投机资金转向宏观交易，山寨币市场流出逾 400 亿美元

Core Insights - The cryptocurrency market is experiencing significant capital withdrawal from small-cap tokens as risk appetite declines [1] - The median uptrend cycle for altcoins in 2025 is approximately 20 days, a notable reduction from the previous 40-60 days [1] - Since October, the open interest in altcoin futures has decreased by about 55%, equating to over $40 billion in exposure disappearing [1] - Market participants are increasingly shifting their trading focus towards Bitcoin and Ether, which are more liquid and closely tied to macroeconomic factors [1]