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dir=\"ltr\">\u56de\u987e\u5386\u53f2\u6570\u636e\uff0c2013\u5e74\u30012017\u5e74\u548c2021\u5e74\u7684\u725b\u5e02\u89c1\u9876\u540e\uff0c\u5f80\u5f80\u4f34\u968f\u7740\u957f\u8fbe12\u4e2a\u6708\u5de6\u53f3\u7684\u5355\u8fb9\u4e0b\u8dcc\uff0c\u4e14\u6700\u5927\u56de\u64a4\u5e45\u5ea6\u901a\u5e38\u9ad8\u8fbe80%\u4ee5\u4e0a\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>2014-2015\u5e74\u718a\u5e02<\/strong>\uff1a\u4ef7\u683c\u4ece1,100\u7f8e\u5143\u8dcc\u81f3200\u7f8e\u5143\u4e0b\u65b9\uff0c\u8dcc\u5e45\u7ea685%\uff0c\u8017\u65f6\u7ea6400\u5929\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>2018\u5e74\u718a\u5e02\uff1a<\/strong>\u4ef7\u683c\u4ece19,000\u7f8e\u5143\u8dcc\u81f33,100\u7f8e\u5143\uff0c\u8dcc\u5e45\u7ea684%\uff0c\u8017\u65f6\u7ea6365\u5929\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>2022\u5e74\u718a\u5e02\uff1a<\/strong>\u4ef7\u683c\u4ece69,000\u7f8e\u5143\u8dcc\u81f315,500\u7f8e\u5143\uff0c\u8dcc\u5e45\u7ea677%\uff0c\u8017\u65f6\u7ea6376\u5929\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u622a\u81f32026\u5e742\u6708\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece2025\u5e7410\u6708\u7684\u5cf0\u503c\uff08\u7ea6126,000\u7f8e\u5143\uff09\u56de\u843d\u81f360,000\u7f8e\u5143\u9644\u8fd1\uff0c\u8dcc\u5e45\u7ea6\u4e3a52%\u3002Kaiko 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role=\"presentation\"><strong>ETF\u5f15\u5165\u7684\u673a\u6784\u5316\u951a\u70b9\uff1a<\/strong>\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u7684\u901a\u8fc7\u4e0d\u4ec5\u5e26\u6765\u4e86\u589e\u91cf\u8d44\u91d1\uff0c\u66f4\u91cd\u8981\u7684\u662f\u6539\u53d8\u4e86\u6301\u6709\u8005\u7684\u7ed3\u6784\u3002\u673a\u6784\u8d44\u91d1\uff08\u5982\u8d1d\u83b1\u5fb7IBIT\u3001\u5bcc\u8fbeFBTC\u7684\u6301\u4ed3\uff09\u76f8\u8f83\u4e8e\u6563\u6237\u5177\u6709\u66f4\u5f3a\u7684\u98ce\u9669\u627f\u53d7\u80fd\u529b\u548c\u66f4\u957f\u7684\u6295\u8d44\u4e45\u671f\u3002\u6570\u636e\u663e\u793a\uff0c\u5373\u4fbf\u5728\u4ef7\u683c\u8dcc\u7834ETF\u5e73\u5747\u6210\u672c\u57fa\u51c6\u7ebf\uff08\u7ea660,000-64,000\u7f8e\u5143\u533a\u95f4\uff09\u65f6\uff0cETF\u5e76\u672a\u51fa\u73b0\u6bc1\u706d\u6027\u7684\u51c0\u6d41\u51fa\uff0c\u53cd\u800c\u5448\u73b0\u51fa\u201c\u8d8a\u8dcc\u8d8a\u4e70\u201d\u7684\u914d\u7f6e\u578b\u7279\u5f81\u3002\u8fd9\u79cd\u673a\u6784\u5316\u7684\u201c\u6258\u5e95\u201d\u6548\u5e94\u53ef\u80fd\u663e\u8457\u63d0\u9ad8\u4e86\u5e02\u573a\u7684\u75db\u82e6\u9608\u503c\uff0c\u4f7f\u5f97\u4ef7\u683c\u96be\u4ee5\u91cd\u6f1480%\u4ee5\u4e0a\u7684\u5d29\u76d8\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>\u5b8f\u89c2\u56e0\u5b50\u7684\u4e3b\u5bfc\u6743\u7f6e\u6362\uff1a<\/strong>\u968f\u7740\u6bd4\u7279\u5e01\u5e02\u503c\u7a81\u7834\u4e07\u4ebf\u7f8e\u5143\u5927\u5173\uff0c\u5176\u8d44\u4ea7\u5c5e\u6027\u5df2\u4ece\u5355\u7eaf\u7684\u201c\u53e6\u7c7b\u6295\u673a\u8d44\u4ea7\u201d\u5411\u201c\u5b8f\u89c2\u654f\u611f\u60c5\u7eea\u8d44\u4ea7\u201d\u6f14\u53d8\u3002\u6bd4\u7279\u5e01\u4e0e\u7eb3\u65af\u8fbe\u514b\u6307\u6570\u3001\u9ec4\u91d1\u4ee5\u53ca10\u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u7684\u76f8\u5173\u6027\u57282025-2026\u5e74\u8fbe\u5230\u4e86\u5386\u53f2\u9ad8\u4f4d\u3002\u8fd9\u610f\u5473\u7740\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u6ce2\u52a8\u4e0d\u518d\u5355\u7eaf\u7531\u5185\u751f\u7684\u51cf\u534a\u4f9b\u5e94\u51b2\u51fb\u9a71\u52a8\uff0c\u800c\u662f\u66f4\u591a\u5730\u53d7\u5236\u4e8e\u5168\u7403\u7f8e\u5143\u6d41\u52a8\u6027\u7684\u95f8\u95e8\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u56e0\u6b64\uff0c\u5224\u65ad\u201c\u5e95\u90e8\u5728\u54ea\u91cc\u201d\uff0c\u4e0d\u80fd\u4ec5\u770b\u65e5\u5386\uff08\u65f6\u95f4\u5468\u671f\uff09\u6216\u5c3a\u5b50\uff08\u56de\u64a4\u5e45\u5ea6\uff09\uff0c\u800c\u5fc5\u987b\u6df1\u5165\u89e3\u6784\u5f53\u524d\u4e3b\u5bfc\u4ef7\u683c\u884c\u4e3a\u7684\u5b8f\u89c2\u53d8\u91cf\u3002<\/p>\n<h4 dir=\"ltr\">1.2 \u201c\u6c83\u4ec0\u51b2\u51fb\u201d\uff1a\u7f8e\u8054\u50a8\u653f\u7b56\u8f6c\u5411\u4e0e\u6d41\u52a8\u6027\u7d27\u7f29\u7684\u9634\u5f71<\/h4>\n<p dir=\"ltr\">2026\u5e74\u521d\u6bd4\u7279\u5e01\u53ca\u6574\u4e2a\u52a0\u5bc6\u5e02\u573a\u7684\u5267\u70c8\u8c03\u6574\uff0c\u5176\u6839\u6e90\u5e76\u975e\u533a\u5757\u94fe\u6280\u672f\u7684\u5185\u751f\u6027\u8870\u9000\uff0c\u800c\u662f\u6e90\u81ea\u5b8f\u89c2\u91d1\u878d\u73af\u5883\u7684\u7a81\u53d8\u2014\u2014\u5373\u5e02\u573a\u6240\u79f0\u7684\u201c\u6c83\u4ec0\u51b2\u51fb\u201d\uff08The Warsh Shock\uff09\u3002<\/p>\n<p dir=\"ltr\">2026\u5e741\u670830\u65e5\uff0c\u524d\u7f8e\u8054\u50a8\u7406\u4e8b\u51ef\u6587\u00b7\u6c83\u4ec0\uff08Kevin