比特幣減半後的演變：彈性、動態變化和不斷增長的採用

2024 年 4 月，比特幣減半後的動態凸顯了區塊鏈的彈性。雖然價格下跌 2% 至 66,472 美元，但年增 130%。由於網路活動增加，交易費用飆升 126%，達到 95% 的高點。礦工的每日收入小幅下降至 6,190 萬美元，但仍維持在第 99% 的水平。儘管地址利潤下降了 4%，但 94% 的地址仍然獲利。未實現盈虧比表示市場情緒健康。序數銘文在減半後顯著減少，這可能是由於符文（一種新的可替代代幣協議）的出現。

April's Post-Halving Bitcoin Snapshot: Evolving Dynamics and Resilience

四月比特幣減半後快照：不斷變化的動態和彈性

On April 19, the Bitcoin network underwent its third halving, an event that occurs every 210,000 blocks (approximately every four years) and reduces the block reward for miners by half. This halving has sparked considerable interest and speculation within the Bitcoin community, and has had a significant impact on the network's dynamics.

4 月 19 日，比特幣網路經歷了第三次減半，每 21 萬個區塊（大約每四年）發生一次，礦工的區塊獎勵減少了一半。這次減半引發了比特幣社群的極大興趣和猜測，並對網路的動態產生了重大影響。

Bitcoin's Price Action

比特幣的價格走勢

In the immediate aftermath of the halving, Bitcoin's price experienced a slight dip of approximately 2%, settling at $66,472. However, this pullback is considered a minor fluctuation within the context of the broader market trend. Notably, Bitcoin has experienced an impressive 130% increase in value over the past year, highlighting its enduring appeal as a store of value.

減半後，比特幣的價格小幅下跌約 2%，收在 66,472 美元。然而，在大盤趨勢的背景下，這種回調被認為是小幅波動。值得注意的是，比特幣在過去一年中的價值增長了 130%，令人印象深刻，凸顯了其作為價值儲存手段的持久吸引力。

Regional market behaviors have also exhibited distinct patterns post-halving. Asian trading hours witnessed a 7% month-over-month price decline, suggesting caution among investors in that region. In contrast, U.S. trading hours saw a 4% increase, indicating stronger confidence or possible accumulation phases during these hours. European trading, on the other hand, showed modest growth with a 1% increase, reflecting steady but cautious participation.

減半後區域市場行為也表現出不同的模式。亞洲交易時段價格較上月下跌 7%，顯示該地區投資人持謹慎態度。相較之下，美國交易時段上漲了 4%，顯示這些時段信心增強或可能出現吸籌階段。另一方面，歐洲交易呈現溫和成長，增幅為 1%，反映出穩定但謹慎的參與。

Funding Rates

資金費率

The annualized cost to roll Bitcoin Futures has decreased by 31% to 15%, indicating a significant reduction in market leverage and bullish sentiment post-halving. This suggests that investors are adopting a more cautious approach, wary of excessive risk-taking.

比特幣期貨展期的年化成本下降了 31% 至 15%，顯示減半後市場槓桿率和看漲情緒顯著下降。這顯示投資者正在採取更加謹慎的態度，警惕過度冒險。

Bitcoin's Network Activity, Adoption, and Fees

比特幣的網路活動、採用和費用

The number of daily transactions on the Bitcoin network has surged by 27% this month, reflecting a robust rebound in network usage. This heightened activity places post-halving transaction volume in the 97th percentile of all-time activity, demonstrating the network's resilience and growing adoption.

本月比特幣網路的日交易量激增 27%，反映出網路使用量的強勁反彈。這種活動的增加使減半後的交易量達到了歷史活動的 97%，這證明了網路的彈性和不斷增長的採用率。

Ordinal inscriptions, however, have seen a sharp 60% decrease in daily inscriptions since the halving, landing them in the 30th percentile historically. This reduction may indicate a shift in priorities or valuation of Ordinals, particularly after the recent launch of Runes, a new fungible token protocol on the Bitcoin blockchain.

然而，自減半以來，序數銘文的每日銘文數量急劇減少了 60%，歷史上處於第 30 個百分位數。這種減少可能表明序數的優先順序或估值發生了變化，特別是在最近推出 Runes（比特幣區塊鏈上的一種新的可替代代幣協議）之後。

Runes, unlike Ordinals which inscribe unique data onto individual Satoshis to create NFTs, utilize the existing UTXO model to issue fungible tokens with minimal blockchain impact. This could explain why the drop in inscriptions hasn't been accompanied by any growth from Runes, as they differ fundamentally in their blockchain usage and purpose. Additionally, the decline in Ordinal inscriptions may have contributed to a reduction in transaction fees, as they previously consumed a significant portion of the network's resources.

