新研究說，在2020年購買DIP的比特幣（BTC）投資者仍在等待更高的價格。

新研究說，在2020年或更高版本購買DIP的比特幣（BTC）投資者仍在等待更高的價格。

Bitcoin BTCUSD investors who bought the cryptocurrency in 2020 or later are still waiting for higher prices, new research says.

新研究說，在2020年或更晚購買加密貨幣的比特幣BTCUSD投資者仍在等待更高的價格。

In findings published on X on April 1, onchain analytics firm Glassnode revealed that $110,000 was not high enough to make many hodlers sell.

OnChain Analytics公司GlassNode在X發表的研究結果中顯示，110,000美元不足以使許多霍德爾出售。

"Although the share of wealth held by investors who bought BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels."

“儘管自2024年11月峰值以來，3 - 5年前購買BTC的投資者所佔據的財富份額下降了3個百分點，但它仍然處於歷史上的水平。”

An accompanying chart shows data from the Realized Cap HODL Waves metric, which splits the BTC supply into sections based on when each coin last moved onchain.

隨附的圖表顯示了來自已實現的CAP HODL WAVES度量的數據，該數據將BTC電源根據每個硬幣上次移動OnChain何時將BTC供應分成部分。

Using this, Glassnode is able to draw a distinction between the 2020-22 buyers and those who came immediately before them.

使用此功能，GlassNode能夠在2020-22個買家和即將到來的人之間進行區分。

"In contrast, over two-thirds of those who had bought BTC 5–7 years ago exited their positions by the December 2024 peak, reflecting their lower cost basis."

“相比之下，超過三分之二的人在5 - 7年前購買了BTC的人在2024年12月的山峰之前退出了職位，反映了他們的成本較低的基礎。”

Speculators stay cool at BTC price highs

投機者以BTC價格高高保持涼爽

As Cointelegraph reported, more recent buyers, who form the more speculative investor cohort known as short-term holders (STHs), have proven much more sensitive to recent BTC price volatility.

正如Cointelegraph所報導的那樣，較新的買家組成了更具投機性的投資者隊列，稱為短期持有人（STHS），已證明對最近的BTC價格波動更加敏感。

Episodes of panic selling have occurred throughout the past six months as BTCUSD hit new record highs and then fell by up to 30%.

在過去的六個月中，隨著BTCUSD命中新的紀錄高點，然後下降了30％，恐慌銷售的發作發生了。

Continuing, Glassnode said that current STH participation does not suggest a speculative frenzy — something common to previous BTC price cycle tops.

GlassNode繼續說，目前的STH參與並不暗示投機性瘋狂，這是以前的BTC價格週期頂部共有的。

"Short-Term Holders currently hold around 40% of Bitcoin's network wealth, after peaking near 50% earlier in 2025."

“短期持有人目前持有比特幣網絡財富的40％，在2025年早些時候達到50％之後達到頂峰。”