{"id":6665,"date":"2026-04-09T22:31:16","date_gmt":"2026-04-09T14:31:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=6665"},"modified":"2026-04-09T22:31:16","modified_gmt":"2026-04-09T14:31:16","slug":"glassnode-%e9%93%be%e4%b8%8a%e5%91%a8%e6%8a%a5%ef%bc%9a%e5%ae%8f%e8%a7%82%e7%8e%af%e5%a2%83%e4%bb%8d%e4%b8%8d%e6%98%8e%e6%9c%97%ef%bc%8c%e4%ba%8f%e6%8d%9f%e5%a4%9a%e4%b8%ba%e6%96%b0%e6%8a%95%e8%b5%84","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=6665","title":{"rendered":"Glassnode \u94fe\u4e0a\u5468\u62a5\uff1a\u5b8f\u89c2\u73af\u5883\u4ecd\u4e0d\u660e\u6717\uff0c\u4e8f\u635f\u591a\u4e3a\u65b0\u6295\u8d44\u8005"},"content":{"rendered":"<p> \u6bd4\u7279\u5e01\u521b\u4e0b\u672c\u8f6e\u5468\u671f\u4ee5\u6765\u6700\u5927\u8dcc\u5e45\uff0c\u4f46\u8dcc\u5e45\u4ecd\u5728\u4ee5\u5f80\u725b\u5e02\u56de\u6863\u7684\u8303\u56f4\u5185\u3002\u957f\u671f\u6301\u6709\u8005\u666e\u904d\u7ef4\u6301\u83b7\u5229\u72b6\u6001\uff0c\u4e8f\u635f\u7684\u591a\u662f\u5e02\u573a\u65b0\u53c2\u4e0e\u8005\u3002<br \/>\n<BR \/> <\/p>\n<p>\u4f5c\u8005\uff1aGlassnode<\/p>\n<p>\u7f16\u8bd1\uff1aFelix, PANews<\/p>\n<p>\u91cd\u70b9<\/p>\n<p>\u5b8f\u89c2\u7ecf\u6d4e\u73af\u5883\u4ecd\u4e0d\u660e\u6717\uff0c\u5168\u7403\u8d38\u6613\u5173\u7cfb\u6b63\u8fdb\u884c\u91cd\u7ec4\u3002\u8fd9\u79cd\u4e0d\u786e\u5b9a\u6027\u52a0\u5267\u4e86\u7f8e\u56fd\u56fd\u503a\u548c\u80a1\u5e02\u7684\u6ce2\u52a8\u6027\u3002<br \/>\n\u5728\u5145\u6ee1\u6311\u6218\u7684\u7ecf\u6d4e\u80cc\u666f\u4e0b\uff0c\u6bd4\u7279\u5e01\u521b\u4e0b\u672c\u8f6e\u5468\u671f\u4ee5\u6765\u6700\u5927\u8dcc\u5e45\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u8dcc\u5e45\u4ecd\u5728\u4ee5\u5f80\u725b\u5e02\u56de\u6863\u7684\u8303\u56f4\u5185\u3002\u6b64\u5916\uff0c\u672c\u8f6e\u5468\u671f\u7684\u4e2d\u4f4d\u6570\u8dcc\u5e45\u4ecd\u6bd4\u4ee5\u5f80\u591a\u5934\u4f4e\u4e00\u4e2a\u91cf\u7ea7\uff0c\u51f8\u663e\u9700\u6c42\u66f4\u5177\u97e7\u6027\u3002<br \/>\n\u6574\u4e2a\u6570\u4f4d\u8d44\u4ea7\u751f\u6001\u7684\u6d41\u52a8\u6027\u6301\u7eed\u6536\u7d27\uff0c\u53cd\u6620\u5728\u8d44\u672c\u6d41\u5165\u4e0b\u964d\u548c\u7a33\u5b9a\u5e01\u6210\u957f\u505c\u6ede\u3002<br \/>\n\u6295\u8d44\u8005\u627f\u53d7\u8457\u5de8\u5927\u538b\u529b\uff0c\u76ee\u524d\u9762\u4e34\u6709\u53f2\u4ee5\u6765\u6700\u5927\u7684\u672a\u5b9e\u73b0\u635f\u5931\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u4e8f\u635f\u5927\u90e8\u5206\u96c6\u4e2d\u5728\u65b0\u7684\u5e02\u573a\u53c2\u4e0e\u8005\u8eab\u4e0a\uff0c\u800c\u957f\u671f\u6301\u6709\u8005\u5219\u666e\u904d\u4fdd\u6301\u83b7\u5229\u72b6\u6001\u3002<br \/>\n\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u4ecd\u666e\u904d\u5b58\u5728<\/p>\n<p>\u968f\u8457\u5ddd\u666e\u653f\u5e9c\u8bd5\u56fe\u98a0\u8986\u548c\u91cd\u7ec4\u5168\u7403\u8d38\u6613\u5173\u7cfb\uff0c\u5b8f\u89c2\u7ecf\u6d4e\u524d\u666f\u7684\u4e0d\u786e\u5b9a\u6027\u65e5\u76ca\u51f8\u663e\u3002\u76ee\u524d\uff0c\u7f8e\u56fd\u56fd\u503a\u662f\u91d1\u878d\u4f53\u7cfb\u7684\u62b5\u62bc\u54c1\u548c\u57fa\u7840\uff0c10 \u5e74\u671f\u516c\u503a\u88ab\u89c6\u4e3a\u57fa\u51c6\u7684\u65e0\u98ce\u9669\u5229\u7387\u3002<\/p>\n<p>\u653f\u5e9c\u7684\u4e00\u4e2a\u5173\u952e\u76ee\u6807\u662f\u964d\u4f4e 10 \u5e74\u671f\u516c\u503a\u7684\u6b96\u5229\u7387\uff0c\u5e76\u5728\u4eca\u5e74\u5934\u51e0\u4e2a\u6708\u53d6\u5f97\u4e86\u521d\u6b65\u6210\u6548\uff0c\u968f\u8457\u5e02\u573a\u7684\u5e7f\u6cdb\u629b\u552e\uff0c\u6b96\u5229\u7387\u964d\u81f3 3.7% \u3002\u7136\u800c\u8fd9\u79cd\u5c40\u9762\u8f6c\u77ac\u5373\u901d\uff0c\u6b96\u5229\u7387\u968f\u540e\u98d9\u5347\u81f3 4.5%\uff0c\u62b9\u53bb\u4e86\u8dcc\u5e45\uff0c\u5e76\u5728\u503a\u5238\u5e02\u573a\u9020\u6210\u5de8\u5927\u6ce2\u52a8\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/a2e0d71d71e843968afbb0ab017640e7.png\" alt=\"\" width=\"1271\" height=\"433\" \/>\u8d44\u6599\u6765\u6e90\uff1aFRED<\/p>\n<p>\u53ef\u4ee5\u900f\u8fc7 MOVE \u6307\u6570\u91cf\u5316\u503a\u5238\u5e02\u573a\u7684\u6df7\u4e71\u884c\u4e3a\u3002\u6b64\u6307\u6807\u662f\u8861\u91cf\u503a\u5238\u5e02\u573a\u538b\u529b\u548c\u6ce2\u52a8\u6027\u7684\u5173\u952e\u6307\u6807\uff0c\u6e90\u81ea\u4e8e\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u57fa\u4e8e\u4e0d\u540c\u671f\u9650\u9009\u62e9\u6743\u4ef7\u683c\u7684 30 \u5929\u9690\u542b\u6ce2\u52a8\u7387\u3002<\/p>\n<p>\u4ee5\u6b64\u6307\u6807\u8861\u91cf\uff0c\u7f8e\u56fd\u516c\u503a\u7684\u6ce2\u52a8\u7387\u5927\u5e45\u4e0a\u5347\uff0c\u51f8\u663e\u4e86\u503a\u5238\u5e02\u573a\u6295\u8d44\u8005\u7684\u6781\u7aef\u4e0d\u786e\u5b9a\u6027\u548c\u6050\u614c\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/58859d84f92f6e16d5b803d78274e4d4.jpg\" alt=\"\" width=\"1271\" height=\"733\" \/>\u8d44\u6599\u6765\u6e90\uff1aTradingview<\/p>\n<p>\u6b64\u5916\uff0c\u8fd8\u53ef\u4ee5\u4f7f\u7528\u6ce2\u52a8\u7387\u6307\u6570\uff08VIX\uff09\u6765\u8861\u91cf\u7f8e\u56fd\u80a1\u5e02\u7684\u52a8\u8361\u7a0b\u5ea6\uff0c\u8be5\u6307\u6570\u8861\u91cf\u5e02\u573a\u5bf9\u7f8e\u56fd\u80a1\u5e02 