比特币分配动态揭晓：9.5% 的供应量以超过 60,000 美元的价格获得

根据 Glassnode 最近的分析，比特币供应量的 9.5%（即 187 万比特币）的购买价格超过 6 万美元。此次收购主要由短期持有者进行，表明比特币在价格水平较高的情况下大量积累。有趣的是，部分在 2021 年牛市期间购买的长期持有者仍维持其仓位，可能受益于最近的价格上涨。

Bitcoin's Distribution Dynamics Unveiled: 9.5% of Supply Acquired Above $60,000

比特币的分配动态揭晓：9.5% 的供应量超过 60,000 美元

Data released by the renowned on-chain analytics firm, Glassnode, has shed light on the intricate distribution patterns of the Bitcoin (BTC) supply. A substantial 9.5% of the circulating bitcoins, equivalent to 1.875 million BTC, have been acquired at price levels exceeding $60,000.

著名的链上分析公司 Glassnode 发布的数据揭示了比特币（BTC）供应的复杂分布模式。流通中的比特币中有 9.5%（相当于 187.5 万比特币）是以超过 6 万美元的价格购买的。

Supply Distribution Analysis

供应分布分析

Glassnode's in-depth analysis reveals a comprehensive breakdown of this distribution. The chart depicting the realized price distribution of the entire circulating supply indicates that 9.5% of the supply has been purchased at prices above $60,000.

Glassnode 的深入分析揭示了该分布的全面细分。描绘整个流通供应量的已实现价格分布的图表表明，9.5% 的供应量是以高于 60,000 美元的价格购买的。

Division of Holdings: STHs and LTHs

控股部门：STH 和 LTH

Within the Bitcoin market, investors are primarily categorized into short-term holders (STHs) and long-term holders (LTHs) based on the holding period of their coins. The distinction between these groups is demarcated at 155 days.

在比特币市场中，投资者根据比特币持有期限主要分为短期持有者（STH）和长期持有者（LTH）。这些组之间的区别以 155 天为界。

The distribution analysis highlights that the vast majority of the supply purchased above $60,000 falls under the STH category. However, it is noteworthy that some LTHs, who purchased during the 2021 bull run, are also included in this segment.

分布分析强调，绝大多数购买价格超过 60,000 美元的供应都属于 STH 类别。但值得注意的是，一些在 2021 年牛市期间购买的 LTH 也包含在这一细分市场中。

The presence of LTHs in this high-cost acquisition range suggests that certain investors, despite facing substantial setbacks during the market downturns, have maintained their conviction and held their ground. Notably, as Bitcoin's price recovers, these investors are now approaching or have potentially crossed their break-even point.

LTH 在这一高成本收购范围内的存在表明，某些投资者尽管在市场低迷期间面临重大挫折，但仍保持信念并坚守阵地。值得注意的是，随着比特币价格的回升，这些投资者现在正在接近或可能已经突破盈亏平衡点。

Factors Influencing Supply Purchase

影响供应采购的因素

The significant proportion of supply acquired at these elevated levels can be attributed to several factors. Firstly, Bitcoin's recent surge in value, which has attracted considerable interest and led to increased buying activity.

在如此高的水平上获得的供应量的很大一部分可以归因于几个因素。首先，比特币近期价值飙升，引起了相当大的兴趣并导致购买活动增加。

Secondly, the inflows into Bitcoin spot exchange-traded funds (ETFs) have also contributed to the acquisition of coins at these relatively high prices.

其次，比特币现货交易所交易基金（ETF）的流入也有助于以相对较高的价格收购比特币。

Role of LTHs in Market Dynamics

LTH 在市场动态中的作用

Traditionally, LTHs are viewed as the most resolute segment of the market, typically exhibiting a tenacious hold on their assets despite market fluctuations. However, recent data suggests a significant shift in their behavior.

传统上，LTH 被视为市场中最坚定的部分，尽管市场波动，但通常仍表现出对其资产的顽强持有。然而，最近的数据表明他们的行为发生了重大转变。

LTH Supply Reduction

LTH供应减少

Over the past several weeks, LTHs have been observed to actively reduce their holdings, shedding approximately 900,000 BTC since December. This substantial reduction suggests that LTHs, who have amassed significant profits during their long-term tenure, are now capitalizing on the market's recovery by harvesting their gains.

过去几周，LTH 积极减持，自 12 月以来减持了约 90 万枚 BTC。这一大幅下降表明，在长期任职期间积累了大量利润的LTH现在正在通过市场复苏来收获收益。

Glassnode attributed around 286,000 BTC from this reduction to outflows from the Grayscale Bitcoin Trust (GBTC).

Glassnode 将此次减少中约 286,000 BTC 归因于灰度比特币信托基金 (GBTC) 的流出。

Bitcoin's Current Market Position

比特币当前的市场地位

At the time of reporting, Bitcoin is trading at approximately $66,100, indicating a decline of over 3% during the past week. This recent price drop reflects a sharp correction after the asset's rapid ascent in the preceding days.

截至本报告发布时，比特币交易价格约为 66,100 美元，表明过去一周下跌超过 3%。最近的价格下跌反映了该资产在前几天快速上涨后的大幅调整。

Conclusion

结论

The distribution analysis conducted by Glassnode provides valuable insights into the dynamics of Bitcoin's supply and the behavior of its holders. The substantial acquisition of supply above $60,000, coupled with the shift in LTH strategies, underscores the evolving landscape of the cryptocurrency market. As the industry continues to mature, these metrics will continue to offer invaluable perspectives on the market's fundamental drivers and potential future trajectories.

Glassnode 进行的分布分析为比特币供应动态及其持有者行为提供了宝贵的见解。大量收购超过 60,000 美元的供应，加上 LTH 策略的转变，凸显了加密货币市场不断变化的格局。随着行业不断成熟，这些指标将继续为市场的基本驱动力和潜在的未来轨迹提供宝贵的视角。