{"id":633,"date":"2025-04-22T14:39:29","date_gmt":"2025-04-22T06:39:29","guid":{"rendered":"http:\/\/www.design-suit.com\/?p=633"},"modified":"2025-04-22T14:39:29","modified_gmt":"2025-04-22T06:39:29","slug":"%e9%93%be%e4%b8%8a%e6%95%b0%e6%8d%ae%e4%b8%80%e5%91%a8%e5%9b%9e%e9%a1%be%ef%bc%9a%e6%af%94%e7%89%b9%e5%b8%81%e5%88%9b%e6%9c%ac%e5%91%a8%e6%9c%9f%e7%ac%ac%e4%b8%89%e6%ac%a1%e6%96%b0%e9%ab%98%ef%bc%8c","status":"publish","type":"post","link":"http:\/\/www.wancg.com\/?p=633","title":{"rendered":"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4 | PANews"},"content":{"rendered":"<p>\u4f5c\u8005\uff1aGlassnode<\/p>\n<p>\u7f16\u8bd1\uff1aFelix, PANews<\/p>\n<p><strong>\u8981\u70b9\uff1a<\/strong><\/p>\n<ul>\n<li>\u6bd4\u7279\u5e01\u5e02\u573a\u6301\u7eed\u8d70\u5f3a\uff0c\u521b\u4e0b 11.1 \u4e07\u7f8e\u5143\u7684\u65b0\u9ad8\uff0c\u8fd9\u662f\u672c\u8f6e\u5468\u671f\u5185\u7684\u7b2c\u4e09\u6b21\u65b0\u9ad8\u3002<\/li>\n<li>\u6295\u8d44\u8005\u7684\u76c8\u5229\u6c34\u5e73\u548c\u5356\u51fa\u884c\u4e3a\u5747\u663e\u8457\u63d0\u5347\uff0c\u76ee\u524d\u4ecd\u4f4e\u4e8e\u6b64\u524d\u725b\u5e02\u9ad8\u5cf0\u65f6\u7684\u6c34\u5e73\u3002<\/li>\n<li>\u4e0e\u4ea4\u6613\u6240\u76f8\u5173\u7684\u4ea4\u4e92\u5927\u5e45\u589e\u52a0\uff0c\u76ee\u524d\u7ea6\u6709 33% \u7684\u6bd4\u7279\u5e01\u94fe\u4e0a\u4ea4\u6613\u91cf\u901a\u8fc7\u4e2d\u5fc3\u5316\u4ea4\u6613\u573a\u6240\u8fdb\u884c\u3002<\/li>\n<li>\u884d\u751f\u54c1\u9886\u57df\u6d3b\u52a8\u4e5f\u5728\u589e\u52a0\uff0c\u671f\u8d27\u548c\u671f\u6743\u5e02\u573a\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u5747\u51fa\u73b0\u663e\u8457\u589e\u957f\u3002<\/li>\n<li>\u82e5\u6bd4\u7279\u5e01\u8fdb\u4e00\u6b65\u4e0a\u6da8\uff0c12 \u4e07\u7f8e\u5143\u5c06\u6210\u4e3a\u5173\u952e\u533a\u57df\u3002\u6839\u636e\u4ee5\u5f80\u5468\u671f\u4e2d\u94fe\u4e0a\u4ef7\u683c\u6a21\u578b\u7684\u4ea4\u53c9\u60c5\u51b5\uff0c\u9884\u8ba1\u5356\u65b9\u538b\u529b\u5c06\u5728\u6b64\u533a\u57df\u53ca\u5176\u9644\u8fd1\u52a0\u901f\u5f62\u6210\u3002<\/li>\n<\/ul>\n<h3><strong>\u6bd4\u7279\u5e01\u7a81\u7834\u65b0\u9ad8<\/strong><\/h3>\n<p>\u6bd4\u7279\u5e01\u5e02\u573a\u4f9d\u7136\u5f3a\u52b2\uff0c\u8fbe\u5230 11.1 \u4e07\u7f8e\u5143\u7684\u65b0\u9ad8\uff0c\u8fd9\u662f\u672c\u8f6e\u5468\u671f\u5185\u7b2c\u4e09\u6b21\u7a81\u7834\u5386\u53f2\u65b0\u9ad8\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\u4e4b\u540e\u5f80\u5f80\u4f1a\u4f34\u968f\u77ed\u6682\u7684\u629b\u552e\uff0c\u56e0\u4e3a\u65e9\u671f\u83b7\u5229\u8005\u4f1a\u6293\u4f4f\u673a\u4f1a\u5728\u65b0\u9ad8\u65f6\u9000\u51fa\u5e76\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u8fc4\u4eca\u4e00\u76f4\u9075\u5faa\u8fd9\u4e00\u6a21\u5f0f\uff0c\u5728\u6700\u521d\u7a81\u7834\u540e\u4e0d\u4e45\u4ef7\u683c\u56de\u843d\u81f3 10.7 \u4e07\u7f8e\u5143\uff0c\u968f\u540e\u56de\u5347\uff0c\u5e76\u5728\u672c\u5468\u5269\u4f59\u65f6\u95f4\u91cc\u5728 10.8 \u4e07\u7f8e\u5143\u9644\u8fd1\u76d8\u6574\u3002<\/p>\n<p>\u5728\u5b8f\u89c2\u7ecf\u6d4e\u5f62\u52bf\u4e25\u5cfb\u3001\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u52a0\u5267\u7684\u80cc\u666f\u4e0b\uff0c\u6bd4\u7279\u5e01\u7684\u8868\u73b0\u4f18\u4e8e\u5927\u591a\u6570\u8d44\u4ea7\u7c7b\u522b\uff0c\u4f7f\u5f97\u6574\u4f53\u524d\u666f\u5145\u6ee1\u4e0d\u786e\u5b9a\u3002\u5728\u76f8\u5bf9\u8270\u96be\u7684\u5e02\u573a\u73af\u5883\u4e2d\uff0c\u8fd9\u79cd\u5f3a\u52b2\u7684\u8868\u73b0\u786e\u5b9e\u662f\u4e00\u4e2a\u4ee4\u4eba\u632f\u594b\u7684\u4fe1\u53f7\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/c8b1f749c38c67461407cbc30e899dda.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u5c06\u5f53\u524d\u5468\u671f\u7684\u4ef7\u683c\u8868\u73b0\u4e0e\u4e4b\u524d\u5468\u671f\u76f8\u6bd4\uff0c\u4f1a\u53d1\u73b0\u5c3d\u7ba1\u6bd4\u7279\u5e01\u7684\u603b\u5e02\u503c\u89c4\u6a21\u76f8\u5dee\u51e0\u4e2a\u91cf\u7ea7\uff0c\u4f46\u7ed3\u6784\u4e0a\u5b58\u5728\u60ca\u4eba\u7684\u76f8\u4f3c\u6027\u3002\u4e0b\u56fe\u5c55\u793a\u4e86\u81ea\u76f8\u5bf9\u5468\u671f\u4f4e\u70b9\u4ee5\u6765\u7684\u8868\u73b0\uff1a<\/p>\n<ul>\n<li>2015 \u81f3 2018 \u5e74\u5468\u671f\uff1a+1076%<\/li>\n<li>2018 \u81f3 2022 \u5e74\u5468\u671f\uff1a+1007%<\/li>\n<li>2022 \u5e74\u53ca\u4ee5\u540e\u5468\u671f\uff1a+656%<\/li>\n<\/ul>\n<p>\u8003\u8651\u5230\u5982\u4eca\u6bd4\u7279\u5e01\u5e02\u503c\u5927\u5e45\u589e\u52a0\uff0c\u4ecd\u80fd\u4e0e\u4e4b\u524d\u7684\u5468\u671f\u8d70\u52bf\u5982\u6b64\u63a5\u8fd1\uff0c\u8fd9\u662f\u4e00\u9879\u4e86\u4e0d\u8d77\u7684\u6210\u5c31\u3002\u8fd9\u8868\u660e\u5bf9\u6bd4\u7279\u5e01\u7684\u9700\u6c42\u89c4\u6a21\u4e0e\u8d44\u4ea7\u7684\u589e\u957f\u901f\u5ea6\u4fdd\u6301\u540c\u6b65\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/bb2c62f103e4d75d614a78ebc49034be.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u8bc4\u4f30\u4e0d\u540c\u94b1\u5305\u89c4\u6a21\u7684\u589e\u6301\u6a21\u5f0f\uff0c\u53ef\u4ee5\u770b\u5230\u65b0\u9ad8\u5f80\u5f80\u4f1a\u6fc0\u53d1\u663e\u8457\u7684\u589e\u6301\u3002\u8fd9\u5c06\u63a8\u52a8\u589e\u6301\u8d8b\u52bf\u5f97\u5206\u5411\u6700\u9ad8\u503c 1.0 \u8fc8\u8fdb\u3002<\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5728 2024 \u5e74 3 \u6708\u548c 11 \u6708\u5206\u522b\u521b\u4e0b 7 \u4e07\u7f8e\u5143\u548c 10.7 \u4e07\u7f8e\u5143\u7684\u5386\u53f2\u65b0\u9ad8\u65f6\uff0c\u589e\u6301\u538b\u529b\u5747\u663e\u8457\u4e0a\u5347\u3002\u8fd9\u8868\u660e\u6295\u8d44\u8005\u5728\u5e02\u573a\u8fdb\u5165\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\u65f6\u503e\u5411\u4e8e\u5927\u91cf\u4e70\u5165\uff0c\u4f46\u4e5f\u663e\u793a\u51fa\u73b0\u6709\u6301\u6709\u8005\u5728\u4ef7\u683c\u66f4\u9ad8\u65f6\u503e\u5411\u4e8e\u83b7\u5229\u4e86\u7ed3\u3002\u8fd9\u79cd\u201c\u7f8a\u7fa4\u6548\u5e94\u201d\u51f8\u663e\u4e86\u5e02\u573a\u53c2\u4e0e\u8005\u5728\u5173\u952e\u5fc3\u7406\u4ef7\u4f4d\u548c\u4e8b\u4ef6\uff08\u5982\u7a81\u7834\u65b0\u9ad8\uff09\u65f6\u7684\u8d8b\u540c\u884c\u4e3a\u3002<\/p>\n<p>\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e0a\u8f6e\u5468\u671f\u4e8e 2021 \u5e74 11 \u6708\u521b\u4e0b 6.9 \u4e07\u7f8e\u5143\u7684\u5386\u53f2\u9ad8\u70b9\uff0c\u5728\u4ef7\u683c\u8fbe\u5230\u5cf0\u503c\u671f\u95f4\u53ca\u4e4b\u540e\u90fd\u9762\u4e34\u7740\u5de8\u5927\u7684\u589e\u6301\u538b\u529b\u3002\u8fd9\u6700\u7ec8\u6807\u5fd7\u7740\u5468\u671f\u6027\u9876\u90e8\u7684\u5230\u6765\uff0c\u5e76\u5728 2022 \u5e74\u5f00\u542f\u4e86\u6f2b\u957f\u7684\u718a\u5e02\u3002\u867d\u7136\u5f3a\u52b2\u7684\u589e\u6301\u901a\u5e38\u662f\u4e00\u4e2a\u79ef\u6781\u7684\u4fe1\u53f7\uff0c\u4f46\u91cd\u8981\u7684\u662f\u8981\u8ba4\u8bc6\u5230\uff0c\u538b\u5012\u6027\u7684\u5171\u8bc6\u884c\u4e3a\u5e76\u4e0d\u603b\u662f\u672a\u6765\u65b9\u5411\u7684\u53ef\u9760\u6307\u6807\uff08\u5b9e\u9645\u4e0a\u53ef\u80fd\u662f\u53cd\u5411\u6307\u6807\uff09\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/a4fa58fc692edf48229350ffccd1308a.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<h3><strong>\u5229\u6da6\u6c34\u5e73\u4e0a\u5347<\/strong><\/h3>\n<p>\u968f\u7740\u5e02\u573a\u91cd\u65b0\u8fdb\u5165\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\uff0c\u5e02\u573a\u53c2\u4e0e\u8005\u6301\u6709\u7684\u672a\u5b9e\u73b0\u5229\u6da6\u5927\u5e45\u4e0a\u5347\u3002\u968f\u7740\u6295\u8d44\u8005\u76c8\u5229\u80fd\u529b\u7684\u63d0\u5347\uff0c\u901a\u5e38\u9884\u8ba1\u5356\u65b9\u538b\u529b\u4f1a\u76f8\u5e94\u589e\u52a0\u3002\u968f\u7740\u4ef7\u683c\u4e0a\u6da8\uff0c\u9700\u8981\u66f4\u5927\u89c4\u6a21\u7684\u4e70\u65b9\u6765\u5438\u7eb3\u6d41\u901a\u4e2d\u7684\u4ee3\u5e01\uff0c\u4ee5\u7ef4\u6301\u5e02\u573a\u7684\u4e0a\u884c\u52bf\u5934\u3002<\/p>\n<p>\u76f8\u5bf9\u672a\u5b9e\u73b0\u5229\u6da6\u8fd9\u4e00\u6307\u6807\u662f\u8861\u91cf\u5e02\u573a\u6574\u4f53\u8d26\u9762\u5229\u6da6\u89c4\u6a21\u7684\u91cd\u8981\u5de5\u5177\u3002\u76ee\u524d\uff0c\u8be5\u6307\u6807\u5df2\u7a81\u7834 +2\u03c3 \u533a\u95f4\uff0c\u8fd9\u4e00\u6c34\u5e73\u5728\u5386\u53f2\u4e0a\u901a\u5e38\u4e0e\u5e02\u573a\u8fdb\u5165\u72c2\u70ed\u9636\u6bb5\u76f8\u543b\u5408\u3002\u8fd9\u79cd\u73af\u5883\u901a\u5e38\u4f34\u968f\u7740\u6ce2\u52a8\u7387\u7684\u5927\u5e45\u4e0a\u5347\uff0c\u4e14\u6301\u7eed\u65f6\u95f4\u5f80\u5f80\u8f83\u77ed\uff0c\u4ec5\u6709 16% \u7684\u4ea4\u6613\u65e5\u8d26\u9762\u5229\u6da6\u4f1a\u8d85\u8fc7\u8fd9\u4e00\u6c34\u5e73\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/f9cac6b0c257281129acb3cfea26e473.