Warsh\uff09\u88ab\u63d0\u540d\u4e3a\u65b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\uff0c\u63a5\u66ff\u5373\u5c06\u5378\u4efb\u7684\u6770\u7f57\u59c6\u00b7\u9c8d\u5a01\u5c14\u3002\u8fd9\u4e00\u4eba\u4e8b\u53d8\u52a8\u5728\u91d1\u878d\u5e02\u573a\u5f15\u53d1\u4e86\u5267\u70c8\u9707\u8361\u3002\u6c83\u4ec0\u957f\u671f\u4ee5\u6765\u4ee5\u201c\u901a\u80c0\u9e70\u6d3e\u201d\u548c\u201c\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\u6279\u8bc4\u8005\u201d\u7684\u5f62\u8c61\u793a\u4eba\u3002\u4ed6\u5728\u63d0\u540d\u542c\u8bc1\u4f1a\u53ca\u8fc7\u5f80\u8a00\u8bba\u4e2d\u900f\u9732\u51fa\u7684\u653f\u7b56\u503e\u5411\u2014\u2014\u88ab\u79f0\u4e3a\u201c\u6c83\u4ec0\u4e3b\u4e49\u201d\uff08Warsh Doctrine\uff09\u2014\u2014\u4e3b\u5f20\u4e00\u79cd\u6fc0\u8fdb\u7684<strong>\u201c\u8d27\u5e01\u6760\u94c3\u7b56\u7565\u201d<\/strong>\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>\u77ed\u671f\u5229\u7387\u7aef\uff1a<\/strong>\u53ef\u80fd\u7ef4\u6301\u4e2d\u6027\u751a\u81f3\u7565\u5fae\u5bbd\u677e\u7684\u5229\u7387\u4ee5\u652f\u6301\u5b9e\u4f53\u7ecf\u6d4e\u589e\u957f\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>\u8d44\u4ea7\u8d1f\u503a\u8868\u7aef\uff1a<\/strong>\u4e3b\u5f20\u6fc0\u8fdb\u7684\u91cf\u5316\u7d27\u7f29\uff08QT\uff09\uff0c\u52a0\u901f\u7f29\u51cf\u7f8e\u8054\u50a8\u9ad8\u8fbe6.6\u4e07\u4ebf\u7f8e\u5143\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u4ee5\u6062\u590d\u592e\u884c\u7684\u653f\u7b56\u7a7a\u95f4\u548c\u91d1\u878d\u7eaa\u5f8b\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u8fd9\u79cd\u653f\u7b56\u7ec4\u5408\u9884\u671f\u76f4\u63a5\u5bfc\u81f4\u4e86\u957f\u671f\u56fd\u503a\u6536\u76ca\u7387\u7684\u98d9\u5347\u300210\u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u57282\u6708\u521d\u8fc5\u901f\u7a81\u78344.5%\u7684\u5173\u952e\u5fc3\u7406\u5173\u53e3\uff0c\u5f15\u53d1\u4e86\u8de8\u8d44\u4ea7\u7c7b\u522b\u7684\u4f30\u503c\u91cd\u4f30\u3002\u5bf9\u4e8e\u6bd4\u7279\u5e01\u8fd9\u79cd\u5bf9\u6d41\u52a8\u6027\u6781\u5176\u654f\u611f\u7684\u8d44\u4ea7\u800c\u8a00\uff0c\u65e0\u98ce\u9669\u6536\u76ca\u7387\u7684\u98d9\u5347\u548c\u592e\u884c\u7f29\u8868\u610f\u5473\u7740\u8fb9\u9645\u4e70\u76d8\u7684\u67af\u7aed\u548c\u5b58\u91cf\u8d44\u91d1\u7684\u64a4\u79bb\u3002<\/p>\n<p dir=\"ltr\">\u6b64\u5916\uff0c\u7f8e\u8054\u50a8\u57282026\u5e741\u6708\u7684FOMC\u4f1a\u8bae\u4e0a\u51b3\u5b9a\u7ef4\u6301\u8054\u90a6\u57fa\u91d1\u5229\u7387\u57283.50%-3.75%\u7684\u76ee\u6807\u533a\u95f4\u4e0d\u53d8\uff0c\u6682\u505c\u4e86\u6b64\u524d\u7684\u964d\u606f\u6b65\u4f10\u3002\u5c3d\u7ba1\u5e02\u573a\u4ecd\u9884\u671f2026\u5e74\u4f1a\u6709\u4e00\u5b9a\u7a0b\u5ea6\u7684\u964d\u606f\uff0c\u4f46\u201c\u9ad8\u5229\u7387\u7ef4\u6301\u66f4\u4e45\u201d\uff08Higher for Longer\uff09\u7684\u9634\u973e\u518d\u6b21\u7b3c\u7f69\u5e02\u573a\u3002\u6469\u6839\u5927\u901a\u548c\u8d1d\u83b1\u5fb7\u7b49\u673a\u6784\u7684\u5206\u6790\u6307\u51fa\uff0c\u5728\u901a\u80c0\u5c1a\u672a\u5b8c\u5168\u56de\u5f522%\u76ee\u6807\u4e14\u52b3\u52a8\u529b\u5e02\u573a\u4f9d\u7136\u5f3a\u52b2\u7684\u80cc\u666f\u4e0b\uff0c\u8fc7\u5ea6\u5bbd\u677e\u7684\u9884\u671f\u5df2\u88ab\u4fee\u6b63\u3002<\/p>\n<p dir=\"ltr\">\u8fd9\u79cd\u5b8f\u89c2\u80cc\u666f\u4e3a\u6bd4\u7279\u5e01\u7684\u5e95\u90e8\u7814\u5224\u63d0\u4f9b\u4e86\u91cd\u8981\u7ebf\u7d22\uff1a\u672c\u8f6e\u5468\u671f\u7684\u201c\u5e02\u573a\u5e95\u201d\u6781\u6709\u53ef\u80fd\u4e0e\u201c\u6d41\u52a8\u6027\u5e95\u201d\u91cd\u5408\u3002\u5728\u7f8e\u8054\u50a8\u505c\u6b62\u7f29\u8868\u6216\u660e\u786e\u91ca\u653e\u6d41\u52a8\u6027\u5bbd\u677e\u4fe1\u53f7\u4e4b\u524d\uff0c\u6bd4\u7279\u5e01\u5f88\u96be\u5f00\u542f\u65b0\u4e00\u8f6e\u7684\u5355\u8fb9\u725b\u5e02\uff0c\u66f4\u591a\u5c06\u8868\u73b0\u4e3a\u5728\u5e95\u90e8\u533a\u57df\u7684\u5bbd\u5e45\u9707\u8361\u3002<\/p>\n<h3 dir=\"ltr\">2. \u77ff\u5de5\u7ecf\u6d4e\u5b66\uff1a\u7269\u7406\u5e95\u90e8\u7684\u786c\u6838\u903b\u8f91\u4e0e\u5173\u673a\u4ef7\u9632\u7ebf<\/h3>\n<p dir=\"ltr\">\u5728\u6bd4\u7279\u5e01\u7684\u4f30\u503c\u4f53\u7cfb\u4e2d\uff0c\u77ff\u5de5\u4e0d\u4ec5\u662f\u7f51\u7edc\u7684\u7ef4\u62a4\u8005\uff0c\u66f4\u662f\u4ef7\u683c\u7684\u201c\u6700\u540e\u9632\u7ebf\u201d\u3002\u77ff\u5de5\u7684\u751f\u4ea7\u6210\u672c\uff08\u5c24\u5176\u662f\u7535\u529b\u6210\u672c\u548c\u786c\u4ef6\u6298\u65e7\uff09\u6784\u6210\u4e86\u6bd4\u7279\u5e01\u7684\u201c\u7269\u7406\u5e95\u90e8\u201d\u3002\u5f53\u5e01\u4ef7\u8dcc\u7a7f\u4e3b\u6d41\u77ff\u673a\u7684\u5173\u673a\u4ef7\u65f6\uff0c\u9ad8\u6210\u672c\u77ff\u5de5\u5c06\u88ab\u8feb\u505c\u673a\uff0c\u5bfc\u81f4\u5168\u7f51\u7b97\u529b\u4e0b\u964d\uff0c\u8fdb\u800c\u89e6\u53d1\u96be\u5ea6\u4e0b\u8c03\uff0c\u6700\u7ec8\u4f7f\u5269\u4f59\u77ff\u5de5\u7684\u5355\u4f4d\u6210\u672c\u964d\u4f4e\uff0c\u5f62\u6210\u4ef7\u683c\u7684\u81ea\u6211\u8c03\u8282\u673a\u5236\u3002\u8fd9\u4e00\u8fc7\u7a0b\u88ab\u79f0\u4e3a\u201c\u77ff\u5de5\u6295\u964d\u201d\uff08Miner Capitulation\uff09\uff0c\u5386\u53f2\u4e0a\u5f80\u5f80\u662f\u5468\u671f\u5e95\u90e8\u7684\u6700\u7cbe\u51c6\u4fe1\u53f7\u4e4b\u4e00\u3002<\/p>\n<h4 dir=\"ltr\">2.1 \u7b97\u529b\u5927\u6e05\u6d17\uff1a2021\u5e74\u4ee5\u6765\u7684\u6700\u5927\u64a4\u9000\u4e0e\u96be\u5ea6\u4e0b\u8c03<\/h4>\n<p