{"id":6624,"date":"2026-04-01T17:43:16","date_gmt":"2026-04-01T09:43:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6624"},"modified":"2026-04-01T17:43:16","modified_gmt":"2026-04-01T09:43:16","slug":"%e5%9b%be%e8%a1%a8%e5%88%86%e6%9e%90%ef%bc%9a%e5%b7%9d%e6%99%ae%e5%85%b3%e7%a8%8e%e6%94%bf%e7%ad%96%e5%b7%a8%e9%9c%87%e4%b9%8b%e5%90%8e%ef%bc%8c%e6%af%94%e7%89%b9%e5%b8%81%e5%ba%95%e9%83%a8%e7%a9%b6","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6624","title":{"rendered":"\u56fe\u8868\u5206\u6790\uff1a\u5ddd\u666e\u5173\u7a0e\u653f\u7b56\u5de8\u9707\u4e4b\u540e\uff0c\u6bd4\u7279\u5e01\u5e95\u90e8\u7a76\u7adf\u5728\u54ea\u91cc\uff1f"},"content":{"rendered":"

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\n
<\/p>\n

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\"\"\u6765\u6e90\uff1aYahoo Finance<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

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\"\"<\/p>\n

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\u622a\u81f3\u76ee\u524d\uff0c\u8be5\u8d8b\u52bf\u5df2\u6301\u7eed 812 \u5929\uff0c\u521b\u4e0b\u6709\u53f2\u4ee5\u6765\u6700\u957f\u6301\u7eed\u65f6\u95f4\u3002<\/p>\n

\"\"<\/p>\n

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\u81ea 2022 \u5e74 9 \u6708\u300c\u5408\u5e76\u300d\u5347\u7ea7\u4ee5\u6765\uff0cETH\/BTC \u6c47\u7387\u5df2\u4ece 0.080 \u5927\u5e45\u4e0b\u8dcc\u81f3\u76ee\u524d\u7684 0.0196\uff0c\u8dcc\u5e45\u9ad8\u8fbe 75% \u3002\u8fd9\u662f\u8be5\u4ea4\u6613\u5bf9\u81ea 2020 \u5e74 1 \u6708\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\uff0c\u5728 3531 \u4e2a\u4ea4\u6613\u65e5\u4e2d\uff0c\u53ea\u6709 500 \u5929\u7684\u6bd4\u503c\u4f4e\u4e8e\u76ee\u524d\u6c34\u5e73\u3002<\/p>\n

\u6b64\u5916\uff0c\u76ee\u524d\u8fd9\u4e00\u8f6e\u591a\u5934\u5e02\u573a\u51e0\u4e4e\u6ca1\u6709\u51fa\u73b0\u4ee5\u592a\u574a\u6301\u7eed\u8dd1\u8d62\u6bd4\u7279\u5e01\u7684\u9636\u6bb5\uff0c\u8fd9\u5728\u8fc7\u5f80\u725b\u5e02\u4e2d\u6781\u4e3a\u7f55\u89c1\uff0c\u4e5f\u8fdb\u4e00\u6b65\u8bf4\u660e\u672c\u8f6e\u5468\u671f\u7684\u5e02\u573a\u7ed3\u6784\u5df2\u660e\u663e\u504f\u79bb\u6295\u8d44\u8005\u719f\u6089\u7684\u5386\u53f2\u89c4\u5f8b\u4e0e\u8868\u73b0\u6a21\u5f0f\u3002<\/p>\n

\"\"<\/p>\n

\u56de\u987e\u4e8f\u635f\u60c5\u51b5<\/p>\n

\u5728\u7ecf\u5386\u5982\u672c\u5468\u8fd9\u6837\u7684\u5927\u5e45\u4e0b\u8dcc\u540e\uff0c\u5ba1\u89c6\u6295\u8d44\u4eba\u7684\u53cd\u5e94\u5c24\u5176\u91cd\u8981\uff0c\u5c24\u5176\u662f\u5728\u718a\u5e02\u5f80\u5f80\u7531\u6050\u614c\u60c5\u7eea\u4e0a\u5347\u4e0e\u5927\u89c4\u6a21\u4e8f\u635f\u6240\u5f15\u53d1\u7684\u80cc\u666f\u4e0b\u3002<\/p>\n

