{"id":16385,"date":"2025-06-13T10:01:49","date_gmt":"2025-06-13T06:31:49","guid":{"rendered":"https:\/\/kebrin.ir\/mag\/?p=16385"},"modified":"2025-06-26T16:20:54","modified_gmt":"2025-06-26T12:50:54","slug":"what-is-on-chain-analysis","status":"publish","type":"post","link":"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis","title":{"rendered":"\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0686\u06cc\u0633\u062a\u061f \u0631\u0627\u0647\u0646\u0645\u0627\u06cc \u06a9\u0627\u0645\u0644 On-Chain \u0628\u0631\u0627\u06cc \u0631\u0635\u062f \u0631\u0641\u062a\u0627\u0631 \u0628\u0627\u0632\u0627\u0631 \u0648 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627\u06cc \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 ez-toc-wrap-left-text counter-hierarchy ez-toc-counter-rtl ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" 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href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%DB%B2%DB%B0%DB%B1%DB%B7_%E2%80%93_%D9%86%D8%B3%D8%A8%D8%AA%E2%80%8C%D9%87%D8%A7%DB%8C_NVT_%D9%88_MVRV_%D8%A2%D8%BA%D8%A7%D8%B2_%D8%A7%D8%B1%D8%B2%D8%B4%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C_%D8%B4%D8%A8%DA%A9%D9%87\" >\u06f2\u06f0\u06f1\u06f7 \u2013 \u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc NVT \u0648 MVRV: \u0622\u063a\u0627\u0632 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0634\u0628\u06a9\u0647<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%DB%B2%DB%B0%DB%B2%DB%B0_%D8%AA%D8%A7_%DB%B2%DB%B0%DB%B2%DB%B5_%E2%80%93_%D8%A7%D9%86%D9%81%D8%AC%D8%A7%D8%B1_%D9%BE%D9%84%D8%AA%D9%81%D8%B1%D9%85%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AF%D8%A7%D8%AF%D9%87_%D9%88_%D9%87%D9%88%D8%B4_%D9%85%D8%B5%D9%86%D9%88%D8%B9%DB%8C\" >\u06f2\u06f0\u06f2\u06f0 \u062a\u0627 \u06f2\u06f0\u06f2\u06f5 \u2013 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href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%B3%D9%87_%D9%85%D8%AF%D9%84_%D8%B4%D8%A7%D8%AE%D8%B5_%D9%81%D8%B9%D8%A7%D9%84%DB%8C%D8%AA_%D8%B4%D8%A8%DA%A9%D9%87%D8%8C_%D8%B1%D9%81%D8%AA%D8%A7%D8%B1_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%D8%8C_%D8%A7%D8%B1%D8%B2%D8%B4%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C\" >\u0633\u0647 \u0645\u062f\u0644 \u0634\u0627\u062e\u0635 (\u0641\u0639\u0627\u0644\u06cc\u062a \u0634\u0628\u06a9\u0647\u060c \u0631\u0641\u062a\u0627\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u060c \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%A8%D8%B1%D8%A7%DB%8C_%D8%AC%D9%85%D8%B9%E2%80%8C%D8%A2%D9%88%D8%B1%DB%8C_%D8%A7%DB%8C%D9%86_%D8%AF%D8%A7%D8%AF%D9%87%E2%80%8C%D9%87%D8%A7%D8%8C_%D8%AA%D8%AD%D9%84%DB%8C%D9%84%DA%AF%D8%B1%D8%A7%D9%86_%D9%85%DB%8C%E2%80%8C%D8%AA%D9%88%D8%A7%D9%86%D9%86%D8%AF_%D8%A7%D8%B2_%D8%B1%D9%88%D8%B4%E2%80%8C%D9%87%D8%A7%DB%8C_%D9%85%D8%AE%D8%AA%D9%84%D9%81%DB%8C_%D8%A7%D8%B3%D8%AA%D9%81%D8%A7%D8%AF%D9%87_%DA%A9%D9%86%D9%86%D8%AF\" >\u0628\u0631\u0627\u06cc \u062c\u0645\u0639\u200c\u0622\u0648\u0631\u06cc \u0627\u06cc\u0646 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u060c \u062a\u062d\u0644\u06cc\u0644\u06af\u0631\u0627\u0646 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u0646\u062f \u0627\u0632 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0645\u062e\u062a\u0644\u0641\u06cc \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0646\u0646\u062f:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link 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href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%AA%D9%81%D8%A7%D9%88%D8%AA_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D8%A8%D8%A7_%D8%AF%D8%A7%D8%AF%D9%87%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%A2%D9%81%E2%80%8C%DA%86%DB%8C%D9%86_%D9%88_%D8%AA%DA%A9%D9%86%DB%8C%DA%A9%D8%A7%D9%84\" >\u062a\u0641\u0627\u0648\u062a \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0627 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0622\u0641\u200c\u0686\u06cc\u0646 \u0648 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%85%D9%82%D8%A7%DB%8C%D8%B3%D9%87_%D8%B4%D9%81%D8%A7%D9%81%DB%8C%D8%AA%D8%8C_%D9%BE%D9%88%D8%B4%D8%B4_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D9%88_%D9%BE%DB%8C%D8%B4%E2%80%8C%D8%A8%DB%8C%D9%86%DB%8C%E2%80%8C%D9%BE%D8%B0%DB%8C%D8%B1%DB%8C\" 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href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%85%D8%B2%D8%A7%DB%8C%D8%A7_%D9%88_%D8%B1%DB%8C%D8%B3%DA%A9%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86\" >\u0645\u0632\u0627\u06cc\u0627 \u0648 \u0631\u06cc\u0633\u06a9\u200c\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%BE%D9%86%D8%AC_%D9%85%D8%B2%DB%8C%D8%AA_%DA%A9%D9%84%DB%8C%D8%AF%DB%8C_%D8%A8%D8%B1%D8%A7%DB%8C_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D9%87%E2%80%8C%DA%AF%D8%B1_%DA%A9%D8%B1%DB%8C%D9%BE%D8%AA%D9%88\" >\u067e\u0646\u062c \u0645\u0632\u06cc\u062a \u06a9\u0644\u06cc\u062f\u06cc \u0628\u0631\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631 \u06a9\u0631\u06cc\u067e\u062a\u0648<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%BE%D9%86%D8%AC_%D8%B1%DB%8C%D8%B3%DA%A9_%D9%88_%D8%B1%D8%A7%D9%87%DA%A9%D8%A7%D8%B1_%D9%85%D8%AF%DB%8C%D8%B1%DB%8C%D8%AA_%D8%A2%D9%86%E2%80%8C%D9%87%D8%A7\" >\u067e\u0646\u062c \u0631\u06cc\u0633\u06a9 \u0648 \u0631\u0627\u0647\u06a9\u0627\u0631 \u0645\u062f\u06cc\u0631\u06cc\u062a \u0622\u0646\u200c\u0647\u0627<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%B1%D8%A7%D9%87%D9%86%D9%85%D8%A7%DB%8C_%DA%86%D9%87%D8%A7%D8%B1%D9%85%D8%B1%D8%AD%D9%84%D9%87%E2%80%8C%D8%A7%DB%8C_%D8%B4%D8%B1%D9%88%D8%B9_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86\" >\u0631\u0627\u0647\u0646\u0645\u0627\u06cc \u0686\u0647\u0627\u0631\u0645\u0631\u062d\u0644\u0647\u200c\u0627\u06cc \u0634\u0631\u0648\u0639 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%A7%D9%86%D8%AA%D8%AE%D8%A7%D8%A8_%D8%A7%D8%A8%D8%B2%D8%A7%D8%B1_%D9%85%D9%86%D8%A7%D8%B3%D8%A8_Glassnode_CryptoQuant_Etherscan\" >\u0627\u0646\u062a\u062e\u0627\u0628 \u0627\u0628\u0632\u0627\u0631 \u0645\u0646\u0627\u0633\u0628 (Glassnode \/ CryptoQuant \/ Etherscan)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%AA%D8%B9%DB%8C%DB%8C%D9%86_%D8%B3%D8%A8%D8%AF_%D8%B4%D8%A7%D8%AE%D8%B5%E2%80%8C%D9%87%D8%A7_Active_Addresses%D8%8C_Exchange_Reserve%D8%8C_NVT\" >\u062a\u0639\u06cc\u06cc\u0646 \u0633\u0628\u062f \u0634\u0627\u062e\u0635\u200c\u0647\u0627 (Active Addresses\u060c Exchange Reserve\u060c NVT)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%B3%D8%A7%D8%AE%D8%AA_%D9%87%D8%B4%D8%AF%D8%A7%D8%B1_%D9%88_%D8%AF%D8%A7%D8%B4%D8%A8%D9%88%D8%B1%D8%AF_%D8%B3%D9%81%D8%A7%D8%B1%D8%B4%DB%8C_API_Key%D8%8C_Alerts\" >\u0633\u0627\u062e\u062a \u0647\u0634\u062f\u0627\u0631 \u0648 \u062f\u0627\u0634\u0628\u0648\u0631\u062f \u0633\u0641\u0627\u0631\u0634\u06cc (API Key\u060c Alerts)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%BE%D8%A7%DB%8C%D8%B4_%D8%AF%D9%88%D8%B1%D9%87%E2%80%8C%D8%A7%DB%8C_%D9%88_%D8%A8%D9%87%E2%80%8C%D8%B1%D9%88%D8%B2%D8%B1%D8%B3%D8%A7%D9%86%DB%8C_%D9%85%D8%AF%D9%84_Backtest_Rebalance\" >\u067e\u0627\u06cc\u0634 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u0648 \u0628\u0647\u200c\u0631\u0648\u0632\u0631\u0633\u0627\u0646\u06cc \u0645\u062f\u0644 (Backtest &amp; Rebalance)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%DA%98%DB%8C%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AA%D8%B1%DA%A9%DB%8C%D8%A8%DB%8C_%D9%88_%D8%B3%D9%86%D8%A7%D8%B1%DB%8C%D9%88%D9%87%D8%A7%DB%8C_%D9%85%D9%86%D8%A7%D8%B3%D8%A8%D9%86%D8%A7%D9%85%D9%86%D8%A7%D8%B3%D8%A8\" >\u0627\u0633\u062a\u0631\u0627\u062a\u0698\u06cc\u200c\u0647\u0627\u06cc \u062a\u0631\u06a9\u06cc\u0628\u06cc \u0648 \u0633\u0646\u0627\u0631\u06cc\u0648\u0647\u0627\u06cc \u0645\u0646\u0627\u0633\u0628\/\u0646\u0627\u0645\u0646\u0627\u0633\u0628<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D8%AA%DA%A9%D9%86%DB%8C%DA%A9%D8%A7%D9%84_%D8%A8%D8%B1%D8%A7%DB%8C_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D8%A7%D8%AA_%D8%B3%D9%88%DB%8C%DB%8C%D9%86%DA%AF\" >\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 + \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0628\u0631\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0633\u0648\u06cc\u06cc\u0646\u06af<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D9%81%D8%A7%D9%86%D8%AF%D8%A7%D9%85%D9%86%D8%AA%D8%A7%D9%84_%D8%A8%D8%B1%D8%A7%DB%8C_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C_%D8%A8%D9%84%D9%86%D8%AF%D9%85%D8%AF%D8%AA\" >\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 + \u0641\u0627\u0646\u062f\u0627\u0645\u0646\u062a\u0627\u0644 \u0628\u0631\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%85%D8%B7%D8%A7%D9%84%D8%B9%D9%87_%D9%85%D9%88%D8%B1%D8%AF%DB%8C_%DB%B1%DB%B2_%D9%85%D8%A7%D9%87_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D8%B1%D9%88%DB%8C_%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86\" >\u0645\u0637\u0627\u0644\u0639\u0647 \u0645\u0648\u0631\u062f\u06cc \u06f1\u06f2 \u0645\u0627\u0647 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0631\u0648\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D9%BE%D8%B1%D8%B3%D8%B4%E2%80%8C%D9%87%D8%A7%DB%8C_%D9%85%D8%AA%D8%AF%D8%A7%D9%88%D9%84_FAQ\" >\u067e\u0631\u0633\u0634\u200c\u0647\u0627\u06cc \u0645\u062a\u062f\u0627\u0648\u0644 (FAQ)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/kebrin.ir\/mag\/what-is-on-chain-analysis\/#%D8%AC%D9%85%D8%B9%E2%80%8C%D8%A8%D9%86%D8%AF%DB%8C\" >\u062c\u0645\u0639\u200c\u0628\u0646\u062f\u06cc<\/a><\/li><\/ul><\/nav><\/div>\n<p>\u0628\u0627 \u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062f\u0627\u0634\u062a\u0646 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0628\u0644\u0627\u06a9 \u0686\u06cc\u0646 \u06a9\u0647 \u0634\u0627\u0645\u0644 \u0622\u062f\u0631\u0633\u200c\u0647\u0627\u060c \u06a9\u06cc\u0641\u200c \u067e\u0648\u0644\u200c\u0647\u0627\u060c \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u0648 \u0641\u0639\u0627\u0644\u06cc\u062a\u200c\u0647\u0627\u06cc \u0627\u0631\u0632 \u062f\u06cc\u062c\u06cc\u062a\u0627\u0644 \u0647\u0633\u062a\u0646\u062f\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 <strong>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646<\/strong> \u0631\u0627 \u0627\u0646\u062c\u0627\u0645 \u062f\u0627\u062f. \u0633\u0648\u0627\u0644\u06cc \u06a9\u0647 \u062f\u0631 \u0628\u062d\u062b \u0634\u0641\u0627\u0641\u06cc\u062a \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646 \u0648 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0628\u0627\u0632\u0627\u0631 \u0645\u0637\u0631\u062d \u0645\u06cc\u200c\u0634\u0648\u062f\u060c \u0627\u06cc\u0646 \u0627\u0633\u062a \u06a9\u0647 \u0686\u0631\u0627 \u00ab\u062f\u0631\u0648\u0646 \u0632\u0646\u062c\u06cc\u0631\u0647\u00bb \u0631\u06cc\u0633\u06a9 \u0631\u0627 \u06a9\u0645 \u0645\u06cc\u200c\u06a9\u0646\u062f\u061f<\/p>\n<p>\u062f\u0631 \u067e\u0627\u0633\u062e \u0628\u0647 \u0627\u06cc\u0646 \u0633\u0648\u0627\u0644 \u0628\u0627\u06cc\u062f \u0628\u06af\u0648\u06cc\u06cc\u0645 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u062e\u0627\u0645\u060c \u0639\u0645\u0648\u0645\u06cc \u0648 \u062a\u063a\u06cc\u06cc\u0631\u0646\u0627\u067e\u0630\u06cc\u0631 \u0627\u0633\u062a \u0648 \u0628\u0647 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 \u0634\u0641\u0627\u0641\u06cc\u062a\u06cc \u0645\u06cc\u200c\u062f\u0647\u062f \u06a9\u0647 \u062f\u0631 \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc \u062f\u06cc\u06af\u0631 \u0648\u062c\u0648\u062f \u0646\u062f\u0627\u0631\u062f\u061b \u0628\u0647 \u0647\u0645\u06cc\u0646 \u062f\u0644\u06cc\u0644 \u0646\u0647\u0646\u06af\u200c\u0647\u0627\u060c \u0627\u0646\u0628\u0627\u0634\u062a\u060c \u062a\u0648\u0632\u06cc\u0639 \u0648 \u0641\u0634\u0627\u0631 \u0641\u0631\u0648\u0634 \u0631\u0627 \u0632\u0648\u062f\u062a\u0631 \u0645\u06cc\u200c\u0628\u06cc\u0646\u06cc\u0645.