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u9762\u5bf9\u8fd9\u79cd\u6781\u4e3a\u6709\u5229\u53ef\u56fe\u7684\u72b6\u51b5\uff0c\u83b7\u5229\u4e86\u7ed3\u6d3b\u52a8\u660e\u663e\u589e\u52a0\uff0c\u8fd9\u4e00\u70b9\u53ef\u901a\u8fc7\u201c\u6ce2\u52a8\u7387\u8c03\u6574\u540e\u7684\u51c0\u5b9e\u73b0\u5229\u6da6\/\u4e8f\u635f\u201d\u6307\u6807\u89c2\u5bdf\u5230\u3002<\/p>\n<p>\u8be5\u6307\u6807\u4ee5\u6bd4\u7279\u5e01\u4e3a\u5355\u4f4d\u8861\u91cf\u5df2\u5b9e\u73b0\u7684\u76c8\u5229\u548c\u4e8f\u635f\uff0c\u5c06\u5176\u4e0e\u6bd4\u7279\u5e01\u4e0d\u65ad\u589e\u957f\u7684\u5e02\u503c\u8fdb\u884c\u5468\u671f\u6027\u5bf9\u6bd4\uff0c\u4ece\u800c\u5b9e\u73b0\u6807\u51c6\u5316\u3002\u6b64\u5916\uff0c\u8be5\u6307\u6807\u6839\u636e 7 \u5929\u5df2\u5b9e\u73b0\u6ce2\u52a8\u7387\u8fdb\u884c\u8c03\u6574\u3002<\/p>\n<p>\u968f\u7740\u4ef7\u683c\u7a81\u7834\u6b64\u524d\u7684\u5386\u53f2\u9ad8\u70b9\uff0c\u83b7\u5229\u56de\u5410\u73b0\u8c61\u663e\u8457\u589e\u52a0\uff0c\u4ec5\u6709 14.4% \u7684\u4ea4\u6613\u65e5\u51fa\u73b0\u66f4\u9ad8\u503c\u3002\u8fd9\u8868\u660e\u83b7\u5229\u56de\u5410\u6709\u6240\u589e\u52a0\uff0c\u4f46\u5c1a\u672a\u8fbe\u5230\u6781\u7aef\u6c34\u5e73\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/b6834092d354bcdd685c71f00aac0c60.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u8fd9\u4e00\u7ed3\u679c\u4e5f\u53cd\u6620\u5728 SOPR \u6307\u6807\u4e0a\uff0c\u8be5\u6307\u6807\u53cd\u6620\u8d44\u4ea7\u76c8\/\u4e8f\u7a0b\u5ea6\uff0c\u53ef\u7528\u6765\u5224\u65ad\u8d44\u4ea7\u7684\u5356\u51fa\u4ef7\u683c\u662f\u5426\u9ad8\u4e8e\u4e70\u5165\u4ef7\u683c\u3002\u8fd1\u671f\u7684\u5386\u53f2\u65b0\u9ad8\u5bfc\u81f4\u9501\u5b9a\u7684\u76c8\u5229\u663e\u8457\u589e\u52a0\uff0c\u5e73\u5747\u6bcf\u679a\u4ee3\u5e01\u7684\u5229\u6da6\u4e3a +16%\u3002\u5bf9\u4e8e\u6295\u8d44\u8005\u800c\u8a00\uff0c\u76c8\u5229\u6c34\u5e73\u8d85\u8fc7\u8fd9\u4e00\u6c34\u5e73\u7684\u4ea4\u6613\u65e5\u4e0d\u5230 8%\uff0c\u8fd9\u8868\u660e\u6295\u8d44\u8005\u6b63\u5728\u5927\u89c4\u6a21\u8f6c\u5411\u83b7\u5229\u4e86\u7ed3\u6d3b\u52a8\u3002\u7136\u800c\uff0c\u5c1a\u672a\u8fbe\u5230\u6b64\u524d\u4ef7\u683c\u89c1\u9876\u671f\u95f4\u6240\u51fa\u73b0\u7684\u90a3\u79cd\u6781\u5ea6\u72c2\u70ed\u7684\u6c34\u5e73\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/8754b08641e157d3a0b53887d551eb72.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<h3><strong>\u4ea4\u6613\u6240\u6d3b\u52a8\u589e\u52a0<\/strong><\/h3>\n<p>\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4ecd\u662f\u4ea4\u6613\u548c\u6295\u673a\u7684\u4e3b\u8981\u573a\u6240\uff0c\u6bcf\u5929\u7684\u8d44\u91d1\u6d41\u5165\u6d41\u51fa\u91cf\u5728 40 \u4ebf\u81f3 80 \u4ebf\u7f8e\u5143\u4e4b\u95f4\u3002\u4ea4\u6613\u6240\u7684\u5145\u63d0\u91cf\u4e0e\u94fe\u4e0a\u7ed3\u7b97\u7684\u603b\u4ea4\u6613\u91cf\u76f8\u6bd4\uff0c\u53ef\u4f5c\u4e3a\u8861\u91cf\u6295\u8d44\u8005\u4ea4\u6613\u6bd4\u7279\u5e01\u610f\u613f\u7684\u5de5\u5177\u3002<\/p>\n<p>\u81ea 2025 \u5e74\u521d\u521b\u4e0b 10.9 \u4e07\u7f8e\u5143\u7684\u5386\u53f2\u9ad8\u70b9\u4ee5\u6765\uff0c\u4ea4\u6613\u6240\u4ea4\u6613\u91cf\u4e3b\u5bfc\u5730\u4f4d\u6307\u6807\u4e00\u76f4\u5728\u4e0a\u5347\uff0c\u5e76\u4e14\u968f\u7740\u5e02\u573a\u53cd\u5f39\uff0c\u8fd9\u4e00\u6bd4\u4f8b\u4ecd\u5728\u6301\u7eed\u6500\u5347\u3002\u76ee\u524d\uff0c\u6bd4\u7279\u5e01\u7f51\u7edc\u4e0a\u7ea6 33% \u7684\u4ea4\u6613\u91cf\u4e0e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u8fdb\u884c\u4ea4\u4e92\u3002<\/p>\n<p>\u8fd9\u6807\u5fd7\u7740\u6295\u8d44\u8005\u9700\u6c42\u548c\u4ea4\u6613\u6d3b\u52a8\u663e\u8457\u589e\u52a0\uff0c\u4e0e\u5e02\u573a\u8fdb\u5165\u65b0\u7684\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\u76f8\u4e00\u81f4\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/0aa6b34b1efece4c18813c76eacbcc2d.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u901a\u8fc7\u5c06\u94fe\u4e0a\u4ee3\u5e01\u4ef7\u683c\u6807\u8bb0\u4e0e Glassnode \u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u5730\u5740\u6807\u7b7e\u76f8\u7ed3\u5408\uff0c\u53ef\u4ee5\u4f30\u7b97\u51fa\u5b58\u5165\u4ea4\u6613\u6240\u7684\u4ee3\u5e01\u7684\u5e73\u5747\u76c8\u4e8f\u60c5\u51b5\u3002\u8fd9\u53ef\u4ee5\u66f4\u7ec6\u81f4\u5730\u6d1e\u5bdf\u6295\u8d44\u8005\u60c5\u7eea\u4ee5\u53ca\u4e0e\u4ea4\u6613\u6240\u6d3b\u52a8\u76f4\u63a5\u76f8\u5173\u7684\u4ea4\u6613\u884c\u4e3a\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5b58\u5165\u4ea4\u6613\u6240\u7684\u4ee3\u5e01\u4e2d\uff0c\u5904\u4e8e\u76c8\u5229\u72b6\u6001\u7684\u5e73\u5747\u5e01\u79cd\u76c8\u5229\u7ea6\u4e3a 9300 \u7f8e\u5143\uff0c\u800c\u5904\u4e8e\u4e8f\u635f\u72b6\u6001\u7684\u5e73\u5747\u5e01\u79cd\u4e8f\u635f\u4ec5\u4e3a 780 \u7f8e\u5143\u3002\u8fd9\u79cd\u5dee\u5f02\u8868\u660e\u5f53\u524d\u7684\u4ea4\u6613\u884c\u4e3a\u4e3b\u8981\u662f\u5229\u6da6\u9a71\u52a8\uff0c\u53cd\u6620\u51fa\u6295\u8d44\u8005\u60c5\u7eea\u6709\u4e86\u663e\u8457\u53d8\u5316\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/99e37024006e430d10b183146e5d9cad.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u5e73\u5747\u76c8\u5229\u662f\u4e8f\u635f\u7684 12 \u500d\uff0c\u4e24\u8005\u4e4b\u95f4\u7684\u6bd4\u7387\u63a5\u8fd1\u4ee5\u5f80\u725b\u5e02\u6700\u6d3b\u8dc3\u9636\u6bb5\u5e38\u89c1\u7684\u6781\u7aef\u6c34\u5e73\u3002\u4ea4\u6613\u6240\u5e73\u5747\u76c8\u4e8f\u6bd4\u7684\u6781\u7aef\u6c34\u5e73\u8fdb\u4e00\u6b65\u8868\u660e\uff0c\u5e02\u573a\u6b63\u8fdb\u5165\u725b\u5e02\u7684\u72c2\u70ed\u9636\u6bb5\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/a018cae8f07b089242f94b3308481e09.