{"id":1635,"date":"2026-04-16T03:53:19","date_gmt":"2026-04-15T19:53:19","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=1635"},"modified":"2026-04-16T03:53:19","modified_gmt":"2026-04-15T19:53:19","slug":"%e6%af%94%e7%89%b9%e5%b8%81-3-%e4%b8%aa%e6%9c%88%e8%b7%8c-18-%e7%86%8a%e6%9d%a5%e4%ba%86%ef%bc%9fglassnode%ef%bc%9a%e5%81%a5%e5%ba%b7%e4%bf%ae%e6%ad%a3%e3%80%81%e5%b9%b6%e9%9d%9e%e5%af%92%e5%86%ac","status":"publish","type":"post","link":"https:\/\/www.manwah.net\/?p=1635","title":{"rendered":"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3"},"content":{"rendered":"<div class=\"thumbnail-container animate-lazy\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"375\" class=\"attachment-jnews-750x375 size-jnews-750x375 lazyload wp-post-image\" alt=\"\u62c6\u5206\u7b56\u7565 \u2014\u2014 \u52a0\u5bc6\u5bd2\u51ac\u751f\u5b58\u6846\u67b6\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2023\/01\/Crypto_winter-750x375.jpeg\" data-srcset=\"https:\/\/blockcast.it\/wp-content\/uploads\/2023\/01\/Crypto_winter-750x375.jpeg 750w, https:\/\/blockcast.it\/wp-content\/uploads\/2023\/01\/Crypto_winter-360x180.jpeg 360w\" data-sizes=\"auto\" data-expand=\"700\" title=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe\" \/><\/div>\n<\/div>\n<div class=\"entry-content no-share\">\n<div class=\"jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome\">\n<div class=\"jeg_share_float_container\"><\/div>\n<\/p><\/div>\n<div class=\"content-inner \">\n<p>\u6bd4\u7279\u5e01\u8fd1 3 \u4e2a\u6708\u8dcc\u903e 18%\uff0c\u4ece\u6295\u8d44\u4eba\u60c5\u7eea\u4f4e\u8ff7\uff0c\u518d\u5230\u52a0\u5bc6\u8d27\u5e01\u6982\u5ff5\u80a1\u540c\u6b65\u8d70\u5f31\uff0c\u5e02\u573a\u5bf9\u4e8e\u300c\u52a0\u5bc6\u5bd2\u51ac\u5373\u5c06\u6765\u88ad\u300d\u7684\u6050\u60e7\u65e5\u6e10\u5347\u6e29\u3002\u5bf9\u6b64\uff0cGlassnode \u548c Fasanara \u5728\u6700\u65b0\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u591a\u9879\u6307\u6807\u663e\u793a\uff0c\u8fd9\u6ce2\u56de\u6863\u66f4\u50cf\u662f\u300c\u725b\u5e02\u4e2d\u573a\u8c03\u6574\u300d\uff0c\u800c\u4e0d\u662f\u957f\u671f\u4e0b\u884c\u8d8b\u52bf\u7684\u5f00\u7aef\u3002<\/p>\n<p>\u6839\u636e Glassnode \u4e0e Fasanara Digital \u6700\u65b0\u62a5\u544a\uff0c\u6bd4\u7279\u5e01\u81ea 2022 \u5e74\u5468\u671f\u4f4e\u70b9\u4ee5\u6765\uff0c\u5df2\u7d2f\u8ba1\u5438\u5f15\u8d85\u8fc7 7,320 \u4ebf\u7f8e\u5143\u7684\u51c0\u65b0\u589e\u8d44\u672c\u3002<\/p>\n<div class=\"block-in-article-banner-1\" id=\"block-643901029\">\n<div style=\"margin-left: auto;margin-right: auto;text-align: