比特幣（BTC）獲利指數目前約 221%

在 X 上的一篇新文章中，CryptoQuant 作者 Axel Adler Jr 討論了比特幣平均獲利指數的最新趨勢。

On-chain data shows that Bitcoin investors are now carrying an average of 121% profits. Here's whether this has been enough for a top in the past.

鏈上數據顯示，比特幣投資者目前平均獲得 121% 的利潤。這是過去這對於頂部是否足夠的問題。

Bitcoin profitability index is currently sitting around 221%

比特幣獲利指數目前約 221%

In a recent post on X, CryptoQuant author Axel Adler Jr discussed about the latest trend in the Bitcoin Average Profitability Index.

在最近一篇關於 X 的文章中，CryptoQuant 作者 Axel Adler Jr 討論了比特幣平均獲利指數的最新趨勢。

The “Average Profitability Index” is an indicator for BTC that compares the asset’s spot value with its realized price. The “realized price” here refers to a measure of the cost basis or acquisition value of the average investor in the Bitcoin market. This metric's value is determined using on-chain data, with the last price at which each coin in circulation was transacted on the blockchain being taken as its current cost basis.

「平均獲利指數」是比特幣的一個指標，用於將資產的現貨價值與其實現價格進行比較。這裡的「實現價格」是指比特幣市場中普通投資者的成本基礎或收購價值的衡量。該指標的價值是使用鏈上數據確定的，每個流通中的代幣在區塊鏈上交易的最後價格被視為其當前成本基礎。

When the Average Profitability Index is greater than 100%, it means the spot price of the cryptocurrency is currently higher than its realized price. Such a trend suggests the average investor is holding a net amount of profit.

當平均獲利指數大於100%時，表示加密貨幣的現貨價格目前高於其實現價格。這種趨勢顯示普通投資者持有淨利潤。

On the other hand, the indicator being under this threshold implies the BTC market as a whole is carrying coins at a net unrealized loss. Naturally, the index being exactly equal to 100% indicates the holders as a whole are just breaking-even on their investment.

另一方面，該指標低於該閾值意味著整個 BTC 市場的代幣處於未實現淨損失。當然，該指數恰好等於 100% 表示持有者的整體投資剛剛實現收支平衡。

Now, here is a chart that shows the trend in the Bitcoin Average Profitability Index over the past decade:

現在，這是一張圖表，顯示了過去十年比特幣平均獲利指數的趨勢：

As is visible in the above graph, the Bitcoin Average Profitability Index has registered a notable increase recently as the cryptocurrency’s run to the new all-time high (ATH) price has occurred. The indicator has now reached a value of around 221%, which suggests the investors are in a significant amount of gains. More particularly, the BTC addresses as a whole are in a net profit of 121%.

從上圖可以看出，隨著加密貨幣價格創出歷史新高（ATH），比特幣平均獲利指數最近顯著上升。該指標目前已達到 221% 左右，這表明投資者已經獲得了可觀的收益。更具體地說，BTC地址整體淨利潤率為121%。

Generally, the higher the profits of the holders get, the more likely they become to fall to the allure of profit-taking. The current Average Profitability Index level is high, but it’s uncertain if it’s high enough for a mass selloff to become a risk.

一般來說，持有者獲得的利潤越高，他們就越有可能陷入獲利了結的誘惑。目前的平均獲利指數水準很高，但不確定它是否高到足以導致大規模拋售成為風險。

In the chart, the analyst has marked how high the metric went at the time of the tops of the previous bull runs. It would appear that 2017 peaked at 460%, while 2021 at 395%.

在圖表中，分析師標記了該指標在先前牛市見頂時的高度。 2017 年高峰為 460%，而 2021 年為 395%。

So far in the current cycle, the highest that the index has gone was 272%, which happened during the top back in March of this year. Given the fact that the indicator is yet to hit this level, let alone the peaks from the last cycles, it’s possible that Bitcoin still has sufficient room to run, before a top becomes probable.

到目前為止，本週期該指數的最高點為272%，這是在今年3月見頂時發生的。鑑於該指標尚未達到這一水平，更不用說達到上一個週期的峰值，在可能見頂之前，比特幣可能仍有足夠的運行空間。

BTC Price

比特幣價格

At the time of writing, Bitcoin is trading around $76,200, up more than 9% over the past week.

截至撰寫本文時，比特幣交易價格約為 76,200 美元，過去一周上漲超過 9%。