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<h3><strong>\u884d\u751f\u54c1\u6760\u6746\u6c34\u5e73\u4e0a\u5347<\/strong><\/h3>\n<p>\u968f\u7740\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u6d3b\u52a8\u7684\u589e\u52a0\uff0c\u5ba1\u89c6\u884d\u751f\u54c1\u5e02\u573a\u4e5f\u53d8\u5f97\u6108\u53d1\u91cd\u8981\uff0c\u8fd9\u6709\u52a9\u4e8e\u4e86\u89e3\u5728\u725b\u5e02\u73af\u5883\u4e2d\u7d2f\u79ef\u7684\u6760\u6746\u6c34\u5e73\u3002<\/p>\n<p>\u81ea 4 \u6708\u89e6\u53ca 7.4 \u4e07\u7f8e\u5143\u7684\u5c40\u90e8\u4f4e\u70b9\u4ee5\u6765\uff0c\u671f\u8d27\u5408\u7ea6\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u663e\u8457\u589e\u957f\uff0c\u4ece 368 \u4ebf\u7f8e\u5143\u589e\u52a0\u5230\u76ee\u524d\u7684 556 \u4ebf\u7f8e\u5143\u3002\u4ec5\u5728\u8fc7\u53bb\u7684 49 \u5929\u91cc\uff0c\u5c31\u589e\u52a0\u4e86 190 \u4ebf\u7f8e\u5143\uff08\u589e\u957f 51%\uff09\uff0c\u8fd9\u8868\u660e\u6760\u6746\u6c34\u5e73\u6b63\u5728\u4e0a\u5347\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/e796a8686fe33040dd5fcd6c23ca4656.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u671f\u6743\u5408\u7ea6\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u4ece 204 \u4ebf\u7f8e\u5143\u98d9\u5347\u81f3 462 \u4ebf\u7f8e\u5143\uff0c\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\u3002258 \u4ebf\u7f8e\u5143\u7684\u589e\u957f\u5e45\u5ea6\u660e\u663e\u9ad8\u4e8e\u671f\u8d27\u5e02\u573a\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u589e\u957f\u3002<\/p>\n<p>\u671f\u6743\u672a\u5e73\u4ed3\u5408\u7ea6\u7684\u8fc5\u901f\u589e\u52a0\u53cd\u6620\u51fa\u6295\u8d44\u8005\u7fa4\u4f53\u7684\u65e5\u76ca\u6210\u719f\uff0c\u4ed6\u4eec\u8d8a\u6765\u8d8a\u591a\u5730\u5229\u7528\u671f\u6743\u5408\u7ea6\u6765\u6267\u884c\u66f4\u590d\u6742\u7684\u7b56\u7565\uff0c\u4ee5\u4f18\u5316\u5176\u98ce\u9669\u7ba1\u7406\u548c\u4ea4\u6613\u5934\u5bf8\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/b2b30e504fb88129865e1a53b51982ec.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<h3><strong>ETF <\/strong><strong>\u8d44\u91d1\u6d41\u5165\u4f9d\u7136\u5f3a\u52b2<\/strong><\/h3>\n<p>\u73b0\u8d27 ETF \u65b9\u9762\uff0c\u81ea 4 \u6708\u4e0b\u65ec\u4ee5\u6765\uff0c\u4e70\u65b9\u6301\u7eed\u4e70\u5165\uff0c\u4e14\u76ee\u524d\u4f9d\u7136\u5f3a\u52b2\u3002\u8fc7\u53bb\u4e00\u5468\uff0cETF \u6bcf\u65e5\u8d44\u91d1\u6d41\u5165\u91cf\u8d85 3 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p>\u6765\u81ea\u6563\u6237\u548c\u673a\u6784\u6295\u8d44\u8005\u7684\u8fd9\u79cd\u5927\u89c4\u6a21\u4e14\u6301\u7eed\u7684\u4e70\u5165\u8868\u660e\u5176\u5bf9\u8be5\u8d44\u4ea7\u4ecd\u5145\u6ee1\u4fe1\u5fc3\uff0c\u5e76\u4e14\u81ea 2024 \u5e74\u4e0a\u7ebf\u4ee5\u6765\u4e00\u76f4\u662f\u63a8\u52a8\u5e02\u573a\u5c61\u521b\u65b0\u9ad8\u7684\u91cd\u8981\u52a8\u529b\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/760aee0971612dc7bc177101ddb31fbc.