GlassNode的新投资者行为工具揭示了谁在推动比特币价格移动

区块链Analytics Platform GlassNode推出了一个强大的新可视化，该可视化阐明了比特币（BTC），以太坊（ETH）和ERC-20代币的投资者行为。

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.

著名的区块链分析公司GlassNode推出了一种独特的可视化工具，该工具可深入了解比特币（BTC），以太坊（ETH）和ERC-20代币的投资者行为。

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.

该工具深入研究支出模式以识别不同的投资者群体，旨在帮助用户解密谁正在推动价格行动。这些知识对于有效地导航加密市场周期至关重要。

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.

正如玻璃节点所强调的那样，确定价格转移是由长期持有人还是短期投机者驱动的，为解释潜在的逆转，连续性或吹风提供了关键背景。视觉工具使市场参与者可以实时观察不同投资者类型的主导地位。

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

GlassNode的可视化分解了不同的投资者群体及其对加密价格的影响程度不同。

The visualization categorizes investor behavior into several groups, including:

可视化将投资者的行为分为多个小组，包括：

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

*长期持有人（LTHS）被定义为已有超过155天的硬币的实体。

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

*短期持有人（STH）是那些持有硬币不到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.

*定罪买家是亏损并继续持有的硬币的实体，逐渐转移了市值，有利于买家。

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

*损失卖方是损失出售硬币的实体，通常是由于未实现的损失或投​​资策略的变化所致。

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

*利润销售者是以利润出售硬币的实体，表明价格强劲的时期。

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.

数据表明，在熊市，定罪的买家和长期持有人（通常在图表上以绿色显示）通常会增加供应份额 - 信号累积阶段。相反，在价格峰值和波动期间，诸如损失卖家和利润卖家之类的短期演员更为主导。

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.

这种细分为市场心理学提供了一个清晰的窗口，使贸易商和分析师在任何给定时刻都在销售或积累更准确的看法。

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.

尽管使用比特币证明了此功能，但GlassNode证实了它也可用于以太坊和主要的ERC-20令牌。该应用程序将工具的相关性扩展到了广泛的资产和投资者类型中。

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.

在市场越来越多地数据驱动的时代，这种行为分析为投资者提供了战略优势，尤其是在预期价格的关键拐点时。

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的创新将技术价格图表带入了人类的行为，对表面下发生的事情的看法更加细微。随着加密货币的成熟，此类工具有望成为机构和零售投资者都必须成为必不可少的。