机构投资者必备：一季度加密市场指南解析

Source compilation compares the market overview of cryptocurrency total market value. The total market value of cryptocurrency is an important indicator reflecting the global digital asset market value, covering bitcoin Ethereum tokens and stable currencies. Driven by the strong performance of Bitcoin and Ethereum, the total market value of cryptocurrency has increased more than the dominant position of cryptocurrency. The dominant position of cryptocurrency measures the percentage of the market value of a specific cryptocurrency to the total market value of all cryptocurrencies. With the market's growing prospects for spot approval of Bitcoin, and Transfer of funds to high-quality assets The dominant position of Bitcoin has increased. Some market participants also regard the halving of Bitcoin in June as a potential catalyst for price increase. Historically, the correlation between cryptocurrency and traditional asset classes is low. The exception was in 2000, when almost all assets fell synchronously, but the market returned to the historical normal in 2000, which shows that cryptocurrency will become one of the sources of non-systematic risks. Diversified allocation of cryptocurrency will help traditional portfolios spread risks. In this table, we analyze the effect of allocating a small number of core indexes in a portfolio composed of Morgan Stanley Capital International, a global stock index, and the American bond market. The effect is that a market-weighted cryptocurrency index is rebalanced every quarter, in which the weights of Bitcoin and Ethereum account for the sum of the two respectively, covering the cryptocurrency market from June to June. The results of two main fluctuation cycles show that the absolute return and risk-adjusted return of the portfolio have been improved after China's entry into the WTO. Stable currency is a kind of digital currency aimed at maintaining a stable value. They are usually linked to the US dollar or other legal tender at a fixed exchange rate and hold corresponding reserve assets. Stable currency backed by legal tender occupies a dominant position in the stable currency market. Market participants should focus on the quantity and type of its reserve assets when evaluating stable currency. Price and Market Value The price of Bitcoin rose more than that of market participants in the year, encouraged by many factors, including the slowdown of inflation and the increase of the possibility of approval of trading funds of spot cryptocurrency exchanges. The price performance of Bitcoin since the low point of the cycle has gone through four complete bull-bear cycles. In this chart, we can observe the comparison between the current market cycle starting in and the previous cycles. The adjusted net unrealized profit and loss held by Bitcoin entities refers to relative unreality. The difference between the current profit and the relative unrealized loss is adjusted to exclude the internal transactions between the same entity address, so as to measure the actual economic activities more accurately and provide more optimized market signals than the unadjusted ones. The circulation supply of cryptocurrency is composed of all currencies with loss supply cost basis higher than the current spot price and all currencies with profit supply cost basis lower than the current spot price. Observing the supply profitability is helpful to reveal the price of cryptocurrency. The cryptocurrency market cycle before the position in the current market cycle has the characteristics of three stages. The bottom discovery period is in the last stage of the bear market. When the long-term price depreciation leads to an increase in the proportion of loss supply, the percentage of profit supply is in a frenzy period. During the bull market, when the price shows a parabolic upward trend, the proportion of profit supply is dominant. The percentage of profit supply is between the bottom discovery period and the frenzy period. At this time, the profitability of supply is closer. Equilibrium profit supply percentage is between 0 and 0. The number of active addresses per day refers to the number of unique addresses in the network that remain active as a sender or receiver. This indicator is very important for measuring user acceptance, network status and economic activities. Although the number of active addresses is an important indicator, a single entity can have multiple addresses, so we also need to pay attention to the number of active entities. Entities are defined as a group controlled by the same network entity. Address clusters These address clusters are estimated by advanced heuristics and proprietary clustering algorithms. Here, advanced heuristics refer to a complex method or technology based on empirical knowledge and observation patterns, which is used to estimate or make decisions under the condition of incomplete information. The total supply held by long-term holders is defined as investors who have held cryptocurrency for at least days. This holding period usually means that the possibility of these assets being sold is greatly reduced, so long-term holders are observed. Activity pattern can be used as an effective index to predict the periodic fluctuation of cryptocurrency market, which helps to identify potential peaks and valleys. With the maturity of cryptocurrency as an asset class and the increase of institutional participation, its volatility shows a steady downward trend. Monthly realized volatility belt This chart uses Bollinger Band to analyze the realized volatility for one month to identify potential turning points of volatility. If the volatility deviates from the monthly average by more than one standard deviation, it is more likely to reverse. Price and realized price refer to the average price of cryptocurrency supply, which is calculated according to the value of each currency on the last trading day in the chain. It is usually regarded as the chain cost basis of the market, which is the abbreviation of market value and realized value. It means that the ratio between spot price and realized value means that the current price is twice the average cost basis of the market, and the average holder's profit is twice the average cost basis of the market. Being at breakeven point means that the current price is lower than the market average cost base. The extreme value of the average holder's loss can reveal the period when the market is overheated or underestimated and the period when the investor's profit is far above or far below the average level, that is, the realized price. This chart shows the ratio and the six-month simple moving average used as a momentum indicator. The period above six months usually describes the upward trend of the macro market, while the period below this line usually describes the turning point of the downward trend cycle. In order to make a strong breakthrough for six months, the strong breakthrough above indicates that a large number of derivatives futures are obtained at a level lower than the current price, while the strong breakthrough below indicates that a large number of derivatives futures are obtained at a level higher than the current price. The trading volume of encrypted futures is divided into traditional futures, also known as term or calendar futures and perpetual futures. The latter is a unique perpetual futures of cryptocurrency, so the holder does not need to extend the operation. Although perpetual futures are the main force of futures trading, traditional futures still occupy an important position in futures open contracts because of the wide application of hedging and spot arbitrage trading. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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