比特币牛市仍在继续：市场分析显示修正中的力量

区块链分析公司 Glassnode 最近发布了一份报告，声称尽管近期市场出现调整，但比特币 (BTC) 仍处于早期“欣快阶段”。根据链上指标，该报告表明，与过去的周期相比，比特币当前的价格波动相对温和，表明该加密货币可能仍处于牛市的早期阶段。

Bitcoin's Bull Run Still in Its Infancy: Market Analysis Reveals Signs of Strength Amidst Recent Correction

比特币的牛市仍处于起步阶段：市场分析显示近期调整中出现走强迹象

A comprehensive report from blockchain analytics firm Glassnode paints a nuanced picture of Bitcoin's (BTC) current market dynamics, indicating that the recent price correction remains within the confines of a larger bull run.

区块链分析公司 Glassnode 的一份综合报告描绘了比特币 (BTC) 当前市场动态的细致入微的图景，表明最近的价格调整仍处于更大规模牛市的范围内。

Drawing upon on-chain metrics, the report asserts that Bitcoin's downward price action, while noticeable, pales in comparison to previous market cycles. This observation suggests that the pioneer cryptocurrency is still in the early stages of a sustained rally.

该报告根据链上指标断言，比特币的价格下跌虽然引人注目，但与之前的市场周期相比显得相形见绌。这一观察结果表明，先锋加密货币仍处于持续反弹的早期阶段。

The report highlights the relatively modest magnitude of pullbacks experienced by Bitcoin since its all-time high (ATH) was surpassed. Historically, market euphoria phases have witnessed price drawdowns exceeding 10%, with many dipping significantly deeper into the 25%+ range. Notably, the current market has endured only two corrections exceeding 10% since the ATH was breached.

该报告强调了比特币自其历史高点（ATH）被超越以来经历的回调幅度相对较小。从历史上看，市场欣欣向荣阶段的价格下跌幅度超过 10%，其中许多跌幅明显更深至 25% 以上的范围。值得注意的是，自ATH被突破以来，当前市场仅经历了两次超过10%的调整。

Glassnode further attributes Bitcoin's strength over the past year to inflows from the spot market, as evidenced by an on-chain analysis of major industry exchanges. The report also suggests that the shorter-term correction is being mitigated by "new demand" from fresh entrants into the market.

Glassnode 将比特币过去一年的强势进一步归因于现货市场的资金流入，对主要行业交易所的链上分析证明了这一点。该报告还表明，新进入市场的“新需求”正在缓解短期调整。

"The strong market performance of Bitcoin over the last 12 months is supported by a remarkable uptick in both spot trade volumes and on-chain flows associated with exchanges," the report states. "By analyzing the Cumulative Volume Delta, we can also gauge that the demand side has been remarkably strong, albeit with bids patiently taking the maker side rather than the taker side."

报告指出：“比特币在过去 12 个月的强劲市场表现得益于现货交易量和与交易所相关的链上流量的显着上升。” “通过分析累积交易量增量，我们还可以判断需求方非常强劲，尽管出价耐心地占据了制造商一方而不是接受方。”

The report concludes by noting that profit-taking has increased since the market surpassed the 2021 ATH but has since cooled in recent weeks. The balance of wealth is currently evenly distributed between long-term holders and new demand, a sign that the "Euphoria" phase is still in its relative infancy.

该报告最后指出，自市场超过 2021 年最高峰值以来，获利回吐有所增加，但最近几周有所降温。目前，财富平衡在长期持有者和新需求之间均匀分配，这表明“兴奋”阶段仍处于相对初级阶段。

Ultimately, the report from Glassnode provides a detailed and balanced perspective on Bitcoin's current market behavior. While the recent correction has raised concerns, the on-chain data suggests that the broader bull run is likely to continue, providing investors with potential opportunities for long-term growth and profitability.

最终，Glassnode 的报告对比特币当前的市场行为提供了详细且平衡的观点。尽管最近的调整引发了担忧，但链上数据表明，更广泛的牛市可能会持续，为投资者提供长期增长和盈利的潜在机会。