{"id":222,"date":"2026-01-28T21:35:57","date_gmt":"2026-01-28T13:35:57","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=222"},"modified":"2026-01-28T22:02:24","modified_gmt":"2026-01-28T14:02:24","slug":"presto-research-%e6%af%94%e7%89%b9%e5%b8%81%e4%bc%b0%e5%80%bc%ef%bc%9amvrv-%e6%98%af%e9%80%8f%e9%95%9c%ef%bc%8c%e8%80%8c%e9%9d%9e%e6%b0%b4%e6%99%b6%e7%90%83","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=222","title":{"rendered":"Presto Research &#8211; \u6bd4\u7279\u5e01\u4f30\u503c\uff1aMVRV \u662f\u900f\u955c\uff0c\u800c\u975e\u6c34\u6676\u7403"},"content":{"rendered":"<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u673a\u6784\u7814\u7a76\u5408\u4f5c\u4f19\u4f34\u6a2a\u5e45-2 (3)\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/4CHKquwQrnus0rzl4Ly983\/ba5aee7bc35540d1edbc9aa62b8060dc\/Institutional_Research_Partner_Banners-2__3_.png?x-oss-process=image\/resize,w_1600,h_844\/format,webp\" alt=\"\u673a\u6784\u7814\u7a76\u5408\u4f5c\u4f19\u4f34\u6a2a\u5e45-2 (3)\" width=\"1600\" height=\"844\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u5f53\u6211\u4eec\u5206\u4eab\u6765\u81ea\u673a\u6784\u7814\u7a76\u5408\u4f5c\u4f19\u4f34\u7684\u89c1\u89e3\u65f6\uff0c\u8bf7\u5173\u6ce8\u6700\u65b0\u7684\u52a0\u5bc6\u5e02\u573a\u8bc4\u8bba\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u5728\u672c\u671f\u4e2d\uff0c<\/span><\/i><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.prestolabs.io\/research\/valuing-bitcoin-mvrv-as-a-lens-not-a-crystal-ball\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span dir=\"auto\">Presto Research<\/span><\/i><\/a><i><span dir=\"auto\">\u6df1\u5165\u7814\u7a76\u4e86\u5982\u4f55\u5c06\u6bd4\u7279\u5e01\u7684 MVRV \u6bd4\u7387\uff08\u5e02\u573a\u4ef7\u503c\u4e0e\u5b9e\u73b0\u4ef7\u503c\uff09\u7528\u4f5c\u5206\u6790\u89c6\u89d2\u800c\u4e0d\u662f\u9884\u6d4b\u5de5\u5177\uff0c\u5e76\u63a2\u8ba8\u4e86\u4e0d\u65ad\u53d8\u5316\u7684\u7f51\u7edc\u52a8\u6001\uff0c\u4f8b\u5982\u94fe\u4e0a\u4ea4\u6613\u91cf\u7684\u4e0b\u964d\u548c\u673a\u6784\u91c7\u7528\u7387\u7684\u589e\u52a0\u3002<\/span><\/i><\/p>\n<h2 id=\"1\"><span dir=\"auto\">\u6982\u62ec<\/span><\/h2>\n<ul>\n<li><span dir=\"auto\">MVRV \u6bd4\u7387\u5c06\u5e02\u503c\u4e0e\u5b9e\u9645\u4ef7\u503c\u8fdb\u884c\u6bd4\u8f83\uff0c\u4ee5\u8861\u91cf\u6bd4\u7279\u5e01\u7684\u4f30\u503c\u3002\u5386\u53f2\u533a\u95f4\uff08\u4f8b\u5982\uff0c\u4f4e\u4e8e 1 \u8868\u793a\u8d85\u5356\uff0c\u9ad8\u4e8e 3.2 \u8868\u793a\u8d85\u4e70\uff09\u53ef\u4f5c\u4e3a\u8bc4\u4f30\u4f9d\u636e\u3002\u5b9e\u9645\u4ef7\u503c\u5145\u5f53\u201c\u6210\u672c\u57fa\u7840\u201d\uff0c\u53cd\u6620\u6301\u6709\u8005\u7684\u5229\u6da6\u7387\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u8bdd\u867d\u5982\u6b64\uff0c\u6bd4\u7279\u5e01\u4e0d\u65ad\u53d1\u5c55\u7684\u683c\u5c40\u5bf9MVRV\u7684\u5386\u53f2\u76f8\u5173\u6027\u63d0\u51fa\u4e86\u6311\u6218\u3002\u53d7\u94fe\u4e0b\u6d3b\u52a8\uff08\u4f8b\u5982CEX\u4ea4\u6613\u3001\u95ea\u7535\u7f51\u7edc\uff09\u9a71\u52a8\uff0c\u94fe\u4e0a\u4ea4\u6613\u91cf\u7684\u51cf\u5c11\u6539\u53d8\u4e86\u4ef7\u683c\u52a8\u6001\u3002\u5305\u62ecETF\u548c\u5176\u4ed6\u673a\u6784\u6295\u8d44\u5728\u5185\u7684\u4ef7\u503c\u5b58\u50a8\u624b\u6bb5\u7684\u91c7\u7528\uff0c\u8fdb\u4e00\u6b65\u52a0\u5267\u4e86\u4e0e\u4e3b\u6d41\u5316\u4e4b\u524d\u7684\u6bd4\u8f83\u3002<\/span><\/li>\n<li><span dir=\"auto\">MVRV \u5e94\u8be5\u88ab\u5168\u9762\u5730\u7528\u6765\u5206\u6790\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u57fa\u672c\u9762\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u9884\u6d4b\u4ef7\u683c\u3002\u6295\u8d44\u8005\u53ef\u4ee5\u901a\u8fc7\u8ba4\u8bc6\u5230\u5176\u5c40\u9650\u6027\u5e76\u9002\u5e94\u73b0\u4ee3\u52a8\u6001\uff0c\u5229\u7528 