比特幣（BTC）價格與鏈上活動的相關性較小。

Crypto Analytics平台Alphractal在旗艦加密貨幣方面進行瞭如何以及為什麼可能。

Historically, the Bitcoin (BTC) price is an indicator of the blockchain’s health, with high activity often correlating with strong and positive price action. However, the largest cryptocurrency market seems to have witnessed a significant shift, with prices now less responsive to changes in on-chain activity.

從歷史上看，比特幣（BTC）的價格是區塊鏈健康的指標，其高活動量通常與強勁和正面的價格行動相關。但是，最大的加密貨幣市場似乎已經發生了重大轉變，現在價格較少，對鏈上活動的變化響應較少。

For instance, the Bitcoin price continues to hold above $95,000 and looks set to reclaim the $100,000 level despite the sustained dip in blockchain activity. An on-chain analytics firm has now weighed in on how and why this is possible for the flagship cryptocurrency.

例如，儘管區塊鏈活動的持續下降，比特幣價格繼續持有95,000美元以上的售價超過95,000美元。一家鏈分析公司現在已經對旗艦加密貨幣進行瞭如何以及為什麼的權衡。

Why BTC Price Is Less Correlated To On-Chain Activity

為什麼BTC價格與鏈上活動不相關

Crypto analytics platform Alphractal shared in a new post on X the major reasons why the Bitcoin price has managed to stay afloat despite transaction volume and active addresses being at low levels. According to the firm, BTC’s price rise doesn’t necessarily correlate to increased blockchain usage.

Crypto Analytics平台Alphractal在X上的一篇新帖子中分享了儘管交易量和主動地址處於較低水平，但比特幣價格仍然保持了維持狀態的主要原因。根據該公司的數據，BTC的價格上漲不一定與增加的區塊鏈使用情況相關。

Firstly, Alphractal acknowledged that the Bitcoin market experienced a dynamic shift when the US spot exchange-traded funds (ETFs) were approved in January 2024. The value of BTC is now being driven by capital inflows through these financial products rather than blockchain activity.

首先，Alphractal承認，當美國現貨交易所交易資金（ETF）於2024年1月批准時，比特幣市場經歷了動態轉變。現在，BTC的價值是由這些金融產品而不是區塊鏈活動的資本流入所驅動的。

The on-chain firm also mentioned that the historically low volatility in the market has had a major part to play in the low Bitcoin network activity. With relatively little price movement, traders are less incentivized to take new positions, leading to lower on-chain activity.

這家鏈上的公司還提到，在低比特幣網絡活動中，市場上歷史上的波動性低下。由於價格相對較少，貿易商較少激勵新職位，從而導致鏈接活動降低。

Additionally, Alphractal mentioned that the Bitcoin price has been kept afloat largely by the activities of speculative traders through derivatives and other financial instruments. As a result, there has been a reduced everyday adoption and limited practical demand for the Bitcoin network.

此外，Alphractal提到，比特幣價格主要由投機性交易者通過衍生產品和其他金融工具的活動保持不變。結果，對比特幣網絡的日常採用和實際需求有限。

Alphractal also alluded to the macroeconomic uncertainty that has clouded the global financial markets in recent weeks. According to the on-chain analytics firm, this market condition, even though improving, has most investors waiting for clearer bullish signals before making any move.

字母也暗示了宏觀經濟的不確定性在最近幾週蒙上了全球金融市場。根據這家鏈分析公司的說法，這種市場狀況儘管有所改善，但大多數投資者在採取任何行動之前都在等待更清晰的看漲信號。

Finally, Alphractal highlighted artificial exchange volumes amongst the main reasons for the Bitcoin price staying afloat. “Some exchange volume may be inflated, creating a misleading sense of activity while real network usage stays modest,” the on-chain platform added.

最後，字形強調了比特幣價格保持漂浮的主要原因之一。鏈平台補充說：“某些交換量可能會被誇大，從而產生一種誤導性的活動感，而真正的網絡用法保持謙虛。”

Bitcoin Price At A Glance

比特幣價格一目了然

As of this writing, the price of BTC stands at around $96,150, reflecting an over 1% decline in the past 24 hours. Despite the choppy price action this weekend, the premier cryptocurrency is still up by nearly 2% on the weekly timeframe, according to data from CoinGecko.

截至撰寫本文時，BTC的價格約為96,150美元，反映了過去24小時的下降超過1％。根據Coingecko的數據，儘管本週末的價格下跌，但總理加密貨幣仍在每週的時間範圍內增長近2％。