742\u670813\u65e5 \/\u7f8e\u901a\u793e\/ -- \u5168\u7403\u4ea4\u6613\u91cf\u7b2c\u4e8c\u5927\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u6240Bybit and Block Scholes Report: Timing Altcoin Season in a Sea of Uncertainty \u5c71\u5be8\u5e63\u7206\u767c\u671f\uff1a\u6642\u6a5f\u662f\u95dc\u9375\u00a0 \u4f9d\u8cf4\u6bd4\u7279\u5e63(BTC)\u548c\u4ee5\u592a\u574a(ETH)\u7b49\u4e3b\u6d41\u52a0\u5bc6\u8ca8\u5e63\u8cc7\u91d1\u6d41\u5165\u5c71\u5be8\u5e63\u7684\u4ea4\u6613\u8005\uff0c\u901a\u5e38\u671f\u5f85\u5e02\u5834\u7206\u767c\u6027\u589e\u9577--\u5e02\u503c\u5f80\u5f80\u98c6\u53476\u81f37\u500d\uff0c\u4f46\u8a31\u591a\u4eba\u7684\u8010\u5fc3\u6b63\u53d7\u5230\u8003\u9a57\u3002\u5831\u544a\u6307\u51fa\uff0c\u7576\u524d\u5e02\u5834\u8207\u6b77\u53f2\u5468\u671f\u6a21\u5f0f\u4e0d\u540c\uff0cBTC\u5728\u591a\u6b21\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u5f8c\u4ecd\u4fdd\u6301\u4e3b\u5c0e\u5730\u4f4d\uff0c\u6253\u7834\u4e86\u5341\u591a\u5e74\u4f86\u7684\u50b3\u7d71\u898f\u5f8b\u3002 BTC\u5728\u672c\u5468\u671f\u4e2d\u5c1a\u672a\u8b93\u4f4d\u65bc\u5c0f\u773e\u9805\u76ee\uff0c\u9019\u4e0d\u50c5\u50c5\u53cd\u6620\u4e86\u6295\u8cc7\u8005\u7684\u76c8\u5229\u504f\u597d\u3002\u5c71\u5be8\u5e63\u7206\u767c\u671f\u901a\u5e38\u4ee5\u300c\u5c71\u5be8\u5e63\u986f\u8457\u4e14\u6301\u7e8c\u8dd1\u8d0f\u5927\u76e4\u5e63\u300d\u70ba\u7279\u5f81\uff0c\u5f80\u5f80\u6a19\u5fd7\u8457\u725b\u5e02\u7684\u5c3e\u8072\u3002\u5831\u544a\u7a31\uff1a\u300c\u5728\u6211\u5011\u5b9a\u7fa9\u7684\u4e09\u6b21\u52a0\u5bc6\u8ca8\u5e63\u725b\u5e02\u4e2d\uff0c\u6700\u8fd1\u5169\u6b21\u90fd\u51fa\u73fe\u4e86\u8a31\u591a\u4ea4\u6613\u8005\u719f\u77e5\u7684\u300e \u5c71\u5be8\u5e63\u7206\u767c\u671f\u300f \u73fe\u8c61\u3002\u300d\u00a0 The graph illustrates typical capital flow patterns during growth cycles. Starting with BTC dominance in the recovery phase, capital gradually shifts to ETH as BTC hits new highs, before finally spreading to smaller cryptocurrencies, spiraling into an \"altseason\". Source: Bybit, Block Scholes \u65b0\u683c\u5c40\u8207\u672a\u4f86\u8def\u5f91 \u5728\u5145\u6eff\u6d3b\u529b\u7684\u5e02\u5834\u80cc\u666f\u4e0b\uff0c\u5c71\u5be8\u5e63\u7684\u5e73\u6de1\u8868\u73fe\u8b93\u8cc7\u6df1\u4ea4\u6613\u8005\u5c0d\u539f\u56e0\u3001\u6a5f\u5236\u53ca\u672a\u4f86\u8d70\u52e2\u5145\u6eff\u7591\u554f\u3002\u00a0 \u5831\u544a\u63ed\u793a\u4e86\u5c0e\u81f4\u9019\u4e00\u504f\u96e2\u7684\u986f\u8457\u56e0\u7d20\uff0c\u5305\u62ecBTC\u6e1b\u534a\u30012020\u5e74\u7684DeFi\uff08\u4e2d\u5fc3\u5316\u91d1\u878d\uff09\u71b1\u6f6e\u3001ETF\uff08\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1\uff09\u5e36\u4f86\u7684\u6a5f\u69cb\u8cc7\u91d1\u6d41\u5165\u4ee5\u53ca\u7a69\u5b9a\u5e63\u7684\u5ee3\u6cdb\u4f7f\u7528\u3002\u591a\u500b\u8de1\u8c61\u8868\u660e\uff0c\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u53ef\u80fd\u6b63\u5728\u767c\u751f\u6839\u672c\u6027\u8b8a\u5316\u3002\u4f8b\u5982\uff0c2024\u5e744\u6708\u7684\u6e1b\u534a\u6548\u61c9\u4e26\u672a\u6e1b\u7de9BTC\u7684\u8868\u73fe\uff0c\u9019\u8868\u660e\u5e02\u5834\u884c\u70ba\u51fa\u73fe\u4e86\u65b0\u7684\u7d50\u69cb\u6027\u8b8a\u5316\u3002\u00a0 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