MVRV \u66f4\u6df1\u5165\u5730\u4e86\u89e3\u6bd4\u7279\u5e01\u4e0d\u65ad\u53d1\u5c55\u7684\u751f\u6001\u7cfb\u7edf\u3002<\/span><\/li>\n<\/ul>\n<h2 id=\"2\"><span dir=\"auto\">1. \u7b80\u4ecb<\/span><\/h2>\n<p><span dir=\"auto\">\u81ea\u6bd4\u7279\u5e01\u8bde\u751f\u4ee5\u6765\uff0c\u4eba\u4eec\u5c1d\u8bd5\u4e86\u65e0\u6570\u65b9\u6cd5\u6765\u786e\u5b9a\u5176\u96be\u4ee5\u6349\u6478\u7684\u516c\u5141\u4ef7\u503c\uff0c\u4ee5\u6b64\u63a2\u7d22\u8fd9\u4e00\u65b0\u5174\u8d44\u4ea7\u7c7b\u522b\u7684\u672a\u77e5\u9886\u57df\u3002\u5176\u4e2d\uff0c\u5e02\u503c\u4e0e\u5b9e\u9645\u4ef7\u503c\u4e4b\u6bd4 (MVRV) \u5df2\u6210\u4e3a\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\u9886\u5148\u7684\u4f30\u503c\u6307\u6807\uff0c\u5e76\u9010\u6e10\u53d7\u5230\u5173\u6ce8\u3002\u7136\u800c\uff0cMVRV \u5e38\u5e38\u88ab\u72ed\u9698\u5730\u7528\u4f5c\u4ef7\u683c\u9884\u6d4b\u6307\u6807\uff0c\u8fd9\u79cd\u7b80\u5316\u7684\u89c6\u89d2\u63a9\u76d6\u4e86\u5176\u66f4\u6df1\u5c42\u6b21\u7684\u6f5c\u529b\uff0c\u540c\u65f6\u7531\u4e8e\u5176\u56fa\u6709\u7684\u5c40\u9650\u6027\u800c\u5f15\u53d1\u4e86\u8d28\u7591\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u672c\u62a5\u544a\u7a81\u7834\u4e86\u8fd9\u4e9b\u5c40\u9650\uff0c\u9610\u660e\u4e86MVRV\u7684\u771f\u6b63\u6f5c\u529b\u3002\u9996\u5148\uff0c\u6211\u4eec\u63a2\u7d22\u5176\u5e38\u89c4\u5e94\u7528\uff0c\u91cd\u70b9\u4ecb\u7ecd\u5176\u57fa\u7840\u673a\u5236\u3002\u63a5\u4e0b\u6765\uff0c\u6211\u4eec\u5c06\u5206\u6790\u6bd4\u7279\u5e01\u8fd1\u671f\u7684\u53d8\u9769\u2014\u2014\u6db5\u76d6\u6295\u8d44\u8005\u884c\u4e3a\u3001\u7f51\u7edc\u57fa\u7840\u8bbe\u65bd\u548c\u4e3b\u6d41\u91c7\u7528\u2014\u2014\u4e3a\u4f55\u4f7f\u4f20\u7edf\u65b9\u6cd5\u53d8\u5f97\u4e0d\u90a3\u4e48\u6709\u6548\u3002\u6700\u540e\uff0c\u6211\u4eec\u63d0\u4f9b\u4e86\u4e00\u4e2a\u66f4\u7cbe\u5999\u7684\u89c6\u89d2\uff0c\u5021\u5bfc\u4e00\u79cd\u6574\u4f53\u65b9\u6cd5\uff0c\u5229\u7528MVRV\u4f5c\u4e3a\u89e3\u8bfb\u6bd4\u7279\u5e01\u7f51\u7edc\u4e0d\u65ad\u53d1\u5c55\u7684\u57fa\u672c\u9762\u7684\u5de5\u5177\u3002<\/span><\/p>\n<h2 id=\"3\"><span dir=\"auto\">2. MVRV \u56de\u987e\uff1a\u6807\u51c6\u65b9\u6cd5<\/span><\/h2>\n<p><span dir=\"auto\">\u81ea 2018 \u5e74 12 \u6708 CoinMetrics \u63a8\u5e7f\u4ee5\u6765\uff0cMVRV \u5df2\u6210\u4e3a\u8bc4\u4f30\u6bd4\u7279\u5e01\u7f51\u7edc\u4ef7\u503c\u7684\u5e7f\u6cdb\u5f15\u7528\u6307\u6807\u3002\u672c\u8282\u5c06\u63a2\u8ba8\u5176\u6982\u5ff5\u4ee5\u53ca\u5f71\u54cd\u8be5\u6307\u6807\u7684\u56e0\u7d20\u3002<\/span><\/p>\n<h3><b><span dir=\"auto\">2.1. \u5b9a\u4e49<\/span><\/b><\/h3>\n<p><span dir=\"auto\">MVRV \u6bd4\u7387\u7684\u516c\u5f0f\u5982\u4e0b\uff1a<\/span><\/p>\n<p><b><span dir=\"auto\">MVRV\u6bd4\u7387=\u5e02\u573a\u4ef7\u503c\/\u5b9e\u73b0\u4ef7\u503c<\/span><\/b><\/p>\n<p><span dir=\"auto\">\u5728\u54ea\u91cc\uff0c<\/span><\/p>\n<ul>\n<li><b><span dir=\"auto\">\u5e02\u573a\u4ef7\u503c (MV)<\/span><\/b><span dir=\"auto\">\uff1a\u6d41\u901a\u6bd4\u7279\u5e01\u4f9b\u5e94\u91cf\u6309\u5f53\u524d\u4ef7\u683c\u8ba1\u7b97\u7684\u4ef7\u503c\uff0c\u7c7b\u4f3c\u4e8e\u80a1\u7968\u5e02\u503c\uff0c\u6240\u6709 BTC \u90fd\u4ee5\u5355\u4e00\u4ef7\u683c\u4f30\u4ef7\u3002<\/span><\/li>\n<li><b><span dir=\"auto\">\u5b9e\u73b0\u4ef7\u503c\uff08RV\uff09<\/span><\/b><span dir=\"auto\">\uff1a\u57fa\u4e8e\u6bcf\u4e2a BTC \u4e0a\u6b21\u5728\u94fe\u4e0a\u79fb\u52a8\u65f6\u7684\u4ef7\u683c\u8ba1\u7b97\u51fa\u7684\u6d41\u901a\u6bd4\u7279\u5e01\u4f9b\u5e94\u4ef7\u503c\uff0c\u6bcf\u4e2a BTC \u90fd\u6309\u5176\u5404\u81ea\u7684\u4ef7\u683c\u8fdb\u884c\u4f30\u503c\uff0c\u7136\u540e\u8fdb\u884c\u6c47\u603b\u3002<\/span><\/li>\n<\/ul>\n<p><b><span dir=\"auto\">\u56fe 