dir=\"ltr\">2026\u5e742\u6708\uff0c\u6bd4\u7279\u5e01\u7f51\u7edc\u7ecf\u5386\u4e86\u4e00\u6b21\u5177\u6709\u5386\u53f2\u610f\u4e49\u7684\u538b\u529b\u6d4b\u8bd5\u3002\u6570\u636e\u663e\u793a\uff0c\u6bd4\u7279\u5e01\u7f51\u7edc\u7684\u6316\u77ff\u96be\u5ea6\u5728\u4e00\u6b21\u8c03\u6574\u5468\u671f\u4e2d\u66b4\u8dcc\u4e86\u7ea611.16%\u3002\u8fd9\u662f\u81ea2021\u5e74\u4e2d\u56fd\u5168\u9762\u7981\u6b62\u6bd4\u7279\u5e01\u6316\u77ff\u4ee5\u6765\uff0c\u8be5\u7f51\u7edc\u906d\u9047\u7684\u6700\u5927\u5355\u6b21\u8d1f\u5411\u8c03\u6574\u3002<\/p>\n<p dir=\"ltr\">\u8fd9\u4e00\u5267\u70c8\u7684\u96be\u5ea6\u4e0b\u8c03\u80cc\u540e\uff0c\u662f\u5168\u7f51\u7b97\u529b\uff08Hashrate\uff09\u7684\u663e\u8457\u56de\u64a4\u3002\u7b97\u529b\u4ece2025\u5e7410\u6708\u7684\u5cf0\u503c\uff08\u8d85\u8fc71.1 ZettaHashes\/s\uff09\u4e0b\u964d\u4e86\u7ea620%\uff0c\u81f3863 ExaHashes\/s\u5de6\u53f3\u3002\u5bfc\u81f4\u8fd9\u4e00\u201c\u5927\u64a4\u9000\u201d\u7684\u539f\u56e0\u662f\u53cc\u91cd\u7684\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>\u4ef7\u683c\u66b4\u8dcc\u7684\u7ecf\u6d4e\u538b\u529b<\/strong>\uff1a\u5e01\u4ef7\u5728\u77ed\u65f6\u95f4\u5185\u8170\u65a9\uff08\u4ece12.6\u4e07\u7f8e\u5143\u8dcc\u81f36\u4e07\u7f8e\u5143\uff09\uff0c\u76f4\u63a5\u51fb\u7a7f\u4e86\u5927\u91cf\u4e2d\u4f4e\u7aef\u77ff\u673a\u548c\u9ad8\u7535\u8d39\u77ff\u573a\u7684\u76c8\u4e8f\u5e73\u8861\u70b9\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\"><strong>\u4e0d\u53ef\u6297\u529b\u7684\u7269\u7406\u51b2\u51fb\uff1a<\/strong>\u4ee3\u53f7\u4e3a\u201cFern\u201d\u7684\u51ac\u5b63\u98ce\u66b4\u5e2d\u5377\u5317\u7f8e\uff0c\u5bfc\u81f4\u5fb7\u514b\u8428\u65af\u5dde\u7b49\u6316\u77ff\u91cd\u9547\u7535\u529b\u4f9b\u5e94\u7d27\u5f20\u3002\u4e3a\u4e86\u54cd\u5e94\u7535\u7f51\u7684\u7535\u529b\u524a\u51cf\u8ba1\u5212\uff08Curtailment\uff09\u6216\u56e0\u81ea\u8eab\u7535\u529b\u6210\u672c\u98d9\u5347\uff0c\u5927\u91cf\u77ff\u573a\u88ab\u8feb\u7269\u7406\u65ad\u7535\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u8fd9\u6b21\u7b97\u529b\u6e05\u6d17\u867d\u7136\u770b\u4f3c\u5229\u7a7a\uff0c\u5b9e\u5219\u4e3a\u5e02\u573a\u5e95\u90e8\u7684\u5f62\u6210\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5386\u53f2\u4e0a\uff0c\u7b97\u529b\u7684\u6df1\u5ea6\u56de\u64a4\u548c\u96be\u5ea6\u7684\u4e0b\u8c03\uff0c\u5f80\u5f80\u6807\u5fd7\u7740\u5356\u538b\u7684\u8017\u5c3d\u3002\u5f53\u6700\u8106\u5f31\u7684\u77ff\u5de5\u79bb\u573a\u540e\uff0c\u7559\u4e0b\u7684\u90fd\u662f\u6210\u672c\u63a7\u5236\u6781\u4f73\u3001\u8d44\u91d1\u5b9e\u529b\u96c4\u539a\u7684\u957f\u671f\u53c2\u4e0e\u8005\uff0c\u4ed6\u4eec\u6784\u6210\u4e86\u5e95\u90e8\u6700\u575a\u5b9e\u7684\u6301\u6709\u8005\u7fa4\u4f53\u3002<\/p>\n<h4 dir=\"ltr\">2.2 \u5173\u673a\u4ef7\u5730\u56fe\uff1a52,000-58,000\u7f8e\u5143\u7684\u751f\u6b7b\u7ebf<\/h4>\n<p dir=\"ltr\">\u4e3a\u4e86\u7cbe\u786e\u6d4b\u7b97\u5e95\u90e8\u7684\u5177\u4f53\u70b9\u4f4d\uff0c\u6211\u4eec\u9700\u8981\u6df1\u5165\u5206\u6790\u5f53\u524d\u4e3b\u6d41\u77ff\u673a\u7684\u5173\u673a\u5e01\u4ef7\u3002\u57fa\u4e8e\u5f53\u524d\u5168\u7f51\u96be\u5ea6\uff08\u7ea6125.86 T\uff09\u548c\u5178\u578b\u7684\u5de5\u4e1a\u7528\u7535\u6210\u672c\uff080.06\u7f8e\u5143\/kWh\u81f30.08\u7f8e\u5143\/kWh\uff09\uff0c\u6211\u4eec\u53ef\u4ee5\u7ed8\u5236\u51fa\u4e00\u5e45\u77ff\u5de5\u751f\u5b58\u7684\u201c\u751f\u6b7b\u5730\u56fe\u201d\u3002<\/p>\n<p dir=\"ltr\"><strong>2.2.1 S19\u7cfb\u5217\u7684\u9ec4\u660f\uff1a75,000\u7f8e\u5143-85,000\u7f8e\u5143<\/strong><\/p>\n<p dir=\"ltr\">Antminer S19\u7cfb\u5217\uff08\u5305\u62ecS19j Pro, S19 XP\u7b49\uff09\u66fe\u662f\u4e0a\u4e00\u5468\u671f\u7684\u7edd\u5bf9\u4e3b\u529b\uff0c\u4f46\u57282024\u5e74\u51cf\u534a\u540e\uff0c\u5176\u80fd\u6548\u6bd4\u5df2\u9010\u6e10\u843d\u540e\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u57280.08\u7f8e\u5143\/kWh\u7684\u7535\u8d39\u4e0b\uff0cS19\u6807\u51c6\u7248\u53ca\u90e8\u5206Pro\u578b\u53f7\u7684\u5173\u673a\u4ef7\u9ad8\u8fbe 85,000\u7f8e\u5143 \u4ee5\u4e0a\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u5373\u4fbf\u662f\u80fd\u6548\u8f83\u9ad8\u7684S19 XP\uff0c\u5176\u5173\u673a\u4ef7\u4e5f\u4f4d\u4e8e 75,000\u7f8e\u5143 \u9644\u8fd1\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u7ed3\u8bba\uff1a\u5728\u5f53\u524d67,000\u7f8e\u5143\u5de6\u53f3\u7684\u5e02\u573a\u4ef7\u683c\u4e0b\uff0c\u7edd\u5927\u591a\u6570\u4f9d\u8d56S19\u7cfb\u5217\u4e14\u7535\u8d39\u4e0d\u5177\u4f18\u52bf\u7684\u77ff\u5de5\u5df2\u7ecf\u5904\u4e8e\u4e25\u91cd\u7684\u201c\u6c34\u4e0b\u201d\u72b6\u6001\uff08\u4e8f\u635f\u8fd0\u8425\uff09\u3002\u8fd9\u662f\u8fd1\u671f\u7b97\u529b\u4e0b\u964d\u7684\u4e3b\u8981\u6765\u6e90\uff0c\u4e5f\u610f\u5473\u7740\u8fd9\u90e8\u5206\u8fb9\u9645\u7b97\u529b\u7684\u5356\u538b\u5df2\u7ecf\u91ca\u653e\u6b86\u5c3d\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>2.2.2 S21\u7cfb\u5217\u7684\u4fdd\u536b\u6218\uff1a69,000\u7f8e\u5143-74,000\u7f8e\u5143<\/strong><\/p>\n<p