Glassnode 研究显示，比特币现货市场推动加密货币反弹

Glassnode 的分析表明，最近的加密货币上涨主要是由比特币现货市场推动的，数据显示交易活动增加、净交易流量激增以及比特币现货 ETF 的出现推动了价格走势。现货交易量和交易流量仍然很高，历史趋势表明比特币可能处于牛市周期的早期阶段，在突破之前的历史高点后预计大幅回调的可能性很小。

Bitcoin Spot Market Drives Crypto Rally, Glassnode Analysis Reveals

Glassnode 分析显示，比特币现货市场推动加密货币反弹

A comprehensive analysis by Glassnode has illuminated the pivotal role of the Bitcoin spot market in the recent cryptocurrency rally. On-chain data offers profound insights into the current market cycle, revealing significant trends that shape Bitcoin's price action.

Glassnode 的综合分析阐明了比特币现货市场在近期加密货币上涨中的关键作用。链上数据提供了对当前市场周期的深刻见解，揭示了影响比特币价格走势的重要趋势。

High-Volume Spot Trading and Surge in Exchange Flows

大量现货交易和外汇流量激增

During March, Bitcoin spot trading volumes reached a peak of $14.1 billion, mirroring the levels observed during the 2020-2021 bull market. While these volumes have since moderated to approximately $7 billion per day in April, the 30-day moving average for spot volume remains significantly higher than the 180-day average, indicating elevated trading activity.

3 月份，比特币现货交易量达到 141 亿美元的峰值，反映了 2020-2021 年牛市期间观察到的水平。虽然这些交易量自 4 月份以来已降至每天约 70 亿美元，但现货交易量的 30 天移动平均线仍显着高于 180 天平均线，表明交易活动有所增加。

Net exchange flows, encompassing inflows and outflows from Bitcoin exchanges, have also experienced a surge to $8.19 billion per day, buttressing Bitcoin's positive price movement year-to-date.

净交易流量（包括比特币交易所的流入和流出）也激增至每天 81.9 亿美元，支撑了比特币今年迄今的积极价格走势。

Emergence of U.S. Bitcoin Spot ETFs

美国比特币现货 ETF 的出现

A significant development in January was the emergence of U.S. Bitcoin spot ETFs, which now account for a substantial portion of the forces influencing Bitcoin's spot price. The impact of these ETFs is particularly pronounced during weekends when the funds do not trade, leading to reduced spot volumes.

一月份的一个重大进展是美国比特币现货 ETF 的出现，现在它们在影响比特币现货价格的力量中占据了很大一部分。这些 ETF 的影响在周末期间尤其明显，因为周末基金不进行交易，导致现货交易量减少。

Taker-Buy Bias in Exchange Volume

交易量中的接受者购买偏差

Exchanges have recently exhibited a taker-buy volume bias, with the spot volume delta against the maker-sell volume reaching $143.6 million last month. This shift marks a departure from the net sell-side bias witnessed in 2023.

交易所最近表现出接受者买入量偏差，上个月现货交易量与制造商卖出量的差值达到 1.436 亿美元。这一转变标志着与 2023 年出现的净卖方偏见的背离。

Bitcoin Consolidates Near All-Time High

比特币盘整接近历史高点

Despite minimal pullbacks, Bitcoin's price recently breached its 2021 all-time high and has been consolidating near that peak. Glassnode's analysis suggests that Bitcoin remains in the early stages of the "euphoria" phase of the bull market.

尽管回调幅度很小，但比特币的价格最近突破了 2021 年的历史新高，并一直在该峰值附近盘整。 Glassnode 的分析表明，比特币仍处于牛市“欣快”阶段的早期阶段。

Long-Term Holder Dominance and New Demand

长期持有者的主导地位和新需求

Historically, Bitcoin has exhibited minimal major pullbacks after breaking previous all-time highs, indicating that the current bull market may persist. In previous bull cycles, short-term holders (holding less than 6 months) have accounted for 84% to 95% of the capital invested.

从历史上看，比特币在突破历史高点后出现的大幅回调幅度很小，这表明当前的牛市可能会持续下去。在之前的牛市周期中，短期持有者（持有少于6个月）已占投资资本的84%至95%。

However, based on Bitcoin's "realized cap," which measures the value of all coins in the network based on the time of their last movement, the current figure stands at 47%. While this is higher than the 20% observed in January, it is still below peak market levels. This suggests a balance between long-term holders and new demand within the Bitcoin holder base.

然而，根据比特币的“已实现上限”（根据最后一次移动的时间衡量网络中所有代币的价值），当前数字为 47%。虽然这高于 1 月份观察到的 20%，但仍低于市场峰值水平。这表明比特币持有者群体中的长期持有者和新需求之间存在平衡。

Implications for the Market

对市场的影响

Overall, Glassnode's analysis underscores the profound impact of Bitcoin spot trading volumes, exchange flows, and the introduction of Bitcoin spot ETFs on the current market cycle. The data indicates continued bullish momentum for Bitcoin, with indicators suggesting an early stage in a potential bull market. The balance between long-term holders and new demand also points to a healthy market environment.

总体而言，Glassnode 的分析强调了比特币现货交易量、交易流量以及比特币现货 ETF 的推出对当前市场周期的深远影响。该数据表明比特币持续看涨势头，指标表明潜在牛市处于早期阶段。长期持有者和新需求之间的平衡也表明了健康的市场环境。

As the cryptocurrency market continues to evolve, on-chain analysis will remain a vital tool for understanding market trends and dynamics, providing invaluable insights for market participants.

随着加密货币市场的不断发展，链上分析仍将是了解市场趋势和动态的重要工具，为市场参与者提供宝贵的见解。