比特幣交易量的實體調整方法揭示了令人震驚的事實

鏈上分