dir=\"ltr\">Antminer S21\u7cfb\u5217\u662f\u5f53\u524d\u5168\u7f51\u7b97\u529b\u7684\u4e2d\u575a\u529b\u91cf\uff0c\u4ee3\u8868\u4e86\u76ee\u524d\u7684\u4e3b\u6d41\u80fd\u6548\u6c34\u5e73\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u6570\u636e\u8868\u660e\uff0cS21\u7cfb\u5217\u57280.08\u7f8e\u5143\/kWh\u6210\u672c\u4e0b\u7684\u5173\u673a\u4ef7\u533a\u95f4\u7ea6\u4e3a 69,000\u7f8e\u5143\u81f374,000\u7f8e\u5143\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u8fd9\u4e00\u6570\u636e\u70b9\u81f3\u5173\u91cd\u8981\u3002\u5f53\u524d\u5e01\u4ef7\uff08\u7ea667,000\u7f8e\u5143\uff09\u5df2\u7ecf\u523a\u7a7f\u4e86\u8fd9\u4e00\u533a\u95f4\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5373\u4fbf\u662f\u62e5\u6709\u8f83\u65b0\u8bbe\u5907\u4f46\u7535\u8d39\u7565\u9ad8\u7684\u77ff\u5de5\uff0c\u4e5f\u5f00\u59cb\u9762\u4e34\u505c\u673a\u6289\u62e9\u3002\u5f53\u4e3b\u6d41\u77ff\u673a\u5f00\u59cb\u5173\u673a\u65f6\uff0c\u5e02\u573a\u901a\u5e38\u5df2\u6781\u5ea6\u63a5\u8fd1\u5e95\u90e8\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>2.2.3 \u6781\u9650\u7269\u7406\u5e95\u90e8\uff1a44,000\u7f8e\u5143\uff08S23\/U3S23H\uff09<\/strong><\/p>\n<p dir=\"ltr\">Bitmain\u6700\u65b0\u7684S23\u7cfb\u5217\u548cU3S23H\u4ee3\u8868\u4e86\u5f53\u524d\u4eba\u7c7b\u5de5\u7a0b\u5b66\u7684\u6781\u9650\u80fd\u6548\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u8fd9\u7c7b\u673a\u578b\u7684\u5173\u673a\u4ef7\u4f4e\u81f3 44,000\u7f8e\u5143 \u5de6\u53f3\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u8fd9\u6784\u6210\u4e86\u672c\u8f6e\u718a\u5e02\u7684\u201c\u6781\u9650\u7269\u7406\u786c\u5e95\u201d\u3002\u9664\u975e\u53d1\u751f\u5168\u7403\u6027\u7684\u91d1\u878d\u7cfb\u7edf\u5d29\u6e83\u6216\u6bd4\u7279\u5e01\u534f\u8bae\u5c42\u9762\u7684\u707e\u96be\uff0c\u5426\u5219\u4ef7\u683c\u6781\u96be\u8dcc\u7a7f\u8fd9\u4e00\u6c34\u5e73\uff0c\u56e0\u4e3a\u90a3\u5c06\u610f\u5473\u7740\u5168\u7f51\u51e0\u4e4e\u6240\u6709\u7b97\u529b\u90fd\u5c06\u4e8f\u635f\uff0c\u7f51\u7edc\u5b89\u5168\u6027\u5c06\u9762\u4e34\u91cd\u6784\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>\u7efc\u5408\u7814\u5224\uff1a<\/strong>52,000\u7f8e\u5143\u81f358,000\u7f8e\u5143 \u533a\u95f4\u4e0d\u4ec5\u662f\u6280\u672f\u5206\u6790\u4e0a\u7684\u652f\u6491\u4f4d\uff0c\u66f4\u662f\u77ff\u5de5\u7ecf\u6d4e\u5b66\u7684\u201c\u9a6c\u5947\u8bfa\u9632\u7ebf\u201d\u3002\u5982\u679c\u4ef7\u683c\u8dcc\u81f3\u6b64\u533a\u95f4\uff0c\u5c06\u8feb\u4f7fS21\u7cfb\u5217\u5927\u89c4\u6a21\u505c\u673a\uff08\u5373\u4f7f\u662f\u4f4e\u7535\u8d39\u77ff\u5de5\uff09\uff0c\u5f15\u53d1\u66f4\u6df1\u5c42\u6b21\u7684\u7b97\u529b\u6295\u964d\u548c\u96be\u5ea6\u4e0b\u8c03\u3002\u800c\u5728\u5386\u53f2\u89c4\u5f8b\u4e2d\uff0c\u8fd9\u79cd\u6df1\u5ea6\u7684\u77ff\u5de5\u6295\u964d\u5f80\u5f80\u5c31\u662f\u5468\u671f\u7684\u7edd\u5bf9\u5e95\u90e8\u3002<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" alt=\"\u73b0\u8d27ETF\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/12\/1770888248442607.png?x-oss-process=image\/quality,q_50\/format,webp\" width=\"602\" height=\"504\" title=\"\u6bd4\u7279\u5e01\u5e95\u90e8\u7684\u4e09\u91cd\u5171\u632f\uff1a\u5b8f\u89c2\u3001\u94fe\u4e0a\u4e0e\u77ff\u5de5\u7ecf\u6d4e\u5b66\u7684\u7ec8\u6781\u6307\u5411\u63d2\u56fe2\" \/><\/p>\n<h3 dir=\"ltr\">3. \u94fe\u4e0a\u7b79\u7801\u5206\u5e03\uff1a\u8c01\u5728\u6050\u614c\uff0c\u8c01\u5728\u8d2a\u5a6a\uff1f<\/h3>\n<p dir=\"ltr\">\u5982\u679c\u8bf4\u77ff\u5de5\u5b9a\u4e49\u4e86\u5e95\u90e8\u7684\u7269\u7406\u4e0b\u9650\uff0c\u90a3\u4e48\u94fe\u4e0a\u7b79\u7801\u7684\u5206\u5e03\u4e0e\u6d41\u5411\u5219\u63ed\u793a\u4e86\u5e95\u90e8\u7684\u5fc3\u7406\u535a\u5f08\u3002\u94fe\u4e0a\u6570\u636e\u4e3a\u6211\u4eec\u63d0\u4f9b\u4e86\u900f\u89c6\u5e02\u573a\u53c2\u4e0e\u8005\uff08\u77ed\u671f\u6295\u673a\u8005\u4e0e\u957f\u671f\u4fe1\u4ef0\u8005\uff09\u884c\u4e3a\u7684\u201c\u4e0a\u5e1d\u89c6\u89d2\u201d\u3002\u5f53\u524d\u7684\u94fe\u4e0a\u72b6\u6001\u5448\u73b0\u51fa\u5178\u578b\u7684\u201c\u6295\u964d\u4e0e\u8f6c\u79fb\u201d\u7279\u5f81\uff0c\u8fd9\u662f\u5e95\u90e8\u5f62\u6210\u8fc7\u7a0b\u4e2d\u7684\u5fc5\u7ecf\u9636\u6bb5\uff0c\u4f46\u5c1a\u672a\u5b8c\u5168\u5b8c\u6210\u3002<\/p>\n<h4 dir=\"ltr\">3.1 \u77ed\u671f\u6301\u6709\u8005\uff08STH\uff09\u7684\u5168\u9762\u6e83\u8d25\u4e0e\u6295\u964d<\/h4>\n<p dir=\"ltr\">2026\u5e742\u6708\u521d\u7684\u4ef7\u683c\u66b4\u8dcc\uff0c\u5b9e\u8d28\u4e0a\u662f\u4e00\u573a\u9488\u5bf9\u77ed\u671f\u6301\u6709\u8005\uff08Short-Term Holders, STH\uff09\u7684\u201c\u5c60\u6740\u201d\u3002STH\u662f\u6307\u90a3\u4e9b\u6301\u5e01\u65f6\u95f4\u5c11\u4e8e155\u5929\u7684\u5730\u5740\uff0c\u901a\u5e38\u88ab\u89c6\u4e3a\u5e02\u573a\u4e2d\u610f\u5fd7\u6700\u4e0d\u575a\u5b9a\u3001\u5bf9\u4ef7\u683c\u6ce2\u52a8\u6700\u654f\u611f\u7684\u7fa4\u4f53\u2014\u2014\u5373\u6240\u8c13\u7684\u201c\u6563\u6237\u201d\u6216\u201c\u8d8b\u52bf\u8ffd\u9010\u8005\u201d\u3002<\/p>\n<p