{"id":61,"date":"2026-01-13T02:40:04","date_gmt":"2026-01-12T18:40:04","guid":{"rendered":"http:\/\/okx.biquan123.com\/blog\/?p=61"},"modified":"2026-01-13T03:00:36","modified_gmt":"2026-01-12T19:00:36","slug":"%e6%9c%ba%e6%9e%84%e4%bc%98%e5%85%88-13","status":"publish","type":"post","link":"http:\/\/okx.biquan123.com\/blog\/?p=61","title":{"rendered":"\u673a\u6784\u4f18\u5148 | #13"},"content":{"rendered":"<p><i><span dir=\"auto\">\u6211\u4eec\u6bcf\u4e24\u5468\u63d0\u4f9b\u4e00\u6b21\u5bf9\u673a\u6784\u9886\u57df\u4ea4\u6613\u8005\u6709\u4ef7\u503c\u7684\u5e02\u573a\u6d1e\u5bdf\uff0c\u8ba9\u60a8\u968f\u65f6\u638c\u63e1\u884c\u4e1a\u6700\u65b0\u52a8\u6001\u3002<\/span><\/i><\/p>\n<p><i><span dir=\"auto\">\u5728\u672c\u5468\u7684\u6587\u7ae0\u4e2d\uff0cOKX \u673a\u6784\u7814\u7a76\u4e3b\u7ba1\u3001\u7279\u8bb8\u91d1\u878d\u5206\u6790\u5e08 Kelvin Lam<\/span><\/i>\u00a0<i><span dir=\"auto\">\u795d\u613f\u5404\u4f4d\u8bfb\u8005\u65b0\u5e74\u5feb\u4e50\uff0c\u503c\u6b64\u201c\u9f99\u5e74\u201d\u5230\u6765\u4e4b\u9645\u3002\u9274\u4e8e\u8fd1\u671f\u5e02\u573a\u7684\u53cd\u5f39\u548c\u76d8\u6574\uff0c\u4ee5\u53ca\u5373\u5c06\u5230\u6765\u7684\u6bd4\u7279\u5e01\u51cf\u534a\u4e8b\u4ef6\uff0c\u6211\u4eec\u5448\u73b0\u4e86\u4e09\u4e2a\u5173\u952e\u6307\u6807\u548c\u89c2\u5bdf\u7ed3\u679c\uff0c\u5b83\u4eec\u90fd\u4ee5\u201c\u9f99\u201d\u5b57\u5f00\u5934\uff0c\u8c61\u5f81\u7740\u6211\u4eec\u7684\u5e86\u795d\u3002<\/span><\/i><\/p>\n<div class=\"index_embeddedButtonContainer__VnUpA index_custom__uZwjS\"><a class=\"academy academy-powerLink-a11y academy academy-btn btn-md btn-fill-highlight\" href=\"https:\/\/okx.typeform.com\/contact-sales?utm_source=learn&amp;utm_campaign=institutional_trading_leads&amp;utm_content=cta_article_institutional-top-of-mind-13\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"btn-content\"><span dir=\"auto\">\u53d1\u73b0\u9ad8\u7ea7\u4ea4\u6613\u89c1\u89e3<\/span><\/span><\/a><\/div>\n<h2 id=\"1\"><span dir=\"auto\">TL;DR<\/span><\/h2>\n<ul>\n<li><span dir=\"auto\">\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5728\u519c\u5386\u65b0\u5e74\u5047\u671f\u671f\u95f4\u51fa\u73b0\u53cd\u5f39\uff0c\u76ee\u524d\u6b63\u5728\u76d8\u6574\u3002\u672c\u671f\u7684\u70ed\u95e8\u6587\u7ae0\u6db5\u76d6\u4e86\u4e09\u4e2a\u503c\u5f97\u4ea4\u6613\u8005\u5173\u6ce8\u7684\u201c\u591a\u5934\u201d\u6307\u6807\uff0c\u8fd9\u4e9b\u6307\u6807\u53ef\u80fd\u9884\u793a\u7740\u6bd4\u7279\u5e01\u7684\u5149\u660e\u672a\u6765\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240 (CME) \u7684\u591a\u5934\u671f\u8d27\u672a\u5e73\u4ed3\u5408\u7ea6\u5728\u7279\u5b9a\u673a\u6784\u7fa4\u4f53\u4e2d\u98d9\u5347\u81f3\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\uff0c\u4e0e\u6b64\u540c\u65f6\uff0c\u957f\u671f\u6bd4\u7279\u5e01\u6301\u6709\u8005\u7684\u6301\u6709\u91cf\u5374\u51fa\u73b0\u4e0b\u964d\uff0c\u8fd9\u8868\u660e\u5e02\u573a\u5c06\u9762\u4e34\u91cd\u5927\u5f71\u54cd\uff0c\u503c\u5f97\u5173\u6ce8\u3002<\/span><\/li>\n<li><span dir=\"auto\">\u80a1\u5e02\u4e2d\u201c\u4e03\u5de8\u5934\u201d\u7684\u505a\u591a\u4ea4\u6613\u5df2\u53d8\u5f97\u5f02\u5e38\u62e5\u6324\uff0c\u4fc3\u4f7f\u4ea4\u6613\u5458\u5bfb\u6c42\u5176\u4ed6\u9009\u62e9\u3002\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u6bd4\u7279\u5e01\u6210\u4e3a\u4e00\u4e2a\u9887\u5177\u5438\u5f15\u529b\u7684\u9009\u62e9\uff0c\u8fd9\u5f97\u76ca\u4e8e\u8fd1\u671f\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u7684\u6210\u529f\u63a8\u51fa\u4ee5\u53ca\u8d44\u91d1\u7684\u6301\u7eed\u6d41\u5165\u3002<\/span><\/li>\n<\/ul>\n<h2 id=\"2\"><span dir=\"auto\">\u9f99\u5e74<\/span><\/h2>\n<p><span dir=\"auto\">\u503c\u6b64\u9f99\u5e74\u4e4b\u9645\uff0c\u6211\u4eec\u5411\u5404\u4f4d\u8bfb\u8005\u81f4\u4ee5\u6700\u8bda\u631a\u7684\u795d\u798f\uff0c\u795d\u613f\u5927\u5bb6\u65b0\u5e74\u5feb\u4e50\uff01\u519c\u5386\u65b0\u5e74\u5047\u671f\u671f\u95f4\uff0c\u5e02\u573a\u7ecf\u5386\u4e86\u4e00\u8f6e\u4e0a\u6da8\uff0c\u5e26\u6765\u4e86\u4e50\u89c2\u60c5\u7eea\u548c\u5e02\u573a\u5173\u6ce8\u5ea6\u3002\u5de7\u5408\u7684\u662f\uff0c\u968f\u7740\u6625\u8282\u5047\u671f\u7684\u7ed3\u675f\uff0c\u5e02\u573a\u76ee\u524d\u6b63\u5904\u4e8e\u4e00\u4e2a\u8f83\u7a84\u7684\u4ef7\u683c\u533a\u95f4\u5185\u76d8\u6574\u3002\u8ddd\u79bb<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/what-is-bitcoin-halving\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u6bd4\u7279\u5e01\u51cf\u534a<\/span><\/a><span dir=\"auto\">\u4e8b\u4ef6\u8fd8\u6709\u5927\u7ea6<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.oklink.com\/halving\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u4e24\u4e2a\u6708\u7684\u65f6\u95f4<\/span><\/a><span dir=\"auto\">\uff0c\u5e02\u573a\u53c2\u4e0e\u8005\u6b63\u6025\u5207\u5730\u5bfb\u627e\u4fe1\u53f7\u548c\u6307\u6807\u6765\u5224\u65ad\u5f53\u524d\u7684\u5e02\u573a\u9636\u6bb5\u3002\u5728\u672c\u671f\u201c\u6700\u53d7\u5173\u6ce8\u201d\u680f\u76ee\u4e2d\uff0c\u6211\u4eec\u5448\u73b0\u4e86\u4e09\u4e2a\u5173\u952e\u6307\u6807\u548c\u89c2\u5bdf\u7ed3\u679c\uff0c\u5b83\u4eec\u90fd\u4ee5\u201c\u9f99\u201d\u5b57\u5f00\u5934\uff0c\u8c61\u5f81\u7740\u6211\u4eec\u5bf9\u201c\u9f99\u201d\u5e74\u7684\u5e86\u795d\u3002<\/span><\/p>\n<h2 