比特幣已實現上限最近已放緩其上升趨勢

鏈上分析公司 Glassnode 在其最新的每週報告中透露，比特幣的需求最近有所放緩。

On-chain analytics firm Glassnode reports in its latest weekly report that demand for Bitcoin has slowed recently.

鏈上分析公司 Glassnode 在其最新的每週報告中報告稱，比特幣的需求最近有所放緩。

Bitcoin Realized Cap Shows Slow Uptrend In Recent Weeks

比特幣已實現上限顯示近幾週緩慢上升趨勢

In its new report, Glassnode highlights the latest development in the Bitcoin Realized Cap. The “Realized Cap” is an on-chain capitalization model for BTC that calculates the asset’s value by assuming the value of each coin in circulation to be equal to the spot price at which it was last moved on the blockchain.

Glassnode 在其新報告中強調了比特幣已實現上限的最新發展。 「已實現上限」是 BTC 的鏈上資本化模型，它透過假設流通中的每種代幣的價值等於其最後一次在區塊鏈上移動的現貨價格來計算資產價值。

Since the last transfer on the network for any coin was probably the last time it changed hands, the price at that time could be assumed to be its current cost basis. As such, the Realized Cap is a total sum for the cost basis of the entire circulating supply.

由於任何代幣在網路上的最後一次轉移可能是它最後一次轉手，因此當時的價格可以假設為其當前的成本基礎。因此，已實現上限是整個流通供應的成本基礎的總和。

In other words, this model represents the total capital that the investors used to purchase Bitcoin. Because of this, this metric is used to track whether capital is flowing into or out of the cryptocurrency.

換句話說，這個模型代表了投資者用於購買比特幣的總資金。因此，該指標用於追蹤資本是否流入或流出加密貨幣。

Here is the chart shared by Glassnode that shows the trend in the Bitcoin Realized Cap over the last few years:

以下是 Glassnode 分享的圖表，顯示了過去幾年比特幣已實現上限的趨勢：

As you can see in the above graph, the Bitcoin Realized Cap went through a sharp uptrend earlier when the rally toward the new all-time high (ATH) took place. This rapid growth naturally implied that capital was aggressively flowing into the asset.

正如您在上圖中所看到的，當比特幣實現歷史新高（ATH）反彈時，早些時候經歷了急劇的上升趨勢。這種快速成長自然意味著資本正在積極流入該資產。

However, the trajectory of the metric has become less steep recently. Its value is still growing, and new ATHs are being set, but it’s clear that the increase is much smaller in scale than earlier.

然而，該指標的軌跡最近變得不那麼陡峭。它的價值仍在增長，新的ATH也在設定中，但很明顯，成長的規模比之前要小得多。

“Currently, the rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak as the market digests the recently distributed supply,” reads the report.

報告指出：“目前，隨著市場消化最近分配的供應，新資本流入比特幣網路的速度已較峰值大幅放緩。”

The chart below better represents how the rate of change of capital flowing into the sector has changed recently.

下圖更能體現了近期流入該產業的資本變化率的變化。

When investors sell at a net profit, the Realized Cap increases as there is some demand to buy the coins at a higher price. On the other hand, the metric heads down when loss realization occurs, as coins previously purchased with a higher amount of capital have been sold for a lower amount of capital, thus bringing the total investment in the cryptocurrency down.

當投資者以淨利潤出售時，已實現上限會增加，因為有一些需求以更高的價格購買代幣。另一方面，當發生損失時，該指標會下降，因為先前以較高資本購買的代幣已以較低資本出售，導致加密貨幣的總投資下降。

As the Bitcoin Net Realized Profit/Loss chart shows, the market absorbed a large amount of profits when the ATH formed. Since then, though, the metric has cooled off considerably, further showcasing the lower demand in the sector.

正如比特幣淨已實現損益圖所示，當 ATH 形成時，市場吸收了大量利潤。但自那以後，該指標已大幅降溫，進一步顯示該產業的需求較低。

BTC Price

比特幣價格

Bitcoin breached the $71,000 level yesterday, but the asset seems to have reversed its gains today as it’s now back at $70,200.

比特幣昨天突破了 71,000 美元的水平，但該資產今天似乎已經扭轉了漲幅，目前已回到 70,200 美元。