比特币和以太坊在 2024 年第一季度飙升：Glassnode 分析强调了关键驱动因素

Glassnode 与 Coinbase International 合作发布的季度加密货币市场指南深入研究了比特币和以太坊的表现。从历史上看，比特币的表现优于其他资产，自 2013 年以来年化回报率为 124％。以太坊也表现良好，表现出与上一个周期类似的增长。促成市场强劲的因素包括现货比特币 ETF 的批准、DeFi 活动的增加以及质押 ETH 的增加。该报告讨论了将加密货币添加到传统投资组合的潜在影响，并强调了机构对比特币和以太坊日益增长的兴趣。

Bitcoin and Ethereum Surge in Q1 2024: Glassnode's Comprehensive Analysis

Glassnode 综合分析：2024 年第一季度比特币和以太坊飙升

Renowned on-chain analytics firm Glassnode, in collaboration with Coinbase International, has released its quarterly crypto market guide, providing a comprehensive analysis of Bitcoin and Ethereum's performance and key market drivers.

著名的链上分析公司 Glassnode 与 Coinbase International 合作发布了季度加密货币市场指南，对比特币和以太坊的表现和关键市场驱动因素进行了全面分析。

Bitcoin's Dominance

比特币的统治地位

Bitcoin, the leading cryptocurrency, has consistently outperformed traditional assets, delivering an annualized return of 124% from 2013 to 2023. In eight out of the last eleven years, Bitcoin has been the top-performing asset class.

作为领先的加密货币，比特币的表现一直优于传统资产，2013 年至 2023 年的年化回报率为 124%。在过去 11 年中，比特币有 8 年一直是表现最好的资产类别。

Despite its impressive returns, Bitcoin has also experienced significant volatility, with an average intra-year decline of 47%. The current market cycle, which began in November 2022, has seen prices rise approximately fourfold from the lows, exhibiting similarities to the 2018-2022 cycle.

尽管回报率可观，但比特币也经历了大幅波动，年内平均跌幅达 47%。当前的市场周期始于 2022 年 11 月，价格从低点上涨了约四倍，与 2018-2022 年周期相似。

Ethereum's Growth

以太坊的增长

Ethereum, the second-largest cryptocurrency by market capitalization, has also witnessed remarkable growth and development. Ethereum's price trajectory has mirrored the 2018-2022 cycle, which culminated in a 1,000% surge in Ethereum's value within 24 months from the low.

按市值计算的第二大加密货币以太坊也见证了显着的增长和发展。以太坊的价格轨迹反映了 2018-2022 年的周期，最终以太坊的价值在 24 个月内从低点飙升了 1,000%。

Key Drivers of Market Growth

市场增长的主要驱动力

Glassnode identifies several factors contributing to the growth of both Bitcoin and Ethereum:

Glassnode 确定了促进比特币和以太坊增长的几个因素：

Bitcoin:

比特币：

• Approval of spot Bitcoin ETFs by the SEC in January 2024
• Record-breaking inflows into spot Bitcoin ETFs, with assets under management reaching nearly $60 billion within three months
• Increased demand outpacing the supply of new Bitcoins issued by miners, creating a supply-demand imbalance

Ethereum:

2024 年 1 月 SEC 批准现货比特币 ETF 现货比特币 ETF 资金流入创纪录，三个月内管理资产达到近 600 亿美元需求增长超过了矿商发行的新比特币供应，造成供需不平衡以太坊：

• Successful implementation of the Dencun and Shapella upgrades, enhancing network scalability and security
• Rapid expansion of the DeFi ecosystem on the Ethereum network
• Surge in total value locked (TVL) in DeFi protocols by 85% in Q1 2024, indicating increased financial activity and liquidity
• Growth in ETH staking participation and total value staked, driven by attractive yields

Derivatives Markets

成功实施 Dencun 和 Shapella 升级，增强网络可扩展性和安全性以太坊网络上 DeFi 生态系统的快速扩张2024 年第一季度 DeFi 协议的锁定总价值 (TVL) 激增 85%，表明金融活动和流动性增加以太坊质押参与度增长和总价值，由有吸引力的收益率驱动衍生品市场

Both Bitcoin and Ethereum derivatives markets have experienced significant growth, with trading volumes and open interest hitting new all-time highs. The impending Bitcoin Halving and the potential approval of Ether ETFs by the SEC are expected to further drive market activity and investor engagement.

比特币和以太坊衍生品市场都经历了显着增长，交易量和持仓量创下历史新高。即将到来的比特币减半以及美国证券交易委员会可能批准以太坊 ETF 预计将进一步推动市场活动和投资者参与。

Cryptocurrency's Role as an Institutional Asset

加密货币作为机构资产的作用

Glassnode highlights the impact of incorporating cryptocurrency into a diversified investment portfolio. By allocating a 5% component of a 60% MSCI ACWI and 40% U.S. Agg portfolio to cryptocurrencies, overall returns increase from 33.3% (no crypto allocation) to 67.03%.

Glassnode 强调了将加密货币纳入多元化投资组合的影响。通过将 60% MSCI ACWI 和 40% U.S. Agg 投资组合的 5% 分配给加密货币，总体回报率从 33.3%（无加密货币分配）增加到 67.03%。

Future Outlook

未来展望

The influence of Bitcoin and Ethereum as institutional asset classes will be a key topic explored at Benzinga's upcoming Future of Digital Assets event on November 19. Industry experts and thought leaders will gather to discuss the evolving landscape of cryptocurrencies and their implications for investors and the broader economy.

比特币和以太坊作为机构资产类别的影响将成为 Benzinga 即将于 11 月 19 日举行的“数字资产的未来”活动中探讨的一个关键话题。行业专家和思想领袖将齐聚一堂，讨论加密货币不断发展的格局及其对投资者和更广泛领域的影响。经济。

Conclusion

结论

Glassnode's in-depth analysis provides valuable insights into the recent performance and drivers of growth for Bitcoin and Ethereum. The market continues to evolve at a rapid pace, and Glassnode's research sheds light on the key factors shaping the future of cryptocurrencies.

Glassnode 的深入分析为比特币和以太坊的近期表现和增长驱动因素提供了宝贵的见解。市场继续快速发展，Glassnode 的研究揭示了塑造加密货币未来的关键因素。