id=\"3\"><span dir=\"auto\">1. \u829d\u5546\u6240\u591a\u5934\u671f\u8d27\u672a\u5e73\u4ed3\u91cf\u521b\u5386\u53f2\u65b0\u9ad8<\/span><\/h2>\n<p><span dir=\"auto\">2024\u5e741\u6708\u7b2c\u4e8c\u5468\uff0c\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u5bf9CME\u6bd4\u7279\u5e01\u671f\u8d27\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u8fbe\u5230\u4e8633.1\u4ebf\u7f8e\u5143\u7684\u5386\u53f2\u65b0\u9ad8\u3002*\u5c3d\u7ba1\u5728\u73b0\u8d27ETF\u516c\u544a\u53d1\u5e03\u540e\u7ecf\u5386\u4e86\u5c0f\u5e45\u4e0b\u6ed1\uff0c\u4f46\u6570\u636e\u5df2\u5927\u5e45\u53cd\u5f39\uff0c\u98d9\u5347\u81f332.8\u4ebf\u7f8e\u5143\uff0c\u5e76\u8fc5\u901f\u63a5\u8fd1\u4e4b\u524d\u7684\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\u3002*\u6839\u636e\u7f8e\u56fd\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u7684<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.cftc.gov\/idc\/groups\/public\/@commitmentsoftraders\/documents\/file\/tfmexplanatorynotes.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u62ab\u9732<\/span><\/a><span dir=\"auto\">\uff0c\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u5305\u62ec\u517b\u8001\u57fa\u91d1\u3001\u6350\u8d60\u57fa\u91d1\u3001\u4fdd\u9669\u516c\u53f8\u3001\u5171\u540c\u57fa\u91d1\u4ee5\u53ca\u5ba2\u6237\u4e3b\u8981\u7531\u673a\u6784\u6295\u8d44\u8005\u7ec4\u6210\u7684\u6295\u8d44\u7ec4\u5408\/\u6295\u8d44\u7ecf\u7406\u3002<\/span><\/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=\"CME \u6bd4\u7279\u5e01\u671f\u8d27\u6301\u4ed3\u91cf\uff08\u6309\u4ea4\u6613\u8005\u7c7b\u522b\uff09\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/7ssdLSI6peopZoMmxme9D\/aae720c5ca7373903dc3a9bac9e3d624\/Open_interest_of_CME_Bitcoin_1600x900.png?x-oss-process=image\/resize,w_1600,h_900\/format,webp\" alt=\"CME \u6bd4\u7279\u5e01\u671f\u8d27\u6301\u4ed3\u91cf\uff08\u6309\u4ea4\u6613\u8005\u7c7b\u522b\uff09\" width=\"1600\" height=\"900\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">*\u6765\u6e90\uff1a<\/span><\/i><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.theblock.co\/data\/crypto-markets\/cme-cots\/net-positions-of-cme-bitcoin-futures-by-trader-category-weekly\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span dir=\"auto\">The Block<\/span><\/i><\/a><i><span dir=\"auto\">\u3001<\/span><\/i><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.cftc.gov\/MarketReports\/CommitmentsofTraders\/index.