比推消息，据The Block报道，比特币主导率（占加密总市值比例）从去年12月的51%升至58.8%，创2021年初以来新高，打破市场对“山寨币季节”的预期。传统理论认为，比特币上涨后资金将轮动至高风险山寨币，但本轮周期出现结构性变化：机构持续增持：MicroStrategy等公司定向增发募资买入BTC，形成持续买压；新代币泛滥，分流山寨币流动性；ETF效应分化：比特币和以太坊现货ETF吸筹，未能带动其他山寨币普涨。
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