比特幣的公牛運行：網絡活動講述了一個不同的故事

比特幣的價格飆升，助長了牛市的希望，但是潛入網絡活動卻揭示了令人驚訝的趨勢。 ETF是在改變遊戲，還是零售利益正在淡出？

Bitcoin's Bull Run: Network Activity Tells a Different Story

比特幣的公牛運行：網絡活動講述了一個不同的故事

Bitcoin's price is making headlines, hitting above $107,000 and sparking excitement about a continued bull market. But beneath the surface, something's different. Network activity isn't keeping pace, raising questions about the rally's foundation.

比特幣的價格是頭條新聞，達到107,000美元以上，並引起了持續的牛市的興奮。但是在表面下方，有些不同。網絡活動不會保持步伐，引發了有關拉力賽基礎的問題。

A Bull Market... But Quieter?

牛市...但是安靜嗎？

We're used to bull runs being loud – a flurry of transactions, new addresses popping up everywhere, and network fees going through the roof. This time, not so much. CryptoQuant's Darkfost points out that this is the first Bitcoin bull market without a surge in on-chain activity. Fewer wallets are interacting with the network compared to the 2021 peak, where active addresses hit 1.5 million. Now? We're looking at around 740,000.

我們曾經用來大聲奔跑 - 一連串的交易，到處亂逛的新地址以及屋頂上的網絡費用。這次，不是很多。 CryptoQuant的DarkFost指出，這是第一個沒有鏈活動活動的比特幣牛市。與2021峰相比，與網絡相互作用的錢包較少，而活動地址達到150萬。現在？我們正在尋找約740,000。

ETFs: The Silent Game Changer?

ETF：無聲的遊戲規則？

So, what's going on? The rise of Bitcoin Spot ETFs might be the answer. Instead of directly holding BTC, investors can gain exposure through these ETFs. This sidesteps the complexities of self-custody and managing transactions. While it makes investing easier, it also impacts on-chain metrics, making it difficult to determine if the current rally relies more on speculative flows or institutional demand.

那麼，這是怎麼回事？比特幣斑點ETF的興起可能是答案。投資者可以通過這些ETF獲得曝光率，而不是直接持有BTC。這避開了自我顧客和管理交易的複雜性。儘管它使投資更加容易，但它也會影響鍊鍊指標，從而難以確定當前的集會是否更多地依賴於投機性流量或機構需求。

Gen Z and the New American Dream

Z世代和新的美國夢

Interestingly, Bitcoin's appeal extends beyond just investment returns. For Gen Z, it represents a shift in the American Dream. Forget the traditional path of stable employment and homeownership. Experts like CZ (ex-Binance CEO) suggest owning even a fraction of a Bitcoin could be more valuable than a house someday. It's about financial freedom and owning an asset they can easily manage themselves.

有趣的是，比特幣的上訴超出了投資回報。對於Z世代，它代表了美國夢的轉變。忘記穩定就業和房屋所有權的傳統道路。像CZ（前畢業生首席執行官）這樣的專家認為，甚至擁有一小部分比特幣的專家可能比房屋更有價值。這是關於財務自由和擁有可以輕鬆管理自己的資產。

Dwindling Activity: A Cause for Concern?

減少活動：令人擔憂的原因？

Recent analysis highlights that even with Bitcoin's price recovery from a dip to around $74,500, network activity hasn't followed suit. The number of active addresses hasn't rebounded, and the mempool – that waiting room for unconfirmed transactions – is practically empty. Some analysts view the low on-chain activity as "not a good sign,” indicating dwindling interest from retail investors. Improving economic conditions could bring them back, but for now, participation remains limited.

最近的分析強調，即使比特幣的價格從下跌到74,500美元左右，網絡活動也不效仿。活動地址的數量尚未反彈，而孟買（未經證實的交易的候車室）實際上是空的。一些分析師將低鏈活動視為“不是一個好兆頭”，表明散戶投資者的興趣減少了。改善經濟狀況可能會使他們恢復，但就目前而言，參與仍然有限。

The Bottom Line

底線

Bitcoin is sending mixed signals. The price is up, but network activity is down. ETFs are changing the landscape, and a new generation sees Bitcoin as part of their future. Whether the bull run can sustain itself without broader user participation remains to be seen.

比特幣正在發送混合信號。價格上漲，但是網絡活動降低了。 ETF正在改變景觀，新一代將比特幣視為其未來的一部分。公牛奔跑是否可以在沒有更廣泛的用戶參與的情況下維持自己還有待觀察。

So, buckle up, crypto enthusiasts! It's a wild ride, and even though things look a little different this time, who knows what the future holds? Maybe it's time to dust off that old wallet and make a transaction, just for kicks!

因此，搭扣，加密愛好者！這是一次瘋狂的旅程，即使這次事情看起來有些不同，但誰知道未來的情況？也許是時候除了那個舊錢包並進行交易了，只是為了踢！