在2020-2021价格发现期间购买的比特币（BTC）持有人没有出售

数据表明，从那时起的买家的成本基础从2020年的3600美元到2021年的高价69000美元不等，但尚未有动力出售

The cryptocurrency market has seen its fair share of ups and downs, especially in recent times. As the market continues to navigate this volatile landscape, a new report by Glassnode sheds light on the interesting behavior of Bitcoin buyers from 2020 to 2021. Despite the cryptocurrency's price ranging from a 2020 low of $3,600 to a 2021 high of $69,000, these buyers have shown no signs of being in a hurry to sell.

加密货币市场已经看到了相当多的起伏，尤其是最近。随着市场继续浏览这种波动的景观，GlassNode的一份新报告阐明了比特币买家从2020年到2021年的有趣行为。尽管加密货币的价格从2020年的2020年低至$ 3,600到2021年的2021年高到69,000美元，但这些买家没有表现出远离出售的迹象。

Despite a 3% decline in the share of wealth held by these investors from its November 2024 peak, it remains at historically high levels. This suggests that most of these buyers are still in the game and aren’t planning to exit anytime soon.

尽管这些投资者在2024年11月的峰值上占据财富的份额下降了3％，但它仍然是历史上很高的水平。这表明这些买家中的大多数仍在游戏中，并且不打算很快退出。

In contrast, investors who purchased Bitcoin five to seven years ago, capitalizing on their lower cost basis, had exited their positions by December 2024.

相比之下，五到七年前购买比特币的投资者以较低的成本为基础，已经在2024年12月之前退出了职位。

Glassnode’s findings highlight that long-term holders have been steadfast in retaining their Bitcoin, while newer investors have shown more sensitivity to price changes. This is evident as Short-Term Holders (STHs, defined as those holding coins for less than 150 days) increased their selling pressure in December 2024.

Glassnode的发现强调，长期持有人坚定地保留了比特币，而新的投资者对价格变动表现出了更大的敏感性。这很明显，因为短期持有人（STH，定义为持有硬币少于150天的持有人）在2024年12月增加了销售压力。

Over the past six months, Bitcoin's price has reached new all-time highs and dropped by as much as 30%, which might lead one to expect significant panic selling. However, the level of speculative behavior is much lower compared to past market tops.

在过去的六个月中，比特币的价格已经达到了新的历史新高，并下降了30％，这可能会导致人们期望大量的恐慌销售。但是，与过去的市场顶部相比，投机行为的水平要低得多。

Glassnode pointed out that STH participation, a measure of speculative behavior, peaked at nearly 50% earlier in 2025. However, it remains significantly lower than previous cycle highs, where it soared above 70% to 80% during the 2013 and 2017 market peaks. This finding indicates a more tempered market.

GlassNode指出，STH的参与是一种投机行为的量度，在2025年之前达到了近50％的峰值。但是，在2013年和2017年市场峰值期间，它仍然明显低于以前的周期高点，在2013年和2017年市场上，它的飙升至70％至80％以上。这一发现表明市场更加脾气暴躁。

Additionally, Bitcoin exchange inflows have dropped to a two-year low, signaling that fewer investors are selling or moving their assets from one exchange to another. Despite the price surges earlier in 2025, many holders from 2020 have chosen to “HODL,” suggesting a shift away from short-term speculation toward long-term investment strategies.

此外，比特币交换的流入量已下降到两年的低点，这表明投资者销售或将其资产从一种交易所出售或将其转移到另一个交易所。尽管价格在2025年早些时候有所激增，但许多持有人从2020年开始选择“ hodl”，这表明从短期投机转向长期投资策略。

The data from Glassnode further shows that the market is not experiencing the same kind of speculative frenzy that typically accompanies price surges near cycle peaks. This is a stark contrast to previous cycles, which saw a different narrative emerge.

GlassNode的数据进一步表明，市场没有经历相同类型的投机性疯狂，通常伴随着附近周期峰值的价格飙升。这与以前的周期形成了鲜明的对比，后者出现了不同的叙述。

Glassnode's report showcases a more measured market behavior compared to past Bitcoin cycles, where speculative trading drove rapid market corrections, and market cycles were defined by strong macroeconomic trends.

与过去的比特币周期相比，GlassNode的报告展示了更具衡量的市场行为，在这种情况下，投机性交易推动了快速市场的校正，而市场周期是由强大的宏观经济趋势定义的。

The research suggests that while Bitcoin remains fundamentally volatile, its current market dynamics are less driven by speculative actions and more focused on long-term holding. This shift in market structure is a testament to the evolving nature of cryptocurrency investment.

该研究表明，尽管比特币从根本上仍然是波动的，但其当前的市场动态受到投机性行动的驱动，而更专注于长期持有。市场结构的这种转变证明了加密货币投资不断发展的性质。