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span dir=\"auto\">CFTC COT<\/span><\/i><\/a><i><span dir=\"auto\">\uff0c2024 \u5e74 2 \u6708 22 \u65e5<\/span><\/i><\/p>\n<h3><span dir=\"auto\">\u8fd9\u4e3a\u4ec0\u4e48\u91cd\u8981\uff1f<\/span><\/h3>\n<p><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/bitcoin-cme-gap\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240 (CME) \u6bd4\u7279\u5e01\u671f\u8d27<\/span><\/a><span dir=\"auto\">\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\u548c\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u7684\u591a\u5934\u4ed3\u4f4d\u59cb\u4e8e 2023 \u5e74\u521d\uff0c\u968f\u540e\u5728 2023 \u5e74 10 \u6708\u7a81\u7834\u4e86\u5386\u53f2\u9ad8\u70b9\u3002\u4e0e\u6b64\u540c\u65f6\uff0c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-16\/bitcoin-surges-above-30-000-on-etf-approval-speculation\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u5e02\u573a\u5bf9\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u53ef\u80fd\u83b7\u6279\u7684\u5174\u594b\u60c5\u7eea\u4e5f<\/span><\/a><span dir=\"auto\">\u968f\u4e4b\u5347\u6e29\uff0c\u8d1d\u83b1\u5fb7 (BlackRock) \u548c\u666f\u987a (Invesco) \u7b49\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u63d0\u4ea4\u7684\u7533\u8bf7\u5c31\u4f53\u73b0\u4e86\u8fd9\u4e00\u70b9\u3002\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a (SEC) \u51b3\u5b9a\u4e0d\u5bf9\u5148\u524d\u6709\u5229\u4e8e\u7070\u5ea6 (Grayscale) \u7684\u6cd5\u9662\u88c1\u51b3\u63d0\u8d77\u4e0a\u8bc9\uff0c\u4e5f\u52a0\u5267\u4e86\u5e02\u573a\u5bf9\u6bd4\u7279\u5e01\u7684\u671f\u5f85\u3002\u8fd9\u4e9b\u4e0d\u65ad\u7d2f\u79ef\u7684\u4ed3\u4f4d\u53ef\u4ee5\u5f52\u56e0\u4e8e\u673a\u6784\u6295\u8d44\u8005\u5bf9<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/why-does-bitcoin-have-value-cryptocurrencies-and-intrinsic-value\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u6bd4\u7279\u5e01\u4f5c\u4e3a\u8d44\u4ea7\u7c7b\u522b\u7684<\/span><\/a><span dir=\"auto\">\u6295\u8d44\u9700\u6c42\uff0c\u4ee5\u53ca\u5bf9\u73b0\u8d27<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/bitcoin-crypto-exchange-traded-funds-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u6bd4\u7279\u5e01 ETF \u83b7\u6279<\/span><\/a><span dir=\"auto\">\u540e\u6bd4\u7279\u5e01\u4ef7\u683c\u53ef\u80fd\u4e0a\u6da8\u7684\u731c\u6d4b\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u83b7\u6279\u4e00\u5468\u540e\uff0c\u7531\u4e8e\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u8fc5\u901f\u5e73\u4ed3\u83b7\u5229\uff0c\u591a\u5934\u6301\u4ed3\u91cf\u5927\u5e45\u4e0b\u964d\u3002\u8fd9\u4e9b\u6301\u4ed3\u7684\u5feb\u901f\u56de\u5347\u8868\u660e\uff0c\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u4ecd\u7136\u770b\u597d\u6bd4\u7279\u5e01\uff0c\u5e76\u7ee7\u