富達報告揭示了比特幣累積和分配的典範轉移

富達數位資產 (Fidelity Digital Assets) 的一份報告顯示，自 2024 年以來，持有超過 1,000 美元的比特幣錢包顯著增加了 20%，這表明較小地址的採用率不斷提高。儘管比特幣價格上漲，但這種持續的累積表明加密貨幣的分佈更廣泛。值得注意的是，自我託管越來越受歡迎，與 2020 年的歷史高點相比，外匯餘額下降了 30%。

Bitcoin Accumulation and Distribution: A Paradigm Shift?

比特幣累積與分配：典範轉移？

New York, April 27, 2024 - Fidelity Digital Assets, a leading provider of cryptocurrency custody and trading solutions, has released a comprehensive report revealing a surge in Bitcoin accumulation among smaller wallets.

紐約，2024 年 4 月 27 日 - 加密貨幣託管和交易解決方案的領先提供商 Fidelity Digital Assets 發布了一份綜合報告，顯示小型錢包中的比特幣累積激增。

Small Wallet Accumulation on the Rise

小額錢包累積不斷增加

According to the report, the number of Bitcoin wallets holding $1,000 or more has experienced a significant 20% increase since the beginning of the year. This ongoing accumulation has reached a record high of 10.6 million on March 13, nearly doubling from 5.3 million in 2023.

報告顯示，自今年年初以來，持有 1,000 美元或以上比特幣錢包的數量大幅增加了 20%。這項持續累積已於 3 月 13 日達到創紀錄的 1,060 萬，比 2023 年的 530 萬幾乎翻了一番。

This sustained increase in smaller addresses acquiring and holding Bitcoin indicates a growing distribution and adoption among the "average" person. However, Fidelity cautions that price appreciation during the period and address consolidation might affect the accuracy of these figures.

獲取和持有比特幣的較小地址的持續增加表明「普通」人群中的分佈和採用不斷增長。然而，富達警告稱，在此期間價格上漲和地址整合可能會影響這些數據的準確性。

Self-Custody Gains Traction

自我保管受到關注

The Fidelity report also highlights a decrease in the amount of Bitcoin held on exchanges since its peak in 2020. Various exchange failures in 2022 and other problematic practices have driven the popularity of self-custody among Bitcoin holders.

富達報告也強調，自2020 年達到高峰以來，交易所持有的比特幣數量有所減少。普及。

This trend continued in Q1 2024, with exchange balances further declining to nearly 2.3 million BTC. This represents a 30% decrease from all-time highs and a 4.2% decline over Q1 2024.

這一趨勢在 2024 年第一季持續，交易所餘額進一步下降至近 230 萬比特幣。這比歷史最高點下降了 30%，比 2024 年第一季下降了 4.2%。

"Fueled by multiple major exchange collapses in 2022 and other troubled exchange practices, self-custody has become a major part of the Bitcoin journey throughout 2023," the report states.

報告指出：“在 2022 年多個主要交易所倒閉和其他陷入困境的交易所實踐的推動下，自我託管已成為整個 2023 年比特幣之旅的重要組成部分。”

Fidelity emphasizes the importance of monitoring the drop in available Bitcoin on exchanges in 2024, as it underscores the significance of alternative custody methods like self-custody. However, the decrease in exchange balances does not necessarily indicate a corresponding increase in self-custody.

富達強調了監控 2024 年交易所可用比特幣下降的重要性，因為它強調了自我託管等替代託管方法的重要性。然而，外匯餘額的減少並不一定表示自我託管量相應增加。

Unusual Holder Outflows

持有人異常流出

The report also addresses changes in the net position of holders, who typically hold Bitcoin for the long term. From Q3 to Q4 2023, the average net position dropped from 40,442 BTC to 31,376, with a notable decline at the end of 2023.

該報告還討論了持有者淨頭寸的變化，這些持有者通常長期持有比特幣。 2023 年第三季至第四季，平均淨持股量從 40,442 BTC 下降至 31,376 BTC，2023 年底下降明顯。

Despite a slight recovery in late February, this group continued to experience significant outflows, possibly influenced by Bitcoin's new all-time high.

儘管 2 月底略有復甦，但該群體繼續經歷大量資金外流，這可能是受到比特幣歷史新高的影響。

This occurrence before the halving is unusual compared to past cycles, suggesting that these investors may perceive Bitcoin as being heavily overvalued before the halving. Current outflows amount to about 124,001 BTC, challenging the traditional Bitcoin halving pattern.

與過去的周期相比，減半之前發生的這種情況很不尋常，這表明這些投資者可能認為比特幣在減半之前被嚴重高估。目前流出量約為124,001 BTC，挑戰了傳統的比特幣減半模式。

The situation following this latest halving event is significantly different from the past, when the price saw a significant increase. Bitcoin has seen its price remain stable and even its fees fall following the event.

這次減半事件後的情況與過去價格大幅上漲的情況有很大不同。比特幣的價格保持穩定，甚至其費用也在事件發生後下降。

Implications and Conclusion

影響和結論

The findings of the Fidelity Digital Assets report point to several key trends in the Bitcoin market:

富達數位資產報告的調查結果指出了比特幣市場的幾個主要趨勢：

• A growing distribution of Bitcoin among smaller wallets, indicating broader adoption.
• Increased adoption of self-custody practices, driven by concerns about exchange security.
• Unusual outflows from long-term holders, possibly due to concerns about overvaluation.

These trends suggest a paradigm shift in the Bitcoin market, with more individuals accumulating and holding the cryptocurrency for the long term. The decrease in exchange balances and the unusual holder outflows also highlight the growing importance of self-custody and alternative custody solutions.

比特幣在較小錢包中的分佈不斷增加，顯示採用範圍更廣。估計的擔憂。外匯餘額的減少和持有人異常外流也凸顯了自我託管和替代託管解決方案的重要性日益增加。

As the Bitcoin market continues to evolve, it remains to be seen how these trends will impact the price and adoption of the cryptocurrency in the years to come.

隨著比特幣市場的不斷發展，這些趨勢將如何影響未來幾年加密貨幣的價格和採用還有待觀察。