Glassnode 的最新鏈上指標顯示比特幣 (BTC) 市場階段正處於微妙的平衡狀態

隨著投資者信心的增強、交易活動的減少和網路的穩定，比特幣似乎處於微妙的平衡狀態。

Glassnode’s latest on-chain metrics provide valuable insights into the current state of the Bitcoin market. These metrics paint a picture of an intriguing equilibrium, where investor confidence is high, trading activity is reduced, and the network remains stable. However, this stability raises questions about whether Bitcoin is preparing for a breakout or setting the stage for a quieter period.

Glassnode 的最新鏈上指標為比特幣市場的當前狀況提供了寶貴的見解。這些指標描繪了一幅有趣的均衡圖景，投資者信心高漲，交易活動減少，而網路保持穩定。然而，這種穩定性引發了人們的疑問：比特幣是在為突破做準備，還是為平靜時期奠定基礎。

1. Surging Long-Term Holder Confidence: A Sign of Maturing Bullishness

1. 長期持有者信心高漲：看漲情緒成熟的標誌

According to Glassnode’s recent data, Long-Term Holders (LTHs) are actively accumulating Bitcoin, indicating a growing confidence in its long-term value proposition. These holders, defined as those who have held Bitcoin for over 155 days, now control a large portion of the total supply.

根據 Glassnode 的最新數據，長期持有者（LTH）正在積極累積比特幣，這表明對其長期價值主張的信心不斷增強。這些持有者被定義為持有比特幣超過 155 天的人，現在控制著總供應量的很大一部分。

This trend suggests a shift away from speculative short-term trading, with more Bitcoin being locked away in long-term storage. While this could be a bullish sign, it also raises questions about whether the market is setting itself up for another speculative rush in the future.

這一趨勢顯示投機性短期交易的轉變，更多比特幣被鎖定在長期儲存中。雖然這可能是個看漲訊號，但也引發了市場是否正在為未來另一場投機熱潮做好準備的疑問。

2. Declining “Liveliness” Metric: Bullish Sign or Market Stagnation?

2.「活力」指標下降：看漲訊號還是市場停滯？

Another interesting metric observed by Glassnode is the "Liveliness" of Bitcoin, which is measured by the ratio of Spent Transaction Output (STH) to the total supply. This metric has been consistently declining, indicating that fewer Bitcoin transactions are occurring and more assets are being held long-term.

Glassnode 觀察到的另一個有趣的指標是比特幣的“活力”，它是透過花費的交易產出（STH）與總供應量的比率來衡量的。該指標一直在下降，顯示比特幣交易正在減少，而長期持有的資產則越來越多。

While this could be seen as a bullish sign, indicating reduced market volatility and a shift towards value storage, it could also raise concerns about market stagnation. Is the market truly stabilizing, or is Bitcoin simply waiting for an external catalyst to reignite movement?

雖然這可以被視為一個看漲訊號，表明市場波動性減少並轉向價值存儲，但也可能引發對市場停滯的擔憂。市場真的穩定下來了，還是比特幣只是在等待外部催化劑重新引發波動？

3. Bitcoin in a State of Equilibrium: Setting Up for a Breakout or Prolonged Consolidation?

3. 比特幣處於均衡狀態：準備突破還是長期盤整？

According to Glassnode's observations, Bitcoin is currently in a "state of equilibrium," where the buying and selling pressures are balanced, leading to a period of relative price stability.

根據Glassnode的觀察，比特幣目前處於“平衡狀態”，買賣壓力平衡，導致價格相對穩定。

However, this stability poses a crucial question: will it eventually lead to a major breakout or a lengthy period of consolidation? Without a surge in demand or an influx of new capital, Bitcoin's price is likely to remain stuck within a tight range. Could this equilibrium be the calm before the next big price move, or is Bitcoin entering a holding pattern that may last longer than expected?

然而，這種穩定提出了一個關鍵問題：它最終會導致重大突破還是長期盤整？如果沒有需求激增或新資本湧入，比特幣的價格可能會繼續徘徊在狹窄的區間。這種平衡可能是下一次價格大幅波動之前的平靜，還是比特幣正在進入可能持續時間比預期更長的持有模式？

4. Active Address Growth: Key to Bitcoin’s Next Bull Run?

4. 活躍地址成長：比特幣下一次多頭市場的關鍵？

Glassnode's analysis also highlights a positive trend in the number of active addresses, which measure the quantity of unique Bitcoin addresses transacting. According to their observations, this metric has been on the rise.