7eed\u6301\u6709\u591a\u5934\u4ed3\u4f4d\u3002\u6b64\u5916\uff0c\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5c3d\u7ba1\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u6d8c\u5165\u6bd4\u7279\u5e01\u73b0\u8d27ETF\uff0c\u4f46\u829d\u5546\u6240\uff08CME\uff09\u7684\u6bd4\u7279\u5e01\u671f\u8d27\u5c1a\u672a\u88ab\u53d6\u4ee3\u3002\u8fd9\u53ef\u80fd\u662f\u56e0\u4e3a\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u5bf9\u65b0\u7684\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u8fdb\u884c\u4e86\u5c3d\u804c\u8c03\u67e5\uff0c\u6216\u8005\u662f\u56e0\u4e3a\u5728\u829d\u5546\u6240\u4ea4\u6613\u671f\u8d27\u4ecd\u7136\u662f\u4e00\u4e9b\u673a\u6784\u7684\u9996\u9009\u65b9\u5f0f\u3002\u867d\u7136\u5e02\u573a\u5bc6\u5207\u5173\u6ce8<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.theblock.co\/data\/crypto-markets\/bitcoin-etf\/spot-bitcoin-etf-flows\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u6bcf\u65e5\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u7684\u8d44\u91d1\u6d41\u5411<\/span><\/a><span dir=\"auto\">\uff0c\u5c06\u5176\u4f5c\u4e3a\u673a\u6784\u6295\u8d44\u8005\u5bf9\u6bd4\u7279\u5e01\u5174\u8da3\u7684\u6307\u6807\uff0c\u4f46\u829d\u5546\u6240\u6bd4\u7279\u5e01\u671f\u8d27\u6570\u636e\u7684\u91cd\u8981\u6027\u4e5f\u4e0d\u5bb9\u5ffd\u89c6\u3002<\/span><\/p>\n<h2 id=\"4\"><span dir=\"auto\">2. \u6bd4\u7279\u5e01\u957f\u671f\u6301\u6709\u8005\u51cf\u5c11<\/span><\/h2>\n<p><span dir=\"auto\">\u81ea2024\u5e74\u521d\u4ee5\u6765\uff0c\u957f\u671f\u6bd4\u7279\u5e01\u6301\u6709\u8005\u5df2\u629b\u552e\u8d85\u8fc730\u4e07\u679aBTC\uff08\u89c1\u4e0b\u56fe\uff09\u3002\u629b\u552e\u8d8b\u52bf\u59cb\u4e8e2023\u5e7412\u6708\u521d\uff0c\u5e76\u57282024\u5e741\u670815\u65e5\u4e4b\u540e\u52a0\u901f\u3002\u8fd9\u4e00\u8d70\u52bf\u4e5f\u9006\u8f6c\u4e86\u8fd1\u4e09\u5e74\u524d\u59cb\u4e8e2021\u5e743\u6708\u7684\u4e0a\u6da8\u8d8b\u52bf\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u6839\u636e<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/academy.glassnode.com\/supply\/long-and-short-term-holder-supply\/supply-held-by-long-and-short-term-holders\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">Glassnode<\/span><\/a><span dir=\"auto\">\u7684\u6570\u636e\uff0c\u957f\u671f\u6301\u6709\u8005\u4f1a\u6301\u6709\u5176\u6301\u6709\u7684\u6bd4\u7279\u5e01\u6570\u6708\u81f3\u6570\u5e74\u3002\u6301\u6709\u671f\u7684\u95e8\u69db\u5927\u7ea6\u662f 155 \u5929\uff08\u7ea6 5 \u4e2a\u6708\uff09\uff0c\u8d85\u8fc7\u8fd9\u4e2a\u671f\u9650\u540e\uff0c\u8fd9\u4e9b\u4f11\u7720\u7684\u6bd4\u7279\u5e01\u88ab\u4f7f\u7528\u7684\u53ef\u80fd\u6027\u5c31\u4f1a\u8d8a\u6765\u8d8a<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/what-does-hodl-mean\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u5c0f<\/span><\/a><span dir=\"auto\">\u3002\u8fd9\u7c7b\u4eba\u503e\u5411\u4e8e\u957f\u671f\u6301\u6709\uff0c\u6216\u5728<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.okx.com\/learn\/crypto-bull-market-explained\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u725b\u5e02\u671f\u95f4<\/span><\/a><span dir=\"auto\">\u6682\u65f6\u51cf\u6301\u6bd4\u7279\u5e01\u4ee5\u83b7\u5229\u4e86\u7ed3\u3002<\/span><\/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=\"\u957f\u671f\u6301\u6709\u8005\u6301\u6709\u7684\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/6tO7BIBzEOZDuaedyX7O9M\/3d2ec3eecc6aaba07e93a06a347c4ca9\/Total_Supply_of_Bitcoin_1600x900.png?x-oss-process=image\/resize,w_1600,h_900\/format,webp\" alt=\"\u957f\u671f\u6301\u6709\u8005\u6301\u6709\u7684\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf\" width=\"1600\" height=\"900\" \/><\/button><\/div>\n<p><i><span dir=\"auto\">\u6765\u6e90\uff1aGlassnode<\/span><\/i><\/p>\n<h3><span dir=\"auto\">\u8fd9\u4e3a\u4ec0\u4e48\u91cd\u8981\uff1f<\/span><\/h3>\n<p><span dir=\"auto\">\u8be5\u6307\u6807\u5728\u786e\u5b9a\u6bd4\u7279\u5e01\u5e02\u573a\u5468\u671f\u7684\u5f53\u524d\u9636\u6bb5\u8d77\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002\u901a\u8fc7\u4ed4\u7ec6\u7814\u7a76\u8be5\u6307\u6807\u4ee5\u53ca\u8fc7\u53bb\u7684\u5e02\u573a\u5468\u671f\uff0c\u6211\u4eec\u53ef\u4ee5\u89c2\u5bdf\u5230\u4e00\u4e2a\u6a21\u5f0f\uff1a\u957f\u671f\u6301\u6709\u8005\u5728\u725b\u5e02\u521d\u671f\u5f00\u59cb\u629b\u552e\u5934\u5bf8\uff0c\u901a\u5e38\u662f\u5728\u4ef7\u683c\u63a5\u8fd1\u6216\u8fbe\u5230\u4e4b\u524d\u7684\u9ad8\u70b9\u65f6\u3002\u968f\u7740\u4ef7\u683c\u4e0a\u6da8\uff0c\u5438\u5f15\u4e86\u5e7f\u6cdb\u7684\u5e02\u573a\u5173\u6ce8\uff0c\u65b0\u7684\u4ea4\u6613\u8005\u52a0\u5165\u5e02\u573a\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u4e86\u5e02\u573a\u7684\u529b\u91cf\u3002<\/span><\/p>\n<p><span dir=\"auto\">\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u957f\u671f\u6301\u6709\u8005\u5b8c\u6210\u629b\u552e\u9636\u6bb5\uff0c\u5e76\u518d\u6b21\u5f00\u59cb\u589e\u6301\u3002\u8fd9\u5728\u5386\u53f2\u4e0a\u901a\u5e38\u9884\u793a\u7740\u5e02\u573a\u89e6\u9876\uff0c\u725b\u5e02\u884c\u60c5\u5df2\u7ecf\u7ed3\u675f\u3002\u540c\u6837\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.coinglass.com\/Grayscale\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u7070\u5ea6\u7684GBTC\u8d4e\u56de\u8d21\u732e\u4e86\u8d85\u8fc715\u4e07\u679a<\/span><\/a><span