30 \u5929\u6ce2\u52a8\u7387\u7684\u9884\u671f\u3002\u503a\u5238\u5e02\u573a\u7684\u6ce2\u52a8\u6027\u4e5f\u663e\u8457\u4f53\u73b0\u5728\u80a1\u5e02\u4e2d\uff0cVIX \u76ee\u524d\u7684\u6ce2\u52a8\u7387\u4e0e 2020 \u5e74\u65b0\u51a0\u5371\u673a\u3001 2008 \u5e74\u5168\u7403\u91d1\u878d\u5371\u673a\u548c 2001 \u5e74\u7f51\u8def\u6ce1\u6cab\u65f6\u671f\u7684\u6ce2\u52a8\u7387\u503c\u76f8\u4f3c\u3002<\/p>\n<p>\u91d1\u878d\u4f53\u7cfb\u57fa\u7840\u62b5\u62bc\u54c1\u7684\u6ce2\u52a8\u5f80\u5f80\u4f1a\u5bfc\u81f4\u6295\u8d44\u8005\u8d44\u672c\u56de\u64a4\uff0c\u4ee5\u53ca\u6d41\u52a8\u6027\u72b6\u51b5\u7684\u6536\u7d27\u3002\u9274\u4e8e\u6bd4\u7279\u5e01\u548c\u6570\u4f4d\u8d44\u4ea7\u662f\u5bf9\u6d41\u52a8\u6027\u6700\u654f\u611f\u7684\u5de5\u5177\u4e4b\u4e00\uff0c\u81ea\u7136\u4e5f\u53d7\u5230\u4e86\u6ce2\u52a8\u6027\u548c\u98ce\u9669\u8d44\u4ea7\u56de\u64a4\u7684\u5f71\u54cd\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/6a2efd5494acefbd5c1c7f9ecb143eb6.png\" alt=\"\" width=\"1271\" height=\"433\" \/>\u8d44\u6599\u6765\u6e90\uff1aFRED<\/p>\n<p>\u5728\u8fd9\u573a\u52a8\u8361\u4e2d\uff0c\u300c\u786c\u300d\u8d44\u4ea7\u7684\u8868\u73b0\u4ecd\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\u3002\u968f\u8457\u6295\u8d44\u8005\u7eb7\u7eb7\u6d8c\u5411\u9ec4\u91d1\u8fd9\u79cd\u4f20\u7edf\u7684\u907f\u9669\u8d44\u4ea7\uff0c\u91d1\u4ef7\u6301\u7eed\u98d9\u5347\uff0c\u89e6\u53ca 3,300 \u7f8e\u5143\u7684\u65b0\u9ad8\u3002\u6bd4\u7279\u5e01\u6700\u521d\u4e0e\u98ce\u9669\u8d44\u4ea7\u4e00\u8d77\u88ab\u629b\u552e\u81f3 7.5 \u4e07\u7f8e\u5143\uff0c\u4f46\u6b64\u540e\u5df2\u6536\u590d\u90e8\u5206\u8dcc\u5e45\uff0c\u4ea4\u6613\u4ef7\u683c\u56de\u5347\u81f3 8.5 \u4e07\u7f8e\u5143\u3002<\/p>\n<p>\u968f\u8457\u5168\u7403\u9010\u6e10\u9002\u5e94\u4e0d\u65ad\u53d8\u5316\u7684\u8d38\u6613\u5173\u7cfb\uff0c\u9ec4\u91d1\u548c\u6bd4\u7279\u5e01\u4f5c\u4e3a\u5168\u7403\u4e2d\u6027\u50a8\u5907\u8d44\u4ea7\u6b63\u65e5\u76ca\u6210\u4e3a\u5e02\u573a\u7126\u70b9\u3002\u53ef\u4ee5\u8bf4\uff0c\u9ec4\u91d1\u548c\u6bd4\u7279\u5e01\u5728\u4e0a\u5468\u7684\u8868\u73b0\u4f20\u9012\u4e86\u4e00\u4e2a\u5f15\u4eba\u6ce8\u76ee\u7684\u4fe1\u53f7\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/2b489d0ce6f23bd5dd5257b70f87470c.png\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u6bd4\u7279\u5e01\u4fdd\u6301\u97e7\u6027<\/p>\n<p>\u867d\u7136\u6bd4\u7279\u5e01\u4ecd\u5728 8.5 \u4e07\u7f8e\u5143\u533a\u57df\u5185\u4ea4\u6613\uff0c\u4f46\u8fd1\u51e0\u4e2a\u6708\u6765\uff0c\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u548c\u56de\u64a4\u5e45\u5ea6\u4ecd\u5728\u52a0\u5267\u3002\u8be5\u8d44\u4ea7\u521b\u4e0b\u4e86 2023-25 \u5e74\u5468\u671f\u4ee5\u6765\u7684\u6700\u5927\u8dcc\u5e45\uff0c\u6700\u5927\u8dcc\u5e45\u8f83\u5386\u53f2\u6700\u9ad8\u4ef7\u4e0b\u8dcc\u4e86 33% \u3002<\/p>\n<p>\u4f46\u662f\u8fd9\u6b21\u56de\u6863\u7684\u5e45\u5ea6\u4ecd\u5728\u4ee5\u5f80\u591a\u5934\u4fee\u6b63\u7684\u8303\u56f4\u5185\u3002\u5728\u50cf\u4e0a\u5468\u8fd9\u6837\u7684\u5b8f\u89c2\u7ecf\u6d4e\u4e8b\u4ef6\u4e2d\uff0c\u6bd4\u7279\u5e01\u901a\u5e38\u4f1a\u7ecf\u5386\u8d85 50% \u7684\u4e0b\u8dcc\uff0c\u8fd9\u51f8\u663e\u4e86\u73b0\u4ee3\u6295\u8d44\u8005\u5728\u4e0d\u5229\u73af\u5883\u4e0b\u5bf9\u6bd4\u7279\u5e01\u7684\u60c5\u7eea\u4ecd\u76f8\u5f53\u7a33\u5065\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/8dfa6ed46f1056e685dbbcb9b9e959f5.png\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u4e3a\u4e86\u91cf\u5316\u76ee\u524d\u5468\u671f\u7684\u97e7\u6027\uff0c\u53ef\u4ee5\u8bc4\u4f30\u4ee5\u5f80\u725b\u5e02\u7684\u4e2d\u4f4d\u6570\u56de\u64a4\u60c5\u51b5\u3002<\/p>\n<p>2011 \u5e74\uff1a-22%<br \/>\n2011-2013 \u5e74\uff1a-18%<br \/>\n2015-2018 \u5e74\uff1a-11\u200b\u200b%<br \/>\n2018-2021 \u5e74\uff1a-19%<br \/>\n2022 \u5e74\u53ca\u4ee5\u540e\uff1a-7%<\/p>\n<p>\u76ee\u524d\u5468\u671f\u7684\u4e2d\u4f4d\u6570\u503c\u56de\u64a4\u5e45\u5ea6\u6bd4\u4ee5\u5f80\u6240\u6709\u60c5\u51b5\u90fd\u8981\u5c0f\u3002\u81ea 2023 \u5e74\u4ee5\u6765\uff0c\u56de\u64a4\u5e45\u5ea6\u66f4\u5c0f\uff0c\u4e14\u672c\u8d28\u4e0a\u66f4\u53ef\u63a7\uff0c\u663e\u793a\u9700\u6c42\u72b6\u51b5\u66f4\u5177\u97e7\u6027\uff0c\u8bb8\u591a\u6295\u8d44\u8005\u66f4\u613f\u610f\u5728\u5e02\u573a\u52a8\u8361\u671f\u95f4\u7ee7\u7eed\u6301\u6709\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/e15768ffd76252f4396fb8cd2385b88c.png\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u6d41\u52a8\u6027\u6301\u7eed\u840e\u7f29<\/p>\n<p>\u6b64\u5916\uff0c\u8fd8\u53ef\u4ee5\u8bc4\u4f30\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\u5982\u4f55\u5f71\u54cd\u6bd4\u7279\u5e01\u7684\u6d41\u52a8\u6027\u72b6\u51b5\u3002<\/p>\n<p>\u8861\u91cf\u6bd4\u7279\u5e01\u5185\u90e8\u6d41\u52a8\u6027\u7684\u4e00\u79cd\u65b9\u6cd5\u662f\u5df2\u5b9e\u73b0\u5e02\u503c\u6307\u6807\uff0c\u8be5\u6307\u6807\u8ba1\u7b97\u6d41\u5165\u6570\u4f4d\u8d44\u4ea7\u7684\u7d2f\u79ef\u51c0\u6d41\u5165\u91cf\u3002\u5df2\u5b9e\u73b0\u5e02\u503c\u76ee\u524d\u8fbe\u5230\u5386\u53f2\u6700\u9ad8\u503c 8,720 \u4ebf\u7f8e\u5143\uff0c\u7136\u800c\uff0c\u8d44\u672c\u6210\u957f\u7387\u5df2\u6536\u7f29\u81f3\u6bcf\u6708\u4ec5+0.9% \u3002<\/p>\n<p>\u5728\u6781\u5177\u6311\u6218\u6027\u7684\u5e02\u573a\u80cc\u666f\u4e0b\uff0c\u6d41\u5165\u8be5\u8d44\u4ea7\u7684\u8d44\u672c\u4ecd\u4fdd\u6301\u6b63\u6210\u957f\u3002\u9274\u4e8e\u65b0\u8d44\u672c\u6d41\u5165\u8be5\u8d44\u4ea7\u7684\u901f\u5ea6\u6b63\u5728\u653e\u7f13\uff0c\u663e\u793a\u6295\u8d44\u8005\u77ed\u671f\u5185\u914d\u7f6e\u8d44\u672c\u7684\u610f\u613f\u8f83\u4f4e\uff0c\u907f\u9669\u53ef\u80fd\u4ecd\u662f\u76ee\u524d\u7684\u4e3b\u6d41\u60c5\u7eea\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/40518aefe8aee275d9f421c62b786c87.png\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u5df2\u5b9e\u73b0\u76c8\u4e8f\u6307\u6807\u4f5c\u4e3a\u5df2\u5b9e\u73b0\u5e02\u503c\u7684\u7ec4\u6210\uff0c\u80fd\u8861\u91cf\u4ee3\u5e01\u7684\u4e70\u5165\u4ef7\u683c\u4e0e\u5176\u5728\u94fe\u4e0a\u5356\u51fa\u7684\u4ef7\u5dee\u3002<\/p>\n<p>\u82b1\u8d39\u9ad8\u4e8e\u5176\u4e70\u5165\u4ef7\u683c\u7684\u4ee3\u5e01\u88ab\u8ba4\u4e3a\u9501\u5b9a\u5df2\u5b9e\u73b0\u5229\u6da6<br \/>\n\u4f4e\u4e8e\u5176\u4e70\u5165\u4ef7\u683c\u7684\u4ee3\u5e01\u88ab\u89c6\u4e3a\u9501\u5b9a\u5df2\u5b9e\u73b0\u4e8f\u635f<\/p>\n<p>\u4ee5\u6bd4\u7279\u5e01\u4e3a\u5355\u4f4d\u8861\u91cf\u5df2\u5b9e\u73b0\u76c8\u4e8f\uff0c\u53ef\u4ee5\u5c06\u6240\u6709\u83b7\u5229\u548c\u4e8f\u635f\u4e8b\u4ef6\u6807\u51c6\u5316\u3002\u6b64\u5916\uff0c\u900f\u8fc7\u8c03\u6574\u6ce2\u52a8\u7387\uff087 \u5929\u5df2\u5b9e\u73b0\u6ce2\u52a8\u7387\uff09\u5bf9\u5176\u8fdb\u884c\u4e86\u8fdb\u4e00\u6b65\u5b8c\u5584\uff0c\u6709\u52a9\u4e8e\u89e3\u91ca\u6bd4\u7279\u5e01\u5728\u5176 