dir=\"ltr\">\u94fe\u4e0a\u6570\u636e\u663e\u793a\uff0c\u5728\u6bd4\u7279\u5e01\u8dcc\u783470,000\u7f8e\u5143\u5e76\u541160,000\u7f8e\u5143\u6ed1\u843d\u7684\u8fc7\u7a0b\u4e2d\uff0c\u5f15\u53d1\u4e86STH\u7684\u6050\u614c\u6027\u629b\u552e\u3002\u4ec5\u57282\u67086\u65e5\u8fd9\u4e00\u5929\uff0c\u5411\u4ea4\u6613\u6240\u8f6c\u5165\u7684\u6bd4\u7279\u5e01\u4e2d\uff0c\u5c5e\u4e8eSTH\u7684\u5c31\u8d85\u8fc710\u4e07\u679a\u3002\u8fd9\u79cd\u5927\u89c4\u6a21\u7684\u6d41\u5165\u4ea4\u6613\u6240\uff08Inflow\uff09\u662f\u5178\u578b\u7684\u6295\u964d\u4fe1\u53f7\uff0c\u8868\u660e\u5927\u91cf\u57282025\u5e74\u672b\u9ad8\u4f4d\u63a5\u76d8\u7684\u7b79\u7801\u6b63\u5728\u5272\u8089\u79bb\u573a\u3002<\/p>\n<p dir=\"ltr\">\u66f4\u4e3a\u5173\u952e\u7684\u6307\u6807\u662fSTH\u5b9e\u73b0\u4ef7\u683c\uff08STH Realized Price\uff09\uff0c\u5373\u77ed\u671f\u6301\u6709\u8005\u7684\u5e73\u5747\u6301\u4ed3\u6210\u672c\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">STH\u5b9e\u73b0\u4ef7\u683c\uff1a\u7ea6\u4e3a 92,337\u7f8e\u5143 1\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u5f53\u524d\u5e02\u4ef7\uff1a\u7ea667,000\u7f8e\u5143\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u8fd9\u662f\u4e00\u4e2a\u60ca\u4eba\u7684\u6570\u636e\u3002\u610f\u5473\u7740\u77ed\u671f\u6301\u6709\u8005\u4f5c\u4e3a\u4e00\u4e2a\u6574\u4f53\uff0c\u5e73\u5747\u9762\u4e34\u7740\u8fd130%\u7684\u672a\u5b9e\u73b0\u4e8f\u635f\u3002\u5386\u53f2\u89c4\u5f8b\u8868\u660e\uff0c\u718a\u5e02\u7684\u771f\u6b63\u5e95\u90e8\u901a\u5e38\u53d1\u751f\u5728STH\u5f7b\u5e95\u7edd\u671b\u3001\u4e8f\u635f\u7b79\u7801\u88ab\u5b8c\u5168\u6e05\u6d17\u51fa\u5c40\u4e4b\u65f6\u3002\u6b64\u65f6\uff0cSTH\u7684\u5b9e\u73b0\u4ef7\u683c\u4f1a\u5feb\u901f\u4e0b\u884c\uff0c\u751a\u81f3\u4e0e\u957f\u671f\u6301\u6709\u8005\uff08LTH\uff09\u7684\u5b9e\u73b0\u4ef7\u683c\u53d1\u751f\u201c\u6b7b\u53c9\u201d\uff08\u5373\u77ed\u671f\u6210\u672c\u4f4e\u4e8e\u957f\u671f\u6210\u672c\uff0c\u610f\u5473\u7740\u65b0\u8fdb\u573a\u8005\u7684\u6210\u672c\u6bd4\u8001\u624b\u8fd8\u4f4e\uff0c\u5e02\u573a\u6781\u5ea6\u4f4e\u4f30\uff09\u3002<\/p>\n<p dir=\"ltr\">\u76ee\u524d\uff0c\u867d\u7136STH\u6b63\u5728\u4e8f\u635f\uff0c\u4f46\u8ddd\u79bb\u5176\u6210\u672c\u7ebf\u5927\u5e45\u4e0b\u79fb\u5e76\u4e0eLTH\u4ea4\u53c9\u4ecd\u6709\u8ddd\u79bb\u3002\u8fd9\u6697\u793a\u5e02\u573a\u53ef\u80fd\u8fd8\u9700\u8981\u7ecf\u5386\u4e00\u6bb5\u201c\u78e8\u5e95\u201d\u671f\uff0c\u901a\u8fc7\u957f\u65f6\u95f4\u7684\u4f4e\u4f4d\u6a2a\u76d8\u6765\u201c\u71ac\u201d\u8d70\u9ad8\u6210\u672c\u7b79\u7801\uff0c\u62c9\u4f4eSTH\u7684\u5e73\u5747\u6210\u672c\u3002<\/p>\n<h4 dir=\"ltr\">3.2 \u957f\u671f\u6301\u6709\u8005\uff08LTH\uff09\u7684\u5e95\u4ed3\u535a\u5f08\u4e0e\u5438\u7b79<\/h4>\n<p dir=\"ltr\">\u4e0e\u6050\u614c\u7684\u6563\u6237\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\u7684\u662f\uff0c\u957f\u671f\u6301\u6709\u8005\uff08Long-Term Holders, LTH\uff0c\u6301\u5e01\u8d85\u8fc7155\u5929\uff09\u5f00\u59cb\u5c55\u73b0\u51fa\u91cd\u65b0\u79ef\u7d2f\u7684\u8ff9\u8c61\u3002Bitfinex\u7684Alpha\u62a5\u544a\u6307\u51fa\uff0c\u5728\u7ecf\u5386\u4e862025\u5e74\u4e0b\u534a\u5e74\u725b\u5e02\u9876\u90e8\u7684\u6301\u7eed\u5206\u9500\uff08\u5356\u51fa\u83b7\u5229\uff09\u540e\uff0cLTH\u7684\u6301\u4ed3\u91cf\u57282025\u5e7412\u6708\u89e6\u5e95\uff0c\u5e76\u5df2\u5f00\u59cb\u56de\u5347\uff0c\u76ee\u524d\u6301\u6709\u7ea61430\u4e07\u679aBTC\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">LTH\u5b9e\u73b0\u4ef7\u683c\uff1a\u7ea6\u4e3a 40,311\u7f8e\u5143 1\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u5168\u7f51\u5b9e\u73b0\u4ef7\u683c\uff08Overall Realized Price\uff09\uff1a\u7ea6\u4e3a 55,207\u7f8e\u5143 1\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u5168\u7f51\u5b9e\u73b0\u4ef7\u683c\uff0855,200\u7f8e\u5143\u9644\u8fd1\uff09\u662f\u53e6\u4e00\u4e2a\u6781\u4e3a\u5173\u952e\u7684\u9632\u7ebf\u3002\u5b83\u4ee3\u8868\u4e86\u6bd4\u7279\u5e01\u7f51\u7edc\u4e0a\u6240\u6709\u5e01\u6700\u540e\u4e00\u6b21\u79fb\u52a8\u65f6\u7684\u5e73\u5747\u4ef7\u683c\uff0c\u5373\u5168\u5e02\u573a\u7684\u5e73\u5747\u6210\u672c\u3002\u5728\u6df1\u718a\u5e02\u4e2d\uff0c\u73b0\u8d27\u4ef7\u683c\u5f80\u5f80\u4f1a\u77ed\u6682\u8dcc\u7834\u5168\u7f51\u5b9e\u73b0\u4ef7\u683c\uff0c\u5236\u9020\u6781\u5ea6\u7684\u7edd\u671b\u611f\uff08\u610f\u5473\u7740\u5168\u5e02\u573a\u5e73\u5747\u90fd\u5728\u4e8f\u94b1\uff09\uff0c\u968f\u540e\u5b8c\u6210V\u578b\u53cd\u8f6c\u3002\u76ee\u524d\u4ef7\u683c\uff08\u7ea667,000\u7f8e\u5143\uff09\u8ddd\u79bb\u8fd9\u4e00\u9632\u7ebf\u4ec5\u6709\u7ea618%\u7684\u7a7a\u95f4\uff0c\u8fd9\u8fdb\u4e00\u6b65\u9a8c\u8bc1\u4e8650,000-58,000\u7f8e\u5143\u533a\u95f4\u7684\u9ad8\u76c8\u4e8f\u6bd4\u5c5e\u6027\u3002<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" alt=\"\u73b0\u8d27ETF\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/12\/1770888248740060.png?x-oss-process=image\/quality,q_50\/format,webp\" width=\"602\" height=\"497\" title=\"\u6bd4\u7279\u5e01\u5e95\u90e8\u7684\u4e09\u91cd\u5171\u632f\uff1a\u5b8f\u89c2\u3001\u94fe\u4e0a\u4e0e\u77ff\u5de5\u7ecf\u6d4e\u5b66\u7684\u7ec8\u6781\u6307\u5411\u63d2\u56fe3\" \/><\/p>\n<h4 