比特币（BTC）2024年回顾：ETF批准、减半和美国大选推动市场变化

2024年，比特币一路上涨突破10万美元大关，为数字资产发展树立了新的里程碑。

Bitcoin price rose over 131% for the year, and ETF holdings exceeded 1.12 million BTC.

比特币价格年内上涨超过131%，ETF持有量超过112万枚BTC。

In 2024, Bitcoin's price rose from $42,208 at the beginning of the year to $97,851 at the end of the year (as of December 20), achieving an annual increase of 131.83%. On December 17, it strongly broke through the $100,000 mark, setting a historical record of $106,074, with the highest annual increase of approximately 151.31%. Although there was a slight pullback at the end of the year, the price still operated at historical highs.

2024年，比特币价格从年初的42,208美元上涨至年底（截至12月20日）的97,851美元，实现年涨幅131.83%。 12月17日强势突破10万美元大关，创下106074美元的历史纪录，最高年度涨幅约为151.31%。虽然年底出现小幅回调，但价格仍运行在历史高位。

Overall, this year, Bitcoin experienced three phases: "rise - consolidation - rise," which corresponded to the three major events: "ETF approval," "fourth halving," and "U.S. presidential election." In summary, this year's rise in Bitcoin cannot be solely attributed to the supply scarcity brought by halving, or at least not completely to the traditional logic of supply scarcity. The approval of ETFs and the results of the U.S. elections indicate that the main driving force behind the rise in Bitcoin prices is the gradually friendly and loose regulatory environment, which has attracted a large amount of institutional capital into the market, injecting liquidity and further boosting prices.

总体来看，今年以来，比特币经历了“上涨-盘整-上涨”三个阶段，对应“ETF获批”、“第四次减半”、“美国总统大选”三大事件。综上所述，今年比特币的上涨不能仅仅归因于减半带来的供应稀缺，或者至少不完全归因于供应稀缺的传统逻辑。 ETF的获批和美国大选结果表明，比特币价格上涨的主要推动力是逐渐友好宽松的监管环境，吸引了大量机构资本进入市场，注入流动性，进一步提振比特币价格上涨。价格。

According to glassnode data, the proportion of profitable chips at the end of the year reached 90.16% (as of December 20), which is at a historical high. From a profit strategy perspective, LTH-SOPR/STH-SOPR (the output profit ratio of long-term holders/short-term holders) rose from 1.55 at the beginning of the year to 2.11 at the end of the year, with an annual average of 2.16. Especially after late November, this ratio was greater than 3 multiple times, peaking above 4. A value greater than 1 indicates that the profit level of long-term holders is higher than that of short-term holders, and the larger the value, the higher the profit level of long-term holders.

glassnode数据显示，年末盈利芯片占比达到90.16%（截至12月20日），处于历史高位。从盈利策略来看，LTH-SOPR/STH-SOPR（长期持有者/短期持有者的产出利润比）从年初的1.55上升到年末的2.11，年增长率平均2.16。尤其是11月下旬之后，该比率多次大于3，最高达到4以上。数值大于1，表明长期持有者的盈利水平高于短期持有者，该值越大，说明长期持有者的盈利水平高于短期持有者。长期持有者的利润水平较高。

Overall, this year, long-term holders had better profit levels, and this advantage became more pronounced as the year progressed. Additionally, from the overall price perspective, it can be observed that the profit level peak for long-term holders appeared earlier than the price peak, indicating that long-term holders tend to reduce risk exposure earlier when the market approaches overheating.

总体而言，今年长期持有者的利润水平较好，而且随着时间的推移，这种优势变得更加明显。另外，从整体价格来看，长期持有者的利润水平峰值出现得早于价格峰值，这表明长期持有者倾向于在市场接近过热时更早地降低风险敞口。

This year's Bitcoin trading market saw both volume and price increase steadily, with rising prices accompanied by increased trading volume.

今年的比特币交易市场量价齐升，价格上涨伴随着交易量的增加。

According to statistics, the average daily trading volume for Bitcoin was approximately $38.354 billion, with the highest single-day trading volume exceeding $190.4 billion. The trading peak occurred after November, with average daily trading volumes in November and December reaching $74.897 billion and $96.543 billion, significantly exceeding the previous monthly average of $30.8 billion.

据统计，比特币日均交易额约为383.54亿美元，最高单日交易额超过1904亿美元。交易高峰出现在11月之后，11月和12月日均交易量分别达到748.97亿美元和965.43亿美元，大幅超过此前月均308亿美元。

The futures market was also active. The total open interest grew from $10.915 billion at the beginning of the year to $30.948 billion at the end of the year, an annual increase of 183.53%, showing significant growth.

期货市场也表现活跃。持仓总额从年初的109.15亿美元增长至年末的309.48亿美元，同比增长183.53%，呈现大幅增长。

As one of the main factors driving the rise in Bitcoin prices, the asset holdings of various ETFs have been a focus throughout the year. According to statistics, the total holdings of Bitcoin ETFs rose from 619,500 BTC at the beginning to 11.2006 million BTC at the end of the year, with a strong annual growth of 80.87%. The rapid growth period coincided with the rapid rise in Bitcoin prices, occurring in February-March and after November.

作为推动比特币价格上涨的主要因素之一，各类ETF的资产持有情况一直是全年关注的焦点。据统计，比特币ETF总持有量从年初的61.95万BTC增长至年末的1120.06万BTC，年增长率高达80.87%。快速增长期与比特币价格快速上涨同时发生，发生在2月至3月以及11月之后。

Currently, BlackRock's holdings have reached 524,500 BTC, making it the largest ETF by size. In addition, Grayscale and Fidelity also hold significant amounts, with 210,300 BTC and 209,900 BTC, respectively. The holdings of other ETFs are relatively low, mostly below 50,000 BTC.

目前，贝莱德持有的比特币数量已达到 524,500 枚，是规模最大的 ETF。此外，灰度和富达也持有大量比特币，分别为 210,300 BTC 和 209,900 BTC。其他ETF的持仓量相对较低，大多在50,000 BTC以下。

In addition to ETFs, an increasing number of listed companies have also become buyers of Bitcoin, which may bring more possibilities to the market. According to statistics, the company with the largest holdings is MicroStrategy, which holds a total of 439,000 BTC, surpassing many ETFs. Additionally, leading companies in the North American Bitcoin mining sector, Marathon Digital Holdings and Riot Platforms, also hold relatively large amounts, exceeding 40,000 BTC and 10,000 BTC, respectively.

除了ETF之外，越来越多的上市公司也成为了比特币的买家，这或许会给市场带来更多的可能性。据统计，持仓量最大的公司是MicroStrategy，共持有43.9万枚BTC，超过众多ETF。此外，北美比特币挖矿领域的龙头公司Marathon Digital Holdings和Riot Platforms持有的比特币数量也较大，分别超过40,000 BTC和10,000 BTC。