\u900f\u8fc7\u8bc4\u4f30 6 \u5c0f\u65f6\u6eda\u52a8\u89c6\u7a97\u5185\u7684\u5df2\u5b9e\u73b0\u4e8f\u635f\u60c5\u51b5\uff0c\u6211\u4eec\u53ef\u4ee5\u66f4\u597d\u5730\u7406\u89e3\u5f53\u524d\u4e0b\u8dcc\u884c\u60c5\u4e2d\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u884c\u4e3a\u4e0e\u60c5\u7eea\u53cd\u5e94\u3002<\/p>\n

\u6bd4\u7279\u5e01\u6295\u8d44\u8005\u7684\u300c\u6295\u964d\u5f0f\u629b\u552e\u300d\u4e8b\u4ef6\u89c4\u6a21\u8f83\u5927\uff0c\u5728\u67d0\u4e2a 6 \u5c0f\u65f6\u7a97\u53e3\u5185\u7684\u4e8f\u635f\u5cf0\u503c\u9ad8\u8fbe 2.4 \u4ebf\u7f8e\u5143\uff0c\u63a5\u8fd1\u672c\u8f6e\u5468\u671f\u5185\u6700\u5927\u89c4\u6a21\u7684\u4e8f\u635f\u4e8b\u4ef6\u4e4b\u4e00\u3002<\/p>\n

\u4e0d\u8fc7\uff0c\u968f\u8457\u4ef7\u683c\u6bcf\u6b21\u4e0b\u63a2\uff0c\u5df2\u5b9e\u73b0\u4e8f\u635f\u7684\u89c4\u6a21\u6b63\u9010\u6b65\u7f29\u5c0f\uff0c\u663e\u793a\u5728\u5f53\u524d\u4ef7\u683c\u533a\u95f4\u5185\uff0c\u5e02\u573a\u53ef\u80fd\u6b63\u51fa\u73b0\u77ed\u671f\u7684\u5356\u538b\u67af\u7aed\u8ff9\u8c61\u3002 \uff1b<\/p>\n

\"\"<\/p>\n

\u4ee5\u592a\u574a\u4e5f\u5448\u73b0\u7c7b\u4f3c\u7684\u884c\u4e3a\u6a21\u5f0f\uff0c\u5728\u672c\u8f6e\u4e0b\u8dcc\u8fc7\u7a0b\u4e2d\uff0c\u5176\u5355\u6b21\u5df2\u5b9e\u73b0\u4e8f\u635f\u5cf0\u503c\u9ad8\u8fbe 5.64 \u4ebf\u7f8e\u5143\uff0c\u6210\u4e3a\u81ea 2023 \u5e74 1 \u6708\u725b\u5e02\u5f00\u542f\u4ee5\u6765\u6700\u5927\u89c4\u6a21\u7684\u629b\u552e\u4e8b\u4ef6\u4e4b\u4e00\u3002<\/p>\n

\u968f\u8457\u4ef7\u683c\u9010\u6b65\u4e0b\u63a2\uff0c\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u7684\u5df2\u5b9e\u73b0\u4e8f\u635f\u5e45\u5ea6\u5747\u5728\u51cf\u5f31\uff0c\u6216\u8868\u660e\u6295\u8d44\u8005\u6b63\u5728\u9010\u6e10\u9002\u5e94\u8f83\u4f4e\u7684\u4ef7\u683c\u533a\u95f4\u53ca\u5f53\u524d\u52a8\u8361\u7684\u5e02\u573a\u73af\u5883\u3002<\/p>\n

\"\"<\/p>\n

\u5e02\u573a\u5168\u9762\u6536\u7f29<\/p>\n

\u5f53\u524d\u5e02\u573a\u6d41\u52a8\u6027\u7684\u6301\u7eed\u6536\u7d27\uff0c\u5df2\u5f15\u53d1\u6574\u4e2a\u7ade\u4e89\u5e01\u677f\u5757\u7684\u5927\u5e45\u8d2c\u503c\u3002\u5728\u98ce\u9669\u66f2\u7ebf\u66f4\u8fdc\u7aef\u7684\u8d44\u4ea7\u5bf9\u6d41\u52a8\u6027\u51b2\u51fb\u7279\u522b\u654f\u611f\uff0c\u901a\u5e38\u4f34\u968f\u8457\u66f4\u5267\u70c8\u7684\u4ef7\u683c\u56de\u64a4\u3002<\/p>\n

