儘管BTC交易超過$ 95,000，但比特幣區塊鏈活動仍然很低

儘管比特幣的價格性能繼續給人留下深刻的印象，但鏈度指標的描繪卻截然不同。

While Bitcoin continues to impress with its price performance, on-chain metrics are telling a very different story. According to Alphractal, a leading platform for blockchain and investment data analysis, activity on the Bitcoin blockchain remains surprisingly subdued.

儘管比特幣的價格性能繼續給人留下深刻的印象，但鏈度指標的故事卻截然不同。根據Alphractal的說法，區塊鍊和投資數據分析的領先平台，對比特幣區塊鏈的活動仍然令人驚訝。

Despite BTC trading above $95,000 and setting new 18-month highs, metrics such as transaction volume and active addresses are closer to multi-month lows. This stands in stark contrast to the бурно развивающейся गतिविधि observed in DeFi, memecoins, and NFTs on other chains.

儘管BTC交易超過95,000美元，並設定了新的18個月高點，但諸如交易量和主動地址之類的指標更接近多個月的低點。這與其他鏈條上的defi，memecoins和nfts觀察到的πlationuty與πlзз前ющз前stрз前。

What’s Behind the Weak On-Chain Activity?

虛弱的鏈活動背後是什麼？

Alphractal highlights several key reasons why the BTC network itself isn’t as active as one might expect at these elevated price levels:

字形強調了BTC網絡本身在這些升高的價格水平上的活躍的幾個關鍵原因：

1. Price Driven by External Capital Inflows

1。外部資本流入驅動的價格

Bitcoin’s current rally is largely a result of institutional interest, the success of spot ETFs, and substantial capital inflows from traditional finance. These institutions aren’t engaging in typical on-chain transactions that smaller crypto users might.

比特幣目前的集會在很大程度上是由於機構利益，現貨ETF的成功以及傳統金融中大量資本流入的結果。這些機構並沒有從事較小的加密用戶可能的典型鏈交易。

2. Historically Low Volatility

2。歷史上低波動率

With BTC’s price movement relatively muted compared to past bull markets, fewer traders are motivated to move coins on-chain. Lower volatility often leads to reduced activity as investors prefer to hold and trade less frequently.

與過去的牛市相比，隨著BTC的價格變動相對繁重，更少的交易者被動機移動硬幣鏈。較低的波動率通常會導致活動減少，因為投資者更喜歡持有和交易的頻率降低。

3. Some Exchange Volume Artificial

3。一些交換量人工

Some of the recorded exchange volume may be inflated, providing a false sense of market participation. Despite the flashy numbers, real usage on the base layer blockchain hasn’t seen a corresponding spike.

一些記錄的交換量可能會被誇大，從而提供了錯誤的市場參與感。儘管數字浮華，但基本層區塊鏈上的真實用法並未看到相應的尖峰。

4. Shift in Demand from Utility to Speculation

4。需求從公用事業轉移到猜測

As Alphractal notes, much of the interest today is focused on Bitcoin’s role as a speculative or institutional financial asset, not as a medium for daily transactions or peer-to-peer payments. This use case has shifted to second-layer technologies.

正如Alphractal所指出的那樣，當今的許多興趣都集中在比特幣作為投機或機構金融資產的作用，而不是每日交易或點對點支付的媒介。該用例已轉移到第二層技術。

5. Market in Consolidation

5。合併市場

The broader crypto market is currently in a wait-and-see phase. Many investors are holding rather than spending or trading BTC, awaiting new catalysts like macroeconomic shifts or policy decisions.

更廣泛的加密市場目前處於等待階段。許多投資者在持有而不是支出或交易BTC，等待諸如宏觀經濟轉變或政策決策之類的新催化劑。

6. Second-Layer Solutions Reduce Mainnet Activity

6。第二層溶液減少主網活動

Technologies like the Lightning Network allow users to transact off-chain, significantly reducing visible activity on Bitcoin’s mainnet. While usage is happening, it’s not showing up in traditional on-chain metrics.

諸如Lightning網絡之類的技術允許用戶交易脫鏈，從而大大降低了比特幣主網上的可見活動。在使用使用情況時，它並未以傳統的鏈上指標出現。

7. Competing Blockchains Drive On-Chain Hype

7。競爭區塊鏈驅動鏈障礙

Speculative activity — such as DeFi, memecoins, and NFT trading — is happening predominantly on chains like Ethereum, Solana, and Base. These platforms have captured much of the traffic that once boosted Bitcoin’s own metrics.

投機活動（例如Defi，Memecoins和NFT貿易）主要是在以太坊，Solana和Base等鏈條上進行的。這些平台捕獲了許多曾經提高比特幣自己指標的流量。

The New Reality: Bitcoin as a Financial Asset

新現實：比特幣作為金融資產

As Alphractal concludes, Bitcoin is clearly undergoing an identity shift. It’s increasingly viewed as a store of value and institutional asset, much like gold, rather than a utility coin driving transactional usage. The blockchain’s quieter state isn’t necessarily a red flag — it’s a sign that BTC is evolving to meet the changing demands of the crypto landscape.

正如字母結論，比特幣顯然正在發生身份轉移。它越來越被視為價值和機構資產的存儲，就像黃金一樣，而不是駕駛交易用途的公用事業硬幣。區塊鏈安靜的狀態不一定是一個危險信號 - 這表明BTC正在發展以滿足加密貨幣景觀的不斷變化的需求。