比特幣(BTC)最新價格上漲引發獲利了結，其每日實現收益約20億美元

隨著比特幣價格上漲至接近 10 萬美元的歷史高位，獲利回吐增加

Bitcoin (BTC) price enjoyed a recent rally that saw almost $2 billion in daily realized gains, indicating a large number of investors quickly profited from the price increase. However, a deeper analysis of the data reveals a clear separation between the long-term and short-term holders of Bitcoin.

比特幣 (BTC) 價格近期上漲，每日實現收益近 20 億美元，顯示大量投資者迅速從價格上漲中獲利。然而，對數據的更深入分析表明，比特幣的長期持有者和短期持有者之間存在明顯的差異。

As Bitcoin’s price surged to within reach of its record high of $100,000, increased profit-taking was observed among shorter-term investors, particularly those who acquired coins within the past year.

隨著比特幣價格飆升至 10 萬美元的歷史高點，短期投資者（尤其是那些在過去一年內購買比特幣的投資者）獲利回吐增加。

According to data from blockchain analytics firm Glassnode in “The Week Onchain,” $443 million in profits were realized across the Bitcoin holder spectrum on Nov. 22. However, these figures suggest a clear presence of selling pressure, and the realized profits paint a clearer picture of the market situation.

根據區塊鏈分析公司Glassnode 在《The Week Onchain》的數據，11 月22 日，比特幣持有者實現了4.43 億美元的利潤。描繪了更清晰的情況。

Among realized profits, coins with a holding period of 6-12 months contributed to 35.3% of the total sell activity, highlighting that newer market participants were dominant in selling.

在已實現利潤中，持有期為6-12個月的幣種佔總拋售量的35.3%，凸顯了新市場參與者在拋售中佔據主導地位。

‘Diamond Hands’ Display Fortitude

「鑽石手」展現堅韌

In contrast to the shorter-term investors, the ‘long term holders,’ more popularly termed the ‘diamond hands,’ displayed a measured approach during this particular run-up.

與短期投資者相比，「長期持有者」（更通俗地稱為「鑽石手」）在這次特殊的上漲過程中表現出了謹慎的態度。

In its latest report, Glassnode highlighted that these former holders remained largely patient with their coins, implying an anticipation of even higher Bitcoin price.

Glassnode 在其最新報告中強調，這些前持有者對他們的代幣基本上仍然保持耐心，這意味著他們預計比特幣價格會更高。

“More seasoned investors remain steadfast, refraining from selling en masse,” the report noted. This sentiment was evident in a sharp divergence between short-term and long-term holder activity.

報告指出，“經驗豐富的投資者仍然堅定不移，不會集體拋售。”這種情緒在短期和長期持有者活動之間的巨大差異中表現得很明顯。

Coins held for over a year saw relatively minimal profit-taking compared to those acquired more recently, particularly in the wake of the U.S. spot Bitcoin ETF approvals.

與最近購買的硬幣相比，持有一年多的硬幣的獲利回吐相對較小，特別是在美國現貨比特幣 ETF 獲得批准之後。

The introduction of U.S. spot Bitcoin ETFs played a pivotal role in attracting new market participants. However, these funds also showed significant sensitivity to Bitcoin price fluctuations.

美國現貨比特幣ETF的推出在吸引新市場參與者方面發揮了關鍵作用。然而，這些基金也對比特幣價格波動表現出極大的敏感度。

Over just two trading days, ETFs recorded net outflows exceeding $550 million, according to Farside Investors, coinciding with BTC/USD falling from $99,000 to $90,800.

據 Farside Investors 稱，在短短兩個交易日內，ETF 的淨流出超過 5.5 億美元，與此同時 BTC/美元從 99,000 美元跌至 90,800 美元。

Institutional investors, including those behind ETFs, appeared to be more reactive to short-term price movements than traditional long-term Bitcoin proponents.

機構投資者，包括 ETF 背後的投資者，似乎比傳統的長期比特幣支持者對短期價格變動更敏感。

This volatility was reflected in the performance of MicroStrategy, the company with the largest corporate Bitcoin holdings. After peaking on Nov. 21, its stock dropped 35% in a record four-day losing streak, even as it continued to expand its Bitcoin reserves.

這種波動性反映在 MicroStrategy 的業績上，該公司擁有最大的企業比特幣持有量。在 11 月 21 日達到頂峰後，儘管該公司繼續擴大比特幣儲備，但其股價仍下跌 35%，創下創紀錄的四連跌。

A Split Market Narrative for Bitcoin Price

比特幣價格的分裂市場敘述

The current market scenario seemed to weave a tale of two Bitcoin cohorts: one swiftly realizing profits and the other biding their time for potentially higher prices.

當前的市場狀況似乎編織了兩個比特幣群體的故事：一個迅速實現利潤，另一個則等待潛在更高價格的時機。

While newer market participants seized the opportunity to lock in gains, the restraint displayed by long-term holders underscored their confidence in Bitcoin’s long-term value.

雖然新的市場參與者抓住了鎖定收益的機會，但長期持有者表現出的克制凸顯了他們對比特幣長期價值的信心。

As Glassnode observed,

正如 Glassnode 觀察到的那樣，

“The dominance of coins aged 6 months to 1 year highlights that the majority of spending originates from newer entrants to the market.”

“6 個月至 1 年的代幣佔據主導地位，這凸顯出大部分支出來自市場新進入者。”

Meanwhile, seasoned Bitcoin veterans continued to play the long game, solidifying their reputation as the cornerstone of market stability.

與此同時，經驗豐富的比特幣資深人士繼續進行長期遊戲，鞏固了他們作為市場穩定基石的聲譽。

Bitcoin’s near-record price action had a way of reigniting conversations around profit-taking strategies and market resilience.

比特幣接近創紀錄的價格走勢在某種程度上重新引發了圍繞獲利回吐策略和市場彈性的討論。

Whether this rally served as a precursor to even greater heights or a signal for caution, one thing remained clear: Bitcoin price continued to captivate both seasoned investors and fresh entrants.

無論這次反彈是達到更高高度的前兆還是需要謹慎的信號，有一點仍然很明確：比特幣價格繼續吸引著經驗豐富的投資者和新進者。