比特幣積累趨勢得分顯示持有人之間的分歧

在X上的一篇新帖子中，鏈分析公司GlassNode討論了各種比特幣持有人群的累積趨勢得分的最新趨勢。

New on-chain data from Glassnode shows that the smallest Bitcoin (BTC) holders have been deepening their selloff recently, while the largest of investors have been ramping up their buying.

GlassNode的新鏈上數據表明，最近最小的比特幣（BTC）持有人最近正在加深他們的拋售，而最大的投資者一直在加大購買。

Bitcoin Accumulation Trend Score Shows Divergence Forming Among Holders

比特幣積累趨勢得分顯示持有人之間的分歧

In a new post on X, the on-chain analytics firm discussed the latest trend in the Accumulation Trend Score for the various Bitcoin holder cohorts.

在X上的一篇新帖子中，這家鏈分析公司討論了各種比特幣持有人群的累積趨勢得分的最新趨勢。

The Accumulation Trend Score is an indicator that tells us about whether BTC investors are accumulating or distributing. It does this by measuring the change in the coin balance held by the addresses and also taking the size of the addresses into account.

累積趨勢得分是一個指標，它告訴我們BTC投資者是累積還是分發。它通過衡量地址持有的硬幣餘額的變化以及考慮地址的規模來實現這一目標。

When the metric’s value is greater than 0.5, it suggests that large investors (or alternatively, a large number of small investors) are buying. The closer the indicator is to the 1 mark, the stronger is this behavior.

當指標的價值大於0.5時，它表明大型投資者（或者是大量的小型投資者）正在購買。指標越接近1標記，這種行為越強。

On the other hand, the score being below 0.5 means the market is going through a potential phase of distribution. In this case, the extreme point lies at a value of zero.

另一方面，得分低於0.5，這意味著市場正在經歷潛在的分銷階段。在這種情況下，極端點為零。

In the current context, the version of the Accumulation Trend Score that’s of interest isn’t the one for the combined network, but rather the one that tracks the behavior separately for the various investor groups.

在當前的情況下，感興趣的累積趨勢得分的版本不是組合網絡的版本，而是分別跟踪各個投資者群體行為的版本。

Addresses or holders have been divided into these cohorts on the basis of wallet size. Here is how the Accumulation Trend Score has changed for each of the groups over the past year:

地址或持有人已根據錢包的大小將這些群體分為這些同類。這是過去一年中每個小組的累積趨勢得分的變化：

As displayed by the above graph, the Bitcoin Accumulation Trend Score saw a value close to the 1 level for most of the investor groups between November and January,suggesting strong accumulation was occurring. Alongside this buying, BTC enjoyed its bull run beyond the $100,000 level.

如上圖所示，比特幣累積趨勢得分在11月至1月之間的大多數投資者群體中的值接近1級的值，這表明發生了強大的積累。除了這次購買之外，BTC還享受了超過100,000美元的公牛運行。

However, with the start of this year, a shift to selling took place, with the indicator achieving a value close to zero for all the cohorts in February. Naturally, the cryptocurrency saw a bearish reversal as a result of this distribution.

但是，隨著今年年初的轉變，銷售發生了轉變，該指標在2月的所有人群中實現了接近零的價值。自然，加密貨幣由於這種分佈而產生了看跌的逆轉。

March saw the investors pull back a bit on their selling, but the net situation in the sector remained firmly that of distribution. From the chart, it’s visible that the holder behavior has been nearly uniform for most of the year so far, but recently, a divergence has become prominent.

三月使投資者在銷售中有所退縮，但是該行業的淨局勢仍然堅定地分配。從圖表來看，迄今為止大部分時間裡的持有人的行為幾乎是統一的，但是最近，差異已經變得突出。

Holders with less than 1 BTC, popularly known as retail investors, have deepened their distribution again, with the metric dropping under 0.2. On the other hand, investors on the exact opposite end of the spectrum, the largest of entities with more than 10,000 BTC, have shifted focus to accumulation, with the score nearing 0.6.

少於1 BTC的持有人（俗稱散戶投資者）再次加深了分銷，指標下降到0.2以下。另一方面，頻譜的相對端的投資者（擁有10,000多個BTC的最大實體）已將重點轉移到積累上，得分接近0.6。

Earlier, when bullish pressure began letting off for Bitcoin, these ‘mega whales‘ were the first to start participating in a strong selloff. However, with this smart-money cohort now once again doing something different from the rest of the market, it’s possible that another trend shift may be ahead for the asset.

早些時候，當看漲的壓力開始放下比特幣時，這些“巨型鯨魚”是第一個開始參與強烈拋售的人。但是，隨著這個聰明的人群現在再次做與其他市場不同的事情，資產可能會發生另一種趨勢變化。

BTC Price

BTC價格

Bitcoin has opened April with some recovery as its price has gone up to the $84,900 level.

比特幣已於4月開業，其價格已達到84,900美元。