比特幣在多頭市場中盤整：方舟投資看到健康修正

儘管比特幣最近價格盤整，但 Ark Invest 的報告稱，這是多頭修正，而不是熊市。鏈上指標顯示多頭市場正處於早期到中期階段，MVRV Z 得分低於顯示超買狀況的水平。現貨比特幣 ETF 的流入和流出平衡，而長期持有者則進行獲利了結，這是波動牛市中的典型現象。在全球經濟不確定性和法定貨幣貶值的情況下，Ark 的研究結果將在 11 月的 Benzinga 數位資產未來會議上進行討論。

Bitcoin's Consolidation: A Healthy Correction Amidst a Promising Bull Run

比特幣的盤整：充滿希望的牛市中的健康修正

Ark Invest, renowned for its bullish stance on transformative technologies, has released an insightful report asserting that the recent price consolidation in Bitcoin (BTC) is not indicative of a bear market, but rather a healthy adjustment within a sustained bull run.

以其對變革性技術的看漲立場而聞名的 Ark Invest 發布了一份富有洞察力的報告，聲稱比特幣 (BTC) 最近的價格盤整並不表明熊市，而是持續牛市中的健康調整。

On-Chain Metrics Reveal Market Health

鏈上指標揭示市場健康狀況

The report meticulously analyzes various on-chain metrics to gauge Bitcoin's health. Notably, while Bitcoin's price surged by 16.5% in March, reaching $71,288, some long-term holders have taken advantage of the opportunity to realize profits.

該報告仔細分析了各種鏈上指標，以衡量比特幣的健康狀況。值得注意的是，儘管比特幣價格在 3 月飆升 16.5%，達到 71,288 美元，但一些長期持有者利用這個機會實現了盈利。

However, Ark Invest emphasizes that this profit-taking is counterbalanced by the influx of new investors entering the market. This is evidenced by the record inflows into spot Bitcoin ETFs, suggesting that the market remains vibrant and resilient.

不過，Ark Invest強調，這種獲利回吐被新投資者湧入市場所抵銷。現貨比特幣 ETF 創紀錄的資金流入證明了這一點，表明市場仍然充滿活力和彈性。

Indicators Point to an Early-Stage Bull Run

指標顯示牛市處於早期階段

Bitcoin's closing price of $71,288 in March signifies a remarkable 16.5% monthly gain and a substantial 68.6% increase in the first quarter of the year. One crucial metric highlighted by Ark Invest is the MVRV Z-Score, which assesses whether Bitcoin is over or undervalued relative to its realized value.

比特幣 3 月收盤價為 71,288 美元，月度上漲 16.5%，今年第一季大幅上漲 68.6%。 Ark Invest 強調的一項關鍵指標是 MVRV Z 分數，它評估比特幣相對於其實現價值是否被高估或低估。

"Compared to past cycles, Bitcoin's MVRV Z-Score indicates that its price is in the early to mid stages of a bull market," the report states, implying significant room for growth before reaching overbought conditions.

報告指出，“與過去的周期相比，比特幣的 MVRV Z 得分錶明其價格處於牛市的早期到中期階段”，這意味著在達到超買條件之前還有很大的成長空間。

Ark Invest elaborates on the significance of this metric: "MVRV Z-Score measures the difference between Bitcoin's market cap and realized cap... and gauges the stage of the market relative to its mean in terms of standard deviations. Currently, the measures are below the thresholds that typically indicate peak valuations."

Ark Invest 詳細說明了該指標的重要性：「MVRV Z-Score 衡量比特幣市值與已實現市值之間的差異……並根據標準差衡量市場相對於其平均值的階段。目前，這些衡量標準是低於通常表明估值峰值的閾值。”

Spot Bitcoin ETFs and Profit-Taking Dynamics

現貨比特幣 ETF 和獲利了結動態

The report also examines the behavior of spot Bitcoin ETFs and long-term holders. In March, total assets under management (AUM) in spot Bitcoin ETFs soared to $59.1 billion, reflecting a 21.8% increase from February. Notably, inflows and outflows for these ETFs have been relatively balanced, indicating a cautious but stable investor sentiment.

該報告還研究了現貨比特幣 ETF 和長期持有者的行為。 3 月份，現貨比特幣 ETF 的管理總資產（AUM）飆升至 591 億美元，較 2 月成長 21.8%。值得注意的是，這些ETF的流入和流出相對平衡，顯示投資者情緒謹慎但穩定。

Despite the bullish signals, the document acknowledges that some long-term Bitcoin holders have begun to take profits, a behavior typically observed in high-volatility bull markets. "Based on a six-month horizon, net outflows in 'supply last moved one year ago or more' increased during the first quarter," Ark reports, adding that this trend is consistent with previous bull market phases.

儘管發出了看漲信號，但該文件承認，一些長期比特幣持有者已開始獲利了結，這是高波動性多頭市場中常見的行為。 Ark 報告稱：「從六個月的角度來看，『供應上次移動一年前或更長時間』的淨流出在第一季度有所增加。」他補充說，這一趨勢與之前的牛市階段一致。

Fiat Depreciation and Global Economic Weakness

法定貨幣貶值與全球經濟疲軟

Adding to the complexity of the financial landscape, Ark's analysis considers the depreciation of global fiat currencies such as the Egyptian pound and Nigerian naira. This trend underscores broader economic challenges, including GDP and GDI issues, which could impact market sentiment and pricing power worldwide.

阿克的分析考慮了埃及鎊和尼日利亞奈拉等全球法定貨幣的貶值，這加劇了金融格局的複雜性。這一趨勢凸顯了更廣泛的經濟挑戰，包括 GDP 和 GDI 問題，這可能會影響全球市場情緒和定價能力。

Implications for Investors and the Upcoming Benzinga Conference

對投資者和即將舉行的 Benzinga 會議的影響

As Bitcoin continues to navigate significant profit-taking while consolidating at all-time highs, Ark's findings will be a focal point of discussion at the Benzinga Future of Digital Assets conference on November 19. The conference will delve into the implications of these market behaviors and the strategic responses adopted by institutional and retail investors alike.

隨著比特幣繼續大幅獲利回吐，同時在歷史高點進行盤整，Ark 的發現將成為 11 月 19 日 Benzinga 數位資產未來會議討論的焦點。會議將深入探討這些市場行為的影響和機構投資者和散戶所採取的策略應對措施。