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%B1%DB%8C%D8%B4%D9%87_%D9%88_%D8%AA%DA%A9%D8%A7%D9%85%D9%84_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86%D8%9B_%D8%B3%D9%87_%D8%A7%DB%8C%D8%B3%D8%AA%DA%AF%D8%A7%D9%87_%D8%AA%D8%A7%D8%B1%DB%8C%D8%AE%DB%8C\"><\/span><strong>\u0631\u06cc\u0634\u0647 \u0648 \u062a\u06a9\u0627\u0645\u0644 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646\u061b \u0633\u0647 \u0627\u06cc\u0633\u062a\u06af\u0627\u0647 \u062a\u0627\u0631\u06cc\u062e\u06cc<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 (On-chain Analysis) \u0628\u0627 \u0648\u062c\u0648\u062f \u0627\u06cc\u0646\u06a9\u0647 \u0627\u0645\u0631\u0648\u0632\u0647 \u067e\u06cc\u0686\u06cc\u062f\u0647 \u0628\u0647 \u0646\u0638\u0631 \u0645\u06cc\u200c\u0631\u0633\u062f\u060c \u0631\u06cc\u0634\u0647\u200c\u0647\u0627\u06cc \u0633\u0627\u062f\u0647\u200c\u0627\u06cc \u062f\u0627\u0631\u062f \u0648 \u062f\u0631 \u0637\u0648\u0644 \u0632\u0645\u0627\u0646 \u062a\u06a9\u0627\u0645\u0644 \u06cc\u0627\u0641\u062a\u0647 \u0627\u0633\u062a. \u0633\u0647 \u0627\u06cc\u0633\u062a\u06af\u0627\u0647 \u062a\u0627\u0631\u06cc\u062e\u06cc \u06a9\u0644\u06cc\u062f\u06cc \u062f\u0631 \u0627\u06cc\u0646 \u0645\u0633\u06cc\u0631 \u0639\u0628\u0627\u0631\u062a\u0646\u062f \u0627\u0632:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%DB%B2%DB%B0%DB%B1%DB%B1_%E2%80%93_Coin_Days_Destroyed_CDD_%D9%86%D8%AE%D8%B3%D8%AA%DB%8C%D9%86_%D8%B4%D8%A7%D8%AE%D8%B5_%D8%B3%D9%84%D8%A7%D9%85%D8%AA_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86\"><\/span><strong>\u06f2\u06f0\u06f1\u06f1 <\/strong><strong>\u2013<\/strong> <strong>Coin Days Destroyed (CDD)<\/strong><strong>: <\/strong><strong>\u0646\u062e\u0633\u062a\u06cc\u0646 \u0634\u0627\u062e\u0635 \u0633\u0644\u0627\u0645\u062a \u0628\u0627\u0632\u0627\u0631 \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062f\u0631 \u0633\u0627\u0644 \u06f2\u06f0\u06f1\u06f1\u060c \u0634\u0627\u062e\u0635 Coin Days Destroyed (CDD) \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u06cc\u06a9\u06cc \u0627\u0632 \u0646\u062e\u0633\u062a\u06cc\u0646 \u062a\u0644\u0627\u0634\u200c\u0647\u0627 \u0628\u0631\u0627\u06cc \u062f\u0631\u06a9 \u0631\u0641\u062a\u0627\u0631 \u062f\u0627\u0631\u0646\u062f\u06af\u0627\u0646 \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0645\u0639\u0631\u0641\u06cc \u0634\u062f. \u0627\u06cc\u0646 \u0634\u0627\u062e\u0635 \u0628\u0627 \u062a\u0645\u0627\u06cc\u0632 \u0642\u0627\u0626\u0644 \u0634\u062f\u0646 \u0628\u06cc\u0646 \u06a9\u0648\u06cc\u0646\u200c\u0647\u0627\u06cc \u062a\u0627\u0632\u0647\u200c\u062c\u0627\u0628\u0647\u200c\u062c\u0627\u200c\u0634\u062f\u0647 \u0648 \u06a9\u0648\u06cc\u0646\u200c\u0647\u0627\u06cc \u0642\u062f\u06cc\u0645\u06cc\u200c\u062a\u0631\u060c \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0627\u062f \u06a9\u0647 \u0622\u06cc\u0627 \u062f\u0627\u0631\u0646\u062f\u06af\u0627\u0646 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u06cc\u0627 \u0647\u0648\u0644\u062f\u0631\u0647\u0627 \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u062e\u0648\u062f \u0631\u0627 \u062c\u0627\u0628\u0647\u200c\u062c\u0627 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f \u06cc\u0627 \u062e\u06cc\u0631.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%DB%B2%DB%B0%DB%B1%DB%B7_%E2%80%93_%D9%86%D8%B3%D8%A8%D8%AA%E2%80%8C%D9%87%D8%A7%DB%8C_NVT_%D9%88_MVRV_%D8%A2%D8%BA%D8%A7%D8%B2_%D8%A7%D8%B1%D8%B2%D8%B4%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C_%D8%B4%D8%A8%DA%A9%D9%87\"><\/span><strong>\u06f2\u06f0\u06f1\u06f7 <\/strong><strong>\u2013<\/strong> <strong>\u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc <\/strong><strong>NVT<\/strong><strong> \u0648 <\/strong><strong>MVRV<\/strong><strong>: \u0622\u063a\u0627\u0632 \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0634\u0628\u06a9\u0647<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062f\u0631 \u0633\u0627\u0644 \u06f2\u06f0\u06f1\u06f7\u060c \u0645\u062d\u0642\u0642\u0627\u0646\u06cc \u0686\u0648\u0646 \u0648\u06cc\u0644\u06cc \u0648\u0648 \u0648 \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f Coin Metrics \u0628\u0627 \u0645\u0639\u0631\u0641\u06cc \u0646\u0633\u0628\u062a\u200c\u0647\u0627\u06cc NVT (Network Value to Transactions) \u0648 MVRV (Market Value to Realized Value)\u060c \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0634\u0628\u06a9\u0647 \u0631\u0627 \u0628\u0627 \u062d\u062c\u0645 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u0648 \u0627\u0631\u0632\u0634 \u0628\u0627\u0632\u0627\u0631 \u0648\u0627\u0642\u0639\u06cc (Realized Value) \u0648 Metcalfe\u2019s Law \u067e\u06cc\u0648\u0646\u062f \u062f\u0627\u062f\u0646\u062f. \u0627\u06cc\u0646 \u062f\u0648\u0631\u0647 \u0634\u0627\u0647\u062f \u062a\u0648\u0644\u062f \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u062a\u062e\u0635\u0635\u06cc \u062f\u0627\u062f\u0647 \u0622\u0646\u0686\u06cc\u0646 \u0645\u0627\u0646\u0646\u062f Glassnode \u0648 Santiment \u0628\u0648\u062f \u06a9\u0647 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062f\u0631\u0648\u0646 \u0632\u0646\u062c\u06cc\u0631\u0647 \u0631\u0627 \u0628\u0631\u0627\u06cc \u0639\u0645\u0648\u0645 \u0642\u0627\u0628\u0644 \u062f\u0633\u062a\u0631\u0633 \u06a9\u0631\u062f\u0646\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%DB%B2%DB%B0%DB%B2%DB%B0_%D8%AA%D8%A7_%DB%B2%DB%B0%DB%B2%DB%B5_%E2%80%93_%D8%A7%D9%86%D9%81%D8%AC%D8%A7%D8%B1_%D9%BE%D9%84%D8%AA%D9%81%D8%B1%D9%85%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AF%D8%A7%D8%AF%D9%87_%D9%88_%D9%87%D9%88%D8%B4_%D9%85%D8%B5%D9%86%D9%88%D8%B9%DB%8C\"><\/span><strong>\u06f2\u06f0\u06f2\u06f0<\/strong><strong> \u062a\u0627 <\/strong><strong>\u06f2\u06f0\u06f2\u06f5 <\/strong><strong>\u2013<\/strong> <strong>\u0627\u0646\u0641\u062c\u0627\u0631 \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u062f\u0627\u062f\u0647 \u0648 \u0647\u0648\u0634 \u0645\u0635\u0646\u0648\u0639\u06cc<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0627\u0632 \u0633\u0627\u0644 \u06f2\u06f0\u06f2\u06f0 \u062a\u0627 \u06a9\u0646\u0648\u0646\u060c \u0628\u0627 \u0631\u0634\u062f \u0686\u0634\u0645\u06af\u06cc\u0631 \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc \u06a9\u0631\u06cc\u067e\u062a\u0648\u060c \u0634\u0627\u0647\u062f \u0627\u0646\u0641\u062c\u0627\u0631 \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u062f\u0627\u062f\u0647 \u0622\u0646\u0686\u06cc\u0646 \u0648 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u067e\u06cc\u0634\u0631\u0641\u062a\u0647 \u0628\u0648\u062f\u0647\u200c\u0627\u06cc\u0645. \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f CryptoQuant\u060c Nansen \u0648 IntoTheBlock \u0628\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0647\u0648\u0634 \u0645\u0635\u0646\u0648\u0639\u06cc \u0648 \u0627\u0644\u06af\u0648\u0631\u06cc\u062a\u0645\u200c\u0647\u0627\u06cc \u067e\u06cc\u0686\u06cc\u062f\u0647\u060c \u062d\u062c\u0645 \u0639\u0638\u06cc\u0645\u06cc \u0627\u0632 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646 \u0631\u0627 \u067e\u0631\u062f\u0627\u0632\u0634 \u0648 \u062a\u062d\u0644\u06cc\u0644 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f \u062a\u0627 \u0628\u06cc\u0646\u0634\u200c\u0647\u0627\u06cc \u0639\u0645\u06cc\u0642\u200c\u062a\u0631\u06cc \u0627\u0632 \u0631\u0641\u062a\u0627\u0631 \u0628\u0627\u0632\u0627\u0631 \u0627\u0631\u0627\u0626\u0647 \u062f\u0647\u0646\u062f.<\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-16395 aligncenter\" src=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-1-1024x863.jpg\" alt=\"\u062a\u06a9\u0627\u0645\u0644 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646\" width=\"1024\" height=\"863\" title=\"\" srcset=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-1-1024x863.jpg 1024w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-1-300x253.jpg 300w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-1-768x647.jpg 768w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-1.avif 1428w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A7%D8%B5%D9%88%D9%84_%DA%A9%D8%A7%D8%B1_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86\"><\/span><strong>\u0627\u0635\u0648\u0644 \u06a9\u0627\u0631 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0627 \u06a9\u0627\u0648\u0634 \u062f\u0631 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062f\u0631\u0648\u0646 \u0632\u0646\u062c\u06cc\u0631\u0647 \u0648 \u062a\u063a\u06cc\u06cc\u0631\u0646\u0627\u067e\u0630\u06cc\u0631 \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646\u060c \u0628\u06cc\u0646\u0634\u200c\u0647\u0627\u06cc \u0639\u0645\u06cc\u0642\u06cc \u0627\u0632 \u0648\u0636\u0639\u06cc\u062a \u0648\u0627\u0642\u0639\u06cc \u0628\u0627\u0632\u0627\u0631 \u0648 \u0631\u0641\u062a\u0627\u0631 \u0645\u0634\u0627\u0631\u06a9\u062a\u200c\u06a9\u0646\u0646\u062f\u06af\u0627\u0646 \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u062f \u06a9\u0647 \u062f\u0631 \u0627\u062f\u0627\u0645\u0647 \u0628\u0647 \u0628\u0631\u0631\u0633\u06cc \u0622\u0646\u200c\u0647\u0627 \u0645\u06cc\u200c\u067e\u0631\u062f\u0627\u0632\u06cc\u0645:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D9%84%D8%A7%DB%8C%D9%87%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AF%D8%A7%D8%AF%D9%87_%D8%AA%D8%B1%D8%A7%DA%A9%D9%86%D8%B4%D8%8C_%DA%A9%DB%8C%D9%81%E2%80%8C%D9%BE%D9%88%D9%84%D8%8C_%D8%A8%D9%84%D8%A7%DA%A9%D8%8C_%D9%82%D8%B1%D8%A7%D8%B1%D8%AF%D8%A7%D8%AF_%D9%87%D9%88%D8%B4%D9%85%D9%86%D8%AF\"><\/span>\u0644\u0627\u06cc\u0647\u200c\u0647\u0627\u06cc \u062f\u0627\u062f\u0647 (\u062a\u0631\u0627\u06a9\u0646\u0634\u060c \u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u060c \u0628\u0644\u0627\u06a9\u060c \u0642\u0631\u0627\u0631\u062f\u0627\u062f \u0647\u0648\u0634\u0645\u0646\u062f)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0631 \u0627\u0633\u0627\u0633 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062e\u0627\u0645 \u062c\u0645\u0639\u200c\u0622\u0648\u0631\u06cc\u200c\u0634\u062f\u0647 \u06cc\u0627 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062f\u0631\u0648\u0646 \u0632\u0646\u062c\u06cc\u0631\u0647 \u0627\u0632 \u0686\u0646\u062f\u06cc\u0646 \u0644\u0627\u06cc\u0647 \u0627\u0635\u0644\u06cc <a href=\"https:\/\/kebrin.ir\/mag\/what-is-the-bitcoin-blockchain\" target=\"_blank\" rel=\"noopener\">\u0628\u0644\u0627\u06a9\u0686\u06cc\u0646<\/a> \u0627\u0646\u062c\u0627\u0645 \u0645\u06cc\u200c\u0634\u0648\u062f:<\/p>\n<ul>\n<li>\u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 (Transactions): \u062c\u0632\u0626\u06cc\u0627\u062a \u0647\u0631 \u062a\u0631\u0627\u06a9\u0646\u0634 \u0634\u0627\u0645\u0644 \u0632\u0645\u0627\u0646\u060c \u0645\u0628\u0644\u063a\u060c \u0622\u062f\u0631\u0633 \u0641\u0639\u0627\u0644 \u0641\u0631\u0633\u062a\u0646\u062f\u0647 \u0648 \u06af\u06cc\u0631\u0646\u062f\u0647. \u0627\u06cc\u0646 \u0644\u0627\u06cc\u0647 \u0628\u0647 \u0628\u0631\u0631\u0633\u06cc Transaction Volume \u062d\u062c\u0645 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/li>\n<li><a href=\"https:\/\/kebrin.ir\/mag\/the-best-digital-currency-wallet\" target=\"_blank\" rel=\"noopener\">\u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u200c<\/a>\u0647\u0627 (Wallets\/Addresses): \u0645\u0648\u062c\u0648\u062f\u06cc\u060c \u0648\u0631\u0648\u062f\u06cc\u200c\u0647\u0627 \u0648 \u062e\u0631\u0648\u062c\u06cc\u200c\u0647\u0627\u06cc \u0622\u062f\u0631\u0633\u200c\u0647\u0627\u06cc \u0645\u062e\u062a\u0644\u0641. \u0627\u06cc\u0646 \u062f\u0627\u062f\u0647\u200c\u0647\u0627 \u0628\u0631\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 Supply Distribution \u062a\u0648\u0632\u06cc\u0639 \u0639\u0631\u0636\u0647 \u0648 \u0631\u0641\u062a\u0627\u0631 \u0646\u0647\u0646\u06af\u200c\u0647\u0627 \u0645\u0647\u0645 \u0627\u0633\u062a.<\/li>\n<li>\u0628\u0644\u0627\u06a9\u200c\u0647\u0627 (Blocks): \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0645\u0631\u0628\u0648\u0637 \u0628\u0647 \u0647\u0631 \u0628\u0644\u0627\u06a9 \u0634\u0627\u0645\u0644 \u0632\u0645\u0627\u0646 \u0627\u0633\u062a\u062e\u0631\u0627\u062c\u060c \u062a\u0639\u062f\u0627\u062f \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u0648 \u067e\u0627\u062f\u0627\u0634 \u0645\u0627\u06cc\u0646\u0631\u0647\u0627.<\/li>\n<li>\u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0647\u0648\u0634\u0645\u0646\u062f (Smart Contracts): \u062f\u0631 \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f <a href=\"https:\/\/kebrin.ir\/trade\/ETH-USDT\" target=\"_blank\" rel=\"noopener\">\u0627\u062a\u0631\u06cc\u0648\u0645<\/a>\u060c \u0641\u0639\u0627\u0644\u06cc\u062a\u200c\u0647\u0627\u06cc \u0642\u0631\u0627\u0631\u062f\u0627\u062f\u0647\u0627\u06cc \u0647\u0648\u0634\u0645\u0646\u062f \u0645\u0627\u0646\u0646\u062f <a href=\"https:\/\/kebrin.ir\/mag\/what-is-defi\" target=\"_blank\" rel=\"noopener\">\u062f\u06cc\u0641\u0627\u06cc<\/a>\u060c NFT\u0647\u0627 \u0646\u06cc\u0632 \u062a\u062d\u0644\u06cc\u0644 \u0645\u06cc\u200c\u0634\u0648\u0646\u062f.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"%D8%B3%D9%87_%D9%85%D8%AF%D9%84_%D8%B4%D8%A7%D8%AE%D8%B5_%D9%81%D8%B9%D8%A7%D9%84%DB%8C%D8%AA_%D8%B4%D8%A8%DA%A9%D9%87%D8%8C_%D8%B1%D9%81%D8%AA%D8%A7%D8%B1_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%D8%8C_%D8%A7%D8%B1%D8%B2%D8%B4%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C\"><\/span><strong>\u0633\u0647 \u0645\u062f\u0644 \u0634\u0627\u062e\u0635 (\u0641\u0639\u0627\u0644\u06cc\u062a \u0634\u0628\u06a9\u0647\u060c \u0631\u0641\u062a\u0627\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u060c \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062e\u0627\u0645 \u0641\u0648\u0642 \u0633\u067e\u0633 \u0628\u0631\u0627\u06cc \u0645\u062d\u0627\u0633\u0628\u0647 \u0648 \u062a\u0641\u0633\u06cc\u0631 \u0634\u0627\u062e\u0635\u200c\u0647\u0627 \u062f\u0631 \u0633\u0647 \u062f\u0633\u062a\u0647 \u0627\u0635\u0644\u06cc \u0645\u062f\u0644\u200c\u0633\u0627\u0632\u06cc \u0645\u06cc\u200c\u0634\u0648\u0646\u062f:<\/p>\n<ul>\n<li>\u0641\u0639\u0627\u0644\u06cc\u062a \u0634\u0628\u06a9\u0647 (Network Activity): \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u06a9\u0647 \u0633\u0644\u0627\u0645\u062a \u0648 \u0645\u06cc\u0632\u0627\u0646 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0634\u0628\u06a9\u0647 \u0631\u0627 \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u0646\u062f\u060c \u0645\u0627\u0646\u0646\u062f \u062a\u0639\u062f\u0627\u062f Active Addresses \u0622\u062f\u0631\u0633\u200c \u0641\u0639\u0627\u0644 \u0631\u0648\u0632\u0627\u0646\u0647\u060c \u062d\u062c\u0645 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u0648 \u06a9\u0627\u0631\u0645\u0632\u062f\u0647\u0627\u06cc \u0634\u0628\u06a9\u0647. \u0627\u06cc\u0646 \u0634\u0627\u062e\u0635\u200c\u0647\u0627 \u0646\u0634\u0627\u0646\u200c\u062f\u0647\u0646\u062f\u0647 \u0639\u0644\u0627\u0642\u0647 \u0648 \u06a9\u0627\u0631\u0628\u0631\u062f \u0648\u0627\u0642\u0639\u06cc \u0634\u0628\u06a9\u0647 \u0647\u0633\u062a\u0646\u062f.<\/li>\n<li>\u0631\u0641\u062a\u0627\u0631 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631 (Investor Behavior): \u0627\u06cc\u0646 \u0634\u0627\u062e\u0635\u200c\u0647\u0627 \u0628\u0631 \u0627\u0644\u06af\u0648\u0647\u0627\u06cc \u0646\u06af\u0647\u062f\u0627\u0631\u06cc \u0648 \u062c\u0627\u0628\u0647\u200c\u062c\u0627\u06cc\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc \u062a\u0648\u0633\u0637 \u0627\u0646\u0648\u0627\u0639 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u062a\u0645\u0631\u06a9\u0632 \u062f\u0627\u0631\u0646\u062f. \u0646\u0645\u0648\u0646\u0647\u200c\u0647\u0627 \u0634\u0627\u0645\u0644 \u0648\u0631\u0648\u062f\u06cc \u0648 \u062e\u0631\u0648\u062c\u06cc \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627\u060c \u0645\u0648\u062c\u0648\u062f\u06cc \u0646\u0647\u0646\u06af\u200c\u0647\u0627\u060c \u0648 \u0645\u06cc\u0627\u0646\u06af\u06cc\u0646 \u0632\u0645\u0627\u0646 \u0646\u06af\u0647\u062f\u0627\u0631\u06cc \u06a9\u0648\u06cc\u0646\u200c\u0647\u0627 \u0627\u0633\u062a.<\/li>\n<li>\u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc (Valuation): \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u06a9\u0647 \u0633\u0639\u06cc \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f \u0627\u0631\u0632\u0634 \u0648\u0627\u0642\u0639\u06cc \u06cc\u0627 \u0645\u0646\u0635\u0641\u0627\u0646\u0647 \u06cc\u06a9 \u062f\u0627\u0631\u0627\u06cc\u06cc \u0631\u0627 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0641\u0639\u0627\u0644\u06cc\u062a\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646 \u062a\u062e\u0645\u06cc\u0646 \u0628\u0632\u0646\u0646\u062f\u060c \u0645\u0627\u0646\u0646\u062f \u0646\u0633\u0628\u062a NVT (Network Value to Transactions) \u06cc\u0627 MVRV (Market Value to Realized Value).<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"%D8%A8%D8%B1%D8%A7%DB%8C_%D8%AC%D9%85%D8%B9%E2%80%8C%D8%A2%D9%88%D8%B1%DB%8C_%D8%A7%DB%8C%D9%86_%D8%AF%D8%A7%D8%AF%D9%87%E2%80%8C%D9%87%D8%A7%D8%8C_%D8%AA%D8%AD%D9%84%DB%8C%D9%84%DA%AF%D8%B1%D8%A7%D9%86_%D9%85%DB%8C%E2%80%8C%D8%AA%D9%88%D8%A7%D9%86%D9%86%D8%AF_%D8%A7%D8%B2_%D8%B1%D9%88%D8%B4%E2%80%8C%D9%87%D8%A7%DB%8C_%D9%85%D8%AE%D8%AA%D9%84%D9%81%DB%8C_%D8%A7%D8%B3%D8%AA%D9%81%D8%A7%D8%AF%D9%87_%DA%A9%D9%86%D9%86%D8%AF\"><\/span><strong>\u0628\u0631\u0627\u06cc \u062c\u0645\u0639\u200c\u0622\u0648\u0631\u06cc \u0627\u06cc\u0646 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u060c \u062a\u062d\u0644\u06cc\u0644\u06af\u0631\u0627\u0646 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u0646\u062f \u0627\u0632 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0645\u062e\u062a\u0644\u0641\u06cc \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0646\u0646\u062f:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u0627\u062c\u0631\u0627\u06cc \u0646\u0648\u062f \u06a9\u0627\u0645\u0644 (Running a Full Node): \u0627\u06cc\u0646 \u0631\u0648\u0634 \u067e\u06cc\u0686\u06cc\u062f\u0647\u200c\u062a\u0631\u06cc\u0646 \u0627\u0633\u062a \u0648 \u0646\u06cc\u0627\u0632\u0645\u0646\u062f \u0645\u0646\u0627\u0628\u0639 \u0645\u062d\u0627\u0633\u0628\u0627\u062a\u06cc \u0628\u0627\u0644\u0627\u06cc\u06cc \u0627\u0633\u062a\u060c \u0627\u0645\u0627 \u06a9\u0627\u0645\u0644\u200c\u062a\u0631\u06cc\u0646 \u0648 \u062e\u0627\u0645\u200c\u062a\u0631\u06cc\u0646 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062f\u0631\u0648\u0646 \u0632\u0646\u062c\u06cc\u0631\u0647 \u0631\u0627 \u0641\u0631\u0627\u0647\u0645 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/li>\n<li>\u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 API \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u062a\u062e\u0635\u0635\u06cc: \u0631\u0627\u06cc\u062c\u200c\u062a\u0631\u06cc\u0646 \u0631\u0648\u0634\u060c \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 API \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0645\u0627\u0646\u0646\u062f Glassnode\u060c Santiment\u060c CryptoQuant \u0648 Nansen \u0627\u0633\u062a \u06a9\u0647 \u062f\u0627\u062f\u0647\u200c\u0647\u0627 \u0631\u0627 \u0628\u0647 \u0635\u0648\u0631\u062a \u067e\u0631\u062f\u0627\u0632\u0634\u200c\u0634\u062f\u0647 \u0648 \u0622\u0645\u0627\u062f\u0647 \u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u0642\u0631\u0627\u0631 \u0645\u06cc\u200c\u062f\u0647\u0646\u062f.<\/li>\n<li>\u0628\u0644\u0627\u06a9 \u0627\u06a9\u0633\u067e\u0644\u0648\u0631\u0631\u0647\u0627 (Block Explorers): \u0627\u06cc\u0646 \u0627\u0628\u0632\u0627\u0631\u0647\u0627 \u0627\u0645\u06a9\u0627\u0646 \u0645\u0634\u0627\u0647\u062f\u0647 \u0645\u0633\u062a\u0642\u06cc\u0645 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u0648 \u0622\u062f\u0631\u0633\u200c\u0647\u0627 \u0631\u0627 \u0641\u0631\u0627\u0647\u0645 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f\u060c \u0627\u0645\u0627 \u0628\u0631\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u062f\u0631 \u0645\u0642\u06cc\u0627\u0633 \u0628\u0632\u0631\u06af \u0645\u0646\u0627\u0633\u0628 \u0646\u06cc\u0633\u062a\u0646\u062f.