随着长期持有者重新分配给新投资者，比特币飙升

比特币 (BTC) 的长期持有者正在将其收益变现给新投资者，引发价格飙升，并将其已实现上限推至 5400 亿美元的历史新高。根据 Glassnode 的数据，44% 的 BTC 现在由不到三个月的新地址持有，这是需求和流动性增加的迹象。然而，比特币价格近期出现下跌，目前交易价格低于历史高位，当天整体市值下跌 1%。

Bitcoin's Surge Prompted by Distribution from Long-Term Holders to New Investors

从长期持有者向新投资者的分配推动了比特币的飙升

April 6, 2022

2022 年 4 月 6 日

Market Update:

市场更新：

Bitcoin's (BTC) relentless upward trajectory has reached a new milestone, with the benchmark cryptocurrency surpassing its previous all-time high amid a surge in demand from a fresh cohort of investors. This surge has been fueled by the distribution of holdings from long-term Bitcoin holders.

比特币（BTC）的持续上涨轨迹已经达到了一个新的里程碑，在新一批投资者的需求激增的情况下，基准加密货币突破了之前的历史新高。这种激增是由长期比特币持有者的持仓分配推动的。

Realized Cap Metric Indicates Significant Market Milestone:

已实现上限指标表明重要的市场里程碑：

Glassnode, a blockchain data and analytics firm, released a report on April 2, highlighting that Bitcoin's recent price discovery has prompted long-term holders, who had already accrued significant profits, to distribute their assets to a new group of investors.

区块链数据和分析公司 Glassnode 于 4 月 2 日发布了一份报告，强调比特币最近的价格发现促使已经获得巨额利润的长期持有者将其资产分配给新的投资者群体。

Glassnode utilizes the Realized Cap metric, which records the transaction price of each Bitcoin, to determine the proportion of holders making profits or losses. The metric has scaled unprecedented heights, indicating a significant market milestone.

Glassnode 利用已实现上限指标（记录每个比特币的交易价格）来确定持有者盈利或亏损的比例。该指标已达到前所未有的高度，标志着一个重要的市场里程碑。

Mechanism of Revaluation:

重估机制：

Glassnode explains that the distribution process results in spent coins being revalued from a lower cost basis to a higher one. As these coins change hands, it injects fresh demand and liquidity into the asset class.

Glassnode 解释说，分配过程会导致用过的代币从较低的成本基础重估为较高的成本基础。随着这些代币易手，它为该资产类别注入了新的需求和流动性。

This mechanism is evident in the Realized Cap statistic, which tracks the total USD liquidity 'stored' in the asset or class. The Realized Cap has hit a new all-time high of $540 billion and is growing at an unprecedented rate of over $79 billion per month.

这种机制在已实现上限统计数据中很明显，该统计数据跟踪资产或类别中“存储”的美元流动性总额。已实现上限已创下 5,400 亿美元的历史新高，并以每月超过 790 亿美元的前所未有的速度增长。

Emergence of Newer Investors:

新投资者的出现：

According to Glassnode, 44% of all BTC in circulation are now held by newer addresses that have been active for less than three months. This rise above the 44% threshold is typically associated with mid-stage bull markets.

根据 Glassnode 的数据，目前流通中的 BTC 中有 44% 由活跃时间不到三个月的新地址持有。超过 44% 阈值的上涨通常与中期牛市有关。

Shift in Investor Behavior:

投资者行为的转变：

Glassnode identified a "distinct shift in investor behavioral patterns." Long-term holders are actively distributing their holdings, realizing profits, and reactivating dormant supply to meet the insatiable demand at elevated prices.

Glassnode 发现了“投资者行为模式的明显转变”。长期持有者正在积极分配所持股份，实现利润，并重新激活休眠供应，以满足价格上涨时无法满足的需求。

Market Outlook:

市场展望：

While Bitcoin's price has retracted slightly from its all-time high, it remains elevated, indicating strong demand from both new and existing investors. The overall market capitalization of cryptocurrencies has also experienced a modest decline, but remains significantly higher than its pre-2021 levels.

尽管比特币的价格已较历史高点小幅回落，但仍处于高位，表明新投资者和现有投资者的需求强劲。加密货币的整体市值也经历了小幅下降，但仍显着高于 2021 年之前的水平。

Altcoin Market Remains Subdued:

山寨币市场依然低迷：

Unlike the explosive rally in Bitcoin, altcoins have shown little movement in this market cycle. Most altcoins, including XRP and Dogecoin, are trading in the red.

与比特币的爆炸性上涨不同，山寨币在这个市场周期中几乎没有表现出任何变化。大多数山寨币，包括瑞波币和狗狗币，都处于亏损状态。

Conclusion:

结论：

Bitcoin's recent surge has been driven by a confluence of factors, including the distribution of holdings from long-term holders to a wave of new investors. The Realized Cap metric provides empirical evidence of this shift in investor behavior, indicating a robust market supported by significant liquidity. While the market has experienced a slight correction, Bitcoin's long-term prospects remain positive.

比特币近期的飙升是由多种因素共同推动的，其中包括将长期持有者的持股分配给一波新投资者。已实现上限指标提供了投资者行为转变的经验证据，表明市场强劲并受到大量流动性的支持。尽管市场经历了小幅调整，但比特币的长期前景仍然乐观。