\u622a\u81f3 2024 \u5e74 12 \u6708\uff0c\u7ade\u4e89\u5e01\u6574\u4f53\u5e02\u503c\uff08\u4e0d\u5305\u62ec\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u5e01\u548c\u7a33\u5b9a\u5e01\uff09\u5728\u672c\u8f6e\u5468\u671f\u4e2d\u8fbe\u5230\u9ad8\u5cf0 1 \u5146\u7f8e\u5143\u3002\u6b64\u540e\u5e02\u503c\u5927\u5e45\u56de\u64a4\uff0c\u76ee\u524d\u5df2\u964d\u81f3 5,830 \u4ebf\u7f8e\u5143\uff0c\u77ed\u77ed\u6570\u6708\u5185\u8dcc\u5e45\u8d85\u8fc7 40% \u3002<\/p>\n

\"\"<\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5728\u672c\u8f6e\u56de\u6863\u4e2d\uff0c\u7ade\u4e89\u5e01\u5404\u5b50\u677f\u5757\u5e76\u672a\u8868\u73b0\u51fa\u660e\u663e\u7684\u5dee\u5f02\u5316\u8d70\u52bf\u3002\u6574\u4f53\u4e0b\u8dcc\u5448\u73b0\u5e7f\u6cdb\u6027\uff0c\u6240\u6709\u5b50\u677f\u5757\u5747\u51fa\u73b0\u5927\u5e45\u8d2c\u503c\uff0c\u751a\u81f3\u6bd4\u7279\u5e01\u5728\u8fc7\u53bb\u4e09\u4e2a\u6708\u5185\u4e5f\u5f55\u5f97\u8d1f\u6536\u76ca\u3002<\/p>\n

\"\"<\/p>\n

\u6700\u540e\uff0c\u6211\u4eec\u5c06\u8bc4\u4f30\u5e02\u573a\u5bf9\u5173\u952e\u6280\u672f\u6307\u6807\u4e0e\u94fe\u4e0a\u6210\u672c\u533a\u95f4\u7684\u53cd\u5e94\u60c5\u51b5\uff0c\u8fd9\u4e9b\u53c2\u8003\u5de5\u5177\u6709\u52a9\u4e8e\u6295\u8d44\u4eba\u5728\u9707\u8361\u4e14\u4e0d\u786e\u5b9a\u7684\u5e02\u573a\u73af\u5883\u4e2d\u505a\u51fa\u5224\u65ad\u4e0e\u51b3\u7b56\u3002<\/p>\n

\u6280\u672f\u5206\u6790\u957f\u671f\u4ee5\u6765\u4e00\u76f4\u662f\u6295\u8d44\u8005\u7684\u91cd\u8981\u5de5\u5177\uff0c\u800c\u6bd4\u7279\u5e01\u6295\u8d44\u8005\u901a\u5e38\u4f1a\u4e13\u6ce8\u4e8e\u4e00\u7ec4\u5173\u952e\u7684\u79fb\u52a8\u5e73\u5747\u7ebf\u3002\u5176\u4e2d\uff0c111 \u65e5\u3001 200 \u65e5\u548c 365 \u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\uff08111DMA \u3001 200DMA \u3001 365DMA\uff09\u662f\u8861\u91cf\u6bd4\u7279\u5e01\u5e02\u573a\u52a8\u80fd\u7684\u5e38\u7528\u6307\u6807\u3002<\/p>\n

\u53ef\u53c2\u8003\u4ee5\u4e0b\u6280\u672f\u6846\u67b6\u8fdb\u884c\u5206\u6790\uff1a<\/p>\n