dir=\"auto\">\u957f\u671f\u6301\u6709\u8005\u4f9b\u5e94\u91cf\u7684\u51cf\u5c11\uff0c\u800c\u6b64\u524d\u768430\u4e07\u679a\u4f9b\u5e94\u91cf\u51cf\u5c11\u6b63\u662f\u7531Grayscale\u7684\u8d4e\u56de\u6240\u81f4\u3002\u56e0\u6b64\uff0c\u629b\u552e\uff08\u4ee5\u53ca\u83b7\u5229\u56de\u5410\uff09\u7684\u901f\u5ea6\u624d\u521a\u521a\u5f00\u59cb\u52a0\u5feb\uff0c\u5e76\u4e14\u4e0e2020\u5e74\u5f00\u59cb\u7684\u4e0a\u4e00\u8f6e\u725b\u5e02\u76f8\u6bd4\u6709\u6240\u653e\u7f13\u3002\u5728\u6bd4\u7279\u5e01\u7a81\u78346.9\u4e07\u7f8e\u5143\u7684\u9ad8\u70b9\u4e4b\u524d\uff0c\u957f\u671f\u6301\u6709\u8005\u7684\u629b\u552e\u901f\u5ea6\u53ef\u80fd\u5e76\u4e0d\u4f1a\u52a0\u5feb\u3002*<\/span><\/p>\n<p><i><span dir=\"auto\">*\u6765\u6e90\uff1aOKX<\/span><\/i><\/p>\n<h2 id=\"5\"><span dir=\"auto\">\u591a\u5934\u58ee\u4e3d\u4e03\u53f7\u6210\u4e3a\u6700\u62e5\u6324\u7684\u4ea4\u6613<\/span><\/h2>\n<p><span dir=\"auto\">\u201c\u4e03\u5de8\u5934\u201d\u6307\u7684\u662f\u4e00\u6279\u9886\u5148\u7684\u79d1\u6280\u516c\u53f8\uff0c\u5305\u62ec\u82f9\u679c\u3001\u4e9a\u9a6c\u900a\u3001\u5fae\u8f6f\u3001Meta Platforms\u3001Alphabet\u3001\u7279\u65af\u62c9\u548c\u82f1\u4f1f\u8fbe\u3002\u8fd9\u4e9b\u516c\u53f8\u5728\u8fc7\u53bb\u4e00\u5e74\u4e2d\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\uff0c\u5e76\u53d7\u5230\u80a1\u7968\u4ea4\u6613\u5458\u7684\u9752\u7750\u3002\u6839\u636e\u7f8e\u56fd\u94f6\u884c\u6700\u65b0\u7684\u57fa\u91d1\u7ecf\u7406\u8c03\u67e5\uff0c\u5728\u53d7\u8bbf\u7684\u57fa\u91d1\u7ecf\u7406\u4e2d\uff0c\u505a\u591a\u4e03\u5de8\u5934\u7684\u4ea4\u6613\u6700\u4e3a\u6d3b\u8dc3\u3002\u6839\u636e<\/span><a class=\"academy academy-powerLink-a11y academy-powerLink\" href=\"https:\/\/www.roundhillinvestments.com\/etf\/mags\" target=\"_blank\" rel=\"noopener noreferrer\"><span dir=\"auto\">\u4e03\u5de8\u5934ETF<\/span><\/a><span dir=\"auto\">\u7684\u8868\u73b0\uff0c\u622a\u81f32024\u5e742\u670822\u65e5\uff0c\u5176\u5e74\u521d\u81f3\u4eca\u7684\u6da8\u5e45\u4e3a+13%\uff08\u4f18\u4e8e\u7eb3\u65af\u8fbe\u514b100\u6307\u6570\u7684+7%\uff09*\u3002<\/span><\/p>\n<p><i><span dir=\"auto\">*\u6765\u6e90\uff1aTradingView<\/span><\/i><\/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=\"\u7f8e\u56fd\u94f6\u884c\u7814\u7a76\u90e8\"><img loading=\"lazy\" decoding=\"async\" class=\"academy-picture-contain index_img__W8PbS\" src=\"https:\/\/www.okx.com\/cdn\/assets\/plugins\/contentful\/4nqoo8goeymu\/2TFglFf5vK9fulYce3iISQ\/16add8ca9e780bd59a88fefa89107548\/BofA_Research.png?x-oss-process=image\/resize,w_960,h_571\/format,webp\" alt=\"\u7f8e\u56fd\u94f6\u884c\u7814\u7a76\u90e8\" width=\"960\" height=\"571\" \/><\/button><\/div>\n<h3><span