比特幣牛市仍在繼續：市場分析顯示修正中的力量

區塊鏈分析公司 Glassnode 最近發布了一份報告，聲稱儘管近期市場出現調整，但比特幣 (BTC) 仍處於早期「欣快階段」。根據鏈上指標，該報告表明，與過去的週期相比，比特幣當前的價格波動相對溫和，表明該加密貨幣可能仍處於牛市的早期階段。

Bitcoin's Bull Run Still in Its Infancy: Market Analysis Reveals Signs of Strength Amidst Recent Correction

比特幣的多頭市場仍處於起步階段：市場分析顯示近期調整中出現走強跡象

A comprehensive report from blockchain analytics firm Glassnode paints a nuanced picture of Bitcoin's (BTC) current market dynamics, indicating that the recent price correction remains within the confines of a larger bull run.

區塊鏈分析公司 Glassnode 的一份綜合報告描繪了比特幣 (BTC) 當前市場動態的細緻入微的圖景，表明最近的價格調整仍處於更大規模牛市的範圍內。

Drawing upon on-chain metrics, the report asserts that Bitcoin's downward price action, while noticeable, pales in comparison to previous market cycles. This observation suggests that the pioneer cryptocurrency is still in the early stages of a sustained rally.

該報告根據鏈上指標斷言，比特幣的價格下跌雖然引人注目，但與先前的市場週期相比顯得相形見絀。這項觀察結果表明，先鋒加密貨幣仍處於持續反彈的早期階段。

The report highlights the relatively modest magnitude of pullbacks experienced by Bitcoin since its all-time high (ATH) was surpassed. Historically, market euphoria phases have witnessed price drawdowns exceeding 10%, with many dipping significantly deeper into the 25%+ range. Notably, the current market has endured only two corrections exceeding 10% since the ATH was breached.

該報告強調了比特幣自其歷史高點（ATH）被超越以來經歷的回調幅度相對較小。從歷史上看，市場欣欣向榮階段的價格下跌幅度超過 10%，其中許多跌幅明顯更深至 25% 以上的範圍。值得注意的是，自ATH被突破以來，目前市場僅經歷了兩次超過10%的調整。

Glassnode further attributes Bitcoin's strength over the past year to inflows from the spot market, as evidenced by an on-chain analysis of major industry exchanges. The report also suggests that the shorter-term correction is being mitigated by "new demand" from fresh entrants into the market.

Glassnode 將比特幣過去一年的強勢進一步歸因於現貨市場的資金流入，對主要行業交易所的鏈上分析證明了這一點。該報告還表明，新進入市場的「新需求」正在緩解短期調整。

"The strong market performance of Bitcoin over the last 12 months is supported by a remarkable uptick in both spot trade volumes and on-chain flows associated with exchanges," the report states. "By analyzing the Cumulative Volume Delta, we can also gauge that the demand side has been remarkably strong, albeit with bids patiently taking the maker side rather than the taker side."

報告指出：“比特幣在過去 12 個月的強勁市場表現得益於現貨交易量和與交易所相關的鏈上流量的顯著上升。” “透過分析累積交易量增量，我們還可以判斷需求方非常強勁，儘管出價耐心地佔據了製造商一方而不是接受方。”

The report concludes by noting that profit-taking has increased since the market surpassed the 2021 ATH but has since cooled in recent weeks. The balance of wealth is currently evenly distributed between long-term holders and new demand, a sign that the "Euphoria" phase is still in its relative infancy.

報告最後指出，自市場超過 2021 年最高峰以來，獲利回吐有所增加，但最近幾週有所降溫。目前，財富平衡在長期持有者和新需求之間均勻分配，這表明「興奮」階段仍處於相對初級階段。

Ultimately, the report from Glassnode provides a detailed and balanced perspective on Bitcoin's current market behavior. While the recent correction has raised concerns, the on-chain data suggests that the broader bull run is likely to continue, providing investors with potential opportunities for long-term growth and profitability.

最終，Glassnode 的報告對比特幣當前的市場行為提供了詳細且平衡的觀點。儘管最近的調整引發了擔憂，但鏈上數據表明，更廣泛的牛市可能會持續，為投資者提供長期成長和獲利的潛在機會。