\u6bd4\u7279\u5e01\u9996\u6b21\u8dcc\u7834 111 \u65e5\u5747\u7ebf\uff0893,000 \u7f8e\u5143\uff09\u6807\u5fd7\u8457\u5e02\u573a\u52a8\u80fd\u906d\u9047\u91cd\u5927\u6253\u51fb\uff0c\u968f\u540e\u5e76\u672a\u51fa\u73b0\u6709\u6548\u7684\u53cd\u5f39\u5c1d\u8bd5\u3002
\n\u5728\u9996\u6b21\u4e0b\u8dcc\u540e\uff0c\u4ef7\u683c\u56f4\u7ed5 200 \u65e5\u5747\u7ebf\uff0887,000 \u7f8e\u5143\uff09\u9707\u8361\uff0c\u8be5\u6c34\u51c6\u88ab\u591a\u6570\u6280\u672f\u5206\u6790\u5e08\u89c6\u4e3a\u591a\u7a7a\u5206\u754c\u7ebf\u3002\u5e02\u573a\u5728\u8be5\u533a\u95f4\u8868\u73b0\u51fa\u660e\u663e\u7684\u72b9\u8c6b\u60c5\u7eea\uff0c\u6700\u7ec8\u5bfc\u81f4\u518d\u5ea6\u4e0b\u884c\uff0c\u5f00\u542f\u65b0\u4e00\u8f6e\u4ef7\u683c\u4e0b\u8dcc\u3002
\n\u8fd1\u671f\uff0c\u4ef7\u683c\u9996\u6b21\u81ea 2021 \u5e74\u5468\u671f\u4ee5\u6765\u8dcc\u7834 365 \u65e5\u5747\u7ebf\uff0876,000 \u7f8e\u5143\uff09\u3002\u8fd9\u9879\u5173\u952e\u52a8\u80fd\u652f\u6491\u4f4d\u76ee\u524d\u5c1a\u672a\u88ab\u5b8c\u5168\u5931\u5b88\uff0c\u82e5\u65e0\u6cd5\u6301\u7eed\u7ad9\u7a33\uff0c\u5c06\u53ef\u80fd\u89e6\u53d1\u8fdb\u4e00\u6b65\u7684\u4e0b\u884c\u8d8b\u52bf\u3002<\/p>\n

\"\"<\/p>\n

\u5728\u591a\u5934\u5e02\u573a\u4e0a\u6da8\u9636\u6bb5\uff0c\u77ed\u671f\u6301\u6709\u8005\uff08STH\uff09\u901a\u5e38\u662f\u5e02\u573a\u6050\u614c\u6027\u629b\u552e\u4e2d\u627f\u62c5\u4e3b\u8981\u4e8f\u635f\u7684\u65cf\u7fa4\u3002\u4ed6\u4eec\u884c\u4e3a\u4e0e\u60c5\u7eea\u7684\u53d8\u5316\u53ef\u4f5c\u4e3a\u8bc4\u4f30\u5e02\u573a\u56de\u6863\u5f3a\u5ea6\u4ee5\u53ca\u6295\u8d44\u8005\u56e0\u5e94\u65b9\u5f0f\u7684\u91cd\u8981\u53c2\u8003\u6307\u6807\u3002<\/p>\n

\u77ed\u671f\u6301\u6709\u8005\uff08STH\uff09\u6210\u672c\u57fa\u51c6\u5386\u6765\u88ab\u89c6\u4e3a\u5224\u65ad\u725b\u5e02\u671f\u95f4\u5e02\u573a\u52a8\u80fd\u7684\u5173\u952e\u53c2\u8003\u6c34\u51c6\u3002\u56f4\u7ed5\u6b64\u6210\u672c\u57fa\u51c6\u5efa\u7acb\u00b11 \u4e2a\u6807\u51c6\u5dee\u533a\u95f4\uff0c\u901a\u5e38\u53ef\u4f5c\u4e3a\u5c40\u90e8\u4ef7\u683c\u6ce2\u52a8\u7684\u4e0a\u7f18\u4e0e\u4e0b\u7f18\u3002<\/p>\n

\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u57fa\u51c6+1\u03c3\uff1a131,000 \u7f8e\u5143
\n\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u57fa\u51c6\uff1a93,000 \u7f8e\u5143
\n\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u57fa\u51c6-1\u03c3\uff1a72,000 \u7f8e\u5143<\/p>\n

\u6bd4\u7279\u5e01\u9996\u6b21\u8dcc\u7834\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u57fa\u51c6\uff08STH-CB\uff09\u5373\u9884\u793a\u5e02\u573a\u52a8\u80fd\u5f00\u59cb\u51cf\u5f31\uff08\u540c\u65f6\u4e5f\u8dcc\u7834\u4e86 111 \u65e5\u5747\u7ebf\uff09\u3002\u968f\u540e\u4ef7\u683c\u53cd\u5f39\u81f3\u8be5\u6210\u672c\u7ebf\u4e0b\u65b9\u5e76\u906d\u9047\u963b\u529b\uff0c\u786e\u8ba4\u4e86\u6295\u8d44\u4eba\u60c5\u7eea\u7684\u8f6c\u5411\u3002<\/p>\n