1\uff1a\u6bd4\u7279\u5e01\u81ea\u8bde\u751f\u4ee5\u6765\u7684 MVRV \u6bd4\u7387<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"2\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/7DGPlWbhlGk0PYcLeZEZis\/05a6f0b15bd979436e6f5c60d9734fcd\/fig1.webp?x-oss-process=image\/resize,w_1080,h_574\/format,webp\" alt=\"2\" width=\"1080\" height=\"574\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u8d44\u6599\u6765\u6e90\uff1aBlockchain.com\u3001Presto Research<\/span><\/i><\/p>\n<p><b><span dir=\"auto\">2.2. \u6807\u51c6\u89e3\u91ca<\/span><\/b><\/p>\n<p><span dir=\"auto\">2.2.1. \u5b9e\u73b0\u4ef7\u503c<\/span><\/p>\n<p><span dir=\"auto\">\u4e0e\u7b80\u5355\u6613\u61c2\u7684\u5e02\u573a\u4ef7\u503c (MV) \u4e0d\u540c\uff0c\u4ef7\u503c\u56de\u5f52 (RV) \u5bf9\u4e8e\u884c\u4e1a\u65b0\u8fdb\u5165\u8005\u6765\u8bf4\u53ef\u80fd\u4e0d\u592a\u76f4\u89c2\u3002\u4ece\u6280\u672f\u89d2\u5ea6\u6765\u770b\uff0cRV \u662f\u901a\u8fc7\u5bf9\u6bcf\u4e2a\u672a\u4f7f\u7528\u4ea4\u6613\u8f93\u51fa (UTXO) \u8fdb\u884c\u4f30\u503c\uff0c\u5e76\u8ba1\u7b97\u5176\u521b\u5efa\u65f6\u7684\u4ef7\u683c\u6765\u8ba1\u7b97\u7684\u3002\u4e3a\u4e86\u4fbf\u4e8e\u4f30\u503c\uff0c\u4ee5\u4e0b\u4e09\u79cd\u65b9\u6cd5\u4e4b\u4e00\u53ef\u4ee5\u5e2e\u52a9\u7406\u89e3\u3002<\/span><\/p>\n<ul>\n<li><span dir=\"auto\">\u6bd4\u7279\u5e01\u533a\u5757\u94fe\u4f5c\u4e3a\u5b98\u65b9\u4ea4\u6613\u5206\u7c7b\u8d26\uff0c\u5176\u4e2d\u53ea\u6709\u94fe\u4e0a\u4ea4\u6613\u624d\u88ab\u89c6\u4e3a\u552f\u4e00\u7684\u771f\u76f8\u6765\u6e90\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u975e\u6d3b\u8dc3\u5e01\uff0c\u5373\u5904\u4e8e\u4f11\u7720\u72b6\u6001\u4e14\u672a\u88ab\u4f7f\u7528\u7684\u5e01\uff0c\u5728\u7f51\u7edc\u4ef7\u503c\u4e2d\u6240\u5360\u6743\u91cd\u8f83\u4f4e\u3002RV \u6709\u6548\u5730\u5c06\u5b83\u4eec\u6392\u9664\u5728\u4f30\u503c\u4e4b\u5916\u3002<\/span><\/li>\n<li><span dir=\"auto\">RV \u662f\u6839\u636e\u5e02\u573a\u4ef7\u683c\u548c\u94fe\u4e0a\u8f6c\u79fb\u91cf\u5f97\u51fa\u7684\uff0c\u5e76\u6839\u636e\u6bd4\u7279\u5e01\u7ecf\u6d4e\u4e2d\u7684\u5b9e\u9645\u6d3b\u52a8\u5bf9\u8d27\u5e01\u8fdb\u884c\u52a0\u6743\u3002<\/span><\/li>\n<\/ul>\n<p><span dir=\"auto\">\u4ece\u8fd9\u4e2a\u89d2\u5ea6\u6765\u770b\uff0cMVRV \u6bd4\u7387\u4e5f\u4e0e\u80a1\u7968\u4f30\u503c\u4e2d\u7684\u5e02\u51c0\u7387 (PBR) \u7c7b\u4f3c\u3002\u8d26\u9762\u4ef7\u503c\u53cd\u6620\u516c\u53f8\u7684\u4ef7\u503c\uff0c\u6839\u636e\u5546\u5b9a\u7684\u4f1a\u8ba1\u51c6\u5219\uff0c\u4ee5\u8d44\u4ea7\u7684\u5269\u4f59\u4ef7\u503c\u51cf\u53bb\u8d1f\u503a\u8ba1\u7b97\u3002\u540c\u6837\uff0c\u901a\u8fc7\u5c06\u94fe\u4e0a\u4ea4\u6613\u89c6\u4e3a\u201c\u771f\u5b9e\u4ef7\u683c\u53d1\u73b0\u201d\u7684\u6807\u51c6\uff0cRV \u6210\u4e3a\u8861\u91cf\u6bd4\u7279\u5e01\u7f51\u7edc\u4ef7\u503c\u7684\u57fa\u7840\u6307\u6807\uff0c\u800c\u66f4\u5e7f\u6cdb\u3001\u66f4\u5b9e\u65f6\u7684\u4ef7\u683c\u53d1\u73b0\u4e3b\u8981\u901a\u8fc7\u94fe\u4e0b\u4ea4\u6613\u8fdb\u884c\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">2.2.2. MV\u4e0eRV\u7684\u5173\u7cfb<\/span><\/b><\/p>\n<p><span dir=\"auto\">\u7531\u4e8e\u5728\u4efb\u4f55\u7279\u5b9a\u65f6\u95f4\uff0c\u53ea\u6709\u90e8\u5206\u6d41\u901a\u7684\u6bd4\u7279\u5e01\u4f9b\u5e94\u5728\u94fe\u4e0a\u6613\u624b\uff0c\u56e0\u6b64\u5e02\u503c (MV) \u901a\u5e38\uff08\u4f46\u5e76\u975e\u603b\u662f\uff09\u662f\u4ef7\u503c\u4f30\u503c (RV) \u7684\u500d\u6570\u3002\u56e0\u6b64\uff0c\u5c06\u5f53\u524d\u7684 MVRV \u500d\u6570\u4e0e\u5176\u5386\u53f2\u8303\u56f4\u8fdb\u884c\u6bd4\u8f83\uff0c\u6709\u52a9\u4e8e\u8bc4\u4f30\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u4f30\u503c\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4f8b\u5982\uff0cBTC \u76ee\u524d\u7684 MVRV \u6bd4\u7387\u4e3a 1.93\uff0c\u63a5\u8fd1\u5176\u5386\u53f2\u533a\u95f4\u7684\u4e2d\u70b9\u3002\u81ea\u8bde\u751f\u4ee5\u6765\uff0cBTC \u4ec5\u6709 15% \u7684\u65f6\u95f4 MVRV \u6bd4\u7387\u4f4e\u4e8e 1\uff0c6% \u7684\u65f6\u95f4\u9ad8\u4e8e 3.2\uff0c\u8fd9\u901a\u5e38\u88ab\u89e3\u8bfb\u4e3a\u8d85\u5356\u6216\u8d85\u4e70\u533a\u57df\u3002\u5982\u679c\u6709\u4eba\u8ba4\u540c RV \u4ee3\u8868\u94fe\u4e0a\u4ea4\u6613\u4ef7\u503c\u7684\u52a0\u6743\u5e73\u5747\u503c\uff0c\u6216\u6240\u6709\u6d41\u901a BTC \u7684\u201c\u6210\u672c\u57fa\u7840\u201d\uff0c\u90a3\u4e48\u8fd9\u4e00\u6982\u5ff5\u5c31\u5c24\u5176\u6709\u610f\u4e49\u3002\u56e0\u6b64\uff0cMVRV \u6bd4\u7387\u53ef\u4ee5\u88ab\u89c6\u4e3a\u6301\u5e01\u8005\u7684\u603b\u5229\u6da6\u7387\uff0c\u53ef\u80fd\u4f1a\u5f71\u54cd\u4e70\u5165\u6216\u5356\u51fa\u884c\u4e3a\u2014\u2014\u4f8b\u5982\uff0c\u5728 3 \u500d\u56de\u62a5\u7387\u65f6\u5f15\u53d1\u5927\u89c4\u6a21\u83b7\u5229\u56de\u5410\u3002<\/span><\/p>\n<h2 id=\"4\"><span dir=\"auto\">3. \u91cd\u65b0\u601d\u8003\u6bd4\u7279\u5e01\u65b0\u65f6\u4ee3\u7684MVRV<\/span><\/h2>\n<p><span dir=\"auto\">MVRV \u662f\u4e00\u4e2a\u4f30\u503c\u6846\u67b6\u3002\u4e0e\u6240\u6709\u6846\u67b6\u4e00\u6837\uff0c\u7406\u89e3\u5176\u5047\u8bbe\u548c\u7f3a\u9677\u662f\u6709\u6548\u4f7f\u7528\u8be5\u5de5\u5177\u7684\u5173\u952e\u3002\u4f20\u7edf\u65b9\u6cd5\u7684\u4e00\u4e2a\u4e3b\u8981\u5047\u8bbe\u662f\u201c\u5176\u4ed6\u6761\u4ef6\u4e0d\u53d8\u201d\u3002\u5f53\u4f30\u503c\u6c34\u5e73\u7684\u5224\u65ad\u4f9d\u8d56\u4e8e\u5386\u53f2\u6bd4\u8f83\u65f6\uff0c\u4eba\u4eec<\/span><i><span dir=\"auto\">\u9690\u542b<\/span><\/i><span dir=\"auto\">\u5730\u5047\u8bbe\u7f51\u7edc\u5468\u56f4\u7684\u8fd0\u8425\u73af\u5883\u4fdd\u6301\u4e0d\u53d8\u3002\u5426\u5219\uff0c\u8fc7\u53bb\u7684\u4f30\u503c\u533a\u95f4\u5c31\u4e0d\u4f1a\u6709\u592a\u5927\u610f\u4e49\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u80a1\u7968\u4f30\u503c\u6307\u6807\uff0c\u4f8b\u5982\u5e02\u76c8\u7387\u6216\u5e02\u51c0\u7387\uff0c\u4e5f\u4f9d\u8d56\u4e8e\u5386\u53f2\u57fa\u51c6\uff0c\u8fd9\u5728\u53d8\u5316\u7f13\u6162\u7684\u6210\u719f\u884c\u4e1a\u4e2d\u6548\u679c\u826f\u597d\u3002\u7136\u800c\uff0c\u5728\u5feb\u901f\u53d1\u5c55\u7684\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\uff0c\u60c5\u51b5\u5219\u622a\u7136\u4e0d\u540c\u3002\u5feb\u901f\u53d8\u5316\u7684\u6280\u672f\u548c\u5e02\u573a\u52a8\u6001\u4fc3\u4f7f\u6295\u8d44\u8005\u79ef\u6781\u9002\u5e94\uff0c\u8fd9\u5bf9 MVRV \u5386\u53f2\u80cc\u666f\u7684\u76f8\u5173\u6027\u63d0\u51fa\u4e86\u6311\u6218\u3002\u6211\u4eec\u5c06\u5728\u4e0b\u6587\u63a2\u8ba8\u5176\u4e2d\u7684\u4e00\u4e9b\u95ee\u9898\u3002<\/span><\/p>\n<h4><span dir=\"auto\">3.1. \u94fe\u4e0a\u4ea4\u6613\u91cf\u51cf\u5c11<\/span><\/h4>\n<p><span dir=\"auto\">\u81ea2016\u5e74\u5e74\u4e2d\u4ee5\u6765\uff0c\u6bd4\u7279\u5e01\u7684\u94fe\u4e0a\u4ea4\u6613\u91cf\uff08BTC\uff09\u6301\u7eed\u4e0b\u964d\uff0c\u8fd1\u5e74\u6765\u7a33\u5b9a\u5728\u4e00\u4e2a\u7a84\u5e45\u533a\u95f4\u5185\uff08\u56fe2\uff09\u3002\u56e0\u6b64\uff0c\u4ef7\u683c\u800c\u975e\u4ea4\u6613\u91cf\u65e5\u76ca\u6210\u4e3aRV\u7684\u9a71\u52a8\u529b\u3002\u6362\u53e5\u8bdd\u8bf4\uff0cRV\u6b63\u5728\u6210\u4e3a\u4e00\u4e2a\u57fa\u672c\u9759\u6001\u7684\u6307\u6807\uff0c\u4ef7\u683c\u624d\u662f\u5176\u4e3b\u8981\u7684\u52a8\u6001\u9a71\u52a8\u529b\u3002\u8fd9\u79cd\u8d8b\u52bf\u4f7f\u5386\u53f2\u6bd4\u8f83\u53d8\u5f97\u590d\u6742\uff0c\u4f7f\u5f97\u8fc7\u53bb\u7684\u4ea4\u6613\u533a\u95f4\u5728\u957f\u671f\u5185\u53d8\u5f97\u4e0d\u90a3\u4e48\u91cd\u8981\u3002\u6709\u4e24\u4e2a\u56e0\u7d20\u89e3\u91ca\u4e86\u94fe\u4e0a\u4ea4\u6613\u91cf\u7684\u4e0b\u964d\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">3.1.1. \u589e\u52a0\u94fe\u4e0b\u6d3b\u52a8<\/span><\/b><\/p>\n<p><span