隨著實現的資本衝浪，比特幣（BTC）價格上漲至106,574美元

在過去的幾周中，更廣泛的加密貨幣市場一直處於向上的軌跡，部分是由於改善了全球宏觀經濟狀況。

The broader cryptocurrency market has continued on an upward trajectory over the past few weeks, driven in part by improving global macroeconomic conditions. Recent policy shifts between the United States and China, two of the world’s largest economies, have helped fuel investor sentiment.

在過去的幾周中，更廣泛的加密貨幣市場一直在進行上升軌跡，部分原因是改善了全球宏觀經濟狀況。美國和中國（全球兩個最大的經濟體）之間的政策轉變有助於促進投資者的情緒。

Both countries have agreed to temporarily reduce tariffs: the US cut rates from 145% to 30%, while China lowered its own from 125% to 10%, each over 90 days. These decisions have been interpreted by some as a step toward easing global trade tensions, supporting risk-on assets such as Bitcoin.

兩國都同意暫時降低關稅：美國將比率從145％降低到30％，而中國將自己的125％降低到10％，每90天內。這些決定被某些人解釋為緩解全球貿易緊張局勢的一步，支持比特幣等風險的資產。

In response to the bullish environment, Bitcoin (BTC) has seen a steady rise, currently trading at $106,574, up 1.7% in the last 24 hours. The price earlier reached a 24-hour high of $107,844 before retreating slightly.

為了回應看漲的環境，比特幣（BTC）的穩定增長，目前的交易價格為106,574美元，在過去24小時內增長了1.7％。早些時候的價格達到了24小時高的107,844美元，然後稍微退縮。

Despite the pullback, Bitcoin remains just 2% below its all-time high of $109,000, reached in January 2025. The consistent climb has led analysts and traders to monitor on-chain metrics more closely to gauge market behavior and possible future movements.

儘管有所下降，但比特幣仍低於其歷史最高額為109,000美元的2％，達到了2025年1月。一致的攀登使分析師和交易員更加緊密地監視鏈衡量標準，以衡量市場行為和可能的未來運動。

Realized Capitalization Surges as Accumulation Phase Strengthens

隨著積累階段的加強，實現的資本化激增

A recent analysis from CryptoQuant contributor Carmelo Alemán has brought attention to Bitcoin’s realized capitalization, a metric that measures the total value of Bitcoin based on the price at which each coin last moved on-chain.

加密貢獻者CarmeloAlemán的最新分析引起了對比特幣已實現的資本化的關注，該指標是根據每個硬幣上次移動鏈的價格來衡量比特幣的總價值。

According to Alemán, the realized cap jumped by more than $3 billion in a single day, marking a 0.33% increase in the total capital invested in Bitcoin. This significant uptick signals renewed capital inflows, and more importantly, it points to a recurring pattern of accumulation and consolidation.

根據Alemán的說法，實現的CAP在一天中躍升了超過30億美元，標誌著比特幣投資的總資本增長了0.33％。這種重大的提升信號引起了資本流入，更重要的是，它指出了一種反復出現的積累和鞏固模式。

Alemán identified a repeating cycle beginning in April, where Bitcoin has shown sharp price increases followed by sideways movements lasting 8 to 10 days. These lateral phases, supported by rising realized cap, form a staircase-like chart structure with each step building upon the previous one.

Alemán從4月開始確定了一個重複週期，在該週期中，比特幣顯示出急劇上漲的價格，側面運動持續了8到10天。這些側面相位由升起的帽子支持，形成了類似樓梯的圖表結構，每個步驟都在上一個步驟上構建。

From an on-chain perspective, the steady climb in realized cap suggests buyers are entering the market at higher levels, lifting the network’s aggregate cost basis and demonstrating long-term confidence in the asset.

從鏈的角度來看，實現的上限穩定攀升表明，買家正在以更高的水平進入市場，提高網絡的總成本基礎，並表現出對資產的長期信心。

On-Chain Trends Suggest Investors Are Positioning for Continuation

鏈上趨勢表明投資者正在定位繼續

Alemán also highlighted that the behavior of realized capitalization in the current market mirrors patterns seen in previous bull cycles.

Alemán還強調說，在當前市場上所見的牛市週期中實現的大寫的行為。

“It’s noteworthy that during periods of consolidation, spikes in realized cap have historically been followed by substantial price movements,” Alemán added.

Alemán補充說：“值得注意的是，在合併期間，在歷史上始終有巨大的價格變動。”

The current rise indicates that capital entering the market is doing so with a long-term view, rather than speculative short-term intent. This positions the market for a potential continuation, especially as accumulation appears to intensify around the psychological $106,000–$109,000 range.

目前的上升表明，進入市場的資本是從長期的角度來看，而不是投機性的短期意圖。這使市場取得了潛在的延續，尤其是因為積累似乎在心理$ 106,000- $ 109,000範圍內加劇。

“The days ahead will be crucial for tracking any further increases in realized cap to confirm whether the current phase evolves into another upward price impulse,” Alemán concluded. “If the trend persists, it could support another leg higher, reinforcing the view that Bitcoin remains in a broader accumulation structure.”

Alemán總結說：“未來的日子對於跟踪實現的上限的進一步增加至關重要，以確認當前階段是否會發展為另一種向上價格衝動。” “如果趨勢持續存在，它可以支持另一隻腿更高，從而增強了比特幣保持更廣泛的積累結構的觀點。”