以太坊獨特的市場地位

長期加密貨幣持有者的行為可以作為市場走勢的重要預測指標。這種觀點植根於

A recent analysis by IntoTheBlock has highlighted the importance of tracking the actions of long-term cryptocurrency holders to gain valuable insights into the direction of the market.

IntoTheBlock 最近的一項分析強調了追蹤長期加密貨幣持有者的行為對於獲得對市場方向的寶貴見解的重要性。

As the value of digital assets like Bitcoin increases, those who have held their positions for extended periods tend to begin offloading their investments. This observation has been a consistent precursor to the apex of bull markets, making the study of these patterns critical for predicting peak periods with more precision.

隨著比特幣等數位資產價值的增加，那些長期持有部位的人往往會開始拋售投資。這項觀察結果一直是牛市頂峰的前兆，因此對這些模式的研究對於更準確地預測高峰期至關重要。

Given the size and impact of Bitcoin, which is one of the largest markets in cryptocurrency and an event-suppressor that effectively sets up most of the trends followed by others, using Bitcoin as a tool to track large-grade cryptocurrencies would make sense.

考慮到比特幣的規模和影響力，比特幣是加密貨幣中最大的市場之一，也是事件抑制器，有效地設定了其他人所遵循的大部分趨勢，因此使用比特幣作為追蹤大型加密貨幣的工具是有意義的。

This relationship was unique in enabling to calm way to measure market cycles. However, a different trend is emerging.

這種關係的獨特之處在於能夠以冷靜的方式衡量市場週期。然而，一種不同的趨勢正在出現。

Bitcoin Long-Term Holders Offloading, But Not Ethereum Holders

比特幣長期持有者正在拋售，但以太坊持有者卻沒有拋售

As previously stated, this relationship was unique in enabling to calm way to measure market cycles. This may change with a different trend observed in the

如前所述，這種關係的獨特之處在於能夠以冷靜的方式衡量市場週期。這可能會隨著觀察到的不同趨勢而改變

While Bitcoin's long-term holders started to decrease their stakes in January, a surprising divergence has emerged as Ethereum's long-term investors are bucking this trend and continuing to accumulate more assets. In the previous cycle, Ethereum holders mirrored the actions of Bitcoin holders, but this divergence is now evident.

雖然比特幣的長期持有者在一月份開始減少持股，但隨著以太坊的長期投資者逆勢而行，繼續累積更多資產，出現了令人驚訝的分歧。在上一個週期中，以太坊持有者的行為反映了比特幣持有者的行為，但這種分歧現在很明顯。

This divergence could be largely attributed to the varying dynamics at play within the two crypto markets. Notably, the Ethereum ecosystem offers a wider range of yield-generating opportunities compared to Bitcoin.

這種差異很大程度上歸因於兩個加密貨幣市場內不同的動態。值得注意的是，與比特幣相比，以太坊生態系統提供了更廣泛的創收機會。

These opportunities have made holding Ethereum increasingly lucrative, especially with the significant portion of Ethereum's supply now staked in various protocols.

這些機會使得持有以太坊變得越來越有利可圖，特別是現在以太坊供應的很大一部分都抵押在各種協議中。

Currently, approximately 27.5% of all Ether in circulation is staked, with a notable 16.3% of this being re-staked through innovative platforms like Eigenlayer. This trend not only underscores the robust demand for native yields among Ethereum enthusiasts but also reflects a broader shift in holder mentality, which opts for longer-term yield gains over immediate profit-taking.

目前，流通中的以太幣中約有 27.5% 被質押，其中 16.3% 是透過 Eigenlayer 等創新平台重新質押的。這一趨勢不僅凸顯了以太坊愛好者對原生收益率的強勁需求，還反映出持有者心態的更廣泛轉變，他們選擇長期收益率收益而不是立即獲利了結。

Furthermore, the anticipation surrounding potential regulatory approvals such as an Ethereum ETF and the prospect of reaching new price heights appears to be keeping long-term holders from selling their stakes, contrary to the behavior observed in Bitcoin markets.

此外，圍繞以太坊 ETF 等潛在監管批准的預期以及價格達到新高的前景似乎阻止了長期持有者出售其股份，這與比特幣市場中觀察到的行為相反。