Runes 與 Ordinals 不同，Ordinals 將獨特的資料刻在單一 Satoshi 上以創建 NFT，它利用現有的 UTXO 模型來發行對區塊鏈影響最小的可替代代幣。這可以解釋為什麼銘文的下降並沒有伴隨著符文的任何成長，因為它們在區塊鏈的使用和目的上有著根本的不同。此外，序號銘文的減少可能有助於交易費用的降低，因為它們之前消耗了網路資源的很大一部分。

Despite the overall increase in network activity, average transaction fees in USD have soared by 126%, reaching an average of $16.77. This uptick places the current fee structure in the 95th percentile historically, reflecting the elevated cost of transacting on an increasingly busy network. However, it's important to note that these fees have declined towards the end of the month, possibly due to easing network congestion.

儘管網路活動總體增加，但美元平均交易費用飆升 126%，達到平均 16.77 美元。這種上升使當前的費用結構處於歷史上的第 95%，反映出在日益繁忙的網路上交易成本的上升。然而，值得注意的是，這些費用在月底時有所下降，可能是由於網路擁塞的緩解。

The total transfer volume on the Bitcoin network has decreased by 26% month-over-month, settling at $51.16 billion. Nonetheless, this volume remains in the 87th percentile for historical activity, indicating that Bitcoin continues to be widely used for value transfers despite broader market adjustments.

比特幣網路總轉帳量季減 26%，為 511.6 億美元。儘管如此，這筆交易量仍處於歷史活動的第 87 個百分位數，這表明儘管市場進行了更廣泛的調整，但比特幣仍繼續廣泛用於價值轉移。

Bitcoin Market Health and Profitability

比特幣市場的健康狀況和獲利能力

Despite a slight decline of 4% over the month, 94% of Bitcoin addresses remain in profit. Historically, when this figure approaches 100%, as it did in March, Bitcoin has tended to make repeated all-time highs over the subsequent year, albeit with occasional corrections.

儘管本月小幅下降 4%，但 94% 的比特幣地址仍然獲利。從歷史上看，當這個數字接近 100%（就像 3 月）時，比特幣往往會在接下來的一年中屢屢創下歷史新高，儘管偶爾會出現調整。

The unrealized profit/loss ratio currently stands at 0.58, indicating a healthy but not overly euphoric market sentiment. This suggests that investors are cautiously optimistic about Bitcoin's long-term prospects.

目前未實現盈虧比為0.58，表示市場情緒健康但不過於樂觀。這顯示投資者對比特幣的長期前景持謹慎樂觀態度。

Bitcoin Miners

比特幣礦工

Total daily BTC miner revenues have declined slightly by 5% to $61.9 million, but they remain extraordinarily high historically, in the 99th percentile. This is primarily due to elevated Bitcoin prices and transaction fees, which have more than offset the impact of the halving on miner rewards.

BTC 礦工的每日總收入略有下降 5%，至 6,190 萬美元，但仍處於歷史最高水平，處於第 99 個百分點。這主要是由於比特幣價格和交易費用上漲，這足以抵消減半對礦工獎勵的影響。

Conclusion

結論

The post-halving Bitcoin snapshot reveals a network that is evolving and adapting to changing market dynamics. While immediate price fluctuations are expected, Bitcoin's underlying fundamentals remain strong, supported by increasing network usage, growing adoption, and a solid market health.

比特幣減半後的快照揭示了一個正在發展並適應不斷變化的市場動態的網路。儘管預計價格會立即波動，但比特幣的基本面仍然強勁，這得益於網路使用量的增加、採用率的不斷提高以及市場健康狀況的穩健。

The halving has brought about shifts in miner revenues, transaction fees, and market sentiment, but these adjustments are indicative of the network's ability to recalibrate and continue providing value to its users. As the Bitcoin ecosystem matures and the halving's full impact becomes clearer, we anticipate further developments and insights that will shape the future of this transformative technology.

減半帶來了礦工收入、交易費用和市場情緒的變化，但這些調整表明了網路重新調整並繼續為其用戶提供價值的能力。隨著比特幣生態系統的成熟以及減半的全面影響變得更加清晰，我們預計進一步的發展和見解將塑造這項變革性技術的未來。