比特幣（BTC）投資者一直在從積累轉移到分銷

這家鏈分析公司GlassNode在一份報告中透露，比特幣投資者最近如何看到朝著強烈的變化轉變。

The on-chain analytics firm Glassnode has revealed in a report how the Bitcoin investors have seen a shift toward strong distirbution recently.

這家鏈分析公司GlassNode在一份報告中透露，比特幣投資者最近如何看到朝著強烈的變化轉變。

Bitcoin Accumulation Trend Score Has Been At A Low Level Recently

比特幣積累趨勢得分最近處於低水平

In its latest weekly report, Glassnode has talked about the latest trend in the Bitcoin Accumulation Trend Score. The “Accumulation Trend Score” is an indicator that tells us about the degree of accumulation that the BTC investors as a whole are participating in.

GlassNode在其最新的每週報告中談到了比特幣積累趨勢得分的最新趨勢。 “累積趨勢得分”是一個指標，它告訴我們BTC投資者整體參與的積累程度。

The indicator calculates its value not just by looking at the balance changes that happened in investor wallets over the past month, but also by weighing said changes against the size of the holdings themselves.

該指標不僅通過查看過去一個月的投資者錢包中發生的餘額變化來計算其價值，還通過權衡所述更改與持股本身的規模來計算其價值。

When the value of the metric is close to 1, it means the large investors (or a large number of small entities) are adding to their holdings. On the other hand, it being near 0 suggests the market is observing distribution, or simply, a lack of accumulation.

當指標的價值接近1時，這意味著大型投資者（或大量的小實體）正在增加其股份。另一方面，它接近0表明市場正在觀察分佈，或者簡單地觀察到缺乏積累。

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Accumulation Trend Score over the last couple of years:

現在，這是分析公司共享的圖表，該圖顯示了過去幾年比特幣積累趨勢得分的趨勢：

In the chart, the dark shades correspond to values related to accumulation, while the light ones to distribution. It’s apparent that the market was seeing the Accumulation Trend Score sitting at a very dark shade during the last couple of months of 2024, meaning that heavy accumulation was taking place

在圖表中，深色陰影對應於與累積相關的值，而光陰影則對應於分佈。顯然，在2024年的最後幾個月中，市場看到積累趨勢得分處於非常黑暗的陰影，這意味著大量積累正在發生

This strong accumulation from the large entities was likely what fueled the price rally to new all-time highs (ATHs). A similar phase of buying was also seen during the first quarter of 2024 and the asset enjoyed a rally then as well.

大型實體的這種強勁積累可能是將價格集會推向新歷史高峰（ATHS）的原因。在2024年第一季度也看到了類似的購買階段，當時資產也享有集會。

From the chart, it’s visible that this previous period of accumulation was followed by a phase of strong distribution. It would appear that a similar pattern has also emerged this time, as the Accumulation Trend Score has been flashing distribution values since January.

從圖表中，可以看到以前的積累階段之後是一個強分佈的階段。這次似乎也出現了類似的模式，因為自1月以來的累積趨勢得分一直在閃爍分佈值。

Last year, the distribution phase kicked off a long period of consolidation for Bitcoin, but this time, the cryptocurrency has outright seen a significant decline. It’s possible that as long as the Accumulation Trend Score remains in this zone, the coin’s price will continue to suffer.

去年，分銷階段開始了長時間的比特幣整合，但是這次，加密貨幣已經完全下降了。只要累積趨勢得分留在該區域，硬幣的價格就會繼續遭受損失。

While the Accumulation Trend Score is a useful indicator for gauging the trend being followed by the market as a whole, the metric can hide the granular details related to market behavior. Glassnode has shared another metric in the the report, that contains these details by looking at how much buying last occurred at particular cost basis levels.

儘管累積趨勢得分是衡量整個市場之後的趨勢的有用指標，但度量標準可以隱藏與市場行為相關的顆粒細節。 GlassNode在該報告中共享了另一個指標，其中包含這些細節，通過查看最後一次購買以特定的成本基礎水平進行。

As the analytics firm has highlighted in the chart, the Bitcoin investors were buying the ‘dip’ when BTC first entered into this bearish phase, implying they still believed the bull run to be on.

正如分析公司在圖表中強調的那樣，當BTC首次進入這個看跌階段時，比特幣投資者正在購買“ DIP”，這意味著他們仍然認為公牛的運行時間。

During the latest crash, however, this hasn’t been the case, as these price levels still don’t host the cost basis of any significant part of the supply.

但是，在最新的崩潰中，情況並非如此，因為這些價格水平仍然沒有供應的任何重要部分的成本基礎。