center\" id=\"block-3739361565\" data-block-trackid=\"132335\" data-block-trackbid=\"1\" class=\"block-target\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/11\/bnv1.png\"  width=\"300\" height=\"300\" style=\"max-width: 100%;height: auto\" title=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe1\" alt=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe1\" \/><\/div>\n<\/div>\n<p>\u62a5\u544a\u6307\u79f0\uff0c\u672c\u8f6e\u5468\u671f\u7684\u8d44\u91d1\u6d41\u5165\u89c4\u6a21\u8d85\u8d8a\u8fc7\u5f80\u6240\u6709\u6bd4\u7279\u5e01\u5468\u671f\u7684\u603b\u548c\uff0c\u5e76\u5c06\u6bd4\u7279\u5e01\u7684\u300c\u5b9e\u9645\u5e02\u503c\uff08Realized Cap\uff09\u300d\u63a8\u5347\u81f3\u7ea6 1.1 \u5146\u7f8e\u5143\uff1b\u800c\u6bd4\u7279\u5e01\u73b0\u8d27\u4ef7\u683c\u4e5f\u4ece 1.6 \u4e07\u7f8e\u5143\u4e00\u8def\u653b\u9ad8\u81f3 12.6 \u4e07\u7f8e\u5143\u3002<\/p>\n<p>\u300c\u5b9e\u9645\u5e02\u503c\u300d\u53cd\u6620\u94fe\u4e0a\u5b9e\u9645\u6295\u5165\u6210\u672c\u7684\u8d44\u91d1\u91cf\uff0c\u901a\u5e38\u4f1a\u5728\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\u6765\u4e34\u65f6\u7387\u5148\u8f6c\u5f31\uff0c\u4f46\u8fd9\u4e00\u6307\u6807\u76ee\u524d\u4e1d\u6beb\u6ca1\u6709\u6536\u7f29\u8ff9\u8c61\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-132721\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/12\/9a68e4aefadf99984cbfcd8202f32fa915dd0884-2168x1350-1.avif\"  width=\"2168\" height=\"1350\" title=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe2\" alt=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe2\" \/><\/p>\n<p>\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u4e5f\u5370\u8bc1\u4e86\u8fd9\u4e00\u70b9\u3002<\/p>\n<p>\u62a5\u544a\u63d0\u5230\uff0c\u6bd4\u7279\u5e01\u7684\u4e00\u5e74\u671f\u300c\u5b9e\u9645\u6ce2\u52a8\u7387\uff08Realized Volatility\uff09\u300d\u4ece 84% \u4e0b\u964d\u5230\u7ea6 43%\uff0c\u80cc\u540e\u53cd\u6620\u7684\u662f\u5e02\u573a\u6d41\u52a8\u6027\u589e\u5f3a\u3001 ETF \u53c2\u4e0e\u5ea6\u63d0\u9ad8\uff0c\u4ee5\u53ca\u4f7f\u7528\u73b0\u91d1\u4fdd\u8bc1\u91d1\u7684\u884d\u751f\u54c1\u90e8\u4f4d\u589e\u591a\u3002<\/p>\n<p>\u5386\u53f2\u7ecf\u9a8c\u663e\u793a\uff0c\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\u901a\u5e38\u59cb\u4e8e\u300c\u6ce2\u52a8\u7387\u6500\u5347\u3001\u6d41\u52a8\u6027\u5e72\u67af\u300d\u4e4b\u65f6\uff0c\u800c\u4e0d\u662f\u5728\u6ce2\u52a8\u7387\u8170\u65a9\u7684\u60c5\u51b5\u4e0b\u53d1\u751f\u3002\u5373\u4fbf\u5982\u6b64\uff0c\u672c\u8f6e\u5468\u671f\u8fd8\u6709\u4e00\u4e2a\u72ec\u7279\u4e4b\u5904\uff1a\u6bd4\u7279\u5e01\u4e0e IBIT \u9009\u62e9\u6743\u5e02\u573a\u4e2d\uff0c\u300c\u5356\u51fa\u4e70\u6743\uff08Call