比特幣和以太坊在 2024 年第一季飆升：Glassnode 分析強調了關鍵驅動因素

Glassnode 與 Coinbase International 合作發布的季度加密貨幣市場指南深入研究了比特幣和以太坊的表現。從歷史上看，比特幣的表現優於其他資產，自 2013 年以來年化回報率為 124％。促成市場強勁的因素包括現貨比特幣 ETF 的批准、DeFi 活動的增加以及質押 ETH 的增加。該報告討論了將加密貨幣添加到傳統投資組合的潛在影響，並強調了機構對比特幣和以太坊日益增長的興趣。

Bitcoin and Ethereum Surge in Q1 2024: Glassnode's Comprehensive Analysis

Glassnode 綜合分析：2024 年第一季比特幣與以太坊飆升

Renowned on-chain analytics firm Glassnode, in collaboration with Coinbase International, has released its quarterly crypto market guide, providing a comprehensive analysis of Bitcoin and Ethereum's performance and key market drivers.

著名的鏈上分析公司 Glassnode 與 Coinbase International 合作發布了季度加密貨幣市場指南，對比特幣和以太坊的表現和關鍵市場驅動因素進行了全面分析。

Bitcoin's Dominance

比特幣的統治地位

Bitcoin, the leading cryptocurrency, has consistently outperformed traditional assets, delivering an annualized return of 124% from 2013 to 2023. In eight out of the last eleven years, Bitcoin has been the top-performing asset class.

作為領先的加密貨幣，比特幣的表現一直優於傳統資產，2013 年至 2023 年的年化回報率為 124%。

Despite its impressive returns, Bitcoin has also experienced significant volatility, with an average intra-year decline of 47%. The current market cycle, which began in November 2022, has seen prices rise approximately fourfold from the lows, exhibiting similarities to the 2018-2022 cycle.

儘管回報率可觀，但比特幣也經歷了大幅波動，年內平均跌幅達 47%。目前的市場週期始於 2022 年 11 月，價格從低點上漲了約四倍，與 2018-2022 年週期相似。

Ethereum's Growth

以太坊的成長

Ethereum, the second-largest cryptocurrency by market capitalization, has also witnessed remarkable growth and development. Ethereum's price trajectory has mirrored the 2018-2022 cycle, which culminated in a 1,000% surge in Ethereum's value within 24 months from the low.

以市值計算的第二大加密貨幣以太坊也見證了顯著的成長和發展。以太坊的價格軌跡反映了 2018-2022 年的週期，最終以太坊的價值在 24 個月內從低點飆升了 1,000%。

Key Drivers of Market Growth

市場成長的主要驅動力

Glassnode identifies several factors contributing to the growth of both Bitcoin and Ethereum:

Glassnode 確定了促進比特幣和以太坊成長的幾個因素：

Bitcoin:

比特幣：

• Approval of spot Bitcoin ETFs by the SEC in January 2024
• Record-breaking inflows into spot Bitcoin ETFs, with assets under management reaching nearly $60 billion within three months
• Increased demand outpacing the supply of new Bitcoins issued by miners, creating a supply-demand imbalance

Ethereum:

2024 年 1 月 SEC 批准現貨比特幣 ETF 現貨比特幣 ETF 資金流入創紀錄，三個月內管理資產達到近 600 億美元需求增長超過了礦商發行的新比特幣供應，造成供需不平衡以太坊：

• Successful implementation of the Dencun and Shapella upgrades, enhancing network scalability and security
• Rapid expansion of the DeFi ecosystem on the Ethereum network
• Surge in total value locked (TVL) in DeFi protocols by 85% in Q1 2024, indicating increased financial activity and liquidity
• Growth in ETH staking participation and total value staked, driven by attractive yields

Derivatives Markets

成功實施Dencun 和Shapella 升級，增強網路可擴展性和安全性以太坊網路上DeFi 生態系統的快速擴張2024 年第一季DeFi 協議的鎖定總價值(TVL) 激增85%，顯示金融活動和流動性增加以太坊質押參與度成長和總價值，由有吸引力的收益率驅動衍生性商品市場

Both Bitcoin and Ethereum derivatives markets have experienced significant growth, with trading volumes and open interest hitting new all-time highs. The impending Bitcoin Halving and the potential approval of Ether ETFs by the SEC are expected to further drive market activity and investor engagement.

比特幣和以太坊衍生性商品市場都經歷了顯著成長，交易量和持倉量創下歷史新高。即將到來的比特幣減半以及美國證券交易委員會可能會批准以太坊 ETF 預計將進一步推動市場活動和投資者參與。

Cryptocurrency's Role as an Institutional Asset

加密貨幣作為機構資產的作用

Glassnode highlights the impact of incorporating cryptocurrency into a diversified investment portfolio. By allocating a 5% component of a 60% MSCI ACWI and 40% U.S. Agg portfolio to cryptocurrencies, overall returns increase from 33.3% (no crypto allocation) to 67.03%.

Glassnode 強調了將加密貨幣納入多元化投資組合的影響。透過將 60% MSCI ACWI 和 40% U.S. Agg 投資組合的 5% 分配給加密貨幣，整體回報率從 33.3%（無加密貨幣分配）增加到 67.03%。

Future Outlook

未來展望

The influence of Bitcoin and Ethereum as institutional asset classes will be a key topic explored at Benzinga's upcoming Future of Digital Assets event on November 19. Industry experts and thought leaders will gather to discuss the evolving landscape of cryptocurrencies and their implications for investors and the broader economy.

比特幣和以太坊作為機構資產類別的影響將成為Benzinga 即將於11 月19 日舉行的「數位資產的未來」活動中探討的一個關鍵話題。發展的格局及其對投資者和更廣泛領域的影響。

Conclusion

結論

Glassnode's in-depth analysis provides valuable insights into the recent performance and drivers of growth for Bitcoin and Ethereum. The market continues to evolve at a rapid pace, and Glassnode's research sheds light on the key factors shaping the future of cryptocurrencies.

Glassnode 的深入分析為比特幣和以太坊的近期表現和成長驅動因素提供了寶貴的見解。市場持續快速發展，Glassnode 的研究揭示了塑造加密貨幣未來的關鍵因素。