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Glassnode \u4e0e Coinbase Institutional \u8054\u5408\u53d1\u5e03\u7684\u7b2c\u4e09\u5b63\u5ea6\u62a5\u544a\u79f0\uff0c\u6bd4\u7279\u5e01\uff08BTC\uff09\u6b63\u5904\u4e8e\u6f5c\u5728\u7b51\u5e95\u8fc7\u7a0b\u7684\u65e9\u671f\u9636\u6bb5\uff0c\u4f46\u5c1a\u4e0d\u8db3\u4ee5\u786e\u8ba4\u4e3a\u201c\u53ef\u6301\u7eed\u5e95\u90e8\u201d\u3002\u4e24\u5bb6\u673a\u6784\u5728\u672c\u5b63\u5ea6\u7ef4\u6301\u4e2d\u6027\u89c2\u70b9\uff0c\u5e76\u8ba4\u4e3a\u4ef7\u683c\u8d70\u52bf\u66f4\u591a\u4e0e\u6d41\u52a8\u6027\u5468\u671f\u76f8\u5173\uff0c\u800c\u975e\u52a0\u5bc6\u884c\u4e1a\u81ea\u8eab\u50ac\u5316\u56e0\u7d20\uff0c\u56e0\u4e3a\u5b8f\u89c2\u6d41\u52a8\u6027\u73af\u5883\u4ecd\u4fdd\u6301\u97e7\u6027\u3002\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u52a0\u5bc6\u5e02\u573a\u603b\u5e02\u503c\u4e0b\u6ed1\u7ea6 12%\uff0c\u540c\u65f6\u7a33\u5b9a\u5e01\u4f9b\u5e94\u91cf\u521b\u5386\u53f2\u65b0\u9ad8\u3001\u7a33\u5b9a\u5e01\u5e02\u5360\u7387\u4e0a\u5347\uff0c\u663e\u793a\u8d44\u91d1\u8f6e\u52a8\u81f3\u7a33\u5b9a\u5e01\u3002\u5f53\u524d\u59cb\u4e8e 2022 \u5e74\u7684\u672c\u8f6e\u6bd4\u7279\u5e01\u5468\u671f\u5df2\u8fd0\u884c 42 \u4e2a\u6708\uff0c\u5e76\u5728 2025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\u504f\u79bb 2015\u20142018 \u5e74\u7684\u5468\u671f\u6a21\u5f0f\u3002<\/p>\n

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\u957f\u671f\u5e95\u90e8\u6784\u5efa\u4e0e\u79ef\u7d2f\u9636\u6bb5<\/h3>\n

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\u76f8\u5173\u6027\u5207\u6362\u4e0e\u7b56\u7565\u542b\u4e49<\/h3>\n

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\u4e3a\u652f\u6491\u4e0a\u8ff0\u5224\u65ad\uff0c\u53ef\u4ece\u5b8f\u89c2\u5c42\u9762\u89c2\u5bdf\uff1a2026 \u5e74\u5e74\u4e2d\u7f8e\u8054\u50a8\u57fa\u51c6\u5229\u7387\u4ecd\u5927\u81f4\u7a33\u5b9a\u5728 4.0% \u9644\u8fd1\uff0c\u610f\u5473\u7740\u5168\u7403\u6d41\u52a8\u6027\u4ecd\u504f\u7d27\u3002\u6b64\u5916\uff0c\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u5728 7 \u6708\u4e0a\u65ec\u51fa\u73b0\u51c0\u6d41\u5165\u5c0f\u5e45\u653e\u7f13\uff0c\u53cd\u6620\u673a\u6784\u4e70\u76d8\u9636\u6bb5\u6027\u201c\u6b47\u811a\u201d\u3002\u53ef\u5229\u7528\u8be5\u76f8\u5bf9\u6e05\u6de1\u7a97\u53e3\uff0c\u5728\u6ce2\u52a8\u7387\u504f\u4f4e\u65f6\u5e03\u5c40\u533a\u95f4\u578b\u884d\u751f\u54c1\u7b56\u7565\uff08\u5982\u94c1\u79c3\u9e70\uff09\uff0c\u4ee5\u83b7\u53d6\u671f\u6743\u6743\u5229\u91d1\u6536\u76ca\u3002<\/p>\n

\u7531\u4e8e\u672a\u5e73\u4ed3\u5408\u7ea6\u89c4\u6a21\u4ecd\u660e\u663e\u4f4e\u4e8e 2025 \u5e74\u672b\u6c34\u5e73\uff0c\u77ed\u671f\u53d1\u751f\u5927\u89c4\u6a21\u3001\u5feb\u901f\u8fde\u73af\u7206\u4ed3\u7684\u98ce\u9669\u76f8\u5bf9\u8f83\u4f4e\u3002\u4f46\u4ecd\u9700\u8b66\u60d5\u4e0b\u884c\u98ce\u9669\uff1a\u4e00\u65e6\u8dcc\u7834\u5173\u952e\u652f\u6491\u4f4d\uff0c\u53ef\u80fd\u5f15\u53d1\u6ede\u540e\u6027\u7684\u201c\u6295\u964d\u5f0f\u629b\u552e\u201d\u3002\u5efa\u8bae\u7ef4\u6301\u4fdd\u5b88\u4ed3\u4f4d\u7ba1\u7406\uff0c\u5e76\u5728\u9690\u542b\u6ce2\u52a8\u7387\u8f83\u4f4e\u65f6\uff0c\u4fa7\u91cd\u9010\u6b65\u914d\u7f6e\u957f\u671f\u770b\u6da8\u671f\u6743\uff08long-dated calls\uff09\u3002<\/p>\n\n\n\n

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Glassnode\u4e0eCoinbase\u79f0BTC\u6216\u5904\u7b51\u5e95\u65e9\u671f\uff1aMVRV\u903c\u8fd11\u3001NUPL\u8fd1\u6295\u964d\u533a\uff0c\u884d\u751f\u54c1OI\u504f\u4f4e\uff1b\u76f8\u5173\u6027\u8f6c\u5411\u9ec4\u91d1\u4e0e\u6d41\u52a8\u6027\uff0c\u7b56\u7565\u5b9c\u8c28\u614e\u63a7\u6760\u6746\u3001\u533a\u95f4\u5957\u5229\u3002<\/p>\n","protected":false},"author":87,"featured_media":49993,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-51758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts\/51758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/comments?post=51758"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts\/51758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/media\/49993"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/media?parent=51758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/categories?post=51758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/tags?post=51758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}