比特幣意識到CAP已升至歷史新高（ATH）

鏈上的數據顯示，比特幣實現的CAP最近飆升至新的歷史高（ATH），但每月流入率大大減慢。

This news article on-chain data from the on-chain analytics firm Glassnode shows that the Bitcoin Realized Cap has surged to a new all-time high (ATH) recently, but monthly inflows have slowed down considerably.

這篇新聞文章來自鏈分析公司玻璃節點的鏈數據表明，比特幣實現的CAP最近飆升至新歷史最高（ATH），但每月流入大大減慢了。

On-chain data shows the Bitcoin Realized Cap has surged to a new all-time high (ATH) recently, but monthly inflows have slowed down considerably.

鏈上的數據顯示，比特幣實現的CAP最近飆升至新的歷史高（ATH），但每月流入率大大減慢。

According to data from the on-chain analytics firm Glassnode, the Realized Cap of Bitcoin has just set a new record.

根據鏈分析公司玻璃節的數據，實現的比特幣上限剛剛創造了新的記錄。

The ‘Realized Cap’ here refers to a capitalization model for Bitcoin that calculates the asset’s total value by assuming the ‘real’ value of any token in circulation is equal to the spot price at which it was last transacted on the network.

這裡的“實現上限”是指比特幣的資本化模型，該模型通過假設流通中任何令牌的“真實”價值來計算資產的總價值，等於其上次在網絡上進行交易的現貨價格。

The last transaction of a given coin is likely to represent the last point at which it changed hands, so the price at the time of the move would denote the coin’s current cost basis.

給定硬幣的最後一次交易可能代表了它易手的最後一點，因此移動時的價格表示硬幣的當前成本基礎。

As the Realized Cap sums up this acquisition value for all tokens part of the circulating supply, it essentially determines the amount of capital that the investors as a whole have used to purchase Bitcoin.

當已實現的上限總結了循環供應的所有代幣部分的此收購價值時，它實際上決定了投資者整體用於購買比特幣的資本數量。

Now, here is the chart for the indicator shared by the analytics firm that shows the trend in its value over the last few years:image: Bitcoin Realized Cap has now reached a new all-time high as capital continues to flow into BTC. However, the growth rate has slowed down to 0.9% per month, signaling that investor appetite might be softening.

現在，這是分析公司共享的指標的圖表，該圖表顯示了過去幾年中其價值的趨勢：圖像：實現比特幣的CAP現在已經達到了新的歷史最高水平，因為資本繼續流入BTC。但是，增長率已減緩至每月0.9％，這表明投資者的食慾可能會減輕。

As displayed in the above graph, the Bitcoin Realizzed Cap has been following an uptrend for a while now. Whenever the indicator’s value rises, it means a net amount of capital is flowing into the cryptocurrency. Thus, the long-term surge would imply BTC has been enjoying continuous inflows.

如上圖所示，比特幣Realizz的帽子已經遵循上升趨勢了一段時間。每當指標的價值上升時，這意味著淨資本正在流入加密貨幣。因此，長期激增將意味著BTC一直在享受連續的流入。

That said, while capital has been flowing in without break, the growth rate has fluctuated over the cycle. From the chart, it’s visible that the Realized Cap saw a particularly sharp rise during two periods: Q1 2024 and Q4 24.

也就是說，儘管資本一直在沒有破裂的情況下流入，但在整個週期中的增長率卻波動。從圖表中可以看出，在兩個時期，實現的帽子出現了特別急劇的上升：Q1 2024和Q4 24。

The Q1 2024 phase was followed by a rapid slowdown in capital inflowsm and so far, it would appear that the Q4 2024 one has been seeing something similar. At the height of inflows in December, the growth rate of the metric stood at around 13% per month. Today, this value has declined to just 0.9% per month.

第二季度2024階段之後是資本流入迅速放緩，到目前為止，似乎第四季度2024年已經看到了類似的東西。在12月流入的高峰期，公制的增長率約為每月13％。如今，該價值每月僅下降到0.9％。

Growth is still continuing, of course, and the indicator has managed to set a new record of $872 billion. But as Glassnode has explained, the slowdown could indicate “investor appetite is softening – signaling continued risk-off sentiment.”