dir=\"auto\">\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u57fa\u4e8e\u6bd4\u7279\u5e01\u7f51\u7edc\u6784\u5efa\u7684\u57fa\u7840\u8bbe\u65bd\u548c\u5e94\u7528\uff0c\u4f8b\u5982\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08\u7528\u4e8e\u9ad8\u6548\u7684\u4ef7\u683c\u53d1\u73b0\uff09\u548c\u95ea\u7535\u7f51\u7edc\uff08\u7528\u4e8e\u5c0f\u89c4\u6a21\u4ea4\u6613\uff09\uff0c\u6570\u91cf\u6fc0\u589e\u3002\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4e00\u76f4\u662f\u4ef7\u683c\u53d1\u73b0\u7684\u4e3b\u8981\u573a\u6240\uff0c\u5c24\u5176\u662f\u5728 2017 \u5e74\u725b\u5e02\u4ee5\u6765\uff0c\u884d\u751f\u54c1\u5e02\u573a\u6269\u5f20\uff0c\u8fd9\u4e0e\u56fe 2 \u6240\u793a\u7684\u94fe\u4e0a\u4ea4\u6613\u91cf\u4e0b\u964d\u8d8b\u52bf\u4e00\u81f4\u3002\u6b64\u5916\uff0c\u6bd4\u7279\u5e01\u884d\u751f\u54c1\u4ea4\u6613\u5360\u4e3b\u6d41\u4ea4\u6613\u6240 BTC \u603b\u4ea4\u6613\u91cf\u7684 90% \u81f3 95%\uff0c\u4e14\u4ea4\u6613\u53d1\u751f\u5728\u94fe\u4e0b\uff0c\u56e0\u6b64 RV \u5e76\u672a\u53d7\u5230\u5f71\u54cd\uff08\u56fe 3\u30014\uff09\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u56fe2\uff1a\u6bd4\u7279\u5e01\u94fe\u4e0a\u4ea4\u6613\u91cf\uff08BTC\uff09<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe2 \u771f\u5b9e\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/5Qyl4xCO5N3QIOviRjW5kw\/3b4922b810ee0becdc64f272ac64154e\/fig2_real.webp?x-oss-process=image\/resize,w_1080,h_574\/format,webp\" alt=\"\u56fe2 \u771f\u5b9e\" width=\"1080\" height=\"574\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u8d44\u6599\u6765\u6e90\uff1aBlockchain.com\u3001Presto Research<\/span><\/i><\/p>\n<p><b><span dir=\"auto\">\u56fe 3\uff1a\u66f4\u591a\u94fe\u4e0b\u4ef7\u683c\u53d1\u73b0\uff08\u5341\u4ebf\u7f8e\u5143\uff09<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"2025-01-10 11.10.01\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/3Ps2TAdQmm3gD7a2uJ1Rs2\/70a3c6d797648508694792eb8ab96274\/%EC%8A%A4%ED%81%AC%EB%A6%B0%EC%83%B7_2025-04-27_%EC%98%A4%ED%9B%84_5.13.21.webp?x-oss-process=image\/resize,w_1080,h_661\/format,webp\" alt=\"2025-01-10 11.10.01\" width=\"1080\" height=\"661\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u8d44\u6599\u6765\u6e90\uff1aThe Block\u3001Presto Research<\/span><\/i><\/p>\n<p><b><span dir=\"auto\">\u56fe4\uff1a\u884d\u751f\u54c1\u5df2\u5360\u636e\u4e3b\u5bfc\u5730\u4f4d<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe4\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/4swoMCv6w2DncWPhNXkOV8\/8684e7ebeb3eb57c8c586358ed21e863\/fig4.webp?x-oss-process=image\/resize,w_1080,h_608\/format,webp\" alt=\"\u56fe4\" width=\"1080\" height=\"608\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u6765\u6e90\uff1aCryptoQuant<\/span><\/i><\/p>\n<p><span dir=\"auto\">\u53e6\u4e00\u4e2a\u5173\u952e\u8fdb\u5c55\u662f\u95ea\u7535\u7f51\u7edc (LN)\uff0c\u8fd9\u662f\u4e00\u4e2a\u7528\u4e8e\u5c0f\u989d\u652f\u4ed8\u7684 Layer-2 \u89e3\u51b3\u65b9\u6848\u3002\u636e River \u79f0\uff0c\u5230 2023 \u5e74\u5e95\uff0cLN \u6bcf\u65e5\u5904\u7406\u7684\u4ea4\u6613\u91cf\u51e0\u4e4e\u662f\u6bd4\u7279\u5e01\u5e95\u5c42\u7684\u4e00\u534a\uff0847%\uff09\uff0c\u4e14\u65e0\u9700\u66f4\u65b0\u94fe\u4e0a\u5730\u5740\u4f59\u989d<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/blog.river.com\/the-lightning-network-in-2023\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u3002<\/span><\/a><span dir=\"auto\">\u8fd9\u4f7f\u5f97\u5927\u89c4\u6a21\u7684\u7ecf\u6d4e\u6d3b\u52a8\u80fd\u591f\u5728\u4e0d\u5f71\u54cd Layer-1 \u7f51\u7edc\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">3.1.2. \u4ef7\u503c\u5b58\u50a8\u91c7\u7528<\/span><\/b><\/p>\n<p><span