當前牛市的比特幣（BTC）表現反映了成熟的市場和擴大採用

比特幣在當前的牛市中的表現以及新的買家群體反映了成熟的市場和擴大採用。

Bitcoin's performance in the current bull market and a new cohort of buyers reflect a maturing market and widening adoption, according to a recent report by Fidelity Digital Assets.

根據富達數字資產的最新報告，比特幣在當前的牛市中的表現以及新的買家都反映了一個成熟的市場和擴大採用。

A 50% rise in hashrate and a 63% jump in Realized Cap highlight investors' confidence in Bitcoin.

哈希雷特（Hashrate）上升了50％，實現的上限增長了63％，重點介紹了投資者對比特幣的信心。

At block height 892,500—marking 25% progress into the current halving epoch—Bitcoin traded between $82,500 and $85,000. This represents a 31% increase from its value on April 19, 2024, when the fourth halving reduced block rewards to 3.125 BTC.

在塊高度為892,500（標記為當前減半時期的25％的進展），Bitcoin的交易在82,500美元至85,000美元之間。這比2024年4月19日的價值增長了31％，當時第四個減少的塊獎勵減少到3.125 BTC。

From the halving in March 2024 until June 2024, there was a steady increase in hashrate, reaching 440 exahash per second (EH/s) from 290 EH/s. This signals strong miner commitment despite reduced rewards. Unlike previous cycles that saw a sharp rally post-halving, the 2024–2025 phase has been characterized by steadier, more measured growth.

從2024年3月的減半到2024年6月，哈希拉特穩定增加，從290 EH/s到每秒440（EH/s）。儘管獎勵降低，但這表明礦工的承諾強烈。與以前的賽車後期劇烈拉力賽的周期不同，2024-2025階段的特徵是穩定，更具衡量的生長。

The Puell Multiple—an indicator of miner revenue relative to Bitcoin's price—has stabilized, suggesting that the market is adjusting to lower issuance without significant volatility. The report explains,

PUELL多重（礦工收入相對於比特幣的價格的指標）穩定了，這表明市場正在適應較低的發行，而沒有明顯的波動性。報告解釋說，

"This mid-epoch phase has typically coincided with new all-time highs, an event that occurred this week as BTC hit a new all-time high of $111,000."

“這個中期階段通常與新的歷史最高點相吻合，這是本週BTC的新歷史最高點111,000美元的事件。”

According to Fidelity, this growth could extend into Q2 2025, potentially redefining Bitcoin's position as a credible asset class in modern portfolios.

根據富達（Fidelity）的說法，這種增長可能會擴展到第二季度2025年第2季度，可能會重新定義比特幣在現代投資組合中的可靠資產類別的地位。

Bitcoin's Realized Cap is a significant indicator of this evolution, which measures cumulative net capital inflows. Since the 2024 halving, the Realized Cap metric has surged 63%, climbing to $915 billion from $561 billion, underscoring the scale of capital entering the market.

比特幣的實現CAP是這種進化的重要指標，該指標衡量了累積的淨資本流入。自2024年減半以來，已實現的CAP指標飆升了63％，從5610億美元攀升至9150億美元，強調進入市場的資本規模。

This trend fits within Bitcoin's long-term trajectory, where Realized Cap has risen with each halving, indicating a maturing asset with substantial growth progression.

這種趨勢符合比特幣的長期軌跡，在每次減半的情況下，實現的CAP都會增加，表明具有實質增長的成熟資產。

Key drivers behind this Bitcoin bull market

這個比特幣牛市背後的主要驅動力

The current bull market cycle is also distinguished by record-breaking levels of institutional investor and corporate-level participation. The approval of spot Bitcoin exchange-traded funds (ETFs) in the US in January 2024 has ushered in $134 billion in inflows. Meanwhile, monthly trading volumes on platforms like Binance soared past $1 trillion in March 2024—a massive leap from just $11 billion in January 2018.

當前的牛市週期還以創紀錄的機構投資者和公司級別的參與水平來區分。 2024年1月，美國在美國的現貨比特幣交易所貿易資金（ETF）的批准迎來了1340億美元的流入。同時，諸如Binance之類的平台上的每月交易量在2024年3月飆升了1萬億美元，這是從2018年1月僅僅110億美元的巨大飛躍。

Public companies' strategic accumulation of Bitcoin, most notably Strategy, now holding 576,230 BTC, also sets a new industry blueprint. Firms like Metaplanet Inc., Bitcoin Group SE, and Semler Scientific have since followed suit, validating Bitcoin's role as a corporate treasury asset this cycle.

上市公司的比特幣戰略積累，最著名的是戰略，現在擁有576,230 BTC，也設定了新的行業藍圖。此後，像Metaplanet Inc.，Bitcoin Group SE和Semler Scientific這樣的公司都效仿了該週期的比特幣作為公司財政部資產的作用。

Thus, Gray asserts that Bitcoin's fundamentals and global recognition are “stronger than ever,” signaling a cycle of growth, institutional anchoring, and market resilience.

因此，格雷斷言比特幣的基本面和全球認可“比以往任何時候都更強”，這表明了增長，機構錨定和市場彈性的循環。