在2020-2021價格發現期間購買的比特幣（BTC）持有人沒有出售

數據表明，從那時起的買家的成本基礎從2020年的3600美元到2021年的高價69000美元不等，但尚未有動力出售

The cryptocurrency market has seen its fair share of ups and downs, especially in recent times. As the market continues to navigate this volatile landscape, a new report by Glassnode sheds light on the interesting behavior of Bitcoin buyers from 2020 to 2021. Despite the cryptocurrency's price ranging from a 2020 low of $3,600 to a 2021 high of $69,000, these buyers have shown no signs of being in a hurry to sell.

加密貨幣市場已經看到了相當多的起伏，尤其是最近。隨著市場繼續瀏覽這種波動的景觀，GlassNode的一份新報告闡明了比特幣買家從2020年到2021年的有趣行為。儘管加密貨幣的價格從2020年的2020年低至$ 3,600到2021年的2021年高到69,000美元，但這些買家沒有表現出遠離出售的跡象。

Despite a 3% decline in the share of wealth held by these investors from its November 2024 peak, it remains at historically high levels. This suggests that most of these buyers are still in the game and aren’t planning to exit anytime soon.

儘管這些投資者在2024年11月的峰值上佔據財富的份額下降了3％，但它仍然是歷史上很高的水平。這表明這些買家中的大多數仍在遊戲中，並且不打算很快退出。

In contrast, investors who purchased Bitcoin five to seven years ago, capitalizing on their lower cost basis, had exited their positions by December 2024.

相比之下，五到七年前購買比特幣的投資者以較低的成本為基礎，已經在2024年12月之前退出了職位。

Glassnode’s findings highlight that long-term holders have been steadfast in retaining their Bitcoin, while newer investors have shown more sensitivity to price changes. This is evident as Short-Term Holders (STHs, defined as those holding coins for less than 150 days) increased their selling pressure in December 2024.

Glassnode的發現強調，長期持有人堅定地保留了比特幣，而新的投資者對價格變動表現出了更大的敏感性。這很明顯，因為短期持有人（STH，定義為持有硬幣少於150天的持有人）在2024年12月增加了銷售壓力。

Over the past six months, Bitcoin's price has reached new all-time highs and dropped by as much as 30%, which might lead one to expect significant panic selling. However, the level of speculative behavior is much lower compared to past market tops.

在過去的六個月中，比特幣的價格已經達到了新的歷史新高，並下降了30％，這可能會導致人們期望大量的恐慌銷售。但是，與過去的市場頂部相比，投機行為的水平要低得多。

Glassnode pointed out that STH participation, a measure of speculative behavior, peaked at nearly 50% earlier in 2025. However, it remains significantly lower than previous cycle highs, where it soared above 70% to 80% during the 2013 and 2017 market peaks. This finding indicates a more tempered market.

GlassNode指出，STH的參與是一種投機行為的量度，在2025年之前達到了近50％的峰值。但是，在2013年和2017年市場峰值期間，它仍然明顯低於以前的周期高點，在2013年和2017年市場上，它的飆升至70％至80％以上。這一發現表明市場更加脾氣暴躁。

Additionally, Bitcoin exchange inflows have dropped to a two-year low, signaling that fewer investors are selling or moving their assets from one exchange to another. Despite the price surges earlier in 2025, many holders from 2020 have chosen to “HODL,” suggesting a shift away from short-term speculation toward long-term investment strategies.

此外，比特幣交換的流入量已下降到兩年的低點，這表明投資者銷售或將其資產從一種交易所出售或將其轉移到另一個交易所。儘管價格在2025年早些時候有所激增，但許多持有人從2020年開始選擇“ hodl”，這表明從短期投機轉向長期投資策略。

The data from Glassnode further shows that the market is not experiencing the same kind of speculative frenzy that typically accompanies price surges near cycle peaks. This is a stark contrast to previous cycles, which saw a different narrative emerge.

GlassNode的數據進一步表明，市場沒有經歷相同類型的投機性瘋狂，通常伴隨著附近週期峰值的價格飆升。這與以前的周期形成了鮮明的對比，後者出現了不同的敘述。

Glassnode's report showcases a more measured market behavior compared to past Bitcoin cycles, where speculative trading drove rapid market corrections, and market cycles were defined by strong macroeconomic trends.

與過去的比特幣週期相比，GlassNode的報告展示了更具衡量的市場行為，在這種情況下，投機性交易推動了快速市場的校正，而市場週期是由強大的宏觀經濟趨勢定義的。

The research suggests that while Bitcoin remains fundamentally volatile, its current market dynamics are less driven by speculative actions and more focused on long-term holding. This shift in market structure is a testament to the evolving nature of cryptocurrency investment.

該研究表明，儘管比特幣從根本上仍然是波動的，但其當前的市場動態受到投機性行動的驅動，而更專注於長期持有。市場結構的這種轉變證明了加密貨幣投資不斷發展的性質。