dir=\"auto\">\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e00\u79cd\u6295\u8d44\u8d44\u4ea7\u7684\u91c7\u7528\u81ea\u8bde\u751f\u4ee5\u6765\u5c31\u4e00\u76f4\u5728\u6301\u7eed\u8fdb\u884c\uff0c\u4f46\u57282020\u5e743\u6708\u7f8e\u8054\u50a8\u56e0\u65b0\u51a0\u75ab\u60c5\u800c\u542f\u52a8\u91cf\u5316\u5bbd\u677e\u653f\u7b56\u540e\uff0c\u8fd9\u4e00\u8d8b\u52bf\u8fdb\u4e00\u6b65\u52a0\u901f\u30022024\u5e74\u521d\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u5728\u7f8e\u56fd\u4e0a\u5e02\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u4e86\u8fd9\u4e00\u8d8b\u52bf\u3002\u5982\u4eca\uff0c\u200b\u200b\u6bd4\u7279\u5e01\u5df2\u6210\u4e3a\u4e00\u79cd\u6210\u719f\u7684\u5b8f\u89c2\u8d44\u4ea7\uff0c\u5176\u4ef7\u683c\u8d70\u52bf\u4e0e\u6807\u51c6\u666e\u5c14500\u6307\u6570\u3001\u7f8e\u56fd\u56fd\u503a\u3001\u5916\u6c47\u6c47\u7387\u548c\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u4e00\u8d77\u51fa\u73b0\u5728\u5f6d\u535a\u793e\u548cCNBC\u7b49\u4e3b\u8981\u91d1\u878d\u5a92\u4f53\u4e0a\u3002\u8fd9\u79cd\u6f14\u53d8\u5bf9MVRV\u6709\u4e24\u65b9\u9762\u7684\u5f71\u54cd\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u9996\u5148\uff0c\u9274\u4e8e\u6bd4\u7279\u5e01\u8fd1\u5e74\u6765\u91cd\u65b0\u83b7\u5f97\u5408\u6cd5\u6027\uff0c\u8fc7\u53bb\u7684\u4f30\u503c\u53c2\u8003\uff08\u5f53\u65f6\u6bd4\u7279\u5e01\u7684\u6295\u8d44\u8005\u7fa4\u4f53\u7531\u5bc6\u7801\u670b\u514b\u548c\u81ea\u7531\u610f\u5fd7\u4e3b\u4e49\u4e0d\u6cd5\u5206\u5b50\u7b49\u4e0d\u540c\u7684\u7fa4\u4f53\u7ec4\u6210\uff09\u53ef\u80fd\u4e0d\u518d\u9002\u5408\u7528\u6765\u8bc4\u4f30\u5176\u5f53\u524d\u4f30\u503c\u3002\u9274\u4e8eBTC\u4ef7\u683c\u884c\u4e3a\u7684\u8f6c\u53d8\uff0c\u8fd9\u4e00\u70b9\u5c24\u5176\u6b63\u786e\uff0c\u6ce2\u52a8\u6027\u4e0b\u964d\u4ee5\u53ca\u4e0e\u4f20\u7edf\u8d44\u4ea7\u7684\u76f8\u5173\u6027\u589e\u5f3a\uff08\u56fe5\u30016\uff09\uff0c\u6211\u4eec\u8ba4\u4e3a\u8fd9\u4e24\u8005\u90fd\u662f\u673a\u6784\u53c2\u4e0e\u5ea6\u63d0\u9ad8\u7684\u526f\u4ea7\u54c1\u3002\u5c24\u5176\u662fBTC\u6ce2\u52a8\u6027\u7684\u4e0b\u964d\uff0c\u4f1a\u76f4\u63a5\u5f71\u54cdMVRV\u6bd4\u7387\uff0c\u56e0\u4e3a\u5b83\u964d\u4f4e\u4e86\u5206\u5b50\u7684\u6ce2\u52a8\u6027\uff0c\u4ece\u800c\u964d\u4f4e\u4e86\u6bd4\u7387\u672c\u8eab\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u56fe 5\uff1aBTC \u6ce2\u52a8\u7387\u4e0b\u964d\uff08360 \u5929\u6eda\u52a8\uff0c\u6bcf\u65e5\uff0c2015 \u5e74\u81f3\u4eca\uff09<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u622a\u56fe 2025-04-27 \u4e0b\u53485:28\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/7iLWoF6tJKhcGEVKm595zJ\/f0e14f282361290f35e22b7e8b9bbf57\/%EC%8A%A4%ED%81%AC%EB%A6%B0%EC%83%B7_2025-04-27_%EC%98%A4%ED%9B%84_5.28.35.webp?x-oss-process=image\/resize,w_1040,h_558\/format,webp\" alt=\"\u622a\u56fe 2025-04-27 \u4e0b\u53485:28\" width=\"1040\" height=\"558\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u8d44\u6599\u6765\u6e90\uff1a\u5f6d\u535a\u793e<\/span><\/i><\/p>\n<p><b><span dir=\"auto\">\u56fe 6\uff1aBTC \u4e0e\u7eb3\u65af\u8fbe\u514b\u76f8\u5173\u6027\u4e0a\u5347\uff08120 \u5929\u6eda\u52a8\uff0c\u6bcf\u65e5\uff0c2012 \u5e74\u81f3\u4eca\uff09<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u622a\u56fe 2025-04-27 \u4e0b\u53485:28\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/vd1QgVlWY3t7puMV7bzzp\/e0c9779197353fe48f5a2dd417fcf24a\/%EC%8A%A4%ED%81%AC%EB%A6%B0%EC%83%B7_2025-04-27_%EC%98%A4%ED%9B%84_5.28.14.webp?x-oss-process=image\/resize,w_1042,h_576\/format,webp\" alt=\"\u622a\u56fe 2025-04-27 \u4e0b\u53485:28\" width=\"1042\" height=\"576\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u8d44\u6599\u6765\u6e90\uff1a\u5f6d\u535a\u793e<\/span><\/i><\/p>\n<p><span