Overwriting\uff09\u300d\u7b56\u7565\u6108\u8d8b\u76db\u884c\uff0c\u6301\u7eed\u538b\u6291\u5e01\u4ef7\u6ce2\u52a8\u5ea6\uff0c\u8fdb\u4e00\u6b65\u524a\u5f31\u4e86\u8fc7\u5f80\u300c\u6ce2\u52a8\u4e0e\u4ef7\u683c\u300d\u4e4b\u95f4\u7684\u4f20\u7edf\u8054\u52a8\u5173\u7cfb\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-132720\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/12\/3aed14494cc573384ea268685f73d9658b0eb541-1709x1155-1.avif\"  width=\"1709\" height=\"1155\" title=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe3\" alt=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe3\" \/><\/p>\n<p>Glassnode \u6307\u51fa\uff0cETF \u7684\u5e02\u573a\u6d3b\u52a8\u4ea6\u672a\u51fa\u73b0\u300c\u725b\u5e02\u89e6\u9876\u300d\u7684\u8ff9\u8c61\u3002\u62a5\u544a\u663e\u793a\uff0c\u73b0\u8d27 ETF \u76ee\u524d\u6301\u6709\u7ea6 136 \u4e07\u679a\u6bd4\u7279\u5e01\uff0c\u7ea6\u5360\u6d41\u901a\u4f9b\u5e94\u91cf 6.9%\uff0c\u81ea\u4e0a\u5e02\u4ee5\u6765\u8d21\u732e\u4e86\u7ea6 5.2% \u7684\u51c0\u6d41\u5165\u3002\u5728\u8fc7\u53bb\u7684\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\u4e2d\uff0cETF \u901a\u5e38\u4f1a\u8f6c\u4e3a\u51c0\u6d41\u51fa\u5e76\u6301\u7eed\u5931\u8840\uff0c\u76ee\u524d\u8fd9\u4e24\u79cd\u60c5\u51b5\u5747\u672a\u51fa\u73b0\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u77ff\u4e1a\u80a1\u7684\u6574\u4f53\u8868\u73b0\u4e5f\u4e0d\u7b26\u5408\u718a\u5e02\u7279\u5f81\u3002\u5728\u6bd4\u7279\u5e01\u56de\u6863\u671f\u95f4\uff0cCoinShares \u6bd4\u7279\u5e01\u6316\u77ff ETF\uff08WGMI\uff09\u5374\u4e0a\u6da8\u8d85\u8fc7 35% \u3002\u5386\u53f2\u4e0a\uff0c\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\u521d\u671f\u6700\u5148\u88ab\u538b\u57ae\u7684\u5f80\u5f80\u662f\u77ff\u5546\uff0c\u56e0\u4e3a\u6316\u77ff\u6536\u76ca\u6076\u5316\u4f1a\u8fc5\u901f\u541e\u566c\u4f01\u4e1a\u83b7\u5229\u3002<\/p>\n<p>Glassnode \u8ba4\u4e3a\uff0c\u6bd4\u7279\u5e01\u8fd9\u6b21\u56de\u8c03\u7684\u6a21\u5f0f\uff0c\u66f4\u7b26\u5408\u5386\u53f2\u4e0a\u7684\u300c\u5468\u671f\u4e2d\u671f\u884c\u4e3a\u300d\uff0c\u4e5f\u5c31\u662f\u5e02\u573a\u5728\u7ee7\u7eed\u4e0a\u6da8\u524d\uff0c\u5fc5\u987b\u7ecf\u5386\u4e00\u6b21\u6d17\u76d8\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u5728 2017 \u5e74\u3001 2020 \u5e74\u548c 2023 \u5e74\u90fd\u66fe\u51fa\u73b0\u8fc7\u7c7b\u4f3c\u7684\u56de\u8c03\uff0c\u800c\u4e14\u901a\u5e38\u90fd\u4f34\u968f\u884d\u751f\u54c1\u5e02\u573a\u53bb\u6760\u6746\u5316\u6216\u5168\u7403\u6d41\u52a8\u6027\u7d27\u7f29\uff0c\u4f46\u6700\u7ec8\u90fd\u53ea\u662f\u91cd\u7f6e\u4e86\u5e02\u573a\u4ed3\u4f4d\uff0c\u800c\u975e\u7ed3\u675f\u5468\u671f\u3002<\/p>\n<p>\u66f4\u91cd\u8981\u7684\u662f\uff0c\u6bd4\u7279\u5e01\u76ee\u524d\u4ecd\u66f4\u63a5\u8fd1\u4eca\u5e74\u7684\u9ad8\u70b9 