比特幣第一季表現總結：價格飆升、ETF 流入和層數成長

Table of Contents

• Inscription Activities Drive Bitcoin Fees Up
• ETFs Amassed 212,000 BTC In Q1

Bitcoin (BTC) has shown an impressive performance in the first quarter (Q1) of 2024, as highlighted in a recent report by market intelligence data research firm Messari. The research firm finds key factors contributing to Bitcoin’s price increase, market cap dominance, and the emergence of new trends in the cryptocurrency ecosystem.

登記活動推動比特幣費用上漲 ETF 第一季累積了 212,000 BTC 市場情報數據研究公司 Messari 最近的一份報告強調，比特幣 (BTC) 在 2024 年第一季 (Q1) 表現出色。該研究公司發現了導致比特幣價格上漲、市值主導地位以及加密貨幣生態系統新趨勢出現的關鍵因素。

Inscription Activities Drive Bitcoin Fees Up

Analyzing the key figures detailed in the report, Bitcoin’s price experienced a significant increase in Q1 2024, rising 68.78% quarter-over-quarter (QoQ) to reach an all-time high (ATH) of $73,100. 

銘文活動推動比特幣費用上漲透過分析報告中詳述的關鍵數據，比特幣的價格在 2024 年第一季經歷了大幅上漲，環比上漲 68.78%，達到 73,100 美元的歷史新高 (ATH)。

This price increase propelled Bitcoin’s market cap dominance to 49.7% in March 2024. Interestingly, the research firm notes that such dominance is a typical feature at the start of a new halving cycle, with Bitcoin often leading the way for other cryptocurrencies.

2024 年3 月，這種價格上漲將比特幣的市值主導地位推升至49.7%。有趣的是，該研究公司指出，這種主導地位是新減半週期開始時的典型特徵，比特幣往往領先於其他加密貨幣。

Another relevant figure is the inscription activity in Q4 2023, which drove fees up by 699.4% QoQ. However, in Q1 2024, subscription-related fees decreased by 41.9%. Despite declining total fees, inscription-related transactions still accounted for 18.4% of Bitcoin’s total fees, demonstrating their continued relevance.

另一個相關數據是 2023 年第四季的登記活動，這使得費用較上季增加了 699.4%。然而，2024 年第一季度，訂閱相關費用下降了 41.9%。儘管總費用有所下降，但與銘文相關的交易仍佔比特幣總費用的 18.4%，這表明了其持續的相關性。

Average daily transactions and daily active addresses also experienced a decline of 15.3% and 4.7% QoQ, respectively. The report suggests that the decline in transaction activity may be attributed to decreased activity from bots or “super users.” This shift aligns with the decrease in inscription-related activities and fees. 

日均交易量和每日活躍地址也分別較上月下降 15.3% 和 4.7%。該報告表明，交易活動的下降可能歸因於機器人或「超級用戶」活動的減少。這項轉變與登記相關活動和費用的減少相一致。

Inscription-related activity initially surged in February 2023, leading to a considerable transaction increase. Although Q1 2024 witnessed a decline in inscription-related activity QoQ, it remained significantly higher year-over-year (YoY), indicating its continued impact on the network. 

銘文相關活動最初於 2023 年 2 月激增，導致交易量大幅增加。儘管 2024 年第一季銘文相關活動環比下降，但同比仍顯著上升，顯示其對網路的持續影響。

ETFs Amassed 212,000 BTC In Q1

Messari highlights that Q1 2024 showed the growth of programmable layers in the cryptocurrency ecosystem. Established layers such as Rootstock and Stacks led the way regarding total value locked (TVL), while newer layers such as BOB and Merlin experienced rapid growth. 

第一季 ETF 累積了 212,000 BTC Messari 強調，2024 年第一季顯示了加密貨幣生態系統中可編程層的成長。 Rootstock 和 Stacks 等成熟層在鎖定總價值 (TVL) 方面處於領先地位，而 BOB 和 Merlin 等較新層則經歷了快速增長。

TVL’s 127% QoQ growth was primarily in non-BTC assets, as Bitcoin-locked amounts lagged behind the Lightning Network and alt-L1 networks, which host significant amounts of BTC.

TVL 環比 127% 的成長主要來自非 BTC 資產，因為比特幣鎖定金額落後於託管大量 BTC 的閃電網路和 alt-L1 網路。

Ultimately, the approval and launch of nine spot ETFs and one ETF conversion marked a significant milestone for Bitcoin’s legitimization by the US government and traditional finance (TradFi). 

最終，9只現​​貨ETF和1只ETF轉換的批准和推出標誌著美國政府和傳統金融（TradFi）比特幣合法化的一個重要里程碑。

The report notes that these ETFs garnered over $12 billion in inflows within the first month. Notably, BTC ETFs surpassed silver ETFs in assets under management (AUM) but still lagged behind gold ETFs. 

報告指出，這些 ETF 在第一個月內就獲得了超過 120 億美元的資金流入。值得注意的是，BTC ETF 的管理資產（AUM）超過白銀 ETF，但仍落後於黃金 ETF。

Institutional BTC holdings were also surpassed by MicroStrategy, the largest institutional holder, with 215,000 BTC. The ETFs accumulated 212,000 BTC in inflows during Q1, further establishing Bitcoin’s prominence in the financial markets.

機構 BTC 持有量也被最大的機構持有者 MicroStrategy 超越，擁有 215,000 BTC。第一季 ETF 累計流入 212,000 BTC，進一步確立了比特幣在金融市場的主導地位。

Bitcoin’s exceptional performance in Q1 2024, marked by a significant price increase and market cap dominance, has solidified its position as the leading cryptocurrency. 

比特幣在 2024 年第一季的出色表現，以價格大幅上漲和市值主導地位為標誌，鞏固了其作為領先加密貨幣的地位。

Anticipation for the supply halving, along with the success of BTC ETFs and institutional inflows, has contributed to Bitcoin’s growth and recognition in traditional finance. 

對供應量減半的預期，以及 BTC ETF 的成功和機構資金流入，促進了比特幣的成長和在傳統金融領域的認可。

Featured image from Shutterstock, chart from TradingView.com 

精選圖片來自 Shutterstock，圖表來自 TradingView.com

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