Glassnode 将比特币 BTC/USD 整合视为强势迹象

链上分析平台 Glassnode 认为，比特币 BTC/USD 的盘整接近历史最高点，以及以太坊 ETH/USD ETF 引发的飙升，都是有希望的走强迹象。

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are displaying promising signs of strength, according to on-chain analytics platform Glassnode.

根据链上分析平台 Glassnode 的数据，比特币（加密货币：BTC）和以太坊（加密货币：ETH）正在显示出有希望的强势迹象。

In its latest newsletter, titled “The Calm Bull,” the firm highlights Bitcoin’s stabilization just below its all-time high, sparking renewed interest from long-term investors who began accumulating coins again in December.

在其最新的题为“平静的公牛”的时事通讯中，该公司强调比特币的稳定程度略低于历史高点，这引发了长期投资者的新兴趣，他们在 12 月再次开始积累比特币。

After reaching highs of $71,000 on May 20, Bitcoin has undergone a significant recovery from its early 2024 lows. The market dynamics are showing a pattern similar to the 2015-2017 bull market, which was largely spot-driven.

在 5 月 20 日触及 71,000 美元高点后，比特币已从 2024 年初的低点大幅反弹。市场动态呈现出类似于2015-2017年牛市的模式，主要是现货驱动的。

Bitcoin registered gains of 3.3% (weekly), 7.4% (monthly), and 25.6% (quarterly). Bitcoin ETFs saw a return to positive net flows ($242 million/day) following a period of outflows in April, indicating demand from traditional finance.

比特币涨幅为 3.3%（每周）、7.4%（每月）和 25.6%（季度）。比特币 ETF 在 4 月份经历一段时间的资金外流后恢复正净流量（2.42 亿美元/天），这表明传统金融的需求。

As prices corrected and consolidated, creating a strong foundation for future price movements, long-term holders resumed accumulation.

随着价格调整和巩固，为未来价格走势奠定了坚实的基础，长期持有者恢复了增持。

Ethereum has also shown resilience, with corrections shallower compared to previous cycles. Following the FTX lows, the SEC’s unexpected approval of Ethereum Spot ETFs led to a 20% price rally, bolstering market confidence.

以太坊也表现出了弹性，与之前的周期相比，调整幅度较小。 FTX 跌至低点后，美国证券交易委员会意外批准以太坊现货 ETF，导致价格上涨 20%，增强了市场信心。

This approval could serve as a catalyst to improve the ETH/BTC ratio, which has underperformed other crypto assets over the past two years.

这一批准可能会成为提高 ETH/BTC 比率的催化剂，该比率在过去两年中表现逊于其他加密资产。

With the approval of Ethereum spot ETFs, significant buy-side pressure was evident, marking the first time since late 2021 that a price movement of over 20% was observed.

随着以太坊现货 ETF 的批准，买方压力明显显现，这是自 2021 年底以来首次出现超过 20% 的价格变动。

Bitcoin’s Current Market PhaseResembling the early bull market stage, around 93.4% of Bitcoin supply is held in profit, indicating a “Pre-Euphoria” phase.

比特币当前的市场阶段与早期牛市阶段类似，大约 93.4% 的比特币供应量处于盈利状态，表明处于“前兴奋”阶段。

According to the newsletter, this phase often leads to investors taking profits, eventually transitioning into the “Euphoria” phase, which is characterized by constant price discovery and all-time highs (ATHs).

据时事通讯称，这一阶段通常会导致投资者获利了结，最终过渡到“欣快”阶段，其特点是持续的价格发现和历史高点（ATH）。

During Bitcoin’s March rally to $73,000, LTHs showed high sell pressure, but they have since re-accumulated. Despite the recent halving, the market remains strong, with institutional buying pressure through ETFs possibly outweighing the natural sell pressure.

在比特币 3 月份上涨至 73,000 美元期间，LTH 显示出较高的抛售压力，但此后又重新积累。尽管最近减半，市场仍然强劲，机构通过 ETF 购买的压力可能超过自然抛售压力。