16 \u5e74\u5386\u53f2\u4e2d\u7684\u6536\u76ca\u548c\u589e\u957f\u7387\u9012\u51cf\u200b\u200b\u73b0\u8c61\u3002<\/p>\n<p>\u76ee\u524d\u635f\u76ca\u6d3b\u52a8\u76f8\u5bf9\u5e73\u8861\uff0c\u8d44\u672c\u6d41\u5165\u7387\u76f8\u5bf9\u4e2d\u6027\uff0c\u53cd\u6620\u4e86\u5f53\u524d\u4ef7\u683c\u533a\u95f4\u5185\u6295\u8d44\u8005\u6d3b\u52a8\u7684\u9971\u548c\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/e53567439536e8137af99fa1fb8d619c.jpg\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u900f\u8fc7\u8ba1\u7b97\u5df2\u5b9e\u73b0\u76c8\u4e8f\u4e4b\u95f4\u7684\u5dee\u989d\uff0c\u53ef\u4ee5\u5f97\u51fa\u5df2\u5b9e\u73b0\u51c0\u76c8\u4e8f\u6307\u6807\u3002\u6b64\u6307\u6807\u8861\u91cf\u4ef7\u503c\u6d41\u5165\/\u6d41\u51fa\u7f51\u7edc\u7684\u4e3b\u5bfc\u65b9\u5411\u3002<\/p>\n<p>\u5229\u7528\u6ce2\u52a8\u6027\u8c03\u6574\u540e\u7684\u51c0\u5b9e\u73b0\u76c8\u4e8f\u6307\u6807\uff0c\u53ef\u4ee5\u4e0e\u7d2f\u8ba1\u4e2d\u4f4d\u6570\u8fdb\u884c\u6bd4\u8f83\uff0c\u4ee5\u533a\u5206\u4e24\u79cd\u5e02\u573a\u6a21\u5f0f\u3002<\/p>\n<p>\u4ef7\u683c\u6301\u7eed\u9ad8\u4e8e\u4e2d\u4f4d\u6570\u901a\u5e38\u9884\u793a\u8457\u725b\u5e02\u548c\u8d44\u672c\u51c0\u6d41\u5165\u3002<br \/>\n\u6301\u7eed\u4f4e\u4e8e\u7d2f\u8ba1\u4e2d\u4f4d\u6570\u901a\u5e38\u88ab\u89c6\u4e3a\u718a\u5e02\uff0c\u6bd4\u7279\u5e01\u4f1a\u7ecf\u5386\u8d44\u672c\u51c0\u6d41\u51fa\u3002<\/p>\n<p>\u5e02\u573a\u901a\u5e38\u4f1a\u5c06\u6295\u8d44\u8005\u63a8\u5411\u6700\u5927\u75db\u82e6\u7684\u8fb9\u7f18\uff0c\u901a\u5e38\u5728\u725b\u718a\u5468\u671f\u7684\u8f6c\u6298\u70b9\u8fbe\u5230\u9876\u5cf0\u3002\u53ef\u4ee5\u770b\u5230\uff0c\u6ce2\u52a8\u7387\u8c03\u6574\u540e\u7684\u51c0\u5df2\u5b9e\u73b0\u76c8\u4e8f\u5982\u4f55\u56f4\u7ed5\u5176\u957f\u671f\u4e2d\u4f4d\u6570\u6ce2\u52a8\uff0c\u5145\u5f53\u5747\u503c\u56de\u5f52\u5de5\u5177\u3002<\/p>\n<p>\u8fd9\u9879\u6307\u6807\u73b0\u5df2\u56de\u5230\u4e86\u4e2d\u6027\u4e2d\u4f4d\u6570\uff0c\u8868\u660e\u6bd4\u7279\u5e01\u5e02\u573a\u73b0\u5728\u5904\u4e8e\u4e00\u4e2a\u5173\u952e\u7684\u51b3\u7b56\u70b9\uff0c\u5e76\u4e3a\u591a\u5934\u5728\u5f53\u524d\u4ef7\u683c\u533a\u95f4\u91cd\u65b0\u5efa\u7acb\u652f\u6491\u4f4d\u5212\u5b9a\u4e86\u754c\u9650\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/de37f29792f8f0eda3eb90f21f8b6a5f.png\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u7a33\u5b9a\u5e01\u5df2\u6210\u4e3a\u6570\u4f4d\u8d44\u4ea7\u751f\u6001\u4e2d\u7684\u57fa\u7840\u8d44\u4ea7\u7c7b\u522b\uff0c\u5728 