分析：持有比特幣 1 至 2 年的地址自價格創歷史新高後一直在拋售，抵消了長期持有者的積累

To establish the necessary trust, managed markets have built additional services and operational layers. For instance, childcare markets conduct extensive vetting of providers before they can transact on the market, including real-life interviews, background checks, and building software tools for real-time visibility and location. In real estate, some managed markets have taken on the responsibility for the entire end-to-end process, from repairs to acting as market makers for homes ("iBuyers"). These additional operations come with significant overhead. Moreover, other markets wishing to list suppliers/providers must repeat this effort, leading to inefficiencies in the market.4. Solutions: The Killer Capabilities of CryptocurrencyFrom the perspective of these challenges, cryptocurrency has three killer capabilities that open up new potential directions for market innovation: scalability, on-chain reputation, and payments.1) ScalabilityIf there is one thing cryptocurrency excels at, it is scalability. Cryptocurrency incentives (in the form of tokens) have proven to be a very powerful tool for driving growth.Compared to Web2 markets, cryptocurrency enables markets to grow sequentially through token-based financial incentives, starting from the supply side and then expanding demand. For example, decentralized physical infrastructure networks (DePINs) like Helium and Hivemapper kickstarted their supply side by providing token incentives to participants, while the revenue from the underlying network later caught up.You can apply token incentives to many types of markets that do not exist due to high startup costs. Imagine a hyper-local social network that requires a large number of users to be densely active (similar to Citizen but more broadly applicable to information or real-time events), or a new dating application. In the AI space, we have already seen developers apply token incentives to create new markets that have no precedent in the Web2 world. For example, networks like Vana and Rainfall enable users to contribute data for AI training and earn token rewards. Aggregating long-tail, private, hard-to-access datasets would be nearly impossible without smart incentives to mobilize large-scale user contributions.2) On-Chain Reputation and HistoryOne challenge mentioned above in Web2 markets is that isolated markets need to repeat efforts to establish trust. For example, Uber conducts background checks on all new drivers, but when the same driver downloads the Lyft app, that app also conducts a background check because these platforms are isolated.One application of cryptocurrency is as a portable reputation system. What if this information were stored on-chain and moved as drivers joined any market, rather than requiring each application to conduct separate background checks? Furthermore, other information about provider history, such as reliability and quality, could be represented on-chain, allowing markets to aggregate and leverage a global trust repository. Such a system could eliminate the need for different managed markets to implement their own capital-intensive processes. In Web2, many managed markets provide excellent user experiences, but due to high operational costs, they ultimately become unviable as business models. A global on-chain reputation could fundamentally change their cost structures.You can find a microcosm of this idea in the Farcaster ecosystem. This social media protocol stores posts, likes, follows, and profiles in a decentralized central network. When users install different applications built on this protocol, their social data moves with them. We are already seeing borderless markets emerge on Farcaster. One example is Bountycaster, where users can post and discover bounties on any Farcaster client, leveraging the rich reputation data on the Farcaster network. With this portable social data, you can imagine various new markets emerging in the Farcaster ecosystem, from smart contract auditing markets to expert markets leveraging Farcaster's connection graph and reputation.3) PaymentsFacilitating payments is a core component of modern markets, but in Web2, supporting cross-border payments requires internationalization across various local systems. This is particularly important for digital markets, as customers and suppliers are often far apart. For example, over 80% of YouTube users are located outside the United States. To support local currency payments in each geographic region, platforms must integrate with international payment gateways. This often results in some marginal areas being underserved, especially for resource-limited, nascent markets or platforms that cannot internationalize.Cryptocurrency can operate internationally from the outset, enabling transactions between anyone with a crypto wallet. This allows resource-limited markets to have a global impact from the beginning. For example, I recently purchased an NFT in a blockchain data community called bytexplorers, which allowed me to pose data-related questions to an analyst community. Analysts who answered correctly received token rewards, enabling seamless payments and global participation.5. Opportunities for Next-Generation MarketsIf I have learned anything from my years in market venture capital, it is that the best opportunities arise when builders leverage new technologies to create significant improvements for end users. Each generation of market builders has utilized new technologies to unlock new markets that previously could not exist.Cryptocurrency represents the next stage of this evolution. By leveraging token incentives for scaling, new markets can grow in a more capital-efficient manner. On-chain reputation and history can reduce the overhead for any given market operator. Cryptocurrency-based payment methods allow markets to operate seamlessly across borders from the outset. All of this will not only improve existing markets but also give rise to new markets that can only exist under new cost structures and scaling strategies.ChainCatcher 消息，分析公司 CryptoQuant 追蹤的數據顯示，在 1 - 2 年內不活躍的 BTC 數量有所下降，這是比特幣價格維持在歷史高位附近時持有者獲利的跡象。Marex Solutions 數字資產聯合主管 Ilan Solot 週三在一封電子郵件中表示："在比特幣價格創下歷史新高後，持有比特幣 1 年和 2 年的地址一直在賣出。這抵消了長期持有者（+3年）的積累。"