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<h3><strong>\u4ef7\u683c\u53d1\u73b0\u63a2\u7d22<\/strong><\/h3>\n<p>\u968f\u7740\u6bd4\u7279\u5e01\u4ef7\u683c\u91cd\u65b0\u56de\u5f52\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\uff0c\u53ef\u4ee5\u7ed3\u5408\u94fe\u4e0a\u6570\u636e\u548c\u6280\u672f\u6307\u6807\u6765\u8bc4\u4f30\u5e02\u573a\u52a8\u91cf\uff0c\u5e76\u8bc6\u522b\u6f5c\u5728\u7684\u8fc7\u70ed\u8ff9\u8c61\u3002<\/p>\n<p>111 \u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\uff08DMA\uff09\u548c 200 \u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\u662f\u8bc4\u4f30\u6bd4\u7279\u5e01\u5e02\u573a\u52a8\u91cf\u548c\u8d8b\u52bf\u5f3a\u5ea6\u7684\u5e38\u7528\u6280\u672f\u6307\u6807\u3002\u8fd8\u53ef\u4ee5\u7528\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u8fd9\u4e00\u94fe\u4e0a\u6307\u6807\u6765\u8865\u5145\u8fd9\u4e9b\u6280\u672f\u4ef7\u683c\u6a21\u578b\uff0c\u8be5\u6307\u6807\u53cd\u6620\u4e86\u5e02\u573a\u65b0\u6295\u8d44\u8005\u7684\u5e73\u5747\u8d2d\u5165\u4ef7\u683c\u3002\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u8fd9\u4e00\u6c34\u5e73\u4e00\u76f4\u662f\u4e00\u4e2a\u5173\u952e\u9608\u503c\uff0c\u901a\u5e38\u7528\u4e8e\u533a\u5206\u51fa\u5c40\u90e8\u725b\u5e02\u548c\u718a\u5e02\u3002<\/p>\n<ul>\n<li>111 \u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\uff1a9.18 \u4e07\u7f8e\u5143<\/li>\n<li>200 \u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\uff1a9.43 \u4e07\u7f8e\u5143<\/li>\n<li>\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\uff1a9.59 \u4e07\u7f8e\u5143<\/li>\n<\/ul>\n<p>\u76ee\u524d\u6bd4\u7279\u5e01\u4ef7\u683c\u8fdc\u9ad8\u4e8e\u8fd9\u4e09\u4e2a\u5173\u952e\u6c34\u5e73\uff0c\u7a81\u663e\u4e86\u81ea 4 \u6708\u4ee5\u6765\u5e02\u573a\u53cd\u5f39\u7684\u5f3a\u52b2\u6001\u52bf\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8fd9\u4e9b\u4ef7\u683c\u6c34\u5e73\u5728\u6570\u503c\u4e0a\u975e\u5e38\u63a5\u8fd1\uff0c\u8fd9\u79cd\u8d8b\u540c\u5728\u5173\u952e\u652f\u6491\u533a\u57df\u5f62\u6210\u4e86\u4ea4\u6c47\uff0c\u8981\u60f3\u4fdd\u6301\u8fdb\u4e00\u6b65\u7684\u4e0a\u6da8\u52bf\u5934\uff0c\u5b88\u4f4f\u8fd9\u4e00\u533a\u57df\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/418cb4a40ad518c7607cde76e9a4df30.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" 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\u4ee5\u4e0a\u6781\u7aef\u6c34\u5e73\u4e4b\u524d\uff0c\u6bd4\u7279\u5e01\u4ecd\u6709\u8fdb\u4e00\u6b65\u4e0a\u6da8\u7684\u7a7a\u95f4\u3002\u8fd9\u79cd\u6781\u7aef\u6c34\u5e73\u901a\u5e38\u4f1a\u5f15\u53d1\u5927\u89c4\u6a21\u7684\u83b7\u5229\u4e86\u7ed3\u6d3b\u52a8\uff0c\u4ece\u800c\u5bfc\u81f4\u5356\u65b9\u538b\u529b\u5927\u5e45\u589e\u52a0\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/f1b5493b5d123fd2212493f1124a3aaa.