DEX \u548c CEX \u5145\u5f53\u62a5\u4ef7\u8d44\u4ea7\u3002\u900f\u8fc7\u7a33\u5b9a\u5e01\u7684\u89c6\u89d2\u8bc4\u4f30\u6d41\u52a8\u6027\uff0c\u4e3a\u5206\u6790\u63d0\u4f9b\u4e86\u65b0\u7684\u7ef4\u5ea6\uff0c\u6709\u52a9\u4e8e\u66f4\u5168\u9762\u5730\u4e86\u89e3\u6570\u4f4d\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\u72b6\u51b5\u3002<\/p>\n<p>\u7a33\u5b9a\u5e01\u7684\u4f9b\u5e94\u91cf\u4fdd\u6301\u6b63\u589e\u957f\uff0c\u4f46\u8fd1\u51e0\u5468\u6709\u6240\u653e\u7f13\u3002\u8fd9\u8fdb\u4e00\u6b65\u4f50\u8bc1\u4e86\u66f4\u5e7f\u6cdb\u7684\u6570\u4f4d\u8d44\u4ea7\u6d41\u52a8\u6027\u6b63\u5728\u840e\u7f29\uff0c\u5176\u8868\u73b0\u4f53\u73b0\u5728\u5bf9\u6570\u4f4d\u7f8e\u5143\u7684\u9700\u6c42\u51cf\u5f31\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/2d1d3d30e3d87be4e4d920aae492f5d4.png\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u5ba1\u89c6\u6295\u8d44\u4eba\u538b\u529b<\/p>\n<p>\u5728\u6301\u7eed\u7684\u5e02\u573a\u52a8\u8361\u4e2d\uff0c\u8bc4\u4f30\u6bd4\u7279\u5e01\u6295\u8d44\u8005\u76ee\u524d\u6301\u6709\u7684\u672a\u5b9e\u73b0\u635f\u5931\u89c4\u6a21\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<p>\u5728\u8861\u91cf\u5e02\u573a\u6301\u6709\u7684\u672a\u5b9e\u73b0\u635f\u5931\u65f6\u6ce8\u610f\u5230\uff0c\u5728\u5e02\u573a\u4e0b\u8dcc\u81f3 7.5 \u4e07\u7f8e\u5143\u671f\u95f4\uff0c\u672a\u5b9e\u73b0\u635f\u5931\u5df2\u8fbe 4,100 \u4ebf\u7f8e\u5143\u7684\u65b0\u9ad8\u3002\u5f53\u67e5\u770b\u672a\u5b9e\u73b0\u635f\u5931\u7684\u7ec4\u6210\u65f6\uff0c\u53ef\u4ee5\u770b\u5230\u5927\u591a\u6570\u6295\u8d44\u8005\u6301\u6709\u9ad8\u8fbe-23.6% \u7684\u56de\u64a4\u3002<\/p>\n<p>\u4e0e 2021 \u5e74 5 \u6708\u7684\u629b\u552e\u548c 2022 \u5e74\u718a\u5e02\u76f8\u6bd4\uff0c\u672a\u5b9e\u73b0\u635f\u5931\u7684\u603b\u89c4\u6a21\u66f4\u5927\u3002\u7136\u800c\uff0c\u5c31\u4e2a\u4eba\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5e02\u573a\u7ecf\u5386\u4e86\u66f4\u5267\u70c8\u7684\u56de\u64a4\uff0c\u5206\u522b\u9ad8\u8fbe-61.8% \u548c-78.6% \u3002<\/p>\n<p>\u867d\u7136\u672a\u5b9e\u73b0\u635f\u5931\u603b\u989d\u66f4\u5927\uff08\u8003\u8651\u5230\u6bd4\u7