比特幣流通量已飆升至 5 個月來的最高水平

鏈上數據顯示，比特幣網路上的實用程式最近已經捲土重來，這可能為另一次價格上漲鋪平道路。

A key metric that gauges the utility on the Bitcoin network has recently seen a surge, indicating a return in interest for using the cryptocurrency. This development could potentially pave the way for another wave of price rallies.

衡量比特幣網路效用的關鍵指標最近出現激增，顯示使用加密貨幣的興趣有所回報。這一發展可能為另一波價格上漲鋪平道路。

A new post by Santiment, an on-chain analytics firm, sheds light on the latest trend in Bitcoin "Circulation." The Circulation metric tracks the unique number of tokens that move on the BTC blockchain each day.

鏈上分析公司 Santiment 的一篇新文章揭示了比特幣「流通」的最新趨勢。流通量指標追蹤每天在 BTC 區塊鏈上移動的獨特代幣數量。

Typically, the transaction volume is used to gauge network utility, a metric that measures the daily total amount of BTC transferred on the network.

通常，交易量用於衡量網路效用，該指標衡量網路上每日傳輸的 BTC 總量。

However, a flaw with this indicator is the high frequency of trading activity on the chain, where the same tokens move back and forth multiple times. This activity may not reflect true network utility, and the transaction volume can provide a distorted representation of the chain.

然而，該指標的一個缺陷是鏈上交易活動的頻率很高，相同的代幣會多次來回移動。此活動可能無法反映真實的網路效用，且交易量可能會提供扭曲的鍊錶示。

The Circulation metric aims to address this issue by assigning equal weightage to each token that transacts on the network, irrespective of the number of times it may have moved.

流通指標旨在透過為網路上交易的每個代幣分配相同的權重來解決這個問題，而不管它可能移動了多少次。

When this indicator's value is high, it signifies that users are currently moving large volumes of unique coins. This trend implies a strong interest in blockchain activities among investors.

當該指標的值較高時，表示用戶目前正在轉移大量獨特的代​​幣。這一趨勢顯示投資者對區塊鏈活動產生了濃厚的興趣。

The following chart displays the trend in Bitcoin Circulation over the past several months:

下圖顯示了過去幾個月比特幣流通的趨勢：

The Bitcoin Circulation has seen several spikes recently, a shift in activity that follows a period of lower network activity. This surge in the indicator suggests a renewed interest among investors to use the cryptocurrency.

比特幣流通量最近出現了幾個峰值，這是在網路活動較低時期之後出現的活動轉變。該指標的激增表明投資者對使用加密貨幣重新產生了興趣。

The latest spike in the indicator, which was the largest in this period of renewed activity, saw a movement of 244,000 unique tokens on the blockchain. This spike is the largest observed since March 5th, when BTC was in the midst of its rally to an all-time high (ATH).

該指標的最新峰值是本次活動更新期間的最大峰值，區塊鏈上有 244,000 個獨特代幣的變動。這是自 3 月 5 日以來觀察到的最大漲幅，當時 BTC 正處於反彈至歷史新高 (ATH) 的過程中。

Typically, utility increases during bullish periods as investors pay more attention to the cryptocurrency. This activity then provides a foundation for sustained surges to occur.

通常，隨著投資者更加關注加密貨幣，在牛市期間效用會增加。這種活動為持續激增的發生提供了基礎。

The fact that Circulation had slumped to low levels after the asset's top may explain why the coin struggled to maintain any further lasting bullish momentum. However, things appear to have been different in the recent recovery effort.

資產見頂後流通量降至低水準的事實可能解釋了為什麼該代幣難以維持進一步持久的看漲勢頭。然而，最近的恢復工作似乎有所不同。

“Utility is gradually returning back to levels last seen during the bull run in Q1,” notes the analytics firm. It now remains to be seen whether this activity will benefit the asset's price this time around as well.

該分析公司指出：“公用事業正在逐漸恢復到第一季牛市期間的水平。”現在尚待觀察，這次活動是否也會有利於資產價格。