比特币在牛市中盘整：方舟投资看到健康修正

尽管比特币最近价格盘整，但 Ark Invest 的报告称，这是牛市修正，而不是熊市。链上指标表明牛市正处于早期到中期阶段，MVRV Z 得分低于表明超买状况的水平。现货比特币 ETF 的流入和流出平衡，而长期持有者则进行获利了结，这是波动牛市中的典型现象。在全球经济不确定性和法定货币贬值的情况下，Ark 的研究结果将在 11 月份的 Benzinga 数字资产未来会议上进行讨论。

Bitcoin's Consolidation: A Healthy Correction Amidst a Promising Bull Run

比特币的盘整：充满希望的牛市中的健康修正

Ark Invest, renowned for its bullish stance on transformative technologies, has released an insightful report asserting that the recent price consolidation in Bitcoin (BTC) is not indicative of a bear market, but rather a healthy adjustment within a sustained bull run.

以其对变革性技术的看涨立场而闻名的 Ark Invest 发布了一份富有洞察力的报告，声称比特币 (BTC) 最近的价格盘整并不表明熊市，而是持续牛市中的健康调整。

On-Chain Metrics Reveal Market Health

链上指标揭示市场健康状况

The report meticulously analyzes various on-chain metrics to gauge Bitcoin's health. Notably, while Bitcoin's price surged by 16.5% in March, reaching $71,288, some long-term holders have taken advantage of the opportunity to realize profits.

该报告仔细分析了各种链上指标，以衡量比特币的健康状况。值得注意的是，尽管比特币价格在 3 月份飙升 16.5%，达到 71,288 美元，但一些长期持有者却利用这个机会实现了盈利。

However, Ark Invest emphasizes that this profit-taking is counterbalanced by the influx of new investors entering the market. This is evidenced by the record inflows into spot Bitcoin ETFs, suggesting that the market remains vibrant and resilient.

不过，Ark Invest强调，这种获利回吐被新投资者涌入市场所抵消。现货比特币 ETF 创纪录的资金流入证明了这一点，表明市场仍然充满活力和弹性。

Indicators Point to an Early-Stage Bull Run

指标表明牛市处于早期阶段

Bitcoin's closing price of $71,288 in March signifies a remarkable 16.5% monthly gain and a substantial 68.6% increase in the first quarter of the year. One crucial metric highlighted by Ark Invest is the MVRV Z-Score, which assesses whether Bitcoin is over or undervalued relative to its realized value.

比特币 3 月份收盘价为 71,288 美元，月度上涨 16.5%，今年第一季度大幅上涨 68.6%。 Ark Invest 强调的一项关键指标是 MVRV Z 分数，它评估比特币相对于其实现价值是否被高估或低估。

"Compared to past cycles, Bitcoin's MVRV Z-Score indicates that its price is in the early to mid stages of a bull market," the report states, implying significant room for growth before reaching overbought conditions.

报告指出，“与过去的周期相比，比特币的 MVRV Z 得分表明其价格处于牛市的早期到中期阶段”，这意味着在达到超买条件之前还有很大的增长空间。

Ark Invest elaborates on the significance of this metric: "MVRV Z-Score measures the difference between Bitcoin's market cap and realized cap... and gauges the stage of the market relative to its mean in terms of standard deviations. Currently, the measures are below the thresholds that typically indicate peak valuations."

Ark Invest 详细阐述了该指标的重要性：“MVRV Z-Score 衡量比特币市值与已实现市值之间的差异……并根据标准差衡量市场相对于其平均值的阶段。目前，这些衡量标准是低于通常表明估值峰值的阈值。”

Spot Bitcoin ETFs and Profit-Taking Dynamics

现货比特币 ETF 和获利了结动态

The report also examines the behavior of spot Bitcoin ETFs and long-term holders. In March, total assets under management (AUM) in spot Bitcoin ETFs soared to $59.1 billion, reflecting a 21.8% increase from February. Notably, inflows and outflows for these ETFs have been relatively balanced, indicating a cautious but stable investor sentiment.

该报告还研究了现货比特币 ETF 和长期持有者的行为。 3 月份，现货比特币 ETF 的管理总资产（AUM）飙升至 591 亿美元，较 2 月份增长 21.8%。值得注意的是，这些ETF的流入和流出相对平衡，表明投资者情绪谨慎但稳定。

Despite the bullish signals, the document acknowledges that some long-term Bitcoin holders have begun to take profits, a behavior typically observed in high-volatility bull markets. "Based on a six-month horizon, net outflows in 'supply last moved one year ago or more' increased during the first quarter," Ark reports, adding that this trend is consistent with previous bull market phases.

尽管发出了看涨信号，但该文件承认，一些长期比特币持有者已开始获利了结，这是高波动性牛市中常见的行为。 Ark 报告称：“从六个月的角度来看，‘供应上次移动一年前或更长时间’的净流出在第一季度有所增加。”他补充说，这一趋势与之前的牛市阶段一致。

Fiat Depreciation and Global Economic Weakness

法定货币贬值和全球经济疲软

Adding to the complexity of the financial landscape, Ark's analysis considers the depreciation of global fiat currencies such as the Egyptian pound and Nigerian naira. This trend underscores broader economic challenges, including GDP and GDI issues, which could impact market sentiment and pricing power worldwide.

阿克的分析考虑了埃及镑和尼日利亚奈拉等全球法定货币的贬值，这加剧了金融格局的复杂性。这一趋势凸显了更广泛的经济挑战，包括 GDP 和 GDI 问题，这可能会影响全球市场情绪和定价能力。

Implications for Investors and the Upcoming Benzinga Conference

对投资者和即将召开的 Benzinga 会议的影响

As Bitcoin continues to navigate significant profit-taking while consolidating at all-time highs, Ark's findings will be a focal point of discussion at the Benzinga Future of Digital Assets conference on November 19. The conference will delve into the implications of these market behaviors and the strategic responses adopted by institutional and retail investors alike.

随着比特币继续大幅获利回吐，同时在历史高点进行盘整，Ark 的发现将成为 11 月 19 日 Benzinga 数字资产未来会议讨论的焦点。会议将深入探讨这些市场行为的影响和机构投资者和散户投资者采取的战略应对措施。