隨著長期持有者重新分配給新投資者，比特幣飆升

比特幣 (BTC) 的長期持有者正在將其收益變現給新投資者，引發價格飆升，並將其已實現上限推至 5,400 億美元的歷史新高。根據 Glassnode 的數據，44% 的 BTC 現在由不到三個月的新地址持有，這是需求和流動性增加的跡象。然而，比特幣價格近期出現下跌，目前交易價格低於歷史高位，當天整體市值下跌 1%。

Bitcoin's Surge Prompted by Distribution from Long-Term Holders to New Investors

從長期持有者向新投資者的分配推動了比特幣的飆升

April 6, 2022

2022 年 4 月 6 日

Market Update:

市場更新：

Bitcoin's (BTC) relentless upward trajectory has reached a new milestone, with the benchmark cryptocurrency surpassing its previous all-time high amid a surge in demand from a fresh cohort of investors. This surge has been fueled by the distribution of holdings from long-term Bitcoin holders.

比特幣（BTC）的持續上漲軌跡已經達到了一個新的里程碑，在新一批投資者的需求激增的情況下，基準加密貨幣突破了先前的歷史新高。這種激增是由長期比特幣持有者的持倉分配所推動的。

Realized Cap Metric Indicates Significant Market Milestone:

已實現上限指標顯示重要的市場里程碑：

Glassnode, a blockchain data and analytics firm, released a report on April 2, highlighting that Bitcoin's recent price discovery has prompted long-term holders, who had already accrued significant profits, to distribute their assets to a new group of investors.

區塊鏈數據和分析公司 Glassnode 於 4 月 2 日發布了一份報告，強調比特幣最近的價格發現促使已經獲得巨額利潤的長期持有者將其資產分配給新的投資者群體。

Glassnode utilizes the Realized Cap metric, which records the transaction price of each Bitcoin, to determine the proportion of holders making profits or losses. The metric has scaled unprecedented heights, indicating a significant market milestone.

Glassnode 利用已實現上限指標（記錄每個比特幣的交易價格）來確定持有者盈利或虧損的比例。該指標已達到前所未有的高度，標誌著一個重要的市場里程碑。

Mechanism of Revaluation:

重估機制：

Glassnode explains that the distribution process results in spent coins being revalued from a lower cost basis to a higher one. As these coins change hands, it injects fresh demand and liquidity into the asset class.

Glassnode 解釋說，分配過程會導致用過的代幣從較低的成本基礎重估為較高的成本基礎。隨著這些代幣易手，它為該資產類別注入了新的需求和流動性。

This mechanism is evident in the Realized Cap statistic, which tracks the total USD liquidity 'stored' in the asset or class. The Realized Cap has hit a new all-time high of $540 billion and is growing at an unprecedented rate of over $79 billion per month.

這種機制在已實現上限統計數據中很明顯，該統計數據追蹤資產或類別中「儲存」的美元流動性總額。已實現上限已創下 5,400 億美元的歷史新高，並以每月超過 790 億美元的前所未有的速度增長。

Emergence of Newer Investors:

新投資者的出現：

According to Glassnode, 44% of all BTC in circulation are now held by newer addresses that have been active for less than three months. This rise above the 44% threshold is typically associated with mid-stage bull markets.

根據 Glassnode 的數據，目前流通中的 BTC 中有 44% 由活躍時間不到三個月的新地址持有。超過 44% 門檻的上漲通常與中期多頭市場有關。

Shift in Investor Behavior:

投資者行為的轉變：

Glassnode identified a "distinct shift in investor behavioral patterns." Long-term holders are actively distributing their holdings, realizing profits, and reactivating dormant supply to meet the insatiable demand at elevated prices.

Glassnode 發現了「投資者行為模式的明顯轉變」。長期持有者正在積極分配所持股份，實現利潤，並重新激活休眠供應，以滿足價格上漲時無法滿足的需求。

Market Outlook:

市場展望：

While Bitcoin's price has retracted slightly from its all-time high, it remains elevated, indicating strong demand from both new and existing investors. The overall market capitalization of cryptocurrencies has also experienced a modest decline, but remains significantly higher than its pre-2021 levels.

儘管比特幣的價格已較歷史高點小幅回落，但仍處於高位，顯示新投資者和現有投資者的需求強勁。加密貨幣的整體市值也經歷了小幅下降，但仍顯著高於 2021 年之前的水平。

Altcoin Market Remains Subdued:

山寨幣市場依然低迷：

Unlike the explosive rally in Bitcoin, altcoins have shown little movement in this market cycle. Most altcoins, including XRP and Dogecoin, are trading in the red.

與比特幣的爆炸性上漲不同，山寨幣在這個市場週期中幾乎沒有表現出任何變化。大多數山寨幣，包括瑞波幣和狗狗幣，都處於虧損狀態。

Conclusion:

結論：

Bitcoin's recent surge has been driven by a confluence of factors, including the distribution of holdings from long-term holders to a wave of new investors. The Realized Cap metric provides empirical evidence of this shift in investor behavior, indicating a robust market supported by significant liquidity. While the market has experienced a slight correction, Bitcoin's long-term prospects remain positive.

比特幣近期的飆升是由多種因素共同推動的，其中包括將長期持有者的持股分配給一波新投資者。已實現上限指標提供了投資者行為轉變的經驗證據，表明市場強勁並受到大量流動性的支持。儘管市場經歷了小幅調整，但比特幣的長期前景仍然樂觀。