Glassnode 的 Q 指南：比特币统治、以太坊崛起、加密货币市场激增

Glassnode's Comprehensive Crypto Market Analysis Reveals Bitcoin's Dominance and Ethereum's Potential

Glassnode 的综合加密货币市场分析揭示了比特币的主导地位和以太坊的潜力

On-chain analytics firm Glassnode, in collaboration with Coinbase International, has released its quarterly crypto market guide, providing a comprehensive analysis of Bitcoin (BTC/USD) and Ethereum (ETH/USD). The report highlights the remarkable performance of Bitcoin, which has emerged as the top-performing asset in eight out of the last eleven years, delivering an impressive annualized return of 124% from 2013 to 2023.

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 (BTC/USD) 和以太坊 (ETH/USD) 进行了全面分析。该报告强调了比特币的卓越表现，在过去 11 年中有 8 年比特币已成为表现最佳的资产，从 2013 年到 2023 年实现了 124% 的令人印象深刻的年化回报率。

Bitcoin: A Volatile Yet Rewarding Investment

比特币：一种不稳定但回报丰厚的投资

Despite its impressive returns, Bitcoin has not been without its challenges. The report reveals that Bitcoin has experienced significant volatility, with average intra-year declines of 47%. However, the current market cycle, which began in November 2022, has witnessed a remarkable price surge of approximately fourfold from the lows, closely resembling the 2018-2022 cycle.

尽管回报令人印象深刻，但比特币也面临着挑战。报告显示，比特币经历了大幅波动，年内平均跌幅达 47%。然而，自 2022 年 11 月开始的当前市场周期见证了价格从低点飙升约四倍，与 2018-2022 年周期非常相似。

The report identifies several factors contributing to Bitcoin's growth:

该报告指出了促进比特币增长的几个因素：

• The approval of spot Bitcoin ETFs by the SEC in January 2024 has led to record-breaking inflows, with assets under management reaching nearly $60 billion by the end of March 2024.
• Demand for Bitcoin has significantly outpaced the new supply issued by miners, creating a supply-demand imbalance.

Ethereum: A Rising Star in the Cryptocurrency Landscape

美国证券交易委员会 (SEC) 于 2024 年 1 月批准现货比特币 ETF，导致资金流入破纪录，截至 2024 年 3 月，管理资产规模达到近 600 亿美元。对比特币的需求大大超过了矿商发行的新供应量，创造了供需失衡。以太坊：加密货币领域的后起之秀

Ethereum, the second-largest cryptocurrency by market capitalization, has also demonstrated impressive growth and development. Its price performance has mirrored that of Bitcoin, with the current cycle closely aligning with the 2018-2022 cycle, which culminated in Ethereum's price rising by 1,000% 24 months after the low.

按市值计算的第二大加密货币以太坊也表现出了令人印象深刻的增长和发展。其价格表现与比特币的价格表现相似，当前周期与 2018-2022 年周期密切相关，最终以太坊的价格在低点 24 个月后上涨了 1,000%。

Factors driving Ethereum's growth include:

推动以太坊增长的因素包括：

• The successful implementation of the Dencun and Shapella upgrades, which have enhanced the network's scalability and security.
• The rapidly expanding DeFi (Decentralized Finance) ecosystem built on the Ethereum network. The total value locked (TVL) in Ethereum's DeFi protocols increased by 85% in Q1 2024, indicating a surge in financial activity and liquidity.
• The number of ETH staked and the total value staked increased in Q1 2024 as more participants were attracted by the yields offered through staking.

Derivatives Markets Flourishing

Dencun和Shapella升级的成功实施，增强了网络的可扩展性和安全性。基于以太坊网络构建的快速扩展的DeFi（去中心化金融）生态系统。 2024 年第一季度，以太坊 DeFi 协议的锁定总价值（TVL）增加了 85%，表明金融活动和流动性激增。随着更多参与者被收益率吸引，2024 年第一季度质押的 ETH 数量和总价值有所增加通过质押提供。衍生品市场蓬勃发展

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

比特币和以太坊衍生品市场均经历了显着增长，交易量和持仓量均创历史新高。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兴趣。

Cryptocurrency Diversification Enhances Portfolio Performance

加密货币多元化提高投资组合绩效

Glassnode's report also highlights the positive impact of adding cryptocurrency to a traditional investment portfolio. A portfolio with a 60% MSCI ACWI and 40% U.S. Agg allocation can see its returns increase from 33.3% (no cryptocurrency allocation) to 67.03% (5% cryptocurrency allocation).

Glassnode 的报告还强调了将加密货币添加到传统投资组合中的积极影响。具有 60% MSCI ACWI 和 40% 美国总体分配的投资组合的回报率可以从 33.3%（无加密货币分配）增加到 67.03%（5% 加密货币分配）。

Institutional Adoption and Future Outlook

机构采用和未来展望

The growing influence of Ethereum and Bitcoin as institutional asset classes is expected to be a key topic of discussion at Benzinga's upcoming Future of Digital Assets event on Nov. 19. With Bitcoin's continued dominance and Ethereum's rapid innovation, the future of cryptocurrency looks increasingly promising.

以太坊和比特币作为机构资产类别日益增长的影响力预计将成为 Benzinga 即将于 11 月 19 日举行的“数字资产的未来”活动中讨论的一个关键话题。随着比特币的持续主导地位和以太坊的快速创新，加密货币的未来看起来越来越有希望。