GlassNode的新投資者行為工具揭示了誰在推動比特幣價格移動

區塊鏈Analytics Platform GlassNode推出了一個強大的新可視化，該可視化闡明了比特幣（BTC），以太坊（ETH）和ERC-20代幣的投資者行為。

Glassnode, the renowned blockchain analytics firm, has unveiled a unique visualization tool that provides deep insights into investor behavior across Bitcoin (BTC), Ethereum (ETH), and ERC-20 tokens.

著名的區塊鏈分析公司GlassNode推出了一種獨特的可視化工具，該工具可深入了解比特幣（BTC），以太坊（ETH）和ERC-20代幣的投資者行為。

The tool, which delves into spending patterns to identify different investor groups, is designed to help users decipher who is driving price action. This knowledge is crucial for navigating crypto market cycles effectively.

該工具深入研究支出模式以識別不同的投資者群體，旨在幫助用戶解密誰正在推動價格行動。這些知識對於有效地導航加密市場週期至關重要。

As highlighted by Glassnode, determining whether a price move is being driven by long-term holders or short-term speculators provides critical context for interpreting potential reversals, continuations, or blow-offs. The visual tool allows market participants to observe the dominance of different investor types in real time.

正如玻璃節點所強調的那樣，確定價格轉移是由長期持有人還是短期投機者驅動的，為解釋潛在的逆轉，連續性或吹風提供了關鍵背景。視覺工具使市場參與者可以實時觀察不同投資者類型的主導地位。

A visualization by Glassnode breaks down different investor groups and their varying levels of influence on crypto prices.

GlassNode的可視化分解了不同的投資者群體及其對加密價格的影響程度不同。

The visualization categorizes investor behavior into several groups, including:

可視化將投資者的行為分為多個小組，包括：

* Long-term holders (LTHs) are defined as entities that have held their coins for more than 155 days.

*長期持有人（LTHS）被定義為已有超過155天的硬幣的實體。

* Short-term holders (STHs) are those who have held their coins for less than 155 days.

*短期持有人（STH）是那些持有硬幣不到155天的人。

* Conviction buyers are entities that buy coins at a loss and continue holding, gradually shifting the market cap in favor of buyers.

*定罪買家是虧損並繼續持有的硬幣的實體，逐漸轉移了市值，有利於買家。

* Loss sellers are entities who sell their coins at a loss, usually due to unrealized losses or a change in investment strategy.

*損失賣方是損失出售硬幣的實體，通常是由於未實現的損失或投​​資策略的變化所致。

* Profit sellers are entities who sell their coins at a profit, indicating periods of strong price rallies.

*利潤銷售者是以利潤出售硬幣的實體，表明價格強勁的時期。

Data shows that during bear markets, conviction buyers and long-term holders (often shown in green on the chart) typically increase their share of supply—signaling accumulation phases. Conversely, short-term actors like loss sellers and profit sellers are more dominant during price peaks and periods of volatility.

數據表明，在熊市，定罪的買家和長期持有人（通常在圖表上以綠色顯示）通常會增加供應份額 - 信號累積階段。相反，在價格峰值和波動期間，諸如損失賣家和利潤賣家之類的短期演員更為主導。

This segmentation provides a clear window into market psychology, giving traders and analysts a more accurate view of who is selling or accumulating at any given moment.

這種細分為市場心理學提供了一個清晰的窗口，使貿易商和分析師在任何給定時刻都在銷售或積累更準確的看法。

Although this feature was demonstrated using Bitcoin, Glassnode confirmed that it is also available for Ethereum and major ERC-20 tokens. This application extends the tool’s relevance across a broader spectrum of assets and investor types.

儘管使用比特幣證明了此功能，但GlassNode證實了它也可用於以太坊和主要的ERC-20令牌。該應用程序將工具的相關性擴展到了廣泛的資產和投資者類型中。

In an era where markets are becoming increasingly data-driven, this type of behavioral analysis offers investors a strategic edge—especially in anticipating key inflection points in price.

在市場越來越多地數據驅動的時代，這種行為分析為投資者提供了戰略優勢，尤其是在預期價格的關鍵拐點時。

Glassnode’s innovation bridges technical price charts with human behavior, providing a more nuanced view of what’s happening under the surface. As crypto matures, tools like these are poised to become indispensable for institutional and retail investors alike.

GlassNode的創新將技術價格圖錶帶入了人類的行為，對錶面下發生的事情的看法更加細微。隨著加密貨幣的成熟，此類工具有望成為機構和零售投資者都必須成為必不可少的。