比特幣意識到CAP最近飆升至新的歷史高峰（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。

On-chain data reveals that the Bitcoin Realized Cap has recently touched a new all-time high (ATH), but monthly inflows into the cryptocurrency have slowed down considerably.

鏈上的數據顯示，比特幣實現的CAP最近觸及了新的歷史最高（ATH），但是每月流入加密貨幣的流入大大減慢了。

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

根據鏈分析公司玻璃節的數據，已實現的比特幣帽剛剛達到了一個新的峰值。

The “Realized Cap” is 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.

“已實現的上限”是比特幣的資本化模型，它通過假設流通中的任何令牌的“真實”值等於上次在網絡上進行交易的現貨價格，可以計算資產的總價值。

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:

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其價值的趨勢：

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 2024.

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。從圖表中可以看到，在兩個時期，已實現的帽子出現了特別急劇的上升：Q1 2024和Q4 2024。

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鞏固。

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.

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新的上升趨勢之前，BTC可能不會發生適當的逆轉。

BTC Price

BTC價格

Bitcoin has taken to sideways movement over the last few days as its price is still floating around the $84,700 mark.

在過去的幾天裡，比特幣的價格仍在84,700美元左右。