以太坊独特的市场地位

长期加密货币持有者的行为可以作为市场走势的重要预测指标。这种观点植根于

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 最近的一项分析强调了跟踪长期加密货币持有者的行为对于获得对市场方向的宝贵见解的重要性。

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.

随着比特币等数字资产价值的增加，那些长期持有头寸的人往往会开始抛售投资。这一观察结果一直是牛市顶峰的前兆，因此对这些模式的研究对于更准确地预测高峰期至关重要。

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.

考虑到比特币的规模和影响力，比特币是加密货币中最大的市场之一，也是一个事件抑制器，有效地设定了其他人所遵循的大部分趋势，因此使用比特币作为跟踪大型加密货币的工具是有意义的。

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

这种关系的独特之处在于能够以冷静的方式衡量市场周期。然而，一种不同的趋势正在出现。

Bitcoin Long-Term Holders Offloading, But Not Ethereum Holders

比特币长期持有者正在抛售，但以太坊持有者却没有抛售

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，这种关系的独特之处在于能够以冷静的方式衡量市场周期。这可能会随着观察到的不同趋势而改变

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.

虽然比特币的长期持有者在一月份开始减少持股，但随着以太坊的长期投资者逆势而行，继续积累更多资产，出现了令人惊讶的分歧。在上一个周期中，以太坊持有者的行为反映了比特币持有者的行为，但这种分歧现在很明显。

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.

这种差异很大程度上归因于两个加密货币市场内不同的动态。值得注意的是，与比特币相比，以太坊生态系统提供了更广泛的创收机会。

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

这些机会使得持有以太坊变得越来越有利可图，特别是现在以太坊供应的很大一部分都抵押在各种协议中。

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，流通中的以太币中约有 27.5% 被质押，其中 16.3% 是通过 Eigenlayer 等创新平台重新质押的。这一趋势不仅凸显了以太坊爱好者对原生收益率的强劲需求，还反映出持有者心态的更广泛转变，他们选择长期收益率收益而不是立即获利了结。

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，围绕以太坊 ETF 等潜在监管批准的预期以及价格达到新高的前景似乎阻止了长期持有者出售其股份，这与比特币市场中观察到的行为相反。