\u76ee\u524d\u6bd4\u7279\u5e01\u73b0\u8d27\u4ef7\u683c\u5df2\u7a33\u5b9a\u5728 STH \u6210\u672c\u57fa\u51c6\u4e0e\u5176\u4e0b\u65b9-1 \u4e2a\u6807\u51c6\u5dee\u4e4b\u95f4\uff0c\u6784\u6210\u5f53\u524d\u4ea4\u6613\u533a\u95f4\u7684\u4e0a\u4e0b\u8fb9\u754c\uff0c\u5373 93,000 \u7f8e\u5143\u81f3 72,000 \u7f8e\u5143\u3002<\/p>\n

\"\"<\/p>\n

\u6d3b\u8dc3\u5df2\u5b9e\u73b0\u4ef7\u683c\uff08Active Realized Price\uff09\u4e0e\u771f\u5b9e\u5e02\u573a\u5e73\u5747\u503c\uff08True Market Mean\uff09\u662f\u53e6\u4e00\u7ec4\u4ef7\u683c\u6a21\u578b\uff0c\u901a\u5e38\u4f4d\u4e8e\u6bd4\u7279\u5e01\u5468\u671f\u7684\u4e2d\u8f74\u4f4d\u7f6e\u9644\u8fd1\u3002\u8fd9\u4e24\u4e2a\u6a21\u578b\u900f\u8fc7\u5254\u9664\u9057\u5931\u6216\u957f\u671f\u672a\u52a8\u7528\u7684\u4f9b\u5e94\uff0c\u6765\u4f30\u7b97\u5e02\u573a\u4e2d\u6d3b\u8dc3\u53c2\u4e0e\u8005\u7684\u6210\u672c\u57fa\u7840\u3002<\/p>\n

\u4ece\u7edf\u8ba1\u89d2\u5ea6\u6765\u770b\uff0c\u5927\u7ea6\u6709 50% \u7684\u4ea4\u6613\u65e5\u4e2d\uff0c\u73b0\u8d27\u4ef7\u683c\u5728\u8fd9\u4e24\u4e2a\u6a21\u578b\u4e4b\u4e0a\u6216\u4e4b\u4e0b\u6ce2\u52a8\uff0c\u56e0\u6b64\u5b83\u4eec\u53ef\u4f5c\u4e3a\u91cd\u8981\u7684\u5747\u503c\u56de\u5f52\u53c2\u8003\uff0c\u540c\u65f6\u7528\u4e8e\u5212\u5206\u725b\u5e02\u4e0e\u718a\u5e02\u7684\u5e02\u573a\u72b6\u6001\u8fb9\u754c\u3002<\/p>\n

\u6d3b\u8dc3\u5df2\u5b9e\u73b0\u4ef7\u683c\uff08Active Realized Price\uff09\uff1a71,000 \u7f8e\u5143
\n\u771f\u5b9e\u5e02\u573a\u5e73\u5747\u503c\uff08True Market Mean\uff09\uff1a65,000 \u7f8e\u5143<\/p>\n

\u591a\u4e2a\u94fe\u4e0a\u4ef7\u683c\u6a21\u578b\u7684\u5171\u8bc6\u8868\u660e\uff0c65,000 \u81f3 71,000 \u7f8e\u5143\u533a\u95f4\u662f\u591a\u5934\u5efa\u7acb\u957f\u671f\u652f\u6491\u7684\u5173\u952e\u533a\u57df\u3002\u82e5\u4ef7\u683c\u6709\u6548\u8dcc\u7834\u8be5\u533a\u95f4\uff0c\u5c06\u610f\u5473\u8457\u7edd\u5927\u591a\u6570\u6d3b\u8dc3\u6295\u8d44\u8005\u5904\u4e8e\u6d6e\u4e8f\u72b6\u6001\uff0c\u6574\u4f53\u5e02\u573a\u60c5\u7eea\u53ef\u80fd\u56e0\u6b64\u53d7\u5230\u660e\u663e\u6253\u51fb\u3002<\/p>\n

\"\"<\/p>\n

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