Glassnode 的分析也強調了活躍地址數量的正面趨勢，該數量衡量了唯一比特幣地址交易的數量。根據他們的觀察，這項指標一直在上升。

This increasing engagement with the Bitcoin network could be a sign of growing adoption, which has the potential to pave the way for a possible price surge. With both retail and institutional players showing interest, could the steady increase in active addresses be the first indication of a larger wave of demand—one that might propel Bitcoin towards new highs?

比特幣網路參與度的增加可能是比特幣採用率不斷提高的標誌，這有可能為可能的價格飆升鋪平道路。隨著散戶和機構參與者都表現出興趣，活躍地址的穩定增長是否可能成為更大規模需求浪潮的第一個跡象——這可能推動比特幣邁向新高？

5. Bitcoin's Hashrate and Network Health: Resilience as a Key to Future Growth

5. 比特幣的算力和網路健康狀況：彈性是未來成長的關鍵

Throughout the recent market周期, Bitcoin's network hashrate has continued to climb, reaching new all-time highs. This serves as a strong indication of a robust and secure blockchain. As more miners commit vast resources to securing the network, Bitcoin's decentralized nature becomes even more powerful.

在最近的市場週期中，比特幣的網路算力持續攀升，創下歷史新高。這有力地表明了區塊鏈的穩健性和安全性。隨著越來越多的礦工投入大量資源來保護網絡，比特幣的去中心化性質變得更加強大。

Generally, this is viewed as a bullish indicator, suggesting continued confidence in the network's future. Could a strong network security infrastructure be the cornerstone for future growth, or is it simply an essential component without which Bitcoin cannot thrive?

一般來說，這被視為看漲指標，顯示對網路未來的持續信心。強大的網路安全基礎設施能否成為未來成長的基石，或者它只是比特幣無法蓬勃發展的重要組成部分？

6. Market Saturation Risk: Is Bitcoin's Supply Becoming Too Scarce for New Entrants?

6.市場飽和風險：比特幣的供應對於新進業者來說是否變得太稀缺？

While Bitcoin's value has soared in recent years, Glassnode raises concerns about market saturation. As LTHs continue to accumulate more Bitcoin, the supply available for new investors continues to dwindle.

儘管比特幣的價值近年來飆升，但 Glassnode 引發了人們對市場飽和的擔憂。隨著 LTH 繼續累積更多比特幣，新投資者可用的比特幣供應持續減少。

This scarcity could lead to liquidity issues and result in sharp price movements when demand picks up. Could this scarcity create a barrier to entry for new investors, or will it be the catalyst for a massive price rally as institutions and high-net-worth individuals vie for a piece of the remaining supply?

這種稀缺性可能會導致流動性問題，並在需求回升時導致價格大幅波動。這種稀缺性是否會為新投資者造成進入障礙，還是會成為機構和高淨值個人爭奪剩餘供應份額時價格大幅上漲的催化劑？

7. Glassnode's Price Prediction Indicators: Will Bitcoin Break Through Key Resistance or Fall Back?

7. Glassnode的價格預測指標：比特幣會突破關鍵阻力還是回落？

According to Glassnode's on-chain metrics, Bitcoin may be approaching a critical juncture. While key support levels around $87,000 to $90,000 are holding firm, the absence of fresh demand could make it difficult for Bitcoin to push past resistance levels, especially the psychological $100,000 mark.

根據 Glassnode 的鏈上指標，比特幣可能正接近一個關鍵時刻。雖然 87,000 美元至 90,000 美元左右的關鍵支撐位保持堅挺，但缺乏新需求可能會使比特幣難以突破阻力位，尤其是 100,000 美元的心理關口。

Is this the moment where Bitcoin consolidates or falls back, or is the market simply waiting for the next big trigger to send prices soaring?

這是比特幣盤整或回落的時刻，還是市場只是在等待下一個重大觸發因素來推動價格飆升？

Conclusion: Is Bitcoin on the Verge of a New Chapter, or Is This a Waiting Game?

結論：比特幣即將開啟新篇章，還是一場等待遊戲？

Glassnode's analysis suggests that Bitcoin is at a pivotal point. With LTHs in control, active addresses on the rise, and the network continuing to

Glassnode 的分析表明，比特幣正處於關鍵時刻。隨著 LTH 的控制，活躍位址不斷增加，網路持續發展