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"%D9%85%D8%AB%D8%A7%D9%84_%D8%B9%D8%AF%D8%AF%DB%8C_%D9%85%D9%82%D8%A7%DB%8C%D8%B3%D9%87_%C2%AB%D9%88%D8%B1%D9%88%D8%AF%DB%8C_%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86_%D8%A8%D9%87_%D8%B5%D8%B1%D8%A7%D9%81%DB%8C%E2%80%8C%D9%87%D8%A7%C2%BB_%D9%82%D8%A8%D9%84_%D9%88_%D8%A8%D8%B9%D8%AF_%D8%A7%D8%B2_%D8%B1%DB%8C%D8%B2%D8%B4_%DB%B2%DB%B0%DB%B2%DB%B4\"><\/span><strong>\u0645\u062b\u0627\u0644 \u0639\u062f\u062f\u06cc: \u0645\u0642\u0627\u06cc\u0633\u0647 \u00ab\u0648\u0631\u0648\u062f\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0628\u0647 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627\u00bb \u0642\u0628\u0644 \u0648 \u0628\u0639\u062f \u0627\u0632 \u0631\u06cc\u0632\u0634 <\/strong><strong>\u06f2\u06f0\u06f2\u06f4<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0628\u0631\u0627\u06cc \u0633\u0646\u062c\u0634 \u0641\u0634\u0627\u0631 \u0641\u0631\u0648\u0634\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u0645 \u0628\u0647 \u0634\u0627\u062e\u0635 &#8220;\u0648\u0631\u0648\u062f\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0628\u0647 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627&#8221; (Bitcoin Inflows to Exchanges) \u0646\u06af\u0627\u0647 \u06a9\u0646\u06cc\u0645. \u0627\u0641\u0632\u0627\u06cc\u0634 \u0634\u062f\u06cc\u062f \u0627\u06cc\u0646 \u0634\u0627\u062e\u0635 \u0646\u0634\u0627\u0646\u200c\u062f\u0647\u0646\u062f\u0647 \u062a\u0645\u0627\u06cc\u0644 \u0628\u06cc\u0634\u062a\u0631 \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631\u0627\u0646 \u0628\u0647 \u0641\u0631\u0648\u0634 \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u062e\u0648\u062f \u0627\u0633\u062a:<\/p>\n<ul>\n<li>\u0642\u0628\u0644 \u0627\u0632 \u0631\u06cc\u0632\u0634 \u0641\u0631\u0636\u06cc (\u0645\u062b\u0644\u0627\u064b \u062f\u0631 Interval Daily \u0645\u0627\u0647 \u0645\u0647 \u06f2\u06f0\u06f2\u06f4): \u0641\u0631\u0636 \u06a9\u0646\u06cc\u062f \u0645\u06cc\u0627\u0646\u06af\u06cc\u0646 \u0648\u0631\u0648\u062f\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0628\u0647 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u0631\u0648\u0632\u0627\u0646\u0647 \u06f5,\u06f0\u06f0\u06f0 BTC \u0628\u0648\u062f\u0647 \u0627\u0633\u062a.<\/li>\n<li>\u0628\u0639\u062f \u0627\u0632 \u0631\u06cc\u0632\u0634 \u0641\u0631\u0636\u06cc (\u0645\u062b\u0644\u0627\u064b \u062f\u0631 Interval Daily \u0645\u0627\u0647 \u0698\u0648\u0626\u0646 \u06f2\u06f0\u06f2\u06f4\u060c \u067e\u0633 \u0627\u0632 \u0627\u0641\u062a \u0646\u0627\u06af\u0647\u0627\u0646\u06cc \u0628\u0627\u0632\u0627\u0631): \u0627\u06cc\u0646 \u0645\u0642\u062f\u0627\u0631 \u0628\u0647 \u0637\u0648\u0631 \u0646\u0627\u06af\u0647\u0627\u0646\u06cc \u0628\u0647 \u06f1\u06f5,\u06f0\u06f0\u06f0 BTC \u062f\u0631 \u0631\u0648\u0632 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc\u200c\u06cc\u0627\u0628\u062f.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%D8%AA%D9%81%D8%A7%D9%88%D8%AA_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D8%A8%D8%A7_%D8%AF%D8%A7%D8%AF%D9%87%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%A2%D9%81%E2%80%8C%DA%86%DB%8C%D9%86_%D9%88_%D8%AA%DA%A9%D9%86%DB%8C%DA%A9%D8%A7%D9%84\"><\/span><strong>\u062a\u0641\u0627\u0648\u062a \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0627 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0622\u0641\u200c\u0686\u06cc\u0646 \u0648 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0628\u0627\u0632\u0627\u0631 \u0631\u0645\u0632\u0627\u0631\u0632\u0647\u0627 \u0627\u0632 \u0637\u0631\u06cc\u0642 \u0633\u0647 \u0645\u0648\u0631\u062f \u0627\u0635\u0644\u06cc \u0635\u0648\u0631\u062a \u0645\u06cc\u200c\u06af\u06cc\u0631\u062f \u06a9\u0647 \u0639\u0628\u0627\u0631\u062a\u0646\u062f \u0627\u0632 \u0622\u0646\u0686\u06cc\u0646 (On-chain)\u060c \u0622\u0641\u200c\u0686\u06cc\u0646 (Off-Chain) \u0648 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644. \u0647\u0631 \u06cc\u06a9 \u0627\u0632 \u0627\u06cc\u0646 \u0631\u0648\u0634\u200c\u0647\u0627 \u0646\u0642\u0627\u0637 \u0642\u0648\u062a \u0648 \u0636\u0639\u0641 \u062e\u0648\u062f \u0631\u0627 \u062f\u0627\u0631\u0646\u062f \u0648 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0645\u0646\u062d\u0635\u0631 \u0628\u0647 \u0641\u0631\u062f\u06cc \u0631\u0627 \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u0646\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D9%85%D9%82%D8%A7%DB%8C%D8%B3%D9%87_%D8%B4%D9%81%D8%A7%D9%81%DB%8C%D8%AA%D8%8C_%D9%BE%D9%88%D8%B4%D8%B4_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D9%88_%D9%BE%DB%8C%D8%B4%E2%80%8C%D8%A8%DB%8C%D9%86%DB%8C%E2%80%8C%D9%BE%D8%B0%DB%8C%D8%B1%DB%8C\"><\/span><strong>\u0645\u0642\u0627\u06cc\u0633\u0647 \u0634\u0641\u0627\u0641\u06cc\u062a\u060c \u067e\u0648\u0634\u0634 \u0628\u0627\u0632\u0627\u0631 \u0648 \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc\u200c\u067e\u0630\u06cc\u0631\u06cc<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0627 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0645\u0633\u062a\u0642\u06cc\u0645 \u0628\u0627\u0644\u0627\u062a\u0631\u06cc\u0646 \u0634\u0641\u0627\u0641\u06cc\u062a \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646 \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u062f \u0627\u0645\u0627 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0622\u0641\u200c\u0686\u06cc\u0646 \u0648 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u0631\u0627 \u067e\u0648\u0634\u0634 \u0646\u0645\u06cc\u200c\u062f\u0647\u062f\u060c \u062f\u0631 \u062d\u0627\u0644\u06cc \u06a9\u0647 \u0628\u0631\u0627\u06cc \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0631\u0641\u062a\u0627\u0631\u0647\u0627\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0646\u0647\u0646\u06af\u200c\u0647\u0627 \u0642\u062f\u0631\u062a\u0645\u0646\u062f \u0627\u0633\u062a. \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0622\u0641\u200c\u0686\u06cc\u0646 \u0648 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0628\u0631 \u0627\u0633\u0627\u0633 \u0642\u06cc\u0645\u062a \u0648 \u062d\u062c\u0645 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u0647\u0633\u062a\u0646\u062f\u060c \u0634\u0641\u0627\u0641\u06cc\u062a \u06a9\u0645\u062a\u0631\u06cc \u062f\u0627\u0631\u0646\u062f \u0627\u0645\u0627 \u0628\u0631\u0627\u06cc Volatility \u06a9\u0648\u062a\u0627\u0647\u200c\u0645\u062f\u062a \u0648 \u062d\u062c\u0645 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0645\u062a\u0645\u0631\u06a9\u0632 \u06cc\u0627 Liquidity \u062f\u0642\u06cc\u0642\u200c\u062a\u0631\u0646\u062f. \u0647\u0631 \u0633\u0647 \u0645\u06a9\u0645\u0644 \u06cc\u06a9\u062f\u06cc\u06af\u0631\u0646\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D9%87%D8%B2%DB%8C%D9%86%D9%87_%D9%88_%D9%BE%DB%8C%DA%86%DB%8C%D8%AF%DA%AF%DB%8C_%D8%A7%D8%B3%D8%AA%D8%AE%D8%B1%D8%A7%D8%AC_%D8%AF%D8%A7%D8%AF%D9%87%E2%80%8C%D9%87%D8%A7\"><\/span><strong>\u0647\u0632\u06cc\u0646\u0647 \u0648 \u067e\u06cc\u0686\u06cc\u062f\u06af\u06cc \u0627\u0633\u062a\u062e\u0631\u0627\u062c \u062f\u0627\u062f\u0647\u200c\u0647\u0627<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0627\u0633\u062a\u062e\u0631\u0627\u062c \u0648 \u067e\u0631\u062f\u0627\u0632\u0634 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062e\u0627\u0645 \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646 \u0648 Order Book \u0628\u0633\u06cc\u0627\u0631 \u067e\u06cc\u0686\u06cc\u062f\u0647 \u0648 \u067e\u0631\u0647\u0632\u06cc\u0646\u0647 \u0627\u0633\u062a\u060c \u0627\u06af\u0631\u0686\u0647 \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u062a\u062e\u0635\u0635\u06cc \u0628\u0627 \u0627\u0634\u062a\u0631\u0627\u06a9 \u067e\u0648\u0644\u06cc \u0627\u06cc\u0646 \u0641\u0631\u0622\u06cc\u0646\u062f \u0631\u0627 \u0622\u0633\u0627\u0646 \u06a9\u0631\u062f\u0647\u200c\u0627\u0646\u062f. \u0627\u0632 \u0637\u0631\u0641\u06cc\u060c \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0642\u06cc\u0645\u062a \u0648 \u062d\u062c\u0645 \u0627\u0632 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u0645\u0639\u0645\u0648\u0644\u0627\u064b \u0627\u0632 \u0637\u0631\u06cc\u0642 API\u0647\u0627 \u06cc\u0627 \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u0646\u0645\u0648\u062f\u0627\u0631\u06cc \u0628\u0627 \u06a9\u0627\u0631\u0645\u0632\u062f \u0634\u0628\u06a9\u0647 \u06a9\u0645\u062a\u0631 \u06cc\u0627 \u062d\u062a\u06cc \u0631\u0627\u06cc\u06af\u0627\u0646 \u062f\u0631 \u062f\u0633\u062a\u0631\u0633 \u0647\u0633\u062a\u0646\u062f. \u062f\u0631 \u0631\u0648\u0634\u200c\u0647\u0627\u06cc \u0622\u0641\u200c\u0686\u06cc\u0646 \u0648 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644\u060c \u067e\u06cc\u0686\u06cc\u062f\u06af\u06cc \u0628\u06cc\u0634\u062a\u0631 \u0628\u0647 \u062a\u062d\u0644\u06cc\u0644 \u0648 \u062a\u0641\u0633\u06cc\u0631 \u0635\u062d\u06cc\u062d \u0627\u0644\u06af\u0648\u0647\u0627 \u0648 \u0627\u0646\u062f\u06cc\u06a9\u0627\u062a\u0648\u0631\u0647\u0627 \u0628\u0627\u0632\u0645\u06cc\u200c\u06af\u0631\u062f\u062f \u062a\u0627 \u0628\u0647 \u062e\u0648\u062f \u0627\u0633\u062a\u062e\u0631\u0627\u062c \u062f\u0627\u062f\u0647 \u0634\u0648\u062f.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D9%85%D8%B2%D8%A7%DB%8C%D8%A7_%D9%88_%D8%B1%DB%8C%D8%B3%DA%A9%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86\"><\/span><strong>\u0645\u0632\u0627\u06cc\u0627 \u0648 \u0631\u06cc\u0633\u06a9\u200c\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646\u060c \u0628\u0627 \u062f\u0633\u062a\u0631\u0633\u06cc \u0628\u0647 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062e\u0627\u0645 \u0634\u0641\u0627\u0641\u06cc\u062a \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646\u060c \u0628\u06cc\u0646\u0634\u200c\u0647\u0627\u06cc \u0645\u0646\u062d\u0635\u0631 \u0628\u0647 \u0641\u0631\u062f\u06cc \u0631\u0627 \u0628\u0631\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631\u0627\u0646 \u06a9\u0631\u06cc\u067e\u062a\u0648 \u0641\u0631\u0627\u0647\u0645 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-16394 aligncenter\" src=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-2-1024x519.jpg\" alt=\"\u0645\u0632\u0627\u06cc\u0627 \u0648 \u0631\u06cc\u0633\u06a9\u200c\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646\" width=\"1024\" height=\"519\" title=\"\" srcset=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-2-1024x519.jpg 1024w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-2-300x152.jpg 300w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-2-768x389.jpg 768w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-2.avif 1428w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D9%BE%D9%86%D8%AC_%D9%85%D8%B2%DB%8C%D8%AA_%DA%A9%D9%84%DB%8C%D8%AF%DB%8C_%D8%A8%D8%B1%D8%A7%DB%8C_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D9%87%E2%80%8C%DA%AF%D8%B1_%DA%A9%D8%B1%DB%8C%D9%BE%D8%AA%D9%88\"><\/span><strong>\u067e\u0646\u062c \u0645\u0632\u06cc\u062a \u06a9\u0644\u06cc\u062f\u06cc \u0628\u0631\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631 \u06a9\u0631\u06cc\u067e\u062a\u0648<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u0634\u0641\u0627\u0641\u06cc\u062a \u06a9\u0627\u0645\u0644 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627: \u0627\u0645\u06a9\u0627\u0646 \u0631\u0635\u062f \u062f\u0642\u06cc\u0642 \u0647\u0631 \u062a\u0631\u0627\u06a9\u0646\u0634\u060c \u0645\u0628\u0644\u063a \u0648 \u0622\u062f\u0631\u0633\u200c\u0647\u0627\u06cc \u062f\u0631\u06af\u06cc\u0631\u060c \u0627\u0637\u0644\u0627\u0639\u0627\u062a\u06cc \u0628\u06cc\u200c\u0633\u0627\u0628\u0642\u0647 \u0627\u0632 \u0641\u0639\u0627\u0644\u06cc\u062a \u0628\u0627\u0632\u0627\u0631 \u0645\u06cc\u200c\u062f\u0647\u062f.