比特幣 MVRV 比率下降，引發市場頂部質疑

比特幣市場正在不斷變化，其 MVRV 比率降至 2.34，引發了人們對潛在市場頂部的質疑。 MVRV 比率將比特幣的總市值與其實現價值進行比較，顯示每種貨幣的真實價值。這種比率的變化引發了人們對市場未來軌蹟的猜測。

Is Bitcoin's MVRV Ratio Signaling a Market Top?

比特幣的 MVRV 比率是否預示著市場見頂？

The Bitcoin Market Value to Realized Value (MVRV) ratio has taken a tumble to 2.34, prompting questions about where the market stands in terms of a potential top.

比特幣市值與已實現價值 (MVRV) 比率已跌至 2.34，引發了人們對市場潛在頂部的疑問。

What's the MVRV Ratio All About?

MVRV 比率是什麼意思？

The MVRV ratio compares the total market capitalization of Bitcoin to its realized capitalization. Realized capitalization assumes that each coin in circulation has its true value at the price it was last transferred on the blockchain, rather than the current spot price.

MVRV 比率將比特幣的總市值與其已實現的資本進行比較。已實現資本化假設流通中的每種貨幣的真實價值是其最後在區塊鏈上轉移的價格，而不是當前的現貨價格。

Why Does It Matter?

為什麼這有關係？

The MVRV ratio gives us a sense of how the total value that Bitcoin investors are carrying (market cap) compares to the value they put in (realized cap). A ratio above 1 indicates that investors are holding net profits.

MVRV 比率讓我們了解比特幣投資者持有的總價值（市值）與他們投入的價值（已實現上限）的比較。比率高於 1 表示投資者持有淨利。

What's the Historical Context?

歷史背景是什麼？

Historically, an MVRV ratio above 3 has been a reliable indicator of price peaks. In the current rally, the ratio hasn't crossed that mark, but it came close. The recent decline has created some distance from the danger zone.

從歷史上看，MVRV 比率高於 3 一直是價格高峰的可靠指標。在目前的反彈中，該比率尚未突破該水平，但已接近。最近的下跌已經與危險區域產生了一定的距離。

Why Do Tops Occur at High MVRV Values?

為什麼頂部會出現在高 MVRV 值時？

Investors who are sitting on profits are more likely to sell, especially when their gains are substantial. High MVRV ratio values reflect this dynamic, indicating that the market is holding extreme levels of profits.

坐擁利潤的投資者更有可能賣出，尤其是當他們的收益龐大時。高 MVRV 比率值反映了這種動態，顯示市場正保持極高的利潤水準。

What's the Current Price Action?

目前的價格走勢如何？

As of this writing, Bitcoin is trading around $67,200, up 3% over the past 24 hours. The price has rebounded over the last few days.

截至撰寫本文時，比特幣交易價格約為 67,200 美元，在過去 24 小時內上漲了 3%。近幾天價格有所反彈。

So, Is a Top Coming?

那麼，巔峰即將到來嗎？

The MVRV ratio is not a foolproof indicator, but it's a valuable tool for understanding market sentiment and potential turning points. While the ratio is below the historically bearish level of 3, it's worth keeping an eye on as the market continues to evolve.

MVRV 比率並不是萬無一失的指標，但它是了解市場情緒和潛在轉折點的寶貴工具。雖然該比率低於 3 的歷史看跌水平，但隨著市場的不斷發展，值得密切關注。

Additional Considerations:

其他注意事項：

• The recent decline in the MVRV ratio could be a sign of profit-taking after the recent rally.
• The market could still continue to push higher, even with the current MVRV ratio.
• Other factors, such as institutional adoption and regulatory developments, could also impact the market's trajectory.

近期 MVRV 比率的下降可能是近期反彈後獲利了結的跡象。即使當前 MVRV 比率處於當前水平，市場仍可能繼續走高。其他因素，例如機構採用和監管發展，也可能會影響市場的軌跡。