富达报告揭示了比特币积累和分配的范式转变

富达数字资产 (Fidelity Digital Assets) 的一份报告显示，自 2024 年以来，持有超过 1,000 美元的比特币钱包显着增加了 20%，这表明较小地址的采用率不断提高。尽管比特币价格上涨，但这种持续的积累表明加密货币的分布更广泛。值得注意的是，自我托管越来越受欢迎，与 2020 年的历史高点相比，外汇余额下降了 30%。

Bitcoin Accumulation and Distribution: A Paradigm Shift?

比特币积累和分配：范式转变？

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.

纽约，2024 年 4 月 27 日 - 加密货币托管和交易解决方案的领先提供商 Fidelity Digital Assets 发布了一份综合报告，显示小型钱包中的比特币积累激增。

Small Wallet Accumulation on the Rise

小额钱包积累不断增加

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.

报告显示，自今年年初以来，持有 1000 美元或以上比特币钱包的数量大幅增加了 20%。这一持续积累已于 3 月 13 日达到创纪录的 1060 万，比 2023 年的 530 万几乎翻了一番。

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.

获取和持有比特币的较小地址的持续增加表明“普通”人群中的分布和采用不断增长。然而，富达警告称，在此期间价格上涨和地址整合可能会影响这些数据的准确性。

Self-Custody Gains Traction

自我保管受到关注

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.

富达报告还强调，自 2020 年达到峰值以来，交易所持有的比特币数量有所减少。2022 年的各种交易所故障和其他有问题的做法推动了比特币持有者中自我托管的普及。

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.

这一趋势在 2024 年第一季度持续，交易所余额进一步下降至近 230 万比特币。这比历史最高点下降了 30%，比 2024 年第一季度下降了 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.

报告指出：“在 2022 年多个主要交易所倒闭和其他陷入困境的交易所实践的推动下，自我托管已成为整个 2023 年比特币之旅的重要组成部分。”

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.

富达强调了监控 2024 年交易所可用比特币下降的重要性，因为它强调了自我托管等替代托管方法的重要性。然而，外汇余额的减少并不一定表明自我托管量相应增加。

Unusual Holder Outflows

持有人异常流出

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.

该报告还讨论了持有者净头寸的变化，这些持有者通常长期持有比特币。 2023 年第三季度至第四季度，平均净持仓量从 40,442 BTC 下降至 31,376 BTC，2023 年底下降明显。

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

尽管 2 月底略有复苏，但该群体继续经历大量资金外流，这可能是受到比特币历史新高的影响。

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.

与过去的周期相比，减半之前发生的这种情况很不寻常，这表明这些投资者可能认为比特币在减半之前被严重高估。目前流出量约为124,001 BTC，挑战了传统的比特币减半模式。

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.

这次减半事件后的情况与过去价格大幅上涨的情况有很大不同。比特币的价格保持稳定，甚至其费用也在事件发生后下降。

Implications and Conclusion

影响和结论

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

富达数字资产报告的调查结果指出了比特币市场的几个主要趋势：

• 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.

比特币在较小钱包中的分布不断增加，表明采用范围更广。由于对交易所安全的担忧，自我托管做法的采用有所增加。长期持有者的资金异常外流，可能是由于对币值高估的担忧。这些趋势表明，比特币的范式发生了转变。比特币市场，越来越多的人长期积累和持有加密货币。外汇余额的减少和持有人异常外流也凸显了自我托管和替代托管解决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.

随着比特币市场的不断发展，这些趋势将如何影响未来几年加密货币的价格和采用还有待观察。