<\/li>\n<li>\u062a\u0634\u062e\u06cc\u0635 \u0632\u0648\u062f\u0647\u0646\u06af\u0627\u0645 \u0627\u0646\u0628\u0627\u0634\u062a \u0648 \u062a\u0648\u0632\u06cc\u0639: \u0628\u0627 \u067e\u06cc\u06af\u06cc\u0631\u06cc \u0648\u0631\u0648\u062f\u06cc \u0648 \u062e\u0631\u0648\u062c\u06cc \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u0648 \u062d\u0631\u06a9\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627 \u062f\u0631 \u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u200c\u0647\u0627\u06cc \u0628\u0632\u0631\u06af\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0627\u0644\u06af\u0648\u0647\u0627\u06cc \u062e\u0631\u06cc\u062f \u06cc\u0627 \u0641\u0631\u0648\u0634 \u0631\u0627 \u0632\u0648\u062f\u062a\u0631 \u062a\u0634\u062e\u06cc\u0635 \u062f\u0627\u062f.<\/li>\n<li>\u0633\u0646\u062c\u0634 \u0633\u0644\u0627\u0645\u062a\u06cc \u0634\u0628\u06a9\u0647 (\u0647\u0634\u200c\u0631\u06cc\u062a\u060c TVL): \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f \u0647\u0634 \u200c\u0631\u06cc\u062a \u0642\u062f\u0631\u062a \u0645\u062d\u0627\u0633\u0628\u0627\u062a\u06cc \u0634\u0628\u06a9\u0647 \u0648 TVL (Total Value Locked \u062f\u0631 \u062f\u06cc\u0641\u0627\u06cc) \u0628\u0647 \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u0633\u0644\u0627\u0645\u062a \u0648 \u0631\u0634\u062f \u0628\u0646\u06cc\u0627\u062f\u06cc \u06cc\u06a9 \u067e\u0631\u0648\u0698\u0647 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f.<\/li>\n<li>\u0627\u0639\u062a\u0628\u0627\u0631\u0633\u0646\u062c\u06cc \u062a\u062d\u0644\u06cc\u0644 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644: \u0633\u06cc\u06af\u0646\u0627\u0644\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u0646\u062f \u062a\u062d\u0644\u06cc\u0644\u200c\u0647\u0627\u06cc \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0631\u0627 \u062a\u0623\u06cc\u06cc\u062f \u06cc\u0627 \u0631\u062f \u06a9\u0646\u0646\u062f \u0648 \u0628\u0647 \u062a\u0635\u0645\u06cc\u0645\u200c\u06af\u06cc\u0631\u06cc\u200c\u0647\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0627\u062a\u06cc \u0639\u0645\u0642 \u0628\u06cc\u0634\u062a\u0631\u06cc \u0628\u0628\u062e\u0634\u0646\u062f.<\/li>\n<li>\u06a9\u0634\u0641 \u06a9\u0644\u0627\u0647\u0628\u0631\u062f\u0627\u0631\u06cc \u0648 \u0647\u06a9: \u0631\u0635\u062f \u062c\u0631\u06cc\u0627\u0646 \u063a\u06cc\u0631\u0639\u0627\u062f\u06cc \u0648\u062c\u0648\u0647 \u0628\u0647 \u0622\u062f\u0631\u0633\u200c\u0647\u0627\u06cc \u0645\u0634\u06a9\u0648\u06a9 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0628\u0647 \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc \u0641\u0639\u0627\u0644\u06cc\u062a\u200c\u0647\u0627\u06cc \u06a9\u0644\u0627\u0647\u0628\u0631\u062f\u0627\u0631\u06cc\u060c \u067e\u0648\u0644\u200c\u0634\u0648\u06cc\u06cc \u06cc\u0627 \u0647\u06a9\u200c\u0647\u0627 \u06a9\u0645\u06a9 \u06a9\u0646\u062f.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"%D9%BE%D9%86%D8%AC_%D8%B1%DB%8C%D8%B3%DA%A9_%D9%88_%D8%B1%D8%A7%D9%87%DA%A9%D8%A7%D8%B1_%D9%85%D8%AF%DB%8C%D8%B1%DB%8C%D8%AA_%D8%A2%D9%86%E2%80%8C%D9%87%D8%A7\"><\/span><strong>\u067e\u0646\u062c \u0631\u06cc\u0633\u06a9 \u0648 \u0631\u0627\u0647\u06a9\u0627\u0631 \u0645\u062f\u06cc\u0631\u06cc\u062a \u0622\u0646\u200c\u0647\u0627<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u062f\u0627\u062f\u0647 \u0646\u0627\u0642\u0635 \u0627\u0632 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627\u06cc \u0645\u062a\u0645\u0631\u06a9\u0632: \u0628\u0631\u0627\u06cc \u062c\u0628\u0631\u0627\u0646 \u0639\u062f\u0645 \u067e\u0648\u0634\u0634 \u06a9\u0627\u0645\u0644 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0622\u0641\u200c\u0686\u06cc\u0646\u060c \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646 \u0631\u0627 \u0628\u0627 \u062d\u062c\u0645 \u062f\u0641\u062a\u0631 \u0633\u0641\u0627\u0631\u0634 (Order Book Volume) \u0648 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627\u06cc \u0645\u062a\u0645\u0631\u06a9\u0632 \u062a\u0631\u06a9\u06cc\u0628 \u06a9\u0646\u06cc\u062f.<\/li>\n<li>\u067e\u06cc\u0686\u06cc\u062f\u06af\u06cc \u0648 \u0647\u0632\u06cc\u0646\u0647 API: \u0628\u0631\u0627\u06cc \u06a9\u0627\u0647\u0634 \u0647\u0632\u06cc\u0646\u0647\u200c\u0647\u0627 \u0648 \u067e\u06cc\u0686\u06cc\u062f\u06af\u06cc\u060c \u0627\u0632 \u0646\u0633\u062e\u0647\u200c\u0647\u0627\u06cc \u0631\u0627\u06cc\u06af\u0627\u0646 (Free Tier) API \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646 \u06cc\u0627 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644\u06af\u0631 \u0641\u0631\u06cc\u200c\u0644\u0646\u0633 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0646\u06cc\u062f.<\/li>\n<li>\u062f\u0633\u062a\u06a9\u0627\u0631\u06cc \u0648\u0627\u0644\u200c\u0647\u0627 (\u0646\u0647\u0646\u06af\u200c\u0647\u0627): \u0628\u0631\u0627\u06cc \u062a\u0634\u062e\u06cc\u0635 \u062f\u0633\u062a\u06a9\u0627\u0631\u06cc\u200c\u0647\u0627\u06cc \u0627\u062d\u062a\u0645\u0627\u0644\u06cc\u060c \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0645\u0631\u0628\u0648\u0637 \u0628\u0647 \u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u200c\u0647\u0627\u06cc \u0628\u0632\u0631\u06af \u0648 \u0628\u0631\u0686\u0633\u0628\u200c\u062f\u0627\u0631 \u0645\u0627\u0646\u0646\u062f \u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u200c\u0647\u0627\u06cc \u0635\u0631\u0627\u0641\u06cc \u06cc\u0627 \u0645\u0627\u06cc\u0646\u0631\u0647\u0627 \u0631\u0627 \u0641\u06cc\u0644\u062a\u0631 \u06a9\u0631\u062f\u0647 \u0648 \u062d\u0631\u06a9\u062a \u0622\u0646\u200c\u0647\u0627 \u0631\u0627 \u0628\u0647 \u062f\u0642\u062a \u0631\u0635\u062f \u06a9\u0646\u06cc\u062f.<\/li>\n<li>\u0633\u0648\u0621 \u062a\u0641\u0633\u06cc\u0631 \u0646\u0633\u0628\u062a\u200c\u0647\u0627: \u0628\u0631\u0627\u06cc \u062c\u0644\u0648\u06af\u06cc\u0631\u06cc \u0627\u0632 \u062a\u0641\u0633\u06cc\u0631 \u0646\u0627\u062f\u0631\u0633\u062a \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646\u060c \u0646\u062a\u0627\u06cc\u062c \u062a\u062d\u0644\u06cc\u0644 \u0631\u0627 \u0628\u0627 \u0627\u062e\u0628\u0627\u0631 \u0645\u0627\u06a9\u0631\u0648 \u0627\u0642\u062a\u0635\u0627\u062f\u06cc\u060c \u0631\u0648\u06cc\u062f\u0627\u062f\u0647\u0627\u06cc \u0639\u0645\u0648\u0645\u06cc \u0648 \u062a\u062d\u0644\u06cc\u0644\u200c\u0647\u0627\u06cc \u0628\u0646\u06cc\u0627\u062f\u06cc \u062a\u0637\u0628\u06cc\u0642 \u062f\u0647\u06cc\u062f.<\/li>\n<li>\u062d\u0641\u0638 \u062d\u0631\u06cc\u0645 \u062e\u0635\u0648\u0635\u06cc: \u062f\u0631 \u0635\u0648\u0631\u062a \u06a9\u0627\u0631 \u0628\u0627 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062e\u0627\u0645\u060c \u0628\u0631\u0627\u06cc \u0631\u0639\u0627\u06cc\u062a \u0627\u0635\u0648\u0644 \u0627\u062e\u0644\u0627\u0642\u06cc \u0648 \u062d\u0641\u0638 \u062d\u0631\u06cc\u0645 \u062e\u0635\u0648\u0635\u06cc\u060c \u0627\u0632 \u062a\u06a9\u0646\u06cc\u06a9\u200c\u0647\u0627\u06cc \u0646\u0627\u0634\u0646\u0627\u0633\u200c\u0633\u0627\u0632\u06cc \u062f\u0627\u062f\u0647 \u0648 \u062a\u062c\u0645\u06cc\u0639 \u0627\u0637\u0644\u0627\u0639\u0627\u062a \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u06a9\u0646\u06cc\u062f.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"size-large wp-image-16393 aligncenter\" src=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-3-1024x828.jpg\" alt=\"\u0631\u06cc\u0633\u06a9 \u0648 \u0631\u0627\u0647\u06a9\u0627\u0631 \u0645\u062f\u06cc\u0631\u06cc\u062a \u0622\u0646\u200c\u0647\u0627\" width=\"1024\" height=\"828\" title=\"\" srcset=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-3-1024x828.jpg 1024w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-3-300x243.jpg 300w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-3-768x621.jpg 768w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-3.avif 1428w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%B1%D8%A7%D9%87%D9%86%D9%85%D8%A7%DB%8C_%DA%86%D9%87%D8%A7%D8%B1%D9%85%D8%B1%D8%AD%D9%84%D9%87%E2%80%8C%D8%A7%DB%8C_%D8%B4%D8%B1%D9%88%D8%B9_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86\"><\/span><strong>\u0631\u0627\u0647\u0646\u0645\u0627\u06cc \u0686\u0647\u0627\u0631\u0645\u0631\u062d\u0644\u0647\u200c\u0627\u06cc \u0634\u0631\u0648\u0639 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0634\u0631\u0648\u0639 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u067e\u06cc\u0686\u06cc\u062f\u0647 \u0628\u0647 \u0646\u0638\u0631 \u0628\u0631\u0633\u062f\u060c \u0627\u0645\u0627 \u0628\u0627 \u06cc\u06a9 \u0631\u0627\u0647\u06a9\u0627\u0631 \u06af\u0627\u0645\u200c\u0628\u0647\u200c\u06af\u0627\u0645 \u0648 \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc \u0645\u0646\u0627\u0633\u0628\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u062f \u0628\u06cc\u0646\u0634\u200c\u0647\u0627\u06cc \u0627\u0631\u0632\u0634\u0645\u0646\u062f\u06cc \u0627\u0632 \u0628\u0627\u0632\u0627\u0631 \u06a9\u0631\u06cc\u067e\u062a\u0648 \u0628\u0647 \u062f\u0633\u062a \u0622\u0648\u0631\u06cc\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D8%A7%D9%86%D8%AA%D8%AE%D8%A7%D8%A8_%D8%A7%D8%A8%D8%B2%D8%A7%D8%B1_%D9%85%D9%86%D8%A7%D8%B3%D8%A8_Glassnode_CryptoQuant_Etherscan\"><\/span><strong>\u0627\u0646\u062a\u062e\u0627\u0628 \u0627\u0628\u0632\u0627\u0631 \u0645\u0646\u0627\u0633\u0628 (<\/strong><strong>Glassnode \/ CryptoQuant \/ Etherscan<\/strong><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0628\u0631\u0627\u06cc \u0634\u0631\u0648\u0639\u060c \u0627\u0628\u0632\u0627\u0631\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f Glassnode \u0648 CryptoQuant \u062f\u0627\u0634\u0628\u0648\u0631\u062f\u0647\u0627\u06cc \u062c\u0627\u0645\u0639 \u0648 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u0627\u0632 \u067e\u06cc\u0634 \u062a\u0639\u0631\u06cc\u0641\u200c\u0634\u062f\u0647\u200c\u0627\u06cc \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u0646\u062f \u06a9\u0647 \u0628\u0631\u0627\u06cc \u0645\u0628\u062a\u062f\u06cc\u0627\u0646 \u0645\u0646\u0627\u0633\u0628 \u0647\u0633\u062a\u0646\u062f. \u0628\u0631\u0627\u06cc \u0628\u0631\u0631\u0633\u06cc \u062c\u0632\u0626\u06cc\u0627\u062a \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627\u06cc \u0627\u062a\u0631\u06cc\u0648\u0645 (ETH) \u0648 \u062a\u0648\u06a9\u0646\u200c\u0647\u0627 \u0646\u06cc\u0632 Etherscan \u0627\u0628\u0632\u0627\u0631\u06cc \u0642\u062f\u0631\u062a\u0645\u0646\u062f \u0627\u0633\u062a. \u0628\u0633\u062a\u0647 \u0628\u0647 \u0633\u0637\u062d \u0646\u06cc\u0627\u0632 \u0648 \u0628\u0648\u062f\u062c\u0647\u060c \u067e\u0644\u062a\u0641\u0631\u0645 \u0645\u0646\u0627\u0633\u0628 \u062e\u0648\u062f \u0631\u0627 \u0627\u0646\u062a\u062e\u0627\u0628 \u06a9\u0646\u06cc\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D8%AA%D8%B9%DB%8C%DB%8C%D9%86_%D8%B3%D8%A8%D8%AF_%D8%B4%D8%A7%D8%AE%D8%B5%E2%80%8C%D9%87%D8%A7_Active_Addresses%D8%8C_Exchange_Reserve%D8%8C_NVT\"><\/span><strong>\u062a\u0639\u06cc\u06cc\u0646 \u0633\u0628\u062f \u0634\u0627\u062e\u0635\u200c\u0647\u0627 (<\/strong><strong>Active Addresses<\/strong><strong>\u060c <\/strong><strong>Exchange Reserve<\/strong><strong>\u060c <\/strong><strong>NVT<\/strong><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0647\u0645\u0647 \u0634\u0627\u062e\u0635\u200c\u0647\u0627 \u0628\u0631\u0627\u06cc \u0634\u0645\u0627 \u0645\u0646\u0627\u0633\u0628 \u0646\u06cc\u0633\u062a\u0646\u062f. \u0628\u0631\u0627\u06cc \u0634\u0631\u0648\u0639\u060c \u0628\u0631 \u0631\u0648\u06cc \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u06a9\u0644\u06cc\u062f\u06cc \u062a\u0645\u0631\u06a9\u0632 \u06a9\u0646\u06cc\u062f. Active Addresses \u0628\u0631\u0627\u06cc \u0633\u0646\u062c\u0634 \u0641\u0639\u0627\u0644\u06cc\u062a \u06a9\u0627\u0631\u0628\u0631\u0627\u0646\u060c Exchange Reserve \u0628\u0631\u0627\u06cc \u0631\u0635\u062f \u0641\u0634\u0627\u0631 \u062e\u0631\u06cc\u062f\/\u0641\u0631\u0648\u0634\u060c \u0648 NVT \u0628\u0631\u0627\u06cc \u0627\u0631\u0632\u06cc\u0627\u0628\u06cc \u0627\u0631\u0632\u0634\u200c\u06af\u0630\u0627\u0631\u06cc \u0634\u0628\u06a9\u0647. \u0627\u06cc\u0646 \u0634\u0627\u062e\u0635\u200c\u0647\u0627 \u062a\u0635\u0648\u06cc\u0631 \u062e\u0648\u0628\u06cc \u0627\u0632 \u0633\u0644\u0627\u0645\u062a \u0648 \u067e\u0648\u06cc\u0627\u06cc\u06cc \u0628\u0627\u0632\u0627\u0631 \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u0646\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D8%B3%D8%A7%D8%AE%D8%AA_%D9%87%D8%B4%D8%AF%D8%A7%D8%B1_%D9%88_%D8%AF%D8%A7%D8%B4%D8%A8%D9%88%D8%B1%D8%AF_%D8%B3%D9%81%D8%A7%D8%B1%D8%B4%DB%8C_API_Key%D8%8C_Alerts\"><\/span><strong>\u0633\u0627\u062e\u062a \u0647\u0634\u062f\u0627\u0631 \u0648 \u062f\u0627\u0634\u0628\u0648\u0631\u062f \u0633\u0641\u0627\u0631\u0634\u06cc (<\/strong><strong>API Key<\/strong><strong>\u060c <\/strong><strong>Alerts<\/strong><strong>)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u067e\u0633 \u0627\u0632 \u0627\u0646\u062a\u062e\u0627\u0628 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u060c \u06cc\u06a9 \u062f\u0627\u0634\u0628\u0648\u0631\u062f (Dashboard) \u0633\u0641\u0627\u0631\u0634\u06cc \u062f\u0631 \u067e\u0644\u062a\u0641\u0631\u0645 \u0627\u0646\u062a\u062e\u0627\u0628\u06cc \u062e\u0648\u062f \u0628\u0633\u0627\u0632\u06cc\u062f \u062a\u0627 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u0645\u0648\u0631\u062f \u0646\u0638\u0631\u062a\u0627\u0646 \u0631\u0627 \u0628\u0647 \u0635\u0648\u0631\u062a \u06cc\u06a9\u062c\u0627 \u0631\u0635\u062f \u06a9\u0646\u06cc\u062f. \u0647\u0645\u0686\u0646\u06cc\u0646\u060c \u0628\u0627 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0627\u0632 \u0642\u0627\u0628\u0644\u06cc\u062a Alerts \u0648 \u062f\u0631 \u0635\u0648\u0631\u062a \u0644\u0632\u0648\u0645 \u0628\u0627 API Key \u067e\u0644\u062a\u0641\u0631\u0645 \u06cc\u0627 Pi Cycle\u060c \u0647\u0634\u062f\u0627\u0631\u0647\u0627\u06cc\u06cc \u0628\u0631\u0627\u06cc \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0645\u0647\u0645 \u0645\u062b\u0644\u0627\u064b \u06a9\u0627\u0647\u0634 \u06cc\u0627 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0646\u0627\u06af\u0647\u0627\u0646\u06cc Exchange Reserve \u062a\u0646\u0638\u06cc\u0645 \u06a9\u0646\u06cc\u062f \u062a\u0627 \u0628\u062a\u0648\u0627\u0646\u06cc\u062f \u0628\u0647 \u0633\u0631\u0639\u062a \u0648\u0627\u06a9\u0646\u0634 \u0646\u0634\u0627\u0646 \u062f\u0647\u06cc\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D9%BE%D8%A7%DB%8C%D8%B4_%D8%AF%D9%88%D8%B1%D9%87%E2%80%8C%D8%A7%DB%8C_%D9%88_%D8%A8%D9%87%E2%80%8C%D8%B1%D9%88%D8%B2%D8%B1%D8%B3%D8%A7%D9%86%DB%8C_%D9%85%D8%AF%D9%84_Backtest_Rebalance\"><\/span><strong>\u067e\u0627\u06cc\u0634 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u0648 \u0628\u0647\u200c\u0631\u0648\u0632\u0631\u0633\u0627\u0646\u06cc \u0645\u062f\u0644 (<\/strong><strong>Backtest &amp; Rebalance<\/strong><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0641\u0631\u0622\u06cc\u0646\u062f\u06cc \u062f\u0631 \u062d\u0627\u0644 \u062a\u063a\u06cc\u06cc\u0631 \u0627\u0633\u062a\u061b \u067e\u0633 \u0628\u0627\u06cc\u062f \u0628\u0647 \u0635\u0648\u0631\u062a \u062f\u0648\u0631\u0647\u200c\u0627\u06cc\u060c \u062f\u0627\u062f\u0647\u200c\u0647\u0627 \u0648 \u0645\u062f\u0644 \u062a\u062d\u0644\u06cc\u0644\u06cc \u062e\u0648\u062f \u0631\u0627 \u067e\u0627\u06cc\u0634 \u06a9\u0631\u062f\u0647 \u0648 \u0639\u0645\u0644\u06a9\u0631\u062f \u0633\u06cc\u06af\u0646\u0627\u0644\u200c\u0647\u0627\u06cc\u062a\u0627\u0646 \u0631\u0627 Backtest \u06a9\u0646\u06cc\u062f. \u0628\u0631 \u0627\u0633\u0627\u0633 \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0628\u0627\u0632\u0627\u0631 \u0648 Risk Score \u062e\u0648\u062f \u06cc\u0627 Risk Tolerance\u060c \u0645\u062f\u0644 \u062a\u062d\u0644\u06cc\u0644\u06cc \u0648 \u0633\u0628\u062f \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u062a\u0627\u0646 \u0631\u0627 Rebalance \u0648 \u0628\u0647\u200c\u0631\u0648\u0632\u0631\u0633\u0627\u0646\u06cc \u06a9\u0646\u06cc\u062f \u062a\u0627 \u0647\u0645\u06cc\u0634\u0647 \u0645\u0631\u062a\u0628\u0637 \u0648 \u06a9\u0627\u0631\u0622\u0645\u062f \u0628\u0627\u0642\u06cc \u0628\u0645\u0627\u0646\u062f.<\/p>\n<p>\u0646\u0645\u0648\u0646\u0647 \u0639\u0645\u0644\u06cc: \u0628\u0631\u0627\u06cc \u0645\u062b\u0627\u0644\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u062f Exchange Reserve \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0631\u0627 \u062f\u0631 \u062f\u0627\u0634\u0628\u0648\u0631\u062f \u062e\u0648\u062f \u0631\u062f\u06cc\u0627\u0628\u06cc \u06a9\u0646\u06cc\u062f. \u0633\u067e\u0633 \u06cc\u06a9 Alert \u062a\u0646\u0638\u06cc\u0645 \u06a9\u0646\u06cc\u062f \u06a9\u0647 \u062f\u0631 \u0635\u0648\u0631\u062a \u062e\u0631\u0648\u062c \u0646\u0627\u06af\u0647\u0627\u0646\u06cc \u06f1\u06f0,\u06f0\u06f0\u06f0 BTC \u0627\u0632 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u06a9\u0647 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0646\u0634\u0627\u0646\u200c\u062f\u0647\u0646\u062f\u0647 \u0627\u0646\u0628\u0627\u0634\u062a \u0646\u0647\u0646\u06af\u200c\u0647\u0627 \u0628\u0627\u0634\u062f\u060c \u0628\u0647 \u0634\u0645\u0627 \u0627\u0637\u0644\u0627\u0639 \u062f\u0647\u062f \u062a\u0627 \u0628\u0631\u0627\u06cc \u06cc\u06a9 \u0648\u0627\u06a9\u0646\u0634 \u0633\u0631\u06cc\u0639 \u0645\u0639\u0627\u0645\u0644\u0627\u062a\u06cc \u0622\u0645\u0627\u062f\u0647 \u0628\u0627\u0634\u06cc\u062f.<\/p>\n<p><img decoding=\"async\" class=\"size-large wp-image-16392 aligncenter\" src=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-4-1024x892.jpg\" alt=\"\u067e\u0627\u06cc\u0634 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc\" width=\"1024\" height=\"892\" title=\"\" srcset=\"https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-4-1024x892.jpg 1024w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-4-300x261.jpg 300w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-4-768x669.jpg 768w, https:\/\/kebrin.ir\/mag\/wp-content\/uploads\/2025\/06\/\u062a\u062d\u0644\u06cc\u0644-\u0622\u0646\u0686\u06cc\u0646-4.avif 1430w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%DA%98%DB%8C%E2%80%8C%D9%87%D8%A7%DB%8C_%D8%AA%D8%B1%DA%A9%DB%8C%D8%A8%DB%8C_%D9%88_%D8%B3%D9%86%D8%A7%D8%B1%DB%8C%D9%88%D9%87%D8%A7%DB%8C_%D9%85%D9%86%D8%A7%D8%B3%D8%A8%D9%86%D8%A7%D9%85%D9%86%D8%A7%D8%B3%D8%A8\"><\/span><strong>\u0627\u0633\u062a\u0631\u0627\u062a\u0698\u06cc\u200c\u0647\u0627\u06cc \u062a\u0631\u06a9\u06cc\u0628\u06cc \u0648 \u0633\u0646\u0627\u0631\u06cc\u0648\u0647\u0627\u06cc \u0645\u0646\u0627\u0633\u0628\/\u0646\u0627\u0645\u0646\u0627\u0633\u0628<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u062f\u0631 \u062a\u0631\u06a9\u06cc\u0628 \u0628\u0627 \u0633\u0627\u06cc\u0631 \u0631\u0648\u0634\u200c\u0647\u0627\u060c \u0642\u062f\u0631\u062a \u067e\u06cc\u0634\u200c\u0628\u06cc\u0646\u06cc \u0648 \u062a\u0635\u0645\u06cc\u0645\u200c\u06af\u06cc\u0631\u06cc \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631\u0627\u0646 \u0648 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0631\u0627 \u0628\u0647 \u0634\u062f\u062a \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc\u200c\u062f\u0647\u062f.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D8%AA%DA%A9%D9%86%DB%8C%DA%A9%D8%A7%D9%84_%D8%A8%D8%B1%D8%A7%DB%8C_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D8%A7%D8%AA_%D8%B3%D9%88%DB%8C%DB%8C%D9%86%DA%AF\"><\/span><strong>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 + \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0628\u0631\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0633\u0648\u06cc\u06cc\u0646\u06af<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0627\u06cc\u0646 \u062a\u0631\u06a9\u06cc\u0628 \u0628\u0631\u0627\u06cc \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631\u0627\u0646 \u0645\u06cc\u0627\u0646\u200c\u0645\u062f\u062a \u0633\u0648\u06cc\u06cc\u0646\u06af \u062a\u0631\u06cc\u062f\u0631\u0647\u0627 \u0637\u0631\u0627\u062d\u06cc \u0634\u062f\u0647 \u0627\u0633\u062a. \u062f\u0631 \u0627\u06cc\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u0698\u06cc\u060c \u0633\u06cc\u06af\u0646\u0627\u0644\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646 \u0645\u0627\u0646\u0646\u062f \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0628\u0632\u0631\u06af \u062f\u0631 \u0645\u0648\u062c\u0648\u062f\u06cc \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u06cc\u0627 \u0641\u0639\u0627\u0644\u06cc\u062a \u0646\u0647\u0646\u06af\u200c\u0647\u0627 \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u062a\u0623\u06cc\u06cc\u062f\u06cc \u0628\u0631\u0627\u06cc \u0627\u0644\u06af\u0648\u0647\u0627\u06cc \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc\u200c\u0634\u062f\u0647 \u062f\u0631 \u062a\u062d\u0644\u06cc\u0644 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0645\u0627\u0646\u0646\u062f \u0634\u06a9\u0633\u062a \u062e\u0637\u0648\u0637 \u0631\u0648\u0646\u062f\u060c \u0633\u0637\u0648\u062d \u062d\u0645\u0627\u06cc\u062a\/\u0645\u0642\u0627\u0648\u0645\u062a \u06cc\u0627 \u0627\u0644\u06af\u0648\u0647\u0627\u06cc \u0646\u0645\u0648\u062f\u0627\u0631\u06cc \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0645\u06cc\u200c\u0634\u0648\u0646\u062f. \u0627\u06cc\u0646 \u0631\u0648\u06cc\u06a9\u0631\u062f \u0628\u0647 \u0645\u0639\u0627\u0645\u0644\u0647\u200c\u06af\u0631 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u062f \u062a\u0627 \u0628\u0627 \u0627\u0637\u0645\u06cc\u0646\u0627\u0646 \u0628\u06cc\u0634\u062a\u0631\u06cc \u0648\u0627\u0631\u062f \u067e\u0648\u0632\u06cc\u0634\u0646\u200c\u0647\u0627\u06cc \u062e\u0631\u06cc\u062f \u06cc\u0627 \u0641\u0631\u0648\u0634 \u0634\u0648\u062f.