Glassnode 的 Q 指南：比特幣統治、以太坊崛起、加密貨幣市場激增

Glassnode's Comprehensive Crypto Market Analysis Reveals Bitcoin's Dominance and Ethereum's Potential

Glassnode 的綜合加密貨幣市場分析揭示了比特幣的主導地位和以太坊的潛力

On-chain analytics firm Glassnode, in collaboration with Coinbase International, has released its quarterly crypto market guide, providing a comprehensive analysis of Bitcoin (BTC/USD) and Ethereum (ETH/USD). The report highlights the remarkable performance of Bitcoin, which has emerged as the top-performing asset in eight out of the last eleven years, delivering an impressive annualized return of 124% from 2013 to 2023.

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 (BTC/USD) 和以太坊 (ETH/USD) 進行了全面分析。該報告強調了比特幣的卓越表現，在過去 11 年中有 8 年比特幣已成為表現最佳的資產，從 2013 年到 2023 年實現了 124% 的令人印象深刻的年化回報率。

Bitcoin: A Volatile Yet Rewarding Investment

比特幣：一種不穩定但回報豐厚的投資

Despite its impressive returns, Bitcoin has not been without its challenges. The report reveals that Bitcoin has experienced significant volatility, with average intra-year declines of 47%. However, the current market cycle, which began in November 2022, has witnessed a remarkable price surge of approximately fourfold from the lows, closely resembling the 2018-2022 cycle.

儘管回報令人印象深刻，但比特幣也面臨挑戰。報告顯示，比特幣經歷了大幅波動，年內平均跌幅達 47%。然而，自 2022 年 11 月開始的當前市場週期見證了價格從低點飆升約四倍，與 2018-2022 年週期非常相似。

The report identifies several factors contributing to Bitcoin's growth:

該報告指出了促進比特幣成長的幾個因素：

• The approval of spot Bitcoin ETFs by the SEC in January 2024 has led to record-breaking inflows, with assets under management reaching nearly $60 billion by the end of March 2024.
• Demand for Bitcoin has significantly outpaced the new supply issued by miners, creating a supply-demand imbalance.

Ethereum: A Rising Star in the Cryptocurrency Landscape

美國證券交易委員會(SEC) 於2024 年1 月批准現貨比特幣ETF，導致資金流入破紀錄，截至2024 年3 月，管理資產規模達到近600 億美元。的新供應量，創造了供需失衡。

Ethereum, the second-largest cryptocurrency by market capitalization, has also demonstrated impressive growth and development. Its price performance has mirrored that of Bitcoin, with the current cycle closely aligning with the 2018-2022 cycle, which culminated in Ethereum's price rising by 1,000% 24 months after the low.

以市值計算的第二大加密貨幣以太坊也表現出了令人印象深刻的成長和發展。其價格表現與比特幣的價格表現相似，當前週期與 2018-2022 年周期密切相關，最終以太幣的價格在低點 24 個月後上漲了 1,000%。

Factors driving Ethereum's growth include:

推動以太坊成長的因素包括：

• The successful implementation of the Dencun and Shapella upgrades, which have enhanced the network's scalability and security.
• The rapidly expanding DeFi (Decentralized Finance) ecosystem built on the Ethereum network. The total value locked (TVL) in Ethereum's DeFi protocols increased by 85% in Q1 2024, indicating a surge in financial activity and liquidity.
• The number of ETH staked and the total value staked increased in Q1 2024 as more participants were attracted by the yields offered through staking.

Derivatives Markets Flourishing

Dencun和Shapella升級的成功實施，增強了網路的可擴展性和安全性。 2024 年第一季度，以太坊DeFi 協議的鎖定總價值（TVL）增加了85%，顯示金融活動和流動性激增。和總價值增加透過質押提供。

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

比特幣和以太坊衍生性商品市場均經歷了顯著成長，交易量和持倉量均創歷史新高。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興趣。

Cryptocurrency Diversification Enhances Portfolio Performance

加密貨幣多元化提高投資組合績效

Glassnode's report also highlights the positive impact of adding cryptocurrency to a traditional investment portfolio. A portfolio with a 60% MSCI ACWI and 40% U.S. Agg allocation can see its returns increase from 33.3% (no cryptocurrency allocation) to 67.03% (5% cryptocurrency allocation).

Glassnode 的報告也強調了將加密貨幣添加到傳統投資組合中的正面影響。具有 60% MSCI ACWI 和 40% 美國整體分配的投資組合的回報率可以從 33.3%（無加密貨幣分配）增加到 67.03%（5% 加密貨幣分配）。

Institutional Adoption and Future Outlook

機構採用與未來展望

The growing influence of Ethereum and Bitcoin as institutional asset classes is expected to be a key topic of discussion at Benzinga's upcoming Future of Digital Assets event on Nov. 19. With Bitcoin's continued dominance and Ethereum's rapid innovation, the future of cryptocurrency looks increasingly promising.

以太坊和比特幣作為機構資產類別日益增長的影響力預計將成為Benzinga 即將於11 月19 日舉行的「數位資產的未來」活動中討論的一個關鍵話題。坊的快速創新，加密貨幣的未來看起來越來越有希望。