比特币（BTC）投资者一直在从积累转移到分销

这家链分析公司GlassNode在一份报告中透露，比特币投资者最近如何看到朝着强烈的变化转变。

The on-chain analytics firm Glassnode has revealed in a report how the Bitcoin investors have seen a shift toward strong distirbution recently.

这家链分析公司GlassNode在一份报告中透露，比特币投资者最近如何看到朝着强烈的变化转变。

Bitcoin Accumulation Trend Score Has Been At A Low Level Recently

比特币积累趋势得分最近处于低水平

In its latest weekly report, Glassnode has talked about the latest trend in the Bitcoin Accumulation Trend Score. The “Accumulation Trend Score” is an indicator that tells us about the degree of accumulation that the BTC investors as a whole are participating in.

GlassNode在其最新的每周报告中谈到了比特币积累趋势得分的最新趋势。 “累积趋势得分”是一个指标，它告诉我们BTC投资者整体参与的积累程度。

The indicator calculates its value not just by looking at the balance changes that happened in investor wallets over the past month, but also by weighing said changes against the size of the holdings themselves.

该指标不仅通过查看过去一个月的投资者钱包中发生的余额变化来计算其价值，还通过权衡所述更改与持股本身的规模来计算其价值。

When the value of the metric is close to 1, it means the large investors (or a large number of small entities) are adding to their holdings. On the other hand, it being near 0 suggests the market is observing distribution, or simply, a lack of accumulation.

当指标的价值接近1时，这意味着大型投资者（或大量的小实体）正在增加其股份。另一方面，它接近0表明市场正在观察分布，或者简单地观察到缺乏积累。

Now, here is the chart shared by the analytics firm that shows the trend in the Bitcoin Accumulation Trend Score over the last couple of years:

现在，这是分析公司共享的图表，该图显示了过去几年比特币积累趋势得分的趋势：

In the chart, the dark shades correspond to values related to accumulation, while the light ones to distribution. It’s apparent that the market was seeing the Accumulation Trend Score sitting at a very dark shade during the last couple of months of 2024, meaning that heavy accumulation was taking place

在图表中，深色阴影对应于与累积相关的值，而光阴影则对应于分布。显然，在2024年的最后几个月中，市场看到积累趋势得分处于非常黑暗的阴影，这意味着大量积累正在发生

This strong accumulation from the large entities was likely what fueled the price rally to new all-time highs (ATHs). A similar phase of buying was also seen during the first quarter of 2024 and the asset enjoyed a rally then as well.

大型实体的这种强劲积累可能是将价格集会推向新历史高峰（ATHS）的原因。在2024年第一季度也看到了类似的购买阶段，当时资产也享有集会。

From the chart, it’s visible that this previous period of accumulation was followed by a phase of strong distribution. It would appear that a similar pattern has also emerged this time, as the Accumulation Trend Score has been flashing distribution values since January.

从图表中，可以看到以前的积累阶段之后是一个强分布的阶段。这次似乎也出现了类似的模式，因为自1月以来的累积趋势得分一直在闪烁分布值。

Last year, the distribution phase kicked off a long period of consolidation for Bitcoin, but this time, the cryptocurrency has outright seen a significant decline. It’s possible that as long as the Accumulation Trend Score remains in this zone, the coin’s price will continue to suffer.

去年，分销阶段开始了长时间的比特币整合，但是这次，加密货币已经完全下降了。只要累积趋势得分留在该区域，硬币的价格就会继续遭受损失。

While the Accumulation Trend Score is a useful indicator for gauging the trend being followed by the market as a whole, the metric can hide the granular details related to market behavior. Glassnode has shared another metric in the the report, that contains these details by looking at how much buying last occurred at particular cost basis levels.

尽管累积趋势得分是衡量整个市场之后的趋势的有用指标，但度量标准可以隐藏与市场行为相关的颗粒细节。 GlassNode在该报告中共享了另一个指标，其中包含这些细节，通过查看最后一次购买以特定的成本基础水平进行。

As the analytics firm has highlighted in the chart, the Bitcoin investors were buying the ‘dip’ when BTC first entered into this bearish phase, implying they still believed the bull run to be on.

正如分析公司在图表中强调的那样，当BTC首次进入这个看跌阶段时，比特币投资者正在购买“ DIP”，这意味着他们仍然认为公牛的运行时间。

During the latest crash, however, this hasn’t been the case, as these price levels still don’t host the cost basis of any significant part of the supply.

但是，在最新的崩溃中，情况并非如此，因为这些价格水平仍然没有供应的任何重要部分的成本基础。