dir=\"ltr\">3.3 \u9cb8\u9c7c\u884c\u4e3a\u4e0eETF\u6d41\u5411\u7684\u80cc\u79bb\u4e0e\u5f25\u5408<\/h4>\n<p dir=\"ltr\">\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u673a\u6784\u8d44\u91d1\u7684\u884c\u4e3a\u6a21\u5f0f\u6b63\u5728\u53d1\u751f\u5fae\u5999\u7684\u53d8\u5316\u3002\u867d\u71362026\u5e74\u521dETF\u4e00\u5ea6\u51fa\u73b0\u51c0\u6d41\u51fa\uff0c\u52a0\u5267\u4e86\u5e02\u573a\u629b\u538b\uff0c\u4f46\u5728\u4ef7\u683c\u89e6\u53ca60,000\u7f8e\u5143\u5173\u53e3\u65f6\uff0c\u8d44\u91d1\u6d41\u5411\u51fa\u73b0\u4e86\u9006\u8f6c\u3002<\/p>\n<p dir=\"ltr\">2\u670810\u65e5\u7684\u6570\u636e\u663e\u793a\uff0c\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01ETF\u5f55\u5f971.66\u4ebf\u7f8e\u5143\u7684\u51c0\u6d41\u5165\uff0c\u8d1d\u83b1\u5fb7\u7684IBIT\u5728\u5e02\u573a\u66b4\u8dcc\u4e2d\u9006\u52bf\u5438\u7b79\u3002\u8fd9\u79cd\u201c\u8d8a\u8dcc\u8d8a\u4e70\u201d\u7684\u673a\u6784\u884c\u4e3a\uff0c\u4e0e\u6563\u6237\u7684\u6050\u614c\u5272\u8089\u5f62\u6210\u4e86\u9c9c\u660e\u5bf9\u6bd4\u3002\u8fd9\u8868\u660e\uff0c\u5bf9\u4e8e\u4ee5\u8d44\u4ea7\u914d\u7f6e\u4e3a\u76ee\u7684\u7684\u673a\u6784\u8d44\u91d1\u800c\u8a00\uff0c60,000\u7f8e\u5143\u5df2\u7ecf\u8fdb\u5165\u4e86\u5176\u4ef7\u503c\u914d\u7f6e\u533a\u95f4\u3002<\/p>\n<h3 dir=\"ltr\">4. \u6280\u672f\u9762\u5206\u6790\uff1a\u4ece\u201c\u8d85\u7ea7\u6362\u624b\u533a\u201d\u5230\u201c\u5fc3\u7406\u5173\u53e3\u201d<\/h3>\n<p dir=\"ltr\">\u629b\u5f00\u57fa\u672c\u9762\u548c\u94fe\u4e0a\u6570\u636e\uff0c\u5355\u7eaf\u4ece\u76d8\u9762\u7ed3\u6784\uff08Price Action\uff09\u548c\u6280\u672f\u6307\u6807\u6765\u770b\uff0c\u5f53\u524d\u7684\u5e95\u90e8\u4fe1\u53f7\u540c\u6837\u6e05\u6670\u4e14\u5f3a\u70c8\u3002<\/p>\n<h4 dir=\"ltr\">4.1 VPVR\u89c6\u89d2\u4e0b\u7684\u201c\u8d85\u7ea7\u6362\u624b\u533a\u201d\uff1a72k-52k\u7684\u7b79\u7801\u8ff7\u5bab<\/h4>\n<p dir=\"ltr\">\u6210\u4ea4\u91cf\u5206\u5e03\u56fe\uff08Visible Range Volume Profile, VPVR\uff09\u662f\u8bc6\u522b\u652f\u6491\u4e0e\u963b\u529b\u7684X\u5149\u673a\u3002\u5b83\u6e05\u6670\u5730\u52fe\u52d2\u51fa\u4e862024\u5e74\u81f32025\u5e74\u725b\u5e02\u671f\u95f4\u7684\u7b79\u7801\u7ed3\u6784\u3002VPVR\u663e\u793a\uff0c72,000\u7f8e\u5143\u81f352,000\u7f8e\u5143 \u7684\u5927\u533a\u95f4\u662f\u8fc7\u53bb\u4e24\u5e74\u7684\u201c\u8d85\u7ea7\u6362\u624b\u533a\u201d\uff0c\u6c47\u96c6\u4e86\u6d77\u91cf\u7684\u5386\u53f2\u6210\u4ea4\u91cf\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">70,000\u7f8e\u5143 &#8211; 72,000\u7f8e\u5143\uff08\u4e0a\u65b9\u963b\u529b\uff09\uff1a\u6b64\u524d\u7684\u5f3a\u652f\u6491\u4f4d\u5728\u8dcc\u7834\u540e\uff0c\u73b0\u5df2\u8f6c\u5316\u4e3a\u6c89\u91cd\u7684\u963b\u529b\u4f4d\uff08Overhead Resistance\uff09\u3002\u5927\u91cf\u5728\u6b64\u533a\u95f4\u4e70\u5165\u7684\u7b79\u7801\uff08\u5305\u62ec\u90e8\u5206ETF\u4e70\u76d8\uff09\u73b0\u5904\u4e8e\u5957\u7262\u72b6\u6001\uff0c\u4efb\u4f55\u53cd\u5f39\u81f3\u6b64\u90fd\u5c06\u9762\u4e34\u89e3\u5957\u76d8\u7684\u629b\u538b\u3002\u8fd9\u4e5f\u662f\u4e3a\u4f55\u8fd1\u671f\u53cd\u5f39\u5c61\u6b21\u53d7\u963b\u4e8e71,000\u7f8e\u5143\u7684\u539f\u56e0\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">52,000\u7f8e\u5143 &#8211; 58,000\u7f8e\u5143\uff08\u4e0b\u65b9\u94c1\u5e95\uff09\uff1a\u8fd9\u662f\u8be5\u6362\u624b\u533a\u7684\u4e0b\u6cbf\uff0c\u4e5f\u662fVPVR\u663e\u793a\u7684\u201c\u9ad8\u6210\u4ea4\u91cf\u8282\u70b9\u201d\uff08High Volume Nodes, HVN\uff09\u6700\u5bc6\u96c6\u7684\u533a\u57df\u3002\u5728\u8fd9\u4e00\u533a\u95f4\uff0c\u4e0d\u4ec5\u6709\u5927\u91cf\u5386\u53f2\u6210\u4ea4\u91cf\u7684\u5806\u79ef\uff0c\u8fd8\u53e0\u52a0\u4e86\u4e0a\u4e00\u8f6e\u725b\u5e02\uff082021\u5e74\uff09\u7684\u7b79\u7801\u7ed3\u6784\u3002\u8fd9\u91cc\u662f\u591a\u5934\u6700\u540e\u7684\u5821\u5792\uff0c\u4e00\u65e6\u8dcc\u7834\uff0c\u4e0b\u65b9\u5c06\u8fdb\u5165\u6210\u4ea4\u91cf\u7a00\u758f\u7684\u201c\u771f\u7a7a\u533a\u201d\uff0c\u4ef7\u683c\u53ef\u80fd\u4f1a\u8fc5\u901f\u6ed1\u843d\u81f340,000\u7f8e\u5143\u3002<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\" role=\"presentation\"><img loading=\"lazy\" decoding=\"async\" alt=\"\u73b0\u8d27ETF\" style=\"margin-left: auto;margin-right: auto\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/news\/2026\/02\/12\/1770888249048364.png?x-oss-process=image\/quality,q_50\/format,webp\" width=\"602\" height=\"440\" title=\"\u6bd4\u7279\u5e01\u5e95\u90e8\u7684\u4e09\u91cd\u5171\u632f\uff1a\u5b8f\u89c2\u3001\u94fe\u4e0a\u4e0e\u77ff\u5de5\u7ecf\u6d4e\u5b66\u7684\u7ec8\u6781\u6307\u5411\u63d2\u56fe4\" \/><\/p>\n<h4 dir=\"ltr\">4.2 200\u5468\u5747\u7ebf\uff1a\u725b\u718a\u5206\u754c\u7ebf\u7684\u4fdd\u536b\u6218<\/h4>\n<p dir=\"ltr\">200\u5468\u79fb\u52a8\u5e73\u5747\u7ebf\uff08200-Week Moving Average, 