12.4 \u4e07\u7f8e\u5143\uff0c\u800c\u975e\u4f4e\u70b9 7.6 \u4e07\u7f8e\u5143\u3002\u5386\u53f2\u4e0a\u7684\u5bd2\u51ac\u671f\u95f4\uff0c\u6bd4\u7279\u5e01\u901a\u5e38\u4f1a\u8d8b\u5411\u5e95\u90e8\u76d8\u65cb\uff0c\u5e76\u4f34\u968f\u5df2\u5b9e\u73b0\u4e8f\u635f\u7d2f\u79ef\u3001\u957f\u671f\u6301\u6709\u8005\u884c\u4e3a\u8f6c\u5f31\uff0c\u800c\u73b0\u9636\u6bb5\u7684\u5e02\u573a\u5374\u5b8c\u5168\u4e0d\u5177\u5907\u8fd9\u4e9b\u7279\u5f81\u3002<\/p>\n<p>Glassnode \u603b\u7ed3\u79f0\uff0c\u5b9e\u9645\u5e02\u503c\u521b\u9ad8\u3001\u6ce2\u52a8\u5ea6\u6301\u7eed\u4e0b\u6ed1\u3001 ETF \u4e70\u76d8\u5f3a\u52b2\uff0c\u8fd9\u4e9b\u6307\u6807\u7686\u8868\u660e\uff0c\u5e02\u573a\u5728\u7ecf\u5386\u5f3a\u52b2\u7684\u8d44\u91d1\u6d41\u5165\u5468\u671f\u540e\uff0c\u6b63\u5904\u4e8e\u5065\u5eb7\u7684\u76d8\u6574\u9636\u6bb5\uff0c\u4e0e\u300c\u52a0\u5bc6\u5bd2\u51ac\u300d\u7684\u5f00\u7aef\u622a\u7136\u4e0d\u540c\u3002<\/p>\n<div class=\"block-\" id=\"block-3845995789\" style=\"margin-bottom: 20px\">\n<div style=\"margin-left: auto;margin-right: auto;text-align: center\" id=\"block-1416042231\" data-block-trackid=\"118808\" data-block-trackbid=\"1\" class=\"block-target\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/blockcast.it\/wp-content\/uploads\/2025\/03\/coinw-bottom-dec.jpg\"  width=\"728\" height=\"100\" style=\"max-width: 100%;height: auto\" title=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe4\" alt=\"\u6bd4\u7279\u5e01 3 \u4e2a\u6708\u8dcc 18% \u718a\u6765\u4e86\uff1fGlassnode\uff1a\u5065\u5eb7\u4fee\u6b63\u3001\u5e76\u975e\u5bd2\u51ac\u5c06\u81f3\u63d2\u56fe4\" \/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u6bd4\u7279\u5e01\u8fd1 3 \u4e2a\u6708\u8dcc\u903e 18%\uff0c\u4ece\u6295\u8d44\u4eba\u60c5\u7eea\u4f4e\u8ff7\uff0c\u518d\u5230\u52a0\u5bc6\u8d27\u5e01\u6982\u5ff5\u80a1\u540c\u6b65\u8d70\u5f31\uff0c\u5e02\u573a\u5bf9\u4e8e\u300c\u52a0\u5bc6\u5bd2\u51ac\u5373\u5c06\u6765\u88ad\u300d\u7684\u6050 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1636,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1635"}],"version-history":[{"count":1,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1635\/revisions"}],"predecessor-version":[{"id":7398,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/posts\/1635\/revisions\/7398"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=\/wp\/v2\/media\/1636"}],"wp:attachment":[{"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.manwah.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}