279\u5e01\u5982\u4eca\u662f\u4ef7\u503c\u66f4\u5927\u7684\u8d44\u4ea7\uff09\uff0c\u4f46\u4e0e\u4ee5\u5f80\u7684\u718a\u5e02\u76f8\u6bd4\uff0c\u4e2a\u4eba\u6295\u8d44\u8005\u9762\u4e34\u7684\u6311\u6218\u8f83\u5c0f\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/bece4800cd86ee39e681e2bf0b5d5b1a.jpg\" alt=\"\" width=\"1271\" height=\"715\" \/>\u6765\u6e90\uff1aGlassnode<\/p>\n<p>&nbsp;<\/p>\n<p>\u5c3d\u7ba1\u672a\u5b9e\u73b0\u4e8f\u635f\u5df2\u8fbe\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\uff0c\u4f46\u6d41\u901a\u4f9b\u5e94\u4e2d\u83b7\u5229\u4ed3\u4f4d\u7684\u6bd4\u4f8b\u4ecd\u9ad8\u8fbe 75% \u3002\u8fd9\u8868\u660e\uff0c\u5927\u591a\u6570\u4e8f\u635f\u6295\u8d44\u8005\u90fd\u662f\u5728\u9876\u90e8\u5f62\u6001\u51fa\u73b0\u540e\u624d\u4e70\u5165\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u83b7\u5229\u4f9b\u5e94\u767e\u5206\u6bd4\u6b63\u63a5\u8fd1\u5176\u957f\u671f\u5e73\u5747\u503c\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u8fd9\u662f\u5728\u7edd\u5927\u591a\u6570\u52a0\u5bc6\u8d27\u5e01\u9677\u5165\u4e8f\u635f\u4e4b\u524d\u9700\u8981\u634d\u536b\u7684\u5173\u952e\u533a\u57df\uff0c\u4e5f\u662f\u725b\u718a\u4e4b\u95f4\u7684\u5173\u952e\u95e8\u69db\u3002<\/p>\n<p>\u725b\u5e02\u7684\u5178\u578b\u7279\u5f81\u662f\u76c8\u5229\u4f9b\u5e94\u9ad8\u4e8e\u5176\u957f\u671f\u5747\u503c\uff0c\u901a\u5e38\u4f1a\u5728\u6574\u4e2a\u725b\u5e02\u4e2d\u627e\u5230\u652f\u6491\u4f4d\u3002<br \/>\n\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u718a\u5e02\u4e2d\u4e0d\u65f6\u51fa\u73b0\u6df1\u5ea6\u6301\u7eed\u4f4e\u4e8e\u957f\u671f\u5747\u503c\u7684\u65f6\u671f\uff0c\u800c\u718a\u5e02\u4e2d\u9891\u7e41\u7684\u56de\u8c03\u8bc1\u5b9e\u4e86\u76c8\u5229\u80fd\u529b\u7684\u4e0b\u964d\u3002<\/p>\n<p>\u4e0e\u51c0\u5b9e\u73b0\u76c8\u4e8f\u6307\u6807\u7c7b\u4f3c\uff0c\u5982\u679c\u80fd\u591f\u5b88\u4f4f\uff0c\u5c06\u6709\u52a9\u4e8e\u4ece\u957f\u671f\u5e73\u5747\u533a\u95f4\u53cd\u5f39\u3002<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/39acdcf923464e060151f123b3a53df5.jpg\" alt=\"\" width=\"1271\" height=\"715\" 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decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/04\/7f1d6492ece9700603cae7f14c6d1685.png\" alt=\"\" width=\"1271\" height=\"715\" 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