200WMA\uff09\u662f\u6bd4\u7279\u5e01\u5386\u53f2\u4e0a\u6700\u53ef\u9760\u3001\u6700\u53d7\u5c0a\u91cd\u7684\u957f\u671f\u5e95\u90e8\u6307\u6807\u3002\u5b83\u4ee3\u8868\u4e86\u8fc7\u53bb\u56db\u5e74\u7684\u5e73\u5747\u6301\u4ed3\u6210\u672c\uff0c\u901a\u5e38\u88ab\u89c6\u4e3a\u725b\u718a\u5206\u754c\u7ebf\u3002<\/p>\n<p dir=\"ltr\">\u76ee\u524d\uff0c200\u5468\u5747\u7ebf\u5927\u7ea6\u4e0a\u884c\u81f3 58,000\u7f8e\u5143 \u9644\u8fd1\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u5386\u53f2\u56de\u6d4b\uff1a\u57282015\u5e74\u548c2018\u5e74\u7684\u718a\u5e02\u5e95\u90e8\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u5747\u5728\u89e6\u53ca\u6216\u7565\u5fae\u8dcc\u7834200\u5468\u5747\u7ebf\u540e\u6b62\u8dcc\u56de\u5347\u30022022\u5e74\u718a\u5e02\u867d\u7136\u4e00\u5ea6\u8dcc\u7834\u8be5\u5747\u7ebf\uff0c\u4f46\u968f\u540e\u7684V\u578b\u53cd\u8f6c\u518d\u6b21\u8bc1\u660e\u4e86\u5176\u4f5c\u4e3a\u201c\u4ef7\u503c\u4e2d\u67a2\u201d\u7684\u6709\u6548\u6027\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u5f53\u524d\u72b6\u6001\uff1a\u622a\u81f32026\u5e742\u6708\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u6b63\u5728\u5411\u4e0b\u6d4b\u8bd5\u8fd9\u4e00\u5173\u952e\u5747\u7ebf\u3002\u5982\u679c\u4ef7\u683c\u80fd\u6709\u6548\u5b88\u4f4f58,000\u7f8e\u5143\u4e00\u7ebf\uff0c\u5c06\u6781\u5927\u6982\u7387\u786e\u8ba4\u5468\u671f\u5e95\u90e8\u3002\u8fd9\u4e00\u6280\u672f\u6307\u6807\u4e0e\u77ff\u5de5\u5173\u673a\u4ef7\uff08S19\u7cfb\u5217\uff09\u3001\u5168\u7f51\u5b9e\u73b0\u4ef7\u683c\uff0855k\uff09\u572852k-58k\u533a\u95f4\u5f62\u6210\u4e86\u5b8c\u7f8e\u7684\u4e09\u91cd\u5171\u632f\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 dir=\"ltr\">4.3 \u60c5\u7eea\u6307\u6807\uff1a\u6781\u5ea6\u6050\u614c\u4e2d\u7684\u9006\u5411\u673a\u4f1a<\/h4>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u6050\u60e7\u4e0e\u8d2a\u5a6a\u6307\u6570\uff1a\u8be5\u6307\u6570\u8fd1\u671f\u5df2\u8dcc\u81f3 5-11 \u7684\u201c\u6781\u5ea6\u6050\u614c\u201d\u533a\u95f4\u3002\u8fd9\u662f\u81ea2022\u5e74FTX\u5d29\u76d8\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\u3002\u5df4\u83f2\u7279\u7684\u540d\u8a00\u201c\u5728\u522b\u4eba\u6050\u60e7\u65f6\u8d2a\u5a6a\u201d\u5728\u6b64\u523b\u5177\u6709\u6781\u9ad8\u7684\u7edf\u8ba1\u5b66\u53c2\u8003\u4ef7\u503c\u3002\u5386\u53f2\u6570\u636e\u663e\u793a\uff0c\u5f53\u8be5\u6307\u6570\u957f\u671f\uff08\u8d85\u8fc7\u51e0\u5468\uff09\u5904\u4e8e\u4e2a\u4f4d\u6570\u65f6\uff0c\u5f80\u5f80\u662f\u957f\u7ebf\u8d44\u91d1\u7684\u6700\u4f73\u4e70\u5165\u65f6\u673a\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u793e\u4ea4\u5a92\u4f53\u60c5\u7eea\uff1a\u793e\u4ea4\u5e73\u53f0\uff08Twitter\/X, Reddit\uff09\u4e0a\u7684\u8ba8\u8bba\u91cf\u548c\u60c5\u7eea\u5448\u73b0\u51fa\u201c\u6b7b\u4e00\u822c\u7684\u6c89\u5bc2\u201d\u6216\u6781\u5ea6\u60b2\u89c2\u3002\u6240\u8c13\u7684\u201c\u6b7b\u4ea1\u4ea4\u53c9\u201d\u4e0d\u4ec5\u51fa\u73b0\u5728K\u7ebf\u4e0a\uff0c\u4e5f\u51fa\u73b0\u5728\u8206\u8bba\u573a\u4e2d\u3002\u8fd9\u79cd\u6563\u6237\u5f7b\u5e95\u79bb\u573a\u3001\u65e0\u4eba\u95ee\u6d25\u7684\u4f4e\u6ce2\u52a8\u72b6\u6001\uff0c\u6b63\u662f\u5e95\u90e8\u5f62\u6210\u7684\u5fc5\u8981\u5fc3\u7406\u6761\u4ef6\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 dir=\"ltr\">5. \u7a33\u5b9a\u5e01\u4e0e\u6d41\u52a8\u6027\uff1a\u88ab\u5ffd\u89c6\u7684\u84c4\u6c34\u6c60<\/h3>\n<p dir=\"ltr\">\u5728\u5206\u6790\u4ef7\u683c\u4e0b\u8dcc\u7684\u540c\u65f6\uff0c\u6211\u4eec\u4e0d\u80fd\u5ffd\u89c6\u5e02\u573a\u6f5c\u5728\u7684\u8d2d\u4e70\u529b\u2014\u2014\u7a33\u5b9a\u5e01\u3002\u7a33\u5b9a\u5e01\u5e02\u503c\u662f\u8861\u91cf\u52a0\u5bc6\u5e02\u573a\u201c\u5e72\u706b\u836f\u201d\uff08Dry Powder\uff09\u7684\u6838\u5fc3\u6307\u6807\u3002<\/p>\n<p dir=\"ltr\">\u5c3d\u7ba1\u6bd4\u7279\u5e01\u4ef7\u683c\u5927\u5e45\u56de\u64a4\uff0c\u4f46\u7a33\u5b9a\u5e01\u7684\u603b\u5e02\u503c\u5e76\u672a\u51fa\u73b02022\u5e74\u90a3\u6837\u7684\u5d29\u76d8\u5f0f\u6d41\u51fa\uff0c\u53cd\u800c\u4fdd\u6301\u5728 3,110\u4ebf\u7f8e\u5143 \u7684\u5386\u53f2\u9ad8\u4f4d\u9644\u8fd1\u3002\u8fd9\u8868\u660e\u8d44\u91d1\u5e76\u672a\u771f\u6b63\u79bb\u5f00\u52a0\u5bc6\u751f\u6001\uff0c\u800c\u662f\u4ece\u9ad8\u6ce2\u52a8\u7684\u6bd4\u7279\u5e01\/\u5c71\u5be8\u5e01\u64a4\u9000\uff0c\u4ee5\u907f\u9669\u8d44\u4ea7\u7684\u5f62\u5f0f\uff08USDT\/USDC\uff09\u9a7b\u7559\u94fe\u4e0a\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">USDT