dir=\"auto\">\u5176\u6b21\uff0c\u7531\u4e8e\u6bd4\u7279\u5e01\u7684\u4e3b\u8981\u7528\u9014\u662f\u56e4\u79ef\u800c\u975e\u4ea4\u6613\uff0c\u5176\u4f5c\u4e3a\u4ef7\u503c\u5b58\u50a8\u624b\u6bb5\u7684\u5e94\u7528\u5c06\u6291\u5236\u94fe\u4e0a\u4ea4\u6613\u91cf\u3002\u8fd9\u79cd\u5f71\u54cd\u5df2\u7ecf\u663e\u73b0\u3002\u6839\u636e\u201c\u6301\u5e01\u89c2\u671b\u201d\uff08HODL Waves\uff09\u7684\u6570\u636e\uff0c\u76ee\u524d\u7ea6\u670965%\u7684\u6d41\u901a\u91cf\u81f3\u5c1112\u4e2a\u6708\u6ca1\u6709\u6d41\u52a8\uff08\u56fe7\uff09\u3002\u968f\u7740\u6d41\u5165\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u7684\u8d44\u91d1\u4e0d\u65ad\u589e\u957f\uff0c\u4ee5\u53ca\u8d8a\u6765\u8d8a\u591a\u7684\u4f01\u4e1a\u548c\u6c11\u65cf\u56fd\u5bb6\u6548\u4effMSTR\u6218\u7565\u6216\u7f8e\u56fd\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907\uff0c\u8fd9\u4e00\u8d8b\u52bf\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u52a0\u5267\u3002<\/span><\/p>\n<p><b><span dir=\"auto\">\u56fe7\uff1a\u957f\u671f\u6301\u6709\u8005\u7684\u4f9b\u5e94\u91cf\u6b63\u5728\u4e0a\u5347<\/span><\/b><\/p>\n<div class=\"index_imageContainer__rfZ7y index_custom__nLneb\"><button class=\"academy academy-plain-button academy academy-image-viewer\" type=\"button\" aria-haspopup=\"dialog\" aria-label=\"\u56fe7\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/75YiBY2IocAkQUauOgq920\/9eeb1e36558edfd91c45c63f1e7ee92e\/fig7.webp?x-oss-process=image\/resize,w_1080,h_607\/format,webp\" alt=\"\u56fe7\" width=\"1080\" height=\"607\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u6765\u6e90\uff1a\u6bd4\u7279\u5e01\u6742\u5fd7\u4e13\u4e1a\u7248<\/span><\/i><\/p>\n<h4><span dir=\"auto\">3.2. \u4e0d\u65ad\u589e\u957f\u7684\u975e\u6295\u673a\u6027\u94fe\u4e0a\u4ea4\u6613<\/span><\/h4>\n<p><span dir=\"auto\">\u6211\u4eec\u5728\u4e0a\u4e00\u8282\u4e2d\u63d0\u5230\uff0c\u6709\u4e9b\u4eba\u5c06 RV \u89e3\u91ca\u4e3a\u6240\u6709\u6d41\u901a BTC \u7684\u201c\u6210\u672c\u57fa\u7840\u201d\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u89e3\u91ca\u5ffd\u7565\u4e86\u4e00\u4e2a\u4e8b\u5b9e\uff0c\u5373\u5e76\u975e\u6240\u6709\u94fe\u4e0a\u4ea4\u6613\u90fd\u53d7\u4ef7\u683c\u9a71\u52a8\u3002\u4f8b\u5982\uff0c\u4e2a\u4eba\u94b1\u5305\u7684\u8f6c\u8d26\u3001\u62b5\u62bc\u54c1\u5b58\u6b3e\u6216\u5305\u88c5\u4ea4\u6613\u3002\u968f\u7740\u652f\u6491\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u57fa\u7840\u8bbe\u65bd\u7684\u4e0d\u65ad\u53d1\u5c55\uff0c\u8fd9\u7c7b\u4ea4\u6613\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u589e\u52a0\uff0c\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0cRV \u4ee3\u8868\u6301\u5e01\u8005\u6210\u672c\u57fa\u7840\u7684\u5047\u8bbe\u5c06\u8d8a\u6765\u8d8a\u8131\u79bb\u73b0\u5b9e\u3002<\/span><\/p>\n<h2 id=\"5\"><span dir=\"auto\">4. \u6574\u4f53\u4f30\u503c\u89c6\u89d2<\/span><\/h2>\n<p><span dir=\"auto\">\u50cfMVRV\u8fd9\u6837\u7684\u4f30\u503c\u6307\u6807\u5e38\u5e38\u88ab\u7f3a\u4e4f\u7ecf\u9a8c\u7684\u6295\u8d44\u8005\u8bef\u89e3\uff0c\u4ed6\u4eec\u53ef\u80fd\u5c06\u5176\u89c6\u4e3a\u6210\u529f\u4ea4\u6613\u7684\u89c4\u8303\u5de5\u5177\uff0c\u4ec5\u51ed\u4ea4\u6613\u4fe1\u53f7\u7684\u51c6\u786e\u6027\u6765\u5224\u65ad\u5176\u4ef7\u503c\u3002\u867d\u7136\u8fd9\u79cd\u65b9\u6cd5\u53ef\u80fd\u6709\u4e00\u5b9a\u7684\u4f18\u70b9\uff0c\u4f46\u5b83\u7684\u4f5c\u7528\u6709\u9650\uff0c\u4e0d\u592a\u53ef\u80fd\u5e26\u6765\u6301\u7eed\u7684\u957f\u671f\u6548\u76ca\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u4e00\u79cd\u65e0\u8bba\u4ece\u8d22\u52a1\u89d2\u5ea6\u8fd8\u662f\u4ece\u77e5\u8bc6\u89d2\u5ea6\u6765\u770b\u90fd\u66f4\u6709\u76ca\u7684\u65b9\u6cd5\u662f\u5229\u7528\u4f30\u503c\u6307\u6807\u6765\u52a0\u6df1\u5bf9\u8d44\u4ea7\u57fa\u672c\u9762\u53ca\u5176\u9a71\u52a8\u56e0\u7d20\u7684\u7406\u89e3\u3002\u5728\u80a1\u7968\u4f30\u503c\u4e2d\uff0c\u8bf8\u5982\u6298\u73b0\u73b0\u91d1\u6d41 (DCF)\u3001\u5e02\u76c8\u7387 (P\/E) \u6216\u6208\u767b\u589e\u957f\u6a21\u578b\u7b49\u6a21\u578b\u4e4b\u6240\u4ee5\u4ecd\u7136\u53d7\u6b22\u8fce\uff0c<\/span><i><span dir=\"auto\">\u5e76\u975e<\/span><\/i><span dir=\"auto\">\u56e0\u4e3a\u5b83\u4eec\u80fd\u591f\u51c6\u786e\u9884\u6d4b\u80a1\u4ef7\u2014\u2014\u4e8b\u5b9e\u4e0a\uff0c\u4ec5\u4ec5\u4f9d\u8d56\u8fd9\u4e9b\u6a21\u578b\u4f1a\u5bfc\u81f4\u4e1a\u7ee9\u4e0d\u4f73\u2014\u2014\u800c\u662f\u56e0\u4e3a\u5b83\u4eec\u63d0\u4f9b\u4e86\u5206\u6790\u4ef7\u503c\u9a71\u52a8\u56e0\u7d20\u7684\u6846\u67b6\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u7528\u533b\u5b66\u6765\u6253\u4e2a\u6bd4\u65b9\uff0c\u4f30\u503c\u6307\u6807\u5c31\u50cf\u533b\u751f\u7684\u8bca\u65ad\u5de5\u5177\u3002\u533b\u751f\u4f1a\u7efc\u5408\u8003\u8651\u751f\u547d\u4f53\u5f81\u3001\u68c0\u67e5\u7ed3\u679c\u3001X\u5149\u7247\u3001\u6838\u78c1\u5171\u632f\u6210\u50cf\u3001\u75c5\u53f2\u548c\u751f\u6d3b\u65b9\u5f0f\uff0c\u4ece\u800c\u505a\u51fa\u660e\u667a\u7684\u8bca\u65ad\u548c\u6cbb\u7597\u65b9\u6848\u3002\u4f9d\u8d56\u5355\u4e00\u6307\u6807\u8fdb\u884c\u6295\u8d44\u51b3\u7b56\uff0c\u5c31\u597d\u6bd4\u533b\u751f\u4ec5\u51ed\u4e00\u5f20X\u5149\u7247\u5c31\u8bca\u65ad\u764c\u75c7\u5e76\u5f00\u51fa\u5316\u7597\u65b9\u6848\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u540c\u6837\uff0cMVRV 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alt=\"\u56fe8\" width=\"362\" height=\"257\" \/><\/button><\/div>\n<h3><span dir=\"auto\">\u4f5c\u8005\uff1a<\/span><\/h3>\n<p><span dir=\"auto\"><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.linkedin.com\/in\/peter-chung-b25b0435\" target=\"_blank\" rel=\"noopener noreferrer\">Peter Chung\uff0c\u9886<\/a>\u82f1\u00a0\u7814\u7a76\u4e3b\u7ba1 |\u00a0<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/x.com\/PC_RedPillTaker\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">X<\/span><\/a><\/p>\n<p><span dir=\"auto\">Jaehyun Ha\uff0c\u7814\u7a76\u5206\u6790\u5e08 |\u00a0<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/x.com\/DegenBrachio\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">X<\/span><\/a><span dir=\"auto\">\uff0c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.linkedin.com\/in\/jaehyun-ha-730967291\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u9886\u82f1<\/span><\/a><\/p>\n<p><i><span dir=\"auto\">\u5f3a\u5236\u62ab\u9732<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u4efb\u4f55\u89c2\u70b9\u8868\u8fbe\uff08\u53ef\u80fd\u968f\u65f6\u66f4\u6539\uff0c\u6055\u4e0d\u53e6\u884c\u901a\u77e5\uff09\u5747\u4ee3\u8868\u4f5c\u8005\u4e2a\u4eba\uff0c\u4f5c\u8005\u4e0d\u5bf9\u6240\u63d0\u4f9b\u7684\u4efb\u4f55\u4fe1\u606f\u6216\u5206\u6790\u7684\u51c6\u786e\u6027\u6216\u5b8c\u6574\u6027\u4f5c\u51fa\u4efb\u4f55\u5f62\u5f0f\u7684\u4fdd\u8bc1\u3002\u672c\u6587\u8868\u8fbe\u7684\u89c2\u70b9\u548c\u610f\u89c1\u5747\u4e3a\u4f5c\u8005\u672c\u4eba\u89c2\u70b9\uff0c\u5e76\u4e0d\u4e00\u5b9a\u53cd\u6620 Presto 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\u662f\u900f\u955c\uff0c\u800c\u975e\u6c34\u6676\u7403<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-222","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=222"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/222\/revisions"}],"predecessor-version":[{"id":3192,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/222\/revisions\/3192"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=222"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}