比特幣（BTC）已經飆升至新的高度，但其網絡活動仍然受阻

比特幣（BTC）已經飆升至新的高度，最近在迄今為止最強的集會之一中觸及了97000美元的成績。然而，在這個價格爆炸之下，令人困惑的矛盾：鏈活動令人震驚

Bitcoin’s (BTC) recent surge to new highs, briefly touching the $97,000 mark in one of its strongest rallies to date, has been a hot topic of discussion among crypto analysts. However, beneath this price explosion lies a puzzling contradiction—on-chain activity is alarmingly muted.

比特幣（BTC）最近提高了新的高點，迄今為止，在其最強大的集會之一中短暫地觸及了97,000美元的成績，這是加密分析師中討論的熱門話題。但是，在這個價格爆炸之下，這是一個令人困惑的矛盾 - 鏈活動令人震驚。

As Bitcoin’s value climbs, its network appears to be stagnating, raising concerns among analysts that the rally may be more hype than substance.

隨著比特幣的價值攀登，其網絡似乎停滯不前，這引起了分析師之間的擔憂，即集會可能比物質更多。

As reported by CryptoQuant, despite Bitcoin’s price gains, network usage has failed to keep pace. According to the renowned on-chain analyst, the Number of Active Addresses on the Bitcoin blockchain remains below expectations. In fact, it has only exceeded one million a handful of times in recent months. At the time of writing, the figure stood at just under 959,000—far from what one would expect at these price levels.

正如CryptoQuant報導的那樣，儘管比特幣的價格上漲，網絡使用情況仍未保持步伐。根據著名的鏈分析師的說法，比特幣區塊鏈上的活動地址數量仍然低於預期。實際上，最近幾個月它只超過了幾百萬次。在撰寫本文時，該數字的數量不到959,000，這與這些價格水平的期望相比。

This begs the question: why isn’t Bitcoin’s on-chain activity reflecting the strength of the market? An analysis from Alphractal sheds light on six major reasons behind the sluggish on-chain metrics, despite Bitcoin’s bullish chart performance.

這就引出了一個問題：為什麼比特幣的鍊鍊活動不是反映市場強度的？儘管比特幣的看漲圖表性能，但對字母的分析闡明了鍊鍊度量緩慢的六個主要原因。

The first and perhaps most significant factor is the influence of institutional investment. Bitcoin’s current rally is being fueled largely by capital inflows into Spot Bitcoin ETFs, particularly from major players like BlackRock, MicroStrategy, and Metaplanet. This has turned BTC into a favored institutional asset class rather than a grassroots digital currency. As a result, the buying pressure is coming from custodial platforms and investment firms—not from active network participants.

第一個也許是最重要的因素是機構投資的影響。比特幣目前的集會主要是由資本流入到現貨比特幣ETF中的大力推動，尤其是從貝萊德，微觀造影和metaplanet等主要參與者中。這將BTC變成了受歡迎的機構資產類別，而不是基層數字貨幣。結果，購買壓力來自託管平台和投資公司，而不是來自活躍的網絡參與者。

Secondly, volatility—or the lack of it—is playing a role. Bitcoin has spent several weeks consolidating in a tight range between $92K and $95K. In low-volatility environments, there’s little incentive for wallet holders to move their funds or engage in frequent transactions, which naturally drags down on-chain activity.

其次，波動性（或缺乏它）是發揮作用。比特幣花了幾週的時間在$ 92K到$ 95,000的範圍內整合。在低揮發性環境中，錢包持有人幾乎沒有動力移動其資金或進行頻繁交易，從而自然會拖延鏈上的活動。

Another issue is misleading exchange volume. While Bitcoin appears to be trading at high volumes, a closer look suggests some of this may be artificial or inflated. This creates a false perception of vibrant market activity, even as actual blockchain usage remains underwhelming.

另一個問題是誤導交換量。雖然比特幣似乎以大量的交易方式進行交易，但仔細的外觀表明其中一些可能是人造或膨脹的。即使實際的區塊鏈使用仍然令人難以置信，這也會產生對充滿活力的市場活動的錯誤看法。

Adding to the challenge is the growing competition from other blockchain networks. Ethereum, Solana, and even newer entrants like Base are increasingly becoming hubs for DeFi activity, staking, and coin speculation. These use cases were once the domain of Bitcoin in its early days, but the evolving crypto landscape has pushed BTC more into a store-of-value role rather than a utility-focused network.

挑戰還增加了其他區塊鍊網絡的日益增長的競爭。以太坊，索拉納（Solana），甚至像基本（Base）這樣的新參與者都越來越成為用於Defi活性，佔有和硬幣猜測的樞紐。這些用例曾經是比特幣早期的領域，但是不斷發展的加密景觀將BTC更加促進了價值儲備的角色，而不是以公用事業為中心的網絡。

Furthermore, Bitcoin’s original role as a decentralized payment method has lost momentum. Fewer merchants and users are using BTC for everyday transactions, opting instead for faster and cheaper alternatives. As a result, the number of real-world transactions on the Bitcoin network has dwindled, especially when compared to networks actively supporting smart contracts and dApps.

此外，比特幣作為分散付款方式的最初角色失去了動力。更少的商人和用戶正在使用BTC進行日常交易，而是選擇更快，更便宜的替代品。結果，比特幣網絡上的現實交易數量減少了，尤其是與積極支持智能合約和DAPP的網絡相比。

Lastly, the rise of second-layer solutions like the Lightning Network is also skewing the numbers. As more transactions move off-chain for scalability and speed, the Bitcoin mainnet appears quieter. While this is technically a sign of progress, it distorts the traditional metrics used to measure on-chain engagement.

最後，諸如閃電網絡之類的第二層解決方案的興起也偏向數字。隨著越來越多的交易移開鏈以提高可擴展性和速度，比特幣主網顯得更加安靜。雖然從技術上講，這是進步的跡象，但它扭曲了用於測量鏈上參與度的傳統指標。

All these factors point to a critical reality: Bitcoin’s soaring price is no longer tightly coupled with its blockchain usage. Instead, BTC is increasingly behaving like a traditional financial asset—used for holding and speculation rather than spending or interacting within a decentralized network.

所有這些因素都表明了一個關鍵的現實：比特幣的飛漲價格不再緊密地與區塊鏈使用情況緊密相結合。取而代之的是，BTC的行為越來越像傳統的金融資產，用於持有和投機，而不是在分散網絡中支出或互動。

This decoupling could have significant implications for Bitcoin’s sustainability. Historically, strong on-chain activity—especially from retail users—has supported long-term price growth and adoption. With institutions now dominating the flow and retail largely inactive, the rally may lack the foundation needed for lasting momentum.

這種脫鉤可能會對比特幣的可持續性產生重大影響。從歷史上看，強大的鍊鍊活動（尤其是零售用戶）支持長期價格增長和採用。由於機構現在主導了流動和零售，因此集會可能缺乏持久勢頭所需的基礎。

In conclusion, while Bitcoin’s climb to $97,000 marks an impressive milestone, it comes with a caveat. Without renewed on-chain activity and broader participation, this bull run may be vulnerable to correction. Investors would be wise to look beyond the price chart and consider the network fundamentals when evaluating BTC’s future trajectory.

總之，儘管比特幣的攀升至97,000美元，這是一個令人印象深刻的里程碑，但它帶有警告。如果沒有更新的鏈活動和更廣泛的參與，這種牛的運行可能很容易受到糾正。在評估BTC的未來軌跡時，投資者將明智的看法超越價格表並考慮網絡基本面。