vs. USDC\uff1a\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0cUSDC\u7684\u589e\u957f\u901f\u5ea6\u8fde\u7eed\u7b2c\u4e8c\u5e74\u8d85\u8fc7USDT\uff0c\u4e14\u5728DeFi\u548c\u673a\u6784\u7ed3\u7b97\u4e2d\u7684\u4efd\u989d\u4e0d\u65ad\u63d0\u5347\u3002\u8fd9\u663e\u793a\u51fa\u5408\u89c4\u8d44\u91d1\u548c\u673a\u6784\u8d44\u91d1\u7684\u5165\u573a\u610f\u613f\u66f4\u5f3a\uff0c\u5b83\u4eec\u6b63\u5728\u94fe\u4e0a\u7b49\u5f85\u5b8f\u89c2\u73af\u5883\u7684\u660e\u6717\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u84c4\u52bf\u5f85\u53d1\uff1a\u9ad8\u4f01\u7684\u7a33\u5b9a\u5e01\u5e02\u503c\u5c31\u50cf\u4e00\u4e2a\u5de8\u5927\u7684\u201c\u84c4\u6c34\u6c60\u201d\u3002\u4e00\u65e6\u5e02\u573a\u8d8b\u52bf\u53cd\u8f6c\uff08\u5982\u7f8e\u8054\u50a8\u505c\u6b62\u7f29\u8868\u6216\u4ef7\u683c\u7a81\u7834\u5173\u952e\u963b\u529b\uff09\uff0c\u8fd93000\u591a\u4ebf\u7f8e\u5143\u7684\u8d2d\u4e70\u529b\u5c06\u8fc5\u901f\u8f6c\u5316\u4e3a\u63a8\u52a8\u4ef7\u683c\u4e0a\u6da8\u7684\u71c3\u6599\u3002\u56e0\u6b64\uff0c\u5bc6\u5207\u5173\u6ce8\u7a33\u5b9a\u5e01\u5e02\u503c\u7684\u53d8\u5316\uff0c\u7279\u522b\u662fUSDC\u7684\u5927\u989d\u589e\u53d1\uff0c\u5c06\u662f\u6355\u6349\u53f3\u4fa7\u4ea4\u6613\u673a\u4f1a\u7684\u91cd\u8981\u4fe1\u53f7\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 dir=\"ltr\">6. \u7ed3\u8bba\u4e0e\u7b56\u7565\uff1a\u5982\u4f55\u5728\u98ce\u66b4\u773c\u4e2d\u4ece\u5bb9\u5e03\u5c40<\/h3>\n<h4 dir=\"ltr\">6.1 \u5e95\u90e8\u5728\u54ea\u91cc\uff1f\u2014\u2014 \u4e09\u91cd\u9a8c\u8bc1\u6a21\u578b<\/h4>\n<p dir=\"ltr\">\u7efc\u5408\u4e0a\u8ff0\u5b8f\u89c2\u3001\u77ff\u4e1a\u3001\u94fe\u4e0a\u53ca\u6280\u672f\u9762\u5206\u6790\uff0c\u6211\u4eec\u53ef\u4ee5\u6784\u5efa\u4e00\u4e2a\u7acb\u4f53\u7684\u5e95\u90e8\u9a8c\u8bc1\u6a21\u578b\uff0c\u5c06\u6a21\u7cca\u7684\u201c\u5e95\u90e8\u201d\u5177\u8c61\u5316\u4e3a\u4e09\u4e2a\u5177\u4f53\u7684\u533a\u95f4\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u7269\u7406\u5e95\u90e8\uff0844,000 &#8211; 52,000\u7f8e\u5143\uff09\uff1a<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\" role=\"presentation\">\u5b9a\u4e49\uff1a\u8fd9\u662fS23\u7b49\u6700\u65b0\u4e00\u4ee3\u9ad8\u80fd\u6548\u77ff\u673a\u7684\u5173\u673a\u4ef7\u9632\u7ebf\uff0c\u4e5f\u662f\u5386\u53f2\u6781\u9650\u56de\u64a4\uff0860%-70%\uff09\u7684\u7406\u8bba\u76ee\u6807\u4f4d\u3002<\/p>\n<p dir=\"ltr\" role=\"presentation\">\u6982\u7387\uff1a\u8f83\u4f4e\uff08&lt;20%\uff09\u3002\u9664\u975e\u53d1\u751f\u7cfb\u7edf\u6027\u91d1\u878d\u5d29\u6e83\uff08\u5982\u7f8e\u8054\u50a8\u6fc0\u8fdb\u7f29\u8868\u5bfc\u81f4\u6d41\u52a8\u6027\u5371\u673a\uff09\uff0c\u5426\u5219\u89e6\u53ca\u6b64\u533a\u57df\u7684\u6982\u7387\u4e0d\u5927\uff0c\u5c5e\u4e8e\u201c\u6781\u7aef\u6361\u6f0f\u533a\u201d\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u4ef7\u503c\u5e95\u90e8\uff0852,000 &#8211; 58,000\u7f8e\u5143\uff09\uff1a<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\" role=\"presentation\">\u5b9a\u4e49\uff1a\u8fd9\u662f200\u5468\u5747\u7ebf\u3001\u5168\u7f51\u5b9e\u73b0\u4ef7\u683c\u4ee5\u53caS19\/S21\u77ff\u673a\u6df7\u5408\u5173\u673a\u4ef7\u7684\u91cd\u53e0\u533a\u57df\u3002\u540c\u65f6\u4e5f\u662fVPVR\u663e\u793a\u7684\u8d85\u7ea7\u7b79\u7801\u5bc6\u96c6\u533a\u4e0b\u6cbf\u3002<\/p>\n<p dir=\"ltr\" role=\"presentation\">\u6982\u7387\uff1a\u6781\u9ad8\uff08&gt;60%\uff09\u3002\u6b64\u533a\u57df\u5177\u6709\u6781\u9ad8\u7684\u652f\u6491\u529b\u5ea6\uff0c\u662f\u4e3b\u529b\u8d44\u91d1\u5927\u6982\u7387\u5e03\u5c40\u7684\u9632\u7ebf\u3002\u5e02\u573a\u53ef\u80fd\u4f1a\u901a\u8fc7\u201c\u63d2\u9488\u201d\u5f62\u5f0f\u77ed\u6682\u89e6\u53ca\uff0c\u4f46\u96be\u4ee5\u957f\u671f\u7ef4\u6301\u5728\u4e0b\u65b9\u3002<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u60c5\u7eea\u5e95\u90e8\uff0860,000 &#8211; 65,000\u7f8e\u5143\uff09\uff1a<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\" role=\"presentation\">\u5b9a\u4e49\uff1a\u8fd9\u662f\u5f53\u524d\u5e02\u573a\u6d4b\u8bd5\u7684\u201c\u524d\u54e8\u6218\u201d\uff0c\u4e5f\u662f\u5fc3\u7406\u5173\u53e3\u3002\u867d\u7136\u5df2\u7ecf\u51fa\u73b0\u6050\u614c\u60c5\u7eea\u548cETF\u8d44\u91d1\u56de\u6d41\uff0c\u4f46\u8003\u8651\u5230STH\u6210\u672c\u5c1a\u672a\u5b8c\u6210\u6df1\u5ea6\u51fa\u6e05\uff0c\u6b64\u4f4d\u7f6e\u53ef\u80fd\u9700\u8981\u53cd\u590d\u9707\u8361\u6e05\u6d17\uff0c\u751a\u81f3\u9762\u4e34\u201c\u5047\u8dcc\u7834\u201d\u8bf1\u7a7a\u7684\u98ce\u9669\u3002<\/p>\n<h4 dir=\"ltr\">6.2 \u6295\u8d44\u7b56\u7565\uff1a\u91d1\u5b57\u5854\u5f0f\u5efa\u4ed3\u6cd5<\/h4>\n<p dir=\"ltr\">\u9274\u4e8e\u5e95\u90e8\u662f\u4e00\u4e2a\u533a\u95f4\u800c\u975e\u5355\u4e00\u70b9\u4f4d\uff0c\u4e14\u5b8f\u89c2\u4e0d\u786e\u5b9a\u6027\uff08\u7f8e\u8054\u50a8\u653f\u7b56\uff09\u4f9d\u7136\u5b58\u5728\uff0c\u5efa\u8bae\u6295\u8d44\u8005\u6452\u5f03\u201c\u68ad\u54c8\u201d\u8d4c\u5e95\u7684\u8d4c\u5f92\u5fc3\u6001\uff0c\u91c7\u7528\u91d1\u5b57\u5854\u5efa\u4ed3\u6cd5\u5206\u6279\u63a5\u8d27\uff0c\u4ee5\u5e73\u6ed1\u6210\u672c\u5e76\u63a7\u5236\u98ce\u9669\uff1a<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">\u7b2c\u4e00\u68af\u961f\uff0860k-65k\uff09\uff1a\u5efa\u7acb\u5e95\u4ed3\uff08\u7ea620%-30%\u4ed3\u4f4d\uff09\u3002\u6b64\u4f4d\u7f6e\u867d\u7136\u770b\u4f3c\u6447\u6447\u6b32\u5760\uff0c\u4f46\u5df2\u8fdb\u5165\u9ad8\u76c8\u4e8f\u6bd4\u533a\u57df\uff0c\u9002\u5408\u957f\u671f\u914d\u7f6e\uff0c\u9632\u6b62\u8e0f\u7a7a\u3002<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" 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