比特幣分配動態揭曉：9.5% 的供應量以超過 60,000 美元的價格獲得

根據 Glassnode 最近的分析，比特幣供應量的 9.5%（即 187 萬比特幣）的購買價格超過 6 萬美元。此次收購主要由短期持有者進行，顯示比特幣在價格水平較高的情況下大量累積。有趣的是，部分在 2021 年牛市期間購買的長期持有者仍維持其部位，可能受益於最近的價格上漲。

Bitcoin's Distribution Dynamics Unveiled: 9.5% of Supply Acquired Above $60,000

比特幣的分配動態揭曉：9.5% 的供應量超過 60,000 美元

Data released by the renowned on-chain analytics firm, Glassnode, has shed light on the intricate distribution patterns of the Bitcoin (BTC) supply. A substantial 9.5% of the circulating bitcoins, equivalent to 1.875 million BTC, have been acquired at price levels exceeding $60,000.

著名的鏈上分析公司 Glassnode 發布的數據揭示了比特幣（BTC）供應的複雜分佈模式。流通中的比特幣中有 9.5%（相當於 187.5 萬比特幣）是以超過 6 萬美元的價格購買的。

Supply Distribution Analysis

供應分佈分析

Glassnode's in-depth analysis reveals a comprehensive breakdown of this distribution. The chart depicting the realized price distribution of the entire circulating supply indicates that 9.5% of the supply has been purchased at prices above $60,000.

Glassnode 的深入分析揭示了該分佈的全面細分。描繪整個流通供應量的已實現價格分佈的圖表表明，9.5% 的供應量是以高於 60,000 美元的價格購買的。

Division of Holdings: STHs and LTHs

控股部門：STH 和 LTH

Within the Bitcoin market, investors are primarily categorized into short-term holders (STHs) and long-term holders (LTHs) based on the holding period of their coins. The distinction between these groups is demarcated at 155 days.

在比特幣市場中，投資者根據比特幣持有期限主要分為短期持有者（STH）和長期持有者（LTH）。這些組別之間的差異以 155 天為界。

The distribution analysis highlights that the vast majority of the supply purchased above $60,000 falls under the STH category. However, it is noteworthy that some LTHs, who purchased during the 2021 bull run, are also included in this segment.

分佈分析強調，絕大多數購買價格超過 6 萬美元的供應都屬於 STH 類別。但值得注意的是，一些在 2021 年牛市期間購買的 LTH 也包含在這一細分市場中。

The presence of LTHs in this high-cost acquisition range suggests that certain investors, despite facing substantial setbacks during the market downturns, have maintained their conviction and held their ground. Notably, as Bitcoin's price recovers, these investors are now approaching or have potentially crossed their break-even point.

LTH 在這一高成本收購範圍內的存在表明，某些投資者儘管在市場低迷期間面臨重大挫折，但仍保持信念並堅守陣地。值得注意的是，隨著比特幣價格的回升，這些投資者現在正在接近或可能已經突破損益兩平點。

Factors Influencing Supply Purchase

影響供應採購的因素

The significant proportion of supply acquired at these elevated levels can be attributed to several factors. Firstly, Bitcoin's recent surge in value, which has attracted considerable interest and led to increased buying activity.

在如此高的水平上獲得的供應量的很大一部分可以歸因於幾個因素。首先，比特幣近期價值飆升，引起了相當大的興趣並導致購買活動增加。

Secondly, the inflows into Bitcoin spot exchange-traded funds (ETFs) have also contributed to the acquisition of coins at these relatively high prices.

其次，比特幣現貨交易所交易基金（ETF）的流入也有助於以相對較高的價格購買比特幣。

Role of LTHs in Market Dynamics

LTH 在市場動態中的作用

Traditionally, LTHs are viewed as the most resolute segment of the market, typically exhibiting a tenacious hold on their assets despite market fluctuations. However, recent data suggests a significant shift in their behavior.

傳統上，LTH 被視為市場中最堅定的部分，儘管市場波動，但通常仍表現出對其資產的頑強持有。然而，最近的數據顯示他們的行為發生了重大轉變。

LTH Supply Reduction

LTH供應減少

Over the past several weeks, LTHs have been observed to actively reduce their holdings, shedding approximately 900,000 BTC since December. This substantial reduction suggests that LTHs, who have amassed significant profits during their long-term tenure, are now capitalizing on the market's recovery by harvesting their gains.

過去幾週，LTH 積極減持，自 12 月以來減持了約 90 萬枚 BTC。這一大幅下降表明，在長期任職期間積累了大量利潤的LTH現在正在透過市場復甦來收穫收益。

Glassnode attributed around 286,000 BTC from this reduction to outflows from the Grayscale Bitcoin Trust (GBTC).

Glassnode 將此減少約 286,000 BTC 歸因於灰階比特幣信託基金 (GBTC) 的流出。

Bitcoin's Current Market Position

比特幣當前的市場地位

At the time of reporting, Bitcoin is trading at approximately $66,100, indicating a decline of over 3% during the past week. This recent price drop reflects a sharp correction after the asset's rapid ascent in the preceding days.

截至本報告發佈時，比特幣交易價格約為 66,100 美元，顯示過去一周下跌超過 3%。最近的價格下跌反映了該資產在前幾天快速上漲後的大幅調整。

Conclusion

結論

The distribution analysis conducted by Glassnode provides valuable insights into the dynamics of Bitcoin's supply and the behavior of its holders. The substantial acquisition of supply above $60,000, coupled with the shift in LTH strategies, underscores the evolving landscape of the cryptocurrency market. As the industry continues to mature, these metrics will continue to offer invaluable perspectives on the market's fundamental drivers and potential future trajectories.

Glassnode 進行的分佈分析為比特幣供應動態及其持有者行為提供了寶貴的見解。大量收購超過 6 萬美元的供應，加上 LTH 策略的轉變，凸顯了加密貨幣市場不斷變化的格局。隨著產業不斷成熟，這些指標將繼續為市場的基本驅動力和潛在的未來軌跡提供寶貴的視角。