當然，增長仍在繼續，該指標已設法創造了8720億美元的新記錄。但是，正如GlassNode所解釋的那樣，放緩可能表明“投資者的食慾正在減弱 - 信號持續的冒險情緒。”

Both the periods of fresh capital inflows last year coincided with bull rallies for Bitcoin, while the phase of slowdown in-between the two resulted in bearish consolidation for the cryptocurrency.

去年，新的資本流入時期的兩個時期都與比特幣的公牛集會相吻合，而兩者之間的放緩階段導致了加密貨幣的看跌。

The latest drop in Realized Cap growth has so far resulted in a notable drawdown for the asset’s price. Given the trend of last year, it’s possible that a proper reversal may not happen for BTC until the metric catches a sharper uptrend.BTC PriceAt the time of writing, Bitcoin is trading at around $84,700, showing little movement over the last few days.

迄今為止，最新的已實現的CAP增長已導致資產的價格顯著降低。鑑於去年的趨勢，直到度量標準捕獲更尖銳的上升趨勢之前，BTC可能不會發生適當的逆轉。 BTCPRICEAT寫作時間，比特幣的交易價格約為84,700美元，在過去幾天中幾乎沒有移動。

About Bitcoin Realized PriceThe Bitcoin Realized Price is an on-chain indicator that measures the average price at which each Bitcoin was last moved. It's calculated by dividing the total market cap of Bitcoin by the circulating supply.

關於比特幣，實現比特幣實現的價格是一個鏈上的指標，可以衡量每個比特幣上一次移動的平均價格。它是通過將比特幣的總市值除以循環供應而計算得出的。

The Realized Price is often used to gauge the on-chain demand for Bitcoin. When the price rises above the Realized Price, it indicates that buyers are stepping in at higher prices, suggesting strong demand. Conversely, when the price falls below the Realized Price, it indicates that sellers are stepping in at lower prices, suggesting weak demand.

實現的價格通常用於評估比特幣的鍊鍊需求。當價格上漲高於實現的價格時，這表明買家正在以更高的價格介入，這表明需求強勁。相反，當價格低於實現的價格時，它表明賣方以較低的價格介入，表明需求較弱。

The Realized Price can also be used to identify market bottoms. When the price falls to levels close to the Realized Price, it suggests that the selling pressure is decreasing and the market may be approaching a bottom.

實現的價格也可用於識別市場底層。當價格達到接近已實現的價格的水平時，這表明銷售壓力正在下降，市場可能接近最低點。

Here are some of the key takeaways:

這是一些關鍵要點：

The Bitcoin Realized Cap has reached a new all-time high of $872 billion.

比特幣意識到的CAP已達到歷史新高的8.72億美元。

However, the growth rate of the Realized Cap has slowed down considerably in recent months.

但是，近幾個月來，已實現的CAP的增長率大大降低了。

The slowdown in capital inflow could indicate that investor appetite is softening and risk-off sentiment continues.

資本流入的放緩可能表明投資者的胃口正在減輕，風險情緒仍在繼續。

Both periods of fresh capital inflows last year coincided with bull rallies for Bitcoin.

去年兩個新的資本流入時期都與比特幣集會相吻合。

The slowdown in capital inflow may spell trouble for BTC as it could prevent the cryptocurrency from breaking out of the current consolidation phase and reaching new highs.

資本流入的放緩可能會給BTC帶來麻煩，因為它可以防止加密貨幣從當前的合併階段中斷並達到新的高點。

The post On-Chain Data Shows Bitcoin (BTC) Capital Inflow Slowdown Despite Realized Cap Surging to ATH appeared first on CryptoCoinsNews.

鏈上的鏈條數據顯示，儘管Cap飆升至ATH，但比特幣（BTC）資本流入放緩，這首先出現在Cryptocoinsnews上。

.

。