新研究说，在2020年购买DIP的比特币（BTC）投资者仍在等待更高的价格。

新研究说，在2020年或更高版本购买DIP的比特币（BTC）投资者仍在等待更高的价格。

Bitcoin BTCUSD investors who bought the cryptocurrency in 2020 or later are still waiting for higher prices, new research says.

新研究说，在2020年或更晚购买加密货币的比特币BTCUSD投资者仍在等待更高的价格。

In findings published on X on April 1, onchain analytics firm Glassnode revealed that $110,000 was not high enough to make many hodlers sell.

OnChain Analytics公司GlassNode在X发表的研究结果中显示，110,000美元不足以使许多霍德尔出售。

"Although the share of wealth held by investors who bought BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels."

“尽管自2024年11月峰值以来，3 - 5年前购买BTC的投资者所占据的财富份额下降了3个百分点，但它仍然处于历史上的水平。”

An accompanying chart shows data from the Realized Cap HODL Waves metric, which splits the BTC supply into sections based on when each coin last moved onchain.

随附的图表显示了来自已实现的CAP HODL WAVES度量的数据，该数据将BTC电源根据每个硬币上次移动OnChain何时将BTC供应分成部分。

Using this, Glassnode is able to draw a distinction between the 2020-22 buyers and those who came immediately before them.

使用此功能，GlassNode能够在2020-22个买家和即将到来的人之间进行区分。

"In contrast, over two-thirds of those who had bought BTC 5–7 years ago exited their positions by the December 2024 peak, reflecting their lower cost basis."

“相比之下，超过三分之二的人在5 - 7年前购买了BTC的人在2024年12月的山峰之前退出了职位，反映了他们的成本较低的基础。”

Speculators stay cool at BTC price highs

投机者以BTC价格高高保持凉爽

As Cointelegraph reported, more recent buyers, who form the more speculative investor cohort known as short-term holders (STHs), have proven much more sensitive to recent BTC price volatility.

正如Cointelegraph所报道的那样，较新的买家组成了更具投机性的投资者队列，称为短期持有人（STHS），已证明对最近的BTC价格波动更加敏感。

Episodes of panic selling have occurred throughout the past six months as BTCUSD hit new record highs and then fell by up to 30%.

在过去的六个月中，随着BTCUSD命中新的纪录高点，然后下降了30％，恐慌销售的发作发生了。

Continuing, Glassnode said that current STH participation does not suggest a speculative frenzy — something common to previous BTC price cycle tops.

GlassNode继续说，目前的STH参与并不暗示投机性疯狂，这是以前的BTC价格周期顶部共有的。

"Short-Term Holders currently hold around 40% of Bitcoin's network wealth, after peaking near 50% earlier in 2025."

“短期持有人目前持有比特币网络财富的40％，在2025年早些时候达到50％之后达到顶峰。”