比特币第一季度表现总结：价格飙升、ETF 流入和层数增长

Table of Contents

• Inscription Activities Drive Bitcoin Fees Up
• ETFs Amassed 212,000 BTC In Q1

Bitcoin (BTC) has shown an impressive performance in the first quarter (Q1) of 2024, as highlighted in a recent report by market intelligence data research firm Messari. The research firm finds key factors contributing to Bitcoin’s price increase, market cap dominance, and the emergence of new trends in the cryptocurrency ecosystem.

登记活动推动比特币费用上涨 ETF 第一季度积累了 212,000 BTC 市场情报数据研究公司 Messari 最近的一份报告强调，比特币 (BTC) 在 2024 年第一季度 (Q1) 表现出色。该研究公司发现了导致比特币价格上涨、市值主导地位以及加密货币生态系统新趋势出现的关键因素。

Inscription Activities Drive Bitcoin Fees Up

Analyzing the key figures detailed in the report, Bitcoin’s price experienced a significant increase in Q1 2024, rising 68.78% quarter-over-quarter (QoQ) to reach an all-time high (ATH) of $73,100. 

铭文活动推动比特币费用上涨通过分析报告中详述的关键数据，比特币的价格在 2024 年第一季度经历了大幅上涨，环比上涨 68.78%，达到 73,100 美元的历史新高 (ATH)。

This price increase propelled Bitcoin’s market cap dominance to 49.7% in March 2024. Interestingly, the research firm notes that such dominance is a typical feature at the start of a new halving cycle, with Bitcoin often leading the way for other cryptocurrencies.

2024 年 3 月，这种价格上涨将比特币的市值主导地位推升至 49.7%。有趣的是，该研究公司指出，这种主导地位是新减半周期开始时的典型特征，比特币往往领先于其他加密货币。

Another relevant figure is the inscription activity in Q4 2023, which drove fees up by 699.4% QoQ. However, in Q1 2024, subscription-related fees decreased by 41.9%. Despite declining total fees, inscription-related transactions still accounted for 18.4% of Bitcoin’s total fees, demonstrating their continued relevance.

另一个相关数据是 2023 年第四季度的登记活动，这使得费用环比增长了 699.4%。然而，2024 年第一季度，订阅相关费用下降了 41.9%。尽管总费用有所下降，但与铭文相关的交易仍占比特币总费用的 18.4%，这表明了其持续的相关性。

Average daily transactions and daily active addresses also experienced a decline of 15.3% and 4.7% QoQ, respectively. The report suggests that the decline in transaction activity may be attributed to decreased activity from bots or “super users.” This shift aligns with the decrease in inscription-related activities and fees. 

日均交易量和日活跃地址也分别环比下降 15.3% 和 4.7%。该报告表明，交易活动的下降可能归因于机器人或“超级用户”活动的减少。这一转变与登记相关活动和费用的减少相一致。

Inscription-related activity initially surged in February 2023, leading to a considerable transaction increase. Although Q1 2024 witnessed a decline in inscription-related activity QoQ, it remained significantly higher year-over-year (YoY), indicating its continued impact on the network. 

铭文相关活动最初于 2023 年 2 月激增，导致交易量大幅增长。尽管 2024 年第一季度铭文相关活动环比有所下降，但同比仍显着上升，表明其对网络的持续影响。

ETFs Amassed 212,000 BTC In Q1

Messari highlights that Q1 2024 showed the growth of programmable layers in the cryptocurrency ecosystem. Established layers such as Rootstock and Stacks led the way regarding total value locked (TVL), while newer layers such as BOB and Merlin experienced rapid growth. 

第一季度 ETF 积累了 212,000 BTC Messari 强调，2024 年第一季度显示了加密货币生态系统中可编程层的增长。 Rootstock 和 Stacks 等成熟层在锁定总价值 (TVL) 方面处于领先地位，而 BOB 和 Merlin 等较新层则经历了快速增长。

TVL’s 127% QoQ growth was primarily in non-BTC assets, as Bitcoin-locked amounts lagged behind the Lightning Network and alt-L1 networks, which host significant amounts of BTC.

TVL 环比 127% 的增长主要来自非 BTC 资产，因为比特币锁定金额落后于托管大量 BTC 的闪电网络和 alt-L1 网络。

Ultimately, the approval and launch of nine spot ETFs and one ETF conversion marked a significant milestone for Bitcoin’s legitimization by the US government and traditional finance (TradFi). 

最终，9只现货ETF和1只ETF转换的批准和推出标志着美国政府和传统金融（TradFi）比特币合法化的一个重要里程碑。

The report notes that these ETFs garnered over $12 billion in inflows within the first month. Notably, BTC ETFs surpassed silver ETFs in assets under management (AUM) but still lagged behind gold ETFs. 

报告指出，这些 ETF 在第一个月内就获得了超过 120 亿美元的资金流入。值得注意的是，BTC ETF 的管理资产（AUM）超过白银 ETF，但仍落后于黄金 ETF。

Institutional BTC holdings were also surpassed by MicroStrategy, the largest institutional holder, with 215,000 BTC. The ETFs accumulated 212,000 BTC in inflows during Q1, further establishing Bitcoin’s prominence in the financial markets.

机构 BTC 持有量也被最大的机构持有者 MicroStrategy 超越，拥有 215,000 BTC。第一季度 ETF 累计流入 212,000 BTC，进一步确立了比特币在金融市场的主导地位。

Bitcoin’s exceptional performance in Q1 2024, marked by a significant price increase and market cap dominance, has solidified its position as the leading cryptocurrency. 

比特币在 2024 年第一季度的出色表现，以价格大幅上涨和市值主导地位为标志，巩固了其作为领先加密货币的地位。

Anticipation for the supply halving, along with the success of BTC ETFs and institutional inflows, has contributed to Bitcoin’s growth and recognition in traditional finance. 

对供应量减半的预期，以及 BTC ETF 的成功和机构资金流入，促进了比特币的增长和在传统金融领域的认可。

Featured image from Shutterstock, chart from TradingView.com 

精选图片来自 Shutterstock，图表来自 TradingView.com

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