3月4日消息，链上数据表明，当前加密市场内部正在出现明显分化。区块链数据平台CryptoQuant最新报告显示，约38%的山寨币交易价格已接近历史最低水平，这一比例甚至超过了FTX崩盘后市场极端动荡时期的表现。分析师Darkfost指出，这一指标反映出在主流资产相对稳定的情况下，大量中小型代币仍面临持续抛售压力。
数据显示，本轮周期中山寨币的跌幅和持续时间都达到阶段性高位。与2022年市场剧烈清算不同，目前市场中并未出现大规模被迫抛售的情况。分析人士认为，此轮山寨币低迷更可能源于流动性收紧、资金风险偏好下降，以及资金重新集中流入比特币和以太坊等成熟资产。
市场结构变化也进一步加剧了这一趋势。随着机构资金逐渐进入数字资产领域，资金更倾向配置流动性更强、市场认可度更高的资产。与此同时，一些公链生态项目仍保持较高活跃度，例如Solana生态在开发者和用户参与度方面仍维持增长，这使得市场资金进一步集中在少数主流叙事资产上。
分析人士还指出，大量山寨币价格接近历史低位正在对市场流动性产生影响。部分代币订单簿深度明显下降，交易滑点扩大，使得资金进出成本增加。这种环境容易导致日内价格剧烈波动，也提高了短线交易的不确定性。
在监管层面，欧洲不断完善的数字资产监管框架也可能强化市场集中趋势。随着合规标准和信息披露要求提高，平台更倾向优先支持透明度更高、流动性更强的加密资产。业内人士认为，即便未来整体市场情绪回暖，缺乏基本面和生态支撑的边缘山寨币，仍可能在结构上长期处于劣势。
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