# Holder的所有文章

在 HTX 新聞中心流覽與「Holder」相關的最新資訊與深度分析。潘蓋市場趨勢、專案動態、技術進展及監管政策，提供權威的加密行業洞察。

Bitcoin Short-Term Holder Basis Remains High Within Biggest Supply Cluster

Bitcoin's recent recovery from February lows is approaching a critical supply cluster between $84,000 and $88,000, which holds the largest concentration of Bitcoin supply on the current chart. This zone represents the cost basis for short-term holders (investors who bought within the last 155 days) and is stacked with "trapped" sellers who bought near those levels and are now at breakeven. Technical analysis suggests the rally faces significant resistance in this area. Two primary scenarios are outlined: a direct push into the $84k-$86k zone followed by a rejection and pullback to $70,000 support, or a more volatile path involving a dip before testing the supply cluster. A weekly close above $84,000 would weaken the bearish rejection case, but a decisive break above $86,900-$88,000 is needed for a stronger bullish confirmation. Bitcoin is currently trading around $80,430.

bitcoinist05/16 07:02

Bitcoin Short-Term Holder Basis Remains High Within Biggest Supply Cluster

bitcoinist05/16 07:02

XRP Network Sets New Record: 10,000+ Token Wallets At Highest Ever

XRP has achieved a new milestone with the number of wallets holding at least 10,000 XRP reaching an all-time high of over 332,000, according to data from Santiment. This suggests continued accumulation by mid-to-large investors despite recent market volatility. After a brief decline during a price crash in late January/early February, the wallet count resumed a gradual upward trend throughout March, April, and into May. Analysts view this sustained growth as a positive long-term signal for the network. In related news, treasury company Evernorth remains in a significant loss position on its $950 million XRP holdings, currently down approximately $389 million. At the time of writing, XRP's price is trading around $1.43.

bitcoinist05/14 13:02

XRP Network Sets New Record: 10,000+ Token Wallets At Highest Ever

bitcoinist05/14 13:02

How to Accurately Value Cryptocurrencies?

Evaluating cryptocurrencies requires moving beyond simplistic metrics like market cap divided by protocol revenue. The core framework proposed is Enterprise Value (EV) / Holder Income, which accounts for what token holders actually receive. Key adjustments include: - **EV Calculation**: EV = Market Cap - Extractable Treasury Assets (discounted based on holder control, e.g., 0% for auto-burn, 100% if no claim exists). - **Holder Income**: The portion of protocol revenue (after supply-side payments) that reaches holders via buybacks, burns, or distributions. The accrual Ratio (Holder Income/Protocol Revenue) varies widely (25%-100% in examples). - **Token Costs**: Team incentives and operational costs from new token issuance are true business expenses and reduce Holder Income. Investor unlocks are market events, not operational costs. Examples: - HYPE: High accrual (100%) but significant team costs. - PUMP: Low EV/Protocol Revenue but high "holder tax" from future unlocks. - MAPLE: Large accrual discount (25.1% ratio). - JUP: Clean structure with net-zero emissions. This framework highlights the mispricing between protocol earnings and holder returns, emphasizing the need to measure actual value capture.

marsbit03/09 03:16

How to Accurately Value Cryptocurrencies?

marsbit03/09 03:16

Bitcoin Distribution Ends: Mid-Cycle Pause Or Start Of A Longer Bear Market?

Bitcoin has faced persistent selling pressure since its October 2025 all-time high near $125,000, with prices dropping sharply toward $60,000. According to analyst Axel Adler, on-chain data—specifically the Entity-Adjusted Liveliness metric—peaked in December 2025 and has since trended downward, historically signaling the end of distribution and the start of accumulation phases. Previous cycles suggest such transitions can last 1.1 to 2.5 years, implying the current market may be entering a prolonged restructuring period rather than a brief pause. Investors are monitoring both price action and on-chain signals to gauge whether further downside risk or stabilization lies ahead.

bitcoinist02/18 08:04

Bitcoin Distribution Ends: Mid-Cycle Pause Or Start Of A Longer Bear Market?

bitcoinist02/18 08:04

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