比特幣（BTC 0.21％）可能是最大的加密貨幣，但它是該數據點的絕對落後者之一

比特幣（BTC 1.49％）可能是市值最大的加密貨幣，4月24日的重量為1.85萬億美元，但這並不意味著它是每個度量標準的領導者。

Bitcoin (BTC 1.49%) may be the biggest cryptocurrency by market cap, weighing in at $1.85 trillion on April 24, but that doesn't mean it's the leader across every metric. In fact, it's one of the absolute laggards for one data point in particular -- and it happens to be the heartbeat of many of its peers in cryptocurrency, like Ethereum, Solana, and Cardano.

比特幣（BTC 1.49％）可能是市值最大的加密貨幣，4月24日的重量為1.85萬億美元，但這並不意味著它是每個度量標準的領導者。實際上，它尤其是一個數據點的絕對落後者之一 - 它恰好是其加密貨幣中許多同齡人的心跳，例如以太坊，索拉納和卡達諾。

Much to the surprise of many investors, that's not a reason to avoid buying or to consider selling it. From one perspective, it's actually another argument for why the largest coin is worth buying and holding forever, so let's take a look at what's going on here.

令許多投資者感到驚訝的是，這不是避免購買或考慮出售它的原因。從一個角度來看，這實際上是關於為什麼最大硬幣值得購買和持有的另一個論點，所以讓我們看看這裡發生了什麼。

Tech development isn't the real story here

技術發展不是這裡的真實故事

Cryptocurrency is an emerging sector. As a result, two of the most important things to consider when investing in a cryptocurrency are whether there's significant development of the underlying technology that's ongoing, and whether there's significant work being done on the projects in the chain's ecosystem. If there is, it's usually a sign that value is being added to the asset in question, and if there isn't, it's typically bad news. There's not much reason to buy a coin if the on-chain projects aren't worth using or investing in. No cryptocurrency can afford to stand alone.

加密貨幣是一個新興領域。結果，投資加密貨幣時要考慮的兩項最重要的事情是，是否正在進行的基礎技術有重大發展，以及在鏈生態系統中的項目上是否有重大工作。如果有的話，通常是一個跡象表明價值正在添加到有關資產中，如果沒有，則通常是壞消息。如果鏈上的項目不值得使用或投資，沒有太多理由購買硬幣。沒有加密貨幣能夠獨自一人站立。

There are a few proxies that investors can use to determine whether the tech underpinning a chain's projects is advancing, and by how much relative to its competitors. One decent proxy measure is how frequently software developers working on projects that are hosted on the chain update their code repositories or make other major code-related changes to applications. If developers aren't building much to run on a given chain, that chain will probably have a deficit of projects. This will probably mean that capital will have fewer opportunities to flow in and deliver returns to investors.

投資者可以使用一些代理人來確定鏈項目的基礎技術是否正在發展，以及與競爭對手相對的程度。一個不錯的代理措施是軟件開發人員在鏈條上託管的項目更新其代碼存儲庫或對應用程序的其他主要更改的項目的頻率。如果開發人員在給定的鏈條上沒有太多的構建，那麼該連鎖店可能會出現項目不足。這可能意味著資本將有更少的機會流入並向投資者提供回報。

On this front, Bitcoin performs abysmally. Check out this table documenting an aggregated measure of developer activity events over the last 12 months for these leading chains:

在這方面，比特幣表現糟糕。查看此表，記錄了過去12個月中這些領先鏈的開發人員活動事件的匯總度量：

Data collected from Santiment and CoinMarketCap on April 24, 2025.

從Santiment和CoinMarketCap收集的數據於2025年4月24日收集。

As you can see, Bitcoin massively underperforms other popular cryptos' developer activity in absolute terms, and its underperformance is even worse when considering how much larger it is than the others. Developers are far less active on the chain than they are elsewhere. The simple conclusion to draw here is that the Bitcoin project ecosystem is dramatically less healthy than its competitors, almost to the point of being moribund in comparison.

如您所見，比特幣以絕對的方式極大地表現其他流行的加密貨幣開發人員活動，並且在考慮其比其他更大的情況下，其表現不佳。開發人員在鏈中的活躍遠不如其他地方。在這裡得出的簡單結論是，比特幣項目生態系統比競爭對手更健康，幾乎是垂死的。

Yet consider the following chart:

但是考慮以下圖表：

Bitcoin Price data by YCharts.

YCHARTS的比特幣價格數據。

Bitcoin is the best-performing coin of this group over the last three years, and it isn't a close race. So what's going on here?

比特幣是過去三年中該小組表現最好的硬幣，這不是一場近距離比賽。那這裡怎麼了？

The activity level is right for this asset

活動水平適合此資產

There are two dynamics that explain the disconnect between Bitcoin's performance as an investment and the low level of developer activity on its chain.

有兩種動態解釋了比特幣作為投資的性能與開發人員鏈中的低水平的脫節。

The first dynamic is that Bitcoin is not a blockchain that's intended to support a massive ecosystem of decentralized finance (DeFi) projects, meme coins, and other types of tokens in the way that Ethereum, Solana, and Cardano are. It's far too slow and costly to transact with for that purpose, and it does not natively offer tools for general-purpose computation (the ability to host or run computer programs) like the other chains do, though it does offer a limited scripting language. So its underperformance in terms of ecosystem developer activity is to be expected.

第一個動態是比特幣不是一個區塊鏈，旨在支持分散融資（DEFI）項目，模因硬幣和其他類型的代幣的大規模生態系統，就像以太坊，Solana和Cardano一樣。出於此目的進行交易太慢且昂貴，並且本質上並沒有像其他連鎖店那樣提供通用計算（託管或運行計算機程序的能力）的工具，儘管它確實提供了有限的腳本語言。因此，就生態系統開發人員活動而言，其表現不佳。

The second and far more important dynamic is that Bitcoin's value is not derived from the vitality of its ecosystem, but rather from its supply dynamics, like its mining difficulty and its scarcity. There can only ever be 21 million Bitcoin in existence. It gets dramatically harder to mine each block of the coin at regular intervals. Buyers today will be competing over more supply than buyers in the future, which strongly biases the price toward going up over time.

第二個也是更重要的動態是，比特幣的價值不是源自其生態系統的活力，而是源自其供應動態，例如其採礦難度和稀缺性。存在只有2100萬比特幣。定期挖掘硬幣的每個塊變得更加困難。今天的買家將來將在未來的供應競爭中競爭更多的供應，這會使價格隨著時間的推移而傾向於上漲。

Through that lens, having less developer activity in the ecosystem is bullish. Bitcoin has enough driving its value already. It doesn't need developers working on new applications for the coin to find buyers. That's why it'll still be worth buying and holding forever, no matter what fancy new projects get launched on other chains.

通過那個鏡頭，在生態系統中開發人員的活動較少是看好的。比特幣已經有足夠的價值。它不需要開發人員從事新應用程序才能找到買家。這就是為什麼無論在其他連鎖店推出什麼花哨的新項目，它仍然值得永遠購買和持有。