<\/p>\n<p><strong>\u0633\u0646\u0627\u0631\u06cc\u0648<\/strong><\/p>\n<ul>\n<li>\u0628\u0627\u0632\u0627\u0631 \u067e\u0631\u0646\u0648\u0633\u0627\u0646 \u0631\u0648 \u0628\u0647 \u0631\u0634\u062f: \u062f\u0631 \u0686\u0646\u06cc\u0646 \u0628\u0627\u0632\u0627\u0631\u0647\u0627\u06cc\u06cc \u06a9\u0647 \u0642\u06cc\u0645\u062a\u200c\u0647\u0627 \u062f\u0631 \u06cc\u06a9 \u0631\u0648\u0646\u062f \u06a9\u0644\u06cc \u0635\u0639\u0648\u062f\u06cc \u062d\u0631\u06a9\u062a \u0645\u06cc\u200c\u06a9\u0646\u0646\u062f \u0627\u0645\u0627 \u0646\u0648\u0633\u0627\u0646\u0627\u062a \u06a9\u0648\u062a\u0627\u0647\u200c\u0645\u062f\u062a \u0632\u06cc\u0627\u062f\u06cc \u062f\u0627\u0631\u0646\u062f\u060c \u062a\u0631\u06a9\u06cc\u0628 \u0622\u0646\u0686\u06cc\u0646 \u0648 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0628\u0633\u06cc\u0627\u0631 \u0645\u0624\u062b\u0631 \u0627\u0633\u062a. \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f MVRV (Market Value to Realized Value) \u0648 HODL Wave \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u0646\u062f \u0628\u0647 \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc \u0646\u0642\u0627\u0637 \u0641\u0631\u0648\u0634 \u06cc\u0627 \u062e\u0631\u06cc\u062f \u0628\u06cc\u0634 \u0627\u0632 \u062d\u062f (overbought\/oversold) \u06a9\u0645\u06a9 \u06a9\u0646\u0646\u062f. \u0628\u0631\u0627\u06cc \u0645\u062b\u0627\u0644\u060c \u0627\u0641\u062a MVRV \u0628\u0647 \u0632\u06cc\u0631 \u0633\u0637\u0648\u062d \u062e\u0627\u0635 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0633\u06cc\u06af\u0646\u0627\u0644 \u062e\u0631\u06cc\u062f \u0627\u0632 \u062f\u06cc\u062f \u0622\u0646\u0686\u06cc\u0646 \u0628\u0627\u0634\u062f \u06a9\u0647 \u0628\u0627 \u062a\u0623\u06cc\u06cc\u062f \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0648\u0627\u0631\u062f \u0645\u0639\u0627\u0645\u0644\u0647 \u0645\u06cc\u200c\u0634\u0648\u06cc\u062f.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D9%81%D8%A7%D9%86%D8%AF%D8%A7%D9%85%D9%86%D8%AA%D8%A7%D9%84_%D8%A8%D8%B1%D8%A7%DB%8C_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87%E2%80%8C%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C_%D8%A8%D9%84%D9%86%D8%AF%D9%85%D8%AF%D8%AA\"><\/span><strong>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 + \u0641\u0627\u0646\u062f\u0627\u0645\u0646\u062a\u0627\u0644 \u0628\u0631\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0627\u06cc\u0646 \u062a\u0631\u06a9\u06cc\u0628 \u0628\u0631\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0648 \u06a9\u0633\u0627\u0646\u06cc \u06a9\u0647 \u0628\u0647 \u062f\u0646\u0628\u0627\u0644 \u0633\u0627\u062e\u062a\u0646 \u06cc\u06a9 Portfolio Diversification \u0633\u0628\u062f \u0645\u062a\u0646\u0648\u0639 \u0647\u0633\u062a\u0646\u062f\u060c \u0627\u06cc\u062f\u0647\u200c\u0622\u0644 \u0627\u0633\u062a. \u062f\u0631 \u0627\u06cc\u0646 \u0631\u0648\u06cc\u06a9\u0631\u062f\u060c \u062a\u062d\u0644\u06cc\u0644 \u0641\u0627\u0646\u062f\u0627\u0645\u0646\u062a\u0627\u0644 (\u0628\u0631\u0631\u0633\u06cc \u062a\u06cc\u0645\u060c \u0641\u0646\u0627\u0648\u0631\u06cc\u060c \u06a9\u0627\u0631\u0628\u0631\u062f\u060c \u062c\u0627\u0645\u0639\u0647 \u0648 \u0646\u0642\u0634\u0647 \u0631\u0627\u0647 \u067e\u0631\u0648\u0698\u0647) \u0628\u0627 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 (\u0628\u0631\u0631\u0633\u06cc \u0633\u0644\u0627\u0645\u062a \u0634\u0628\u06a9\u0647\u060c \u0631\u0634\u062f \u06a9\u0627\u0631\u0628\u0631\u0627\u0646\u060c \u0641\u0639\u0627\u0644\u06cc\u062a \u062a\u0648\u0633\u0639\u0647\u200c\u062f\u0647\u0646\u062f\u06af\u0627\u0646 \u0631\u0648\u06cc \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062f\u0631\u0648\u0646 \u0632\u0646\u062c\u06cc\u0631\u0647 \u0648 \u062a\u0648\u0632\u06cc\u0639 \u0639\u0631\u0636\u0647) \u062a\u06a9\u0645\u06cc\u0644 \u0645\u06cc\u200c\u0634\u0648\u062f.<\/p>\n<p><strong>\u0633\u0646\u0627\u0631\u06cc\u0648<\/strong><\/p>\n<ul>\n<li>\u0631\u0648\u0646\u062f \u0646\u0632\u0648\u0644\u06cc \u0637\u0648\u0644\u0627\u0646\u06cc (Bear Market) \u0648 \u0627\u0646\u0628\u0627\u0634\u062a \u0628\u0644\u0646\u062f\u0645\u062f\u062a: \u062f\u0631 \u06cc\u06a9 Bear Market\u060c \u06a9\u0647 \u0642\u06cc\u0645\u062a\u200c\u0647\u0627 \u0628\u0631\u0627\u06cc \u0645\u062f\u062a \u0637\u0648\u0644\u0627\u0646\u06cc \u067e\u0627\u06cc\u06cc\u0646 \u0647\u0633\u062a\u0646\u062f\u060c \u067e\u0627\u06cc\u0634 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f NUPL (Net Unrealized Profit\/Loss) \u0648 \u0630\u062e\u0627\u06cc\u0631 \u0635\u0631\u0627\u0641\u06cc (Exchange Reserves) \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0628\u0647 \u06a9\u0641\u200c\u06cc\u0627\u0628\u06cc \u0648 \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc \u0646\u0642\u0627\u0637 \u0628\u0647\u06cc\u0646\u0647 \u0628\u0631\u0627\u06cc \u0627\u0646\u0628\u0627\u0634\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u0628\u0646\u06cc\u0627\u062f\u06cc \u06a9\u0645\u06a9 \u06a9\u0646\u062f. \u06a9\u0627\u0647\u0634 NUPL \u0628\u0647 \u0633\u0637\u0648\u062d \u062a\u0627\u0631\u06cc\u062e\u06cc \u067e\u0627\u06cc\u06cc\u0646 \u0648 \u062e\u0631\u0648\u062c \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0627\u0632 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 \u06a9\u0627\u0647\u0634 \u0630\u062e\u0627\u06cc\u0631 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0646\u0634\u0627\u0646\u200c\u062f\u0647\u0646\u062f\u0647 \u0634\u0631\u0648\u0639 \u0627\u0646\u0628\u0627\u0634\u062a \u062a\u0648\u0633\u0637 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0628\u0627\u0634\u062f.<\/li>\n<li>\u0631\u0648\u0646\u062f \u0646\u0632\u0648\u0644\u06cc \u0637\u0648\u0644\u0627\u0646\u06cc (Bear Market): \u062f\u0631 \u06cc\u06a9 Bear Market\u060c \u067e\u0627\u06cc\u0634 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f NUPL (Net Unrealized Profit\/Loss) \u0648 \u0630\u062e\u0627\u06cc\u0631 \u0635\u0631\u0627\u0641\u06cc (Exchange Reserves) \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u0628\u0647 \u06a9\u0641\u200c\u06cc\u0627\u0628\u06cc \u0648 \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc \u0646\u0642\u0627\u0637 \u0628\u0647\u06cc\u0646\u0647 \u0628\u0631\u0627\u06cc \u0627\u0646\u0628\u0627\u0634\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u0628\u0646\u06cc\u0627\u062f\u06cc \u062c\u0647\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u06a9\u0645\u06a9 \u06a9\u0646\u062f.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%D9%85%D8%B7%D8%A7%D9%84%D8%B9%D9%87_%D9%85%D9%88%D8%B1%D8%AF%DB%8C_%DB%B1%DB%B2_%D9%85%D8%A7%D9%87_%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A2%D9%86%DA%86%DB%8C%D9%86_%D8%B1%D9%88%DB%8C_%D8%A8%DB%8C%D8%AA%E2%80%8C%DA%A9%D9%88%DB%8C%D9%86\"><\/span><strong>\u0645\u0637\u0627\u0644\u0639\u0647 \u0645\u0648\u0631\u062f\u06cc <\/strong><strong>\u06f1\u06f2<\/strong><strong> \u0645\u0627\u0647 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0631\u0648\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062f\u0631 \u06cc\u06a9 \u062f\u0648\u0631\u0647 \u0641\u0631\u0636\u06cc \u06f1\u06f2 \u0645\u0627\u0647\u0647\u060c \u0627\u0632 \u0698\u0648\u0626\u0646 \u06f2\u06f0\u06f2\u06f4 \u062a\u0627 \u0645\u0647 \u06f2\u06f0\u06f2\u06f5\u060c \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u0646\u062f \u0633\u06cc\u06af\u0646\u0627\u0644\u200c\u0647\u0627\u06cc \u0645\u0647\u0645\u06cc \u0627\u0632 \u062a\u063a\u06cc\u06cc\u0631 \u0631\u0648\u0646\u062f \u0628\u0627\u0632\u0627\u0631 \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 (BTC) \u0627\u0631\u0627\u0626\u0647 \u062f\u0647\u0646\u062f. \u0641\u0631\u0636 \u06a9\u0646\u06cc\u062f \u062f\u0631 \u0627\u06cc\u0646 \u062f\u0648\u0631\u0647\u060c \u0634\u0627\u0647\u062f \u062f\u0648 \u0631\u0648\u0646\u062f \u06a9\u0644\u06cc\u062f\u06cc \u0622\u0646\u0686\u06cc\u0646 \u0628\u0648\u062f\u0647\u200c\u0627\u06cc\u0645:<\/p>\n<ul>\n<li>\u06a9\u0627\u0647\u0634 \u06f2\u06f5 \u062f\u0631\u0635\u062f\u06cc TVL (Total Value Locked) \u062f\u0631 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627: \u0627\u06cc\u0646 \u0628\u0647 \u0645\u0639\u0646\u0627\u06cc \u062e\u0631\u0648\u062c \u062e\u0627\u0644\u0635 \u062d\u062c\u0645 \u0642\u0627\u0628\u0644 \u062a\u0648\u062c\u0647\u06cc \u0627\u0632 \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0627\u0632 \u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u200c\u0647\u0627\u06cc \u0635\u0631\u0627\u0641\u06cc \u0628\u0647 \u06a9\u06cc\u0641\u200c\u067e\u0648\u0644\u200c\u0647\u0627\u06cc \u0634\u062e\u0635\u06cc (\u0633\u0631\u062f) \u0627\u0633\u062a. Exchange Netflow \u0648 MVRV Z-Score \u0628\u0631\u0627\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u062f\u0631 \u0627\u06cc\u0646 \u06f1\u06f2 \u0645\u0627\u0647\u060c \u0628\u0647 \u0637\u0648\u0631 \u0645\u062f\u0627\u0648\u0645 \u0645\u0646\u0641\u06cc \u0628\u0648\u062f\u0647 \u0627\u0633\u062a. \u0627\u06cc\u0646 \u067e\u062f\u06cc\u062f\u0647 \u0645\u0639\u0645\u0648\u0644\u0627\u064b \u0646\u0634\u0627\u0646\u200c\u062f\u0647\u0646\u062f\u0647 \u06a9\u0627\u0647\u0634 \u0641\u0634\u0627\u0631 \u0641\u0631\u0648\u0634 \u0648 \u062a\u0645\u0627\u06cc\u0644 \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0628\u0647 HODL (\u0646\u06af\u0647\u062f\u0627\u0631\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a) \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc\u0634\u0627\u0646 \u0627\u0633\u062a.<\/li>\n<li>\u0631\u0634\u062f \u06f1\u06f5 \u062f\u0631\u0635\u062f\u06cc Hash Rate (\u0642\u062f\u0631\u062a \u0647\u0634 \u0631\u06cc\u062a) \u0634\u0628\u06a9\u0647 \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646: \u0627\u0641\u0632\u0627\u06cc\u0634 \u06f1\u06f5 \u062f\u0631\u0635\u062f\u06cc Hash Rate\u060c \u0646\u0634\u0627\u0646\u200c\u062f\u0647\u0646\u062f\u0647 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0627\u0645\u0646\u06cc\u062a \u0648 \u067e\u0627\u06cc\u062f\u0627\u0631\u06cc \u0634\u0628\u06a9\u0647 \u0648 \u0647\u0645\u0686\u0646\u06cc\u0646 \u0627\u0637\u0645\u06cc\u0646\u0627\u0646 \u0628\u06cc\u0634\u062a\u0631 \u0645\u0627\u06cc\u0646\u0631\u0647\u0627 Miner \u0628\u0647 \u0633\u0648\u062f\u0622\u0648\u0631\u06cc \u0628\u0644\u0646\u062f\u0645\u062f\u062a \u0627\u0633\u062a.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%D9%BE%D8%B1%D8%B3%D8%B4%E2%80%8C%D9%87%D8%A7%DB%8C_%D9%85%D8%AA%D8%AF%D8%A7%D9%88%D9%84_FAQ\"><\/span><strong>\u067e\u0631\u0633\u0634\u200c\u0647\u0627\u06cc \u0645\u062a\u062f\u0627\u0648\u0644 (<\/strong><strong>FAQ<\/strong><strong>)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u062d\u062f\u0627\u0642\u0644 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc \u0636\u0631\u0648\u0631\u06cc \u0628\u0631\u0627\u06cc \u0634\u0631\u0648\u0639 \u06a9\u062f\u0627\u0645 \u0627\u0633\u062a\u061f<\/strong><\/p>\n<p>\u0628\u0631\u0627\u06cc \u0634\u0631\u0648\u0639\u060c \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f Active Addresses (\u0622\u062f\u0631\u0633\u200c\u0647\u0627\u06cc \u0641\u0639\u0627\u0644)\u060c Exchange Netflow (\u0648\u0631\u0648\u062f\u06cc\/\u062e\u0631\u0648\u062c\u06cc \u062e\u0627\u0644\u0635 \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627) \u0648 Supply Distribution (\u062a\u0648\u0632\u06cc\u0639 \u0639\u0631\u0636\u0647) \u0631\u0627 \u0628\u0631\u0631\u0633\u06cc \u06a9\u0646\u06cc\u062f.