Glassnode 表示，隨著需求回升，比特幣 (BTC) 價格看起來充滿希望，但這還不夠

鏈上分析平台 Glassnode 提供了有關比特幣價格最近跌破 70,000 美元的原因的見解。該平台表明旗艦產品尚未看到足夠的需求

On-chain analytics platform Glassnode has provided some interesting insights into why the Bitcoin price recently dropped below the $70,000 level.

鏈上分析平台 Glassnode 提供了一些有趣的見解，解釋了比特幣價格最近跌破 70,000 美元水平的原因。

According to the platform, the flagship cryptocurrency’s recent rally might not be seeing enough demand to propel the coin to new all-time highs. They came to this conclusion after analyzing the rate at which new capital is flowing into the Bitcoin network.

根據該平台的說法，旗艦加密貨幣最近的反彈可能沒有足夠的需求來推動該代幣創下歷史新高。他們在分析新資本流入比特幣網路的速度後得出了這個結論。

In one of its latest market reports, Glassnode mentioned that “the rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak.” They made this assertion based on the Realized Cap metric, which measures the value of each Bitcoin based on the last time it was traded. Glassnode claimed that Bitcoin’s Realized Cap is currently at $574 billion.

Glassnode 在其最新的一份市場報告中提到，“新資本流入比特幣網路的速度已較峰值大幅放緩。”他們根據已實現上限指標做出這一斷言，該指標根據上次交易時間來衡量每個比特幣的價值。 Glassnode 聲稱比特幣的已實現上限目前為 5,740 億美元。

They further revealed that the injection of liquidity into Bitcoin has cooled off since the flagship crypto hit an all-time high (ATH) of $73,750. This is in stark contrast to the period before Bitcoin hit that ATH, with Glassnode noting that the flows into Bitcoin back then were “extremely sharp, culminating at a value of $3.38 billion daily.”

他們進一步透露，自從旗艦加密貨幣觸及 73,750 美元的歷史高點 (ATH) 以來，向比特幣注入的流動性已經冷卻。這與比特幣達到 ATH 之前的時期形成鮮明對比，Glassnode 指出，當時流入比特幣的資金「極其猛烈，最終達到每日 33.8 億美元的價值」。

However, Glassnode stated that the Realized Cap “remains in positive profit-dominated territory and is returning towards an equilibrium position.” They also noted that Bitcoin’s modest demand was still able to spark this recent rally thanks to the “declining sell-side headwinds from mature investors.”

然而，Glassnode 表示，已實現上限“仍處於正利潤主導的區域，並且正在回歸均衡位置。”他們還指出，由於“成熟投資者的賣方阻力減弱”，比特幣的溫和需求仍然能夠引發近期的反彈。

Basically, Glassnode suggested that things were looking up for Bitcoin but that it could be way better if there were more capital inflows. There could indeed be an increase in capital inflows soon enough, considering that the Spot Bitcoin ETFs have broken their streak of net outflows and are once again recording impressive net inflows into their funds.

基本上，Glassnode 認為比特幣的情況正在好轉，但如果有更多的資本流入，情況可能會更好。考慮到現貨比特幣 ETF 已經打破了連續的淨流出，並再次錄得令人印象深刻的資金淨流入，資本流入確實可能很快就會增加。

Data from Farside Investors shows that these funds have already seen almost $700 million in net inflows this week. Specifically, these Bitcoin ETFs recorded a net inflow of $305.7 million on May 21 alone. That day was also BlackRock’s iShares Bitcoin Trust (IBIT) most profitable day yet, with the fund taking in $290 million.

Farside Investors 的數據顯示，這些基金本週已淨流入近 7 億美元。具體而言，這些比特幣 ETF 僅在 5 月 21 日就錄得淨流入 3.057 億美元。當天也是貝萊德旗下 iShares 比特幣信託 (IBIT) 迄今為止盈利最高的一天，該基金收入達 2.9 億美元。

Some Positive Key Takeaways

一些積極的關鍵要點

Glassnode also assessed some other vital on-chain metrics, which provided some positives for Bitcoin’s future trajectory. The platform noted that there has been a “large decline” in Bitcoin’s Sell-Side Risk Ratio, which “suggests the market has found a degree of equilibrium over the course of this correction.”

Glassnode 也評估了其他一些重要的鏈上指標，這為比特幣的未來軌跡提供了一些正面的資訊。該平台指出，比特幣的賣方風險比率“大幅下降”，這“表明市場在這次調整過程中已經找到了一定程度的平衡”。

To assess market volatility, they also measured the percent range between the highest and lowest price ticks over the last 60 days. They concluded that “volatility continues to compress to levels typically seen after lengthy consolidations and prior to large market moves.”

為了評估市場波動性，他們還測量了過去 60 天內最高和最低價格變動之間的百分比範圍。他們的結論是，“波動性繼續壓縮至長期盤整後和市場大幅波動之前的通常水平。”

Meanwhile, Glasnode revealed that 2.14M BTC out of the Short-term holder (STH) supply, currently at 3.36M BTC, fell into an unrealized loss following the recent market correction. They claim that this suggests that many of the BTC held by this category of investors are held at an unrealized loss, which reduces the risk of top-heaviness developing.

同時，Glasnode 透露，短期持有者 (STH) 供應中的 214 萬比特幣（目前為 336 萬比特幣）在最近的市場調整後陷入了未實現的損失。他們聲稱，這表明此類投資者持有的許多比特幣都處於未實現損失的狀態，這降低了頭重腳輕的風險。