比特幣活躍地址和交易數量最近出現了分歧

數據顯示，比特幣活躍地址大幅下降，但交易數量卻創歷史新高（ATH）。這就是為什麼會這樣。

Bitcoin (BTC) active addresses have taken a hit recently, but the transaction count has remained high. Here's what might be causing this divergence.

比特幣（BTC）活躍地址最近受到打擊，但交易數量仍然很高。以下是可能導致這種差異的原因。

Bitcoin Active Addresses And Transaction Count Have Diverged Recently

比特幣活躍地址和交易數量最近出現了分歧

Recent activity-related metrics on the Bitcoin network have shown a divergence, as highlighted in the latest weekly report by Glassnode. The metrics in question are the Active Addresses and the Transaction Count.

正如 Glassnode 最新的每週報告所強調的那樣，比特幣網路上最近與活動相關的指標顯示出差異。所討論的指標是活動地址和交易計數。

The Active Addresses metric tracks the unique number of addresses that participate in some transaction activity on the blockchain daily. This metric's value is essentially analogous to the active user count for the network.

活躍地址指標追蹤每天參與區塊鏈上某些交易活動的唯一地址數量。此指標的值本質上類似於網路的活躍用戶數。

The chart below shows how the Active Addresses metric has changed in value for Bitcoin over the past decade.

下圖顯示了過去十年比特幣活躍地址指標的價值變化。

The 30-day moving average (MA) of the Bitcoin Active Addresses has been sharply decreasing over the last few months, as can be seen in the graph. This would imply that fewer users are now potentially participating in network transaction activity.

從圖中可以看出，過去幾個月比特幣活躍地址的 30 天移動平均線 (MA) 急劇下降。這意味著現在可能參與網路交易活動的用戶越來越少。

However, the market momentum has been strong in this period, and as the chart shows, previous such bullish periods saw the indicator rising instead. The trend has thus deviated for this cycle.

然而，這段時期的市場勢頭強勁，如圖表所示，先前的牛市時期該指標反而上升。因此，本週期的趨勢發生了偏離。

The other metric of interest here, the Transaction Count, measures the total number of transfers taking place on the network every day. Here is a chart that shows how this metric has performed recently.

這裡另一個有趣的指標是交易計數，它衡量每天網路上發生的傳輸總數。下面的圖表顯示了該指標最近的表現。

Interestingly, while the Active Addresses have seen a decline in value, the Transaction Count has shot up instead. The metric's 30-day MA value is around 612,000 per day, close to the all-time high (ATH).

有趣的是，雖然活動地址的價值有所下降，但交易數量卻激增。此指標的 30 天 MA 值約為每天 612,000 點，接近歷史高點 (ATH)。

The fact that the two indicators have gone opposite ways would mean that, although fewer addresses are active now, the number of transfers each address has individually been making has blown up.

這兩個指標走勢相反的事實意味著，儘管現在活躍的地址較少，但每個地址單獨進行的傳輸數量卻大幅增加。

Now, what's behind this trend? The analytics firm has identified a curious correlation between the Active Addresses pattern and the Transaction Count share of the Bitcoin Inscriptions.

那麼，這趨勢背後的原因是什麼？該分析公司發現了活躍地址模式與比特幣銘文的交易計數份額之間存在一種奇怪的相關性。

The Inscriptions, which offer a way to inscribe data onto Satoshis (Sats), the smallest unit of BTC, had enjoyed popularity since early 2023 until recently.

銘文提供了一種將資料刻錄到 BTC 最小單位 Satoshis (Sats) 上的方法，自 2023 年初直到最近一直很受歡迎。

The chart shows that the Transaction Count share of the Inscriptions collapsed starting mid-April, coinciding with the decline in the Active Addresses.

該圖表顯示，銘文的交易計數份額從 4 月中旬開始暴跌，與活躍地址的下降同時發生。

As for what's behind the downfall of the once incredibly popular Inscriptions, data would point towards the emergence of the Runes on the network. In short, the Runes protocol enables users to introduce fungible tokens on the network through a different mechanism from the Inscriptions.

至於曾經非常流行的銘文的衰落背後的原因，數據表明符文在網路上的出現。簡而言之，符文協議使用戶能夠透過與銘文不同的機制在網路上引入可互換代幣。

The Runes launched around the time of the fourth Halving, which is when the Inscriptions fell off.

符文在第四次減半時推出，也就是銘文掉落的時候。

The Runes protocol employs address reuse, which means the same address becomes involved in multiple transactions. Thus, it's easy to see why the protocol's launch has accelerated the divergence between the Active Addresses and Transaction Count.

Runes 協定採用位址重複使用，這表示相同位址會涉及多個交易。因此，很容易看出為什麼該協議的推出加速了活動地址和交易計數之間的分歧。

BTC Price

比特幣價格

Bitcoin is currently trading at around $69,600, having lost more than 2% in the past week.

比特幣目前交易價格約為 69,600 美元，過去一周下跌超過 2%。