<\/p>\n<p><strong>\u0622\u06cc\u0627 \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0631\u0627\u06cc \u0622\u0644\u062a\u200c\u06a9\u0648\u06cc\u0646\u200c\u0647\u0627\u06cc \u06a9\u0648\u0686\u06a9 \u0647\u0645 \u0642\u0627\u0628\u0644 \u0627\u0639\u062a\u0645\u0627\u062f \u0627\u0633\u062a\u061f<\/strong><\/p>\n<p>\u062e\u06cc\u0631\u060c \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0631\u0627\u06cc \u0622\u0644\u062a\u200c\u06a9\u0648\u06cc\u0646\u200c\u0647\u0627\u06cc \u06a9\u0648\u0686\u06a9 \u0628\u0647 \u062f\u0644\u06cc\u0644 \u062d\u062c\u0645 \u062a\u0631\u0627\u06a9\u0646\u0634 \u06a9\u0645\u062a\u0631 \u0648 \u0646\u0642\u062f\u06cc\u0646\u06af\u06cc \u067e\u0627\u06cc\u06cc\u0646\u200c\u062a\u0631\u060c \u06a9\u0645\u062a\u0631 \u0642\u0627\u0628\u0644 \u0627\u0639\u062a\u0645\u0627\u062f \u0627\u0633\u062a \u0648 \u0628\u06cc\u0634\u062a\u0631 \u0628\u0631\u0627\u06cc \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u0628\u0627 \u0646\u0642\u062f\u06cc\u0646\u06af\u06cc \u0628\u0627\u0644\u0627 \u0645\u0627\u0646\u0646\u062f \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u0648 \u0627\u062a\u0631\u06cc\u0648\u0645 \u06a9\u0627\u0631\u0628\u0631\u062f \u062f\u0627\u0631\u062f.<\/p>\n<p><strong>\u0686\u0637\u0648\u0631 \u062f\u0633\u062a\u06a9\u0627\u0631\u06cc \u0646\u0647\u0646\u06af \u0631\u0627 \u062a\u0634\u062e\u06cc\u0635 \u062f\u0647\u06cc\u0645\u061f<\/strong><\/p>\n<p>\u0628\u0627 \u0631\u0635\u062f \u0646\u0627\u06af\u0647\u0627\u0646\u06cc \u0648 \u0646\u0627\u0645\u062a\u0639\u0627\u0631\u0641 \u062d\u062c\u0645 \u0628\u0627\u0644\u0627\u06cc\u06cc \u0627\u0632 \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627 \u0628\u0647 \u0633\u0645\u062a \u0635\u0631\u0627\u0641\u06cc\u200c\u0647\u0627 (\u0627\u0641\u0632\u0627\u06cc\u0634 \u0646\u0627\u06af\u0647\u0627\u0646\u06cc Exchange Inflow) \u06cc\u0627 \u062e\u0631\u0648\u062c \u0627\u0632 \u0622\u0646\u200c\u0647\u0627 (\u06a9\u0627\u0647\u0634 \u0646\u0627\u06af\u0647\u0627\u0646\u06cc Exchange Reserve)\u060c \u0645\u06cc\u200c\u062a\u0648\u0627\u0646 \u0641\u0639\u0627\u0644\u06cc\u062a\u200c\u0647\u0627\u06cc \u0645\u0634\u06a9\u0648\u06a9 \u0646\u0647\u0646\u06af\u200c\u0647\u0627 \u0631\u0627 \u0634\u0646\u0627\u0633\u0627\u06cc\u06cc \u06a9\u0631\u062f.<\/p>\n<p><strong>\u062a\u0641\u0627\u0648\u062a <\/strong><strong>UTXO<\/strong><strong> \u0648 <\/strong><strong>Account Model<\/strong><strong> \u062f\u0631 \u062a\u0641\u0633\u06cc\u0631 \u062f\u0627\u062f\u0647 \u0686\u06cc\u0633\u062a\u061f<\/strong><\/p>\n<p>\u062f\u0631 UTXO (Unspent Transaction Output) (\u0645\u0627\u0646\u0646\u062f <a href=\"https:\/\/kebrin.ir\/trade\/BTC-USDT\" target=\"_blank\" rel=\"noopener\">\u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646<\/a>)\u060c \u0647\u0631 \u0648\u0627\u062d\u062f \u067e\u0648\u0644 \u06cc\u06a9 &#8220;\u062e\u0631\u0648\u062c\u06cc \u062e\u0631\u062c \u0646\u0634\u062f\u0647&#8221; \u0627\u0633\u062a \u06a9\u0647 \u0631\u062f\u06cc\u0627\u0628\u06cc \u0622\u0646 \u067e\u06cc\u0686\u06cc\u062f\u0647\u200c\u062a\u0631 \u0627\u0645\u0627 \u062f\u0642\u06cc\u0642\u200c\u062a\u0631 \u0627\u0633\u062a\u061b \u062f\u0631 Account Model (\u0645\u0627\u0646\u0646\u062f \u0627\u062a\u0631\u06cc\u0648\u0645) \u0648 UTXO Model\u060c \u0647\u0631 \u0622\u062f\u0631\u0633 \u06cc\u06a9 \u0645\u0648\u062c\u0648\u062f\u06cc \u062b\u0627\u0628\u062a \u062f\u0627\u0631\u062f \u06a9\u0647 \u062a\u0641\u0633\u06cc\u0631 \u0622\u0646 \u0633\u0627\u062f\u0647\u200c\u062a\u0631 \u0627\u0633\u062a.<\/p>\n<p><strong>\u0628\u0647\u062a\u0631\u06cc\u0646 \u0645\u0646\u0628\u0639 \u0631\u0627\u06cc\u06af\u0627\u0646 \u0686\u06cc\u0633\u062a\u061f<\/strong><\/p>\n<p>\u0628\u0631\u0627\u06cc \u062f\u0633\u062a\u0631\u0633\u06cc \u0631\u0627\u06cc\u06af\u0627\u0646 \u0628\u0647 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0622\u0646\u0686\u06cc\u0646\u060c \u0628\u0644\u0627\u06a9 \u0627\u06a9\u0633\u067e\u0644\u0648\u0631\u0631\u0647\u0627 (\u0645\u0627\u0646\u0646\u062f Blockchain.com \u0628\u0631\u0627\u06cc \u0628\u06cc\u062a\u200c\u06a9\u0648\u06cc\u0646 \u06cc\u0627 Etherscan \u0628\u0631\u0627\u06cc \u0627\u062a\u0631\u06cc\u0648\u0645) \u0648 \u0646\u0633\u062e\u0647\u200c\u0647\u0627\u06cc \u0631\u0627\u06cc\u06af\u0627\u0646 \u067e\u0644\u062a\u0641\u0631\u0645\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f Glassnode (\u0646\u0633\u062e\u0647 Community) \u0648 Santiment (\u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0627\u0648\u0644\u06cc\u0647) \u0645\u0646\u0627\u0628\u0639 \u062e\u0648\u0628\u06cc \u0647\u0633\u062a\u0646\u062f.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%AC%D9%85%D8%B9%E2%80%8C%D8%A8%D9%86%D8%AF%DB%8C\"><\/span><strong>\u062c\u0645\u0639\u200c\u0628\u0646\u062f\u06cc<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 (<a href=\"https:\/\/www.coinbase.com\/learn\/advanced-trading\/what-is-onchain-analysis-and-how-to-use-it-as-a-crypto-trader\" target=\"_blank\" rel=\"noopener nofollow\">On-chain Analysis<\/a>)\u060c \u062f\u0631 \u062f\u0646\u06cc\u0627\u06cc \u067e\u06cc\u0686\u06cc\u062f\u0647 \u0627\u0631\u0632\u0647\u0627\u06cc \u062f\u06cc\u062c\u06cc\u062a\u0627\u0644\u060c \u0628\u0647 \u0645\u0627\u0646\u0646\u062f \u0642\u0637\u0628\u200c\u0646\u0645\u0627\u06cc \u0634\u0641\u0627\u0641\u06cc\u062a \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646 \u0639\u0645\u0644 \u0645\u06cc\u200c\u06a9\u0646\u062f. \u0628\u0627 \u0631\u0635\u062f \u0645\u062f\u0627\u0648\u0645 \u0634\u0627\u062e\u0635\u200c\u0647\u0627\u06cc\u06cc \u0645\u0627\u0646\u0646\u062f Active Addresses (\u0622\u062f\u0631\u0633\u200c\u0647\u0627\u06cc \u0641\u0639\u0627\u0644) \u0648 Exchange Reserve (\u0630\u062e\u0627\u06cc\u0631 \u0635\u0631\u0627\u0641\u06cc)\u060c \u0634\u0645\u0627 \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u06cc\u062f \u062d\u0631\u06a9\u0627\u062a \u0646\u0647\u0646\u06af\u200c\u0647\u0627 \u0648 \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0639\u0631\u0636\u0647 \u0648 \u062a\u0642\u0627\u0636\u0627 \u0631\u0627 \u067e\u06cc\u0634\u200c\u062f\u0633\u062a\u06cc \u06a9\u0631\u062f\u0647 \u0648 \u062a\u0635\u0645\u06cc\u0645\u0627\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u06cc \u0622\u06af\u0627\u0647\u0627\u0646\u0647\u200c\u062a\u0631\u06cc \u0628\u06af\u06cc\u0631\u06cc\u062f.<\/p>\n<p>\u0647\u0645\u06cc\u0646 \u0627\u0645\u0631\u0648\u0632 \u062f\u0627\u0634\u0628\u0648\u0631\u062f \u0631\u0627\u06cc\u06af\u0627\u0646 Glassnode \u0631\u0627 \u0627\u0645\u062a\u062d\u0627\u0646 \u06a9\u0646\u06cc\u062f \u06cc\u0627 \u0628\u0647 CryptoQuant \u0628\u067e\u06cc\u0648\u0646\u062f\u06cc\u062f \u0648 \u0628\u0631\u0627\u06cc \u062e\u0648\u062f \u06cc\u06a9 \u0647\u0634\u062f\u0627\u0631 \u0648\u0631\u0648\u062f\/\u062e\u0631\u0648\u062c \u0635\u0631\u0627\u0641\u06cc \u0628\u0633\u0627\u0632\u06cc\u062f \u062a\u0627 \u0647\u0631\u06af\u0632 \u0641\u0631\u0635\u062a\u200c\u0647\u0627\u06cc \u0645\u0647\u0645 \u0628\u0627\u0632\u0627\u0631 \u0631\u0627 \u0627\u0632 \u062f\u0633\u062a \u0646\u062f\u0647\u06cc\u062f. \u0628\u0647 \u06cc\u0627\u062f \u062f\u0627\u0634\u062a\u0647 \u0628\u0627\u0634\u06cc\u062f \u06a9\u0647 \u0647\u06cc\u0686 \u0645\u062f\u0644 \u062a\u062d\u0644\u06cc\u0644\u06cc \u0628\u0647 \u062a\u0646\u0647\u0627\u06cc\u06cc \u06a9\u0627\u0645\u0644 \u0646\u06cc\u0633\u062a\u061b \u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0628\u0627\u06cc\u062f \u0647\u0645\u0648\u0627\u0631\u0647 \u0628\u0627 \u067e\u06cc\u06af\u06cc\u0631\u06cc \u0627\u062e\u0628\u0627\u0631\u060c \u062a\u062d\u0644\u06cc\u0644 \u062a\u06a9\u0646\u06cc\u06a9\u0627\u0644 \u0648 \u062a\u062d\u0644\u06cc\u0644 \u0641\u0627\u0646\u062f\u0627\u0645\u0646\u062a\u0627\u0644 \u062a\u0631\u06a9\u06cc\u0628 \u0634\u0648\u062f. \u0647\u0645\u0686\u0646\u06cc\u0646\u060c \u062a\u062d\u0642\u06cc\u0642 \u0634\u062e\u0635\u06cc (DYOR) \u0648 \u062f\u0631 \u0635\u0648\u0631\u062a \u0644\u0632\u0648\u0645\u060c \u062f\u0631\u06cc\u0627\u0641\u062a \u0645\u0634\u0627\u0648\u0631\u0647 \u0645\u0627\u0644\u06cc \u062a\u062e\u0635\u0635\u06cc \u0631\u0627 \u0647\u0631\u06af\u0632 \u0641\u0631\u0627\u0645\u0648\u0634 \u0646\u06a9\u0646\u06cc\u062f.<\/p>\n\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-center kksr-valign-bottom\"\n    data-payload='{&quot;align&quot;:&quot;center&quot;,&quot;id&quot;:&quot;16385&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;bottom&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;5&quot;,&quot;greet&quot;:&quot;Rate this post&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 \u0627\u0645\u062a\u06cc\u0627\u0632)&quot;,&quot;size&quot;:&quot;18&quot;,&quot;title&quot;:&quot;\u062a\u062d\u0644\u06cc\u0644 \u0622\u0646\u0686\u06cc\u0646 \u0686\u06cc\u0633\u062a\u061f \u0631\u0627\u0647\u0646\u0645\u0627\u06cc \u06a9\u0627\u0645\u0644 On-Chain \u0628\u0631\u0627\u06cc \u0631\u0635\u062f \u0631\u0641\u062a\u0627\u0631 \u0628\u0627\u0632\u0627\u0631 \u0648 \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627\u06cc \u0628\u0644\u0627\u06a9\u0686\u06cc\u0646&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-left: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 18px; height: 18px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-left: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 18px; height: 18px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-left: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 18px; height: 18px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-left: 5px\">\n            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height: 18px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-left: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 18px; height: 18px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 14.4px;\">\n            <span class=\"kksr-muted\">Rate this post<\/span>\n    <\/div>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u0628\u0627 \u062f\u0631 \u0627\u062e\u062a\u06cc\u0627\u0631 \u062f\u0627\u0634\u062a\u0646 \u062f\u0627\u062f\u0647\u200c\u0647\u0627\u06cc \u0628\u0644\u0627\u06a9 \u0686\u06cc\u0646 \u06a9\u0647 \u0634\u0627\u0645\u0644 \u0622\u062f\u0631\u0633\u200c\u0647\u0627\u060c \u06a9\u06cc\u0641\u200c \u067e\u0648\u0644\u200c\u0647\u0627\u060c \u062a\u0631\u0627\u06a9\u0646\u0634\u200c\u0647\u0627 \u0648 \u0641\u0639\u0627\u0644\u06cc\u062a\u200c\u0647\u0627\u06cc \u0627\u0631\u0632 \u062f\u06cc\u062c\u06cc\u062a\u0627\u0644 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