比特币积累趋势得分显示持有人之间的分歧

在X上的一篇新帖子中，链分析公司GlassNode讨论了各种比特币持有人群的累积趋势得分的最新趋势。

New on-chain data from Glassnode shows that the smallest Bitcoin (BTC) holders have been deepening their selloff recently, while the largest of investors have been ramping up their buying.

GlassNode的新链上数据表明，最近最小的比特币（BTC）持有人最近正在加深他们的抛售，而最大的投资者一直在加大购买。

Bitcoin Accumulation Trend Score Shows Divergence Forming Among Holders

比特币积累趋势得分显示持有人之间的分歧

In a new post on X, the on-chain analytics firm discussed the latest trend in the Accumulation Trend Score for the various Bitcoin holder cohorts.

在X上的一篇新帖子中，这家链分析公司讨论了各种比特币持有人群的累积趋势得分的最新趋势。

The Accumulation Trend Score is an indicator that tells us about whether BTC investors are accumulating or distributing. It does this by measuring the change in the coin balance held by the addresses and also taking the size of the addresses into account.

累积趋势得分是一个指标，它告诉我们BTC投资者是累积还是分发。它通过衡量地址持有的硬币余额的变化以及考虑地址的规模来实现这一目标。

When the metric’s value is greater than 0.5, it suggests that large investors (or alternatively, a large number of small investors) are buying. The closer the indicator is to the 1 mark, the stronger is this behavior.

当指标的价值大于0.5时，它表明大型投资者（或者是大量的小型投资者）正在购买。指标越接近1标记，这种行为越强。

On the other hand, the score being below 0.5 means the market is going through a potential phase of distribution. In this case, the extreme point lies at a value of zero.

另一方面，得分低于0.5，这意味着市场正在经历潜在的分销阶段。在这种情况下，极端点为零。

In the current context, the version of the Accumulation Trend Score that’s of interest isn’t the one for the combined network, but rather the one that tracks the behavior separately for the various investor groups.

在当前的情况下，感兴趣的累积趋势得分的版本不是组合网络的版本，而是分别跟踪各个投资者群体行为的版本。

Addresses or holders have been divided into these cohorts on the basis of wallet size. Here is how the Accumulation Trend Score has changed for each of the groups over the past year:

地址或持有人已根据钱包的大小将这些群体分为这些同类。这是过去一年中每个小组的累积趋势得分的变化：

As displayed by the above graph, the Bitcoin Accumulation Trend Score saw a value close to the 1 level for most of the investor groups between November and January,suggesting strong accumulation was occurring. Alongside this buying, BTC enjoyed its bull run beyond the $100,000 level.

如上图所示，比特币累积趋势得分在11月至1月之间的大多数投资者群体中的值接近1级的值，这表明发生了强大的积累。除了这次购买之外，BTC还享受了超过100,000美元的公牛运行。

However, with the start of this year, a shift to selling took place, with the indicator achieving a value close to zero for all the cohorts in February. Naturally, the cryptocurrency saw a bearish reversal as a result of this distribution.

但是，随着今年年初的转变，销售发生了转变，该指标在2月的所有人群中实现了接近零的价值。自然，加密货币由于这种分布而产生了看跌的逆转。

March saw the investors pull back a bit on their selling, but the net situation in the sector remained firmly that of distribution. From the chart, it’s visible that the holder behavior has been nearly uniform for most of the year so far, but recently, a divergence has become prominent.

三月使投资者在销售中有所退缩，但是该行业的净局势仍然坚定地分配。从图表来看，迄今为止大部分时间里的持有人的行为几乎是统一的，但是最近，差异已经变得突出。

Holders with less than 1 BTC, popularly known as retail investors, have deepened their distribution again, with the metric dropping under 0.2. On the other hand, investors on the exact opposite end of the spectrum, the largest of entities with more than 10,000 BTC, have shifted focus to accumulation, with the score nearing 0.6.

少于1 BTC的持有人（俗称散户投资者）再次加深了分销，指标下降到0.2以下。另一方面，频谱的相对端的投资者（拥有10,000多个BTC的最大实体）已将重点转移到积累上，得分接近0.6。

Earlier, when bullish pressure began letting off for Bitcoin, these ‘mega whales‘ were the first to start participating in a strong selloff. However, with this smart-money cohort now once again doing something different from the rest of the market, it’s possible that another trend shift may be ahead for the asset.

早些时候，当看涨的压力开始放下比特币时，这些“巨型鲸鱼”是第一个开始参与强烈抛售的人。但是，随着这个聪明的人群现在再次做与其他市场不同的事情，资产可能会发生另一种趋势变化。

BTC Price

BTC价格

Bitcoin has opened April with some recovery as its price has gone up to the $84,900 level.

比特币已于4月开业，其价格已达到84,900美元。