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<p>\u6700\u540e\uff0c\u53ef\u4ee5\u5229\u7528\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u5468\u56f4\u7684 +0.5\u03c3 \u548c +1\u03c3 \u6807\u51c6\u5dee\u533a\u95f4\uff0c\u6765\u8bc4\u4f30\u5c40\u90e8\u8fc7\u70ed\u72b6\u51b5\u3002<\/p>\n<ul>\n<li>\u77ed\u671f\u6301\u6709\u8005\u6210\u672c +0.5\u03c3\uff1a12.03 \u4e07\u7f8e\u5143<\/li>\n<li>\u77ed\u671f\u6301\u6709\u8005\u6210\u672c +1\u03c3\uff1a13.57 \u4e07\u7f8e\u5143<\/li>\n<\/ul>\n<p>\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u4ef7\u683c\u5728\u4e0a\u8ff0\u4e24\u4e2a\u533a\u95f4\u5185\u6ce2\u52a8\u4e86 467 \u5929\uff0c\u5728 +1\u03c3 \u6c34\u5e73\u4e4b\u4e0a\u6ce2\u52a8\u4e86 484 \u5929\uff0c\u4ec5\u5360\u6bd4\u7279\u5e01\u4ea4\u6613\u5386\u53f2\u7684 17.5%\u3002\u8fd9\u4f7f\u5f97\u8fdb\u5165\u8be5\u533a\u95f4\u7684\u60c5\u51b5\u76f8\u5bf9\u5c11\u89c1\uff0c\u901a\u5e38\u4f5c\u4e3a\u5c40\u90e8\u4ef7\u683c\u8d70\u52bf\u7684\u4e0a\u9650\u3002<\/p>\n<p>\u5c3d\u7ba1 MVRV +1\u03c3 \u6c34\u5e73\u901a\u5e38\u4e0e\u5b8f\u89c2\u9876\u90e8\u76f8\u5173\uff0c\u4f46\u77ed\u671f\u6301\u6709\u8005\u6210\u672c\u57fa\u51c6\uff08STH-CB\uff09 +0.5\u03c3 \u548c +1\u03c3 \u533a\u95f4\u66f4\u80fd\u6307\u793a\u5c40\u90e8\u9876\u90e8\u7684\u5f62\u6210\u3002\u7efc\u5408\u8fd0\u7528\u8fd9\u4e9b\u6a21\u578b\u80fd\u4e3a\u8bc6\u522b\u5e02\u573a\u8fc7\u70ed\u72b6\u51b5\u63d0\u4f9b\u4e00\u4e2a\u53ef\u9760\u7684\u6846\u67b6\u3002<\/p>\n<p><img decoding=\"async\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/cdn-img.panewslab.com\/yijian\/2025\/5\/29\/images\/3d656bd159822f6fce222c34861f8237.png\" alt=\"\u94fe\u4e0a\u6570\u636e\u4e00\u5468\u56de\u987e\uff1a\u6bd4\u7279\u5e01\u521b\u672c\u5468\u671f\u7b2c\u4e09\u6b21\u65b0\u9ad8\uff0c\u6216\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\" \/><\/p>\n<pre>\u6765\u6e90\uff1aGlassnode<\/pre>\n<h3><strong>\u603b\u7ed3<\/strong><\/h3>\n<p>\u6bd4\u7279\u5e01\u5df2\u8fbe\u5230 11.1 \u4e07\u7f8e\u5143\u7684\u65b0\u5386\u53f2\u9ad8\u70b9\uff0c\u8fd9\u662f\u672c\u8f6e\u5468\u671f\u4e2d\u7684\u7b2c\u4e09\u6b21\u521b\u65b0\u9ad8\u3002\u8fd9\u4e00\u91cc\u7a0b\u7891\u5f15\u53d1\u4e86\u5e02\u573a\u4e3b\u8981\u677f\u5757\u7684\u5e7f\u6cdb\u6d3b\u8dc3\uff0c\u8868\u73b0\u4e3a\u6295\u8d44\u8005\u76c8\u5229\u589e\u52a0\u548c\u83b7\u5229\u4e86\u7ed3\u3001\u4ea4\u6613\u6240\u4e92\u52a8\u589e\u5f3a\u3001\u671f\u8d27\u548c\u671f\u6743\u672a\u5e73\u4ed3\u5408\u7ea6\u663e\u8457\u589e\u957f\u4ee5\u53ca\u73b0\u8d27 ETF \u4e70\u65b9\u9700\u6c42\u7684\u6301\u7eed\u589e\u957f\u3002<\/p>\n<p>\u968f\u7740\u5e02\u573a\u8fdb\u5165\u4ef7\u683c\u53d1\u73b0\u9636\u6bb5\uff0c12 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