dir=\"auto\">\u8fd9\u4e3a\u4ec0\u4e48\u91cd\u8981\uff1f<\/span><\/h3>\n<p><span dir=\"auto\">\u603b\u5e02\u503c\u8d85\u8fc7 13 \u4e07\u4ebf\u7f8e\u5143* \u7684\u4e03\u5de8\u5934\uff0c\u662f\u91d1\u878d\u9886\u57df\u7684\u4e00\u652f\u91cd\u8981\u529b\u91cf\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u6bd4\u7279\u5e01\u6700\u8fd1\u4e5f\u5b9e\u73b0\u4e86\u81ea\u5df1\u7684\u91cc\u7a0b\u7891\uff0c\u5e02\u503c\u7a81\u7834\u4e86 1 \u4e07\u4ebf\u7f8e\u5143**\u3002Tradingview \u7684\u6570\u636e\u663e\u793a\uff0c\u5c31\u8868\u73b0\u800c\u8a00\uff0c\u6bd4\u7279\u5e01\u65e0\u8bba\u662f\u5728\u4eca\u5e74\u8fc4\u4eca\u8fd8\u662f\u5728\u4e00\u5e74\u7684\u65f6\u95f4\u8303\u56f4\u5185\uff0c\u90fd\u8d85\u8fc7\u4e86\u4e03\u5de8\u5934\u3002\u9664\u4e86\u6bd4\u7279\u5e01\u7684\u53ef\u53ca\u6027\u4e4b\u5916\uff0c\u4eca\u5e74\u5e74\u521d\u63a8\u51fa\u7684\u6bd4\u7279\u5e01\u73b0\u8d27 ETF 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dir=\"auto\">\u7b49\u5229\u597d\u56e0\u7d20\u7684\u63a8\u52a8\u4e0b\uff0c\u6210\u4e3a\u4e00\u4e2a\u5177\u6709\u5438\u5f15\u529b\u7684\u9009\u9879\u3002\u968f\u7740\u673a\u6784\u6295\u8d44\u8005\u5bf9\u8fd9\u4e9b\u65b0\u63a8\u51fa\u7684\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u5de5\u5177\u8fdb\u884c\u5c3d\u804c\u8c03\u67e5\uff0c\u8fd9\u79cd\u4ea4\u6613\u5728\u672a\u6765\u53ef\u80fd\u4f1a\u8fdb\u4e00\u6b65\u53d7\u5230\u6b22\u8fce\u3002<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6211\u4eec\u6bcf\u4e24\u5468\u63d0\u4f9b\u4e00\u6b21\u5bf9\u673a\u6784\u9886\u57df\u4ea4\u6613\u8005\u6709\u4ef7\u503c\u7684\u5e02\u573a\u6d1e\u5bdf\uff0c\u8ba9\u60a8\u968f\u65f6\u638c\u63e1\u884c\u4e1a\u6700\u65b0\u52a8\u6001\u3002 \u5728\u672c\u5468\u7684\u6587\u7ae0\u4e2d\uff0cOKX \u673a\u6784\u7814&hellip; <a class=\"more-link\" href=\"http:\/\/okx.biquan123.com\/blog\/?p=61\">\u7ee7\u7eed\u9605\u8bfb<span class=\"screen-reader-text\">\u673a\u6784\u4f18\u5148 | #13<\/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-61","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\/61","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=61"}],"version-history":[{"count":2,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/61\/revisions"}],"predecessor-version":[{"id":3113,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/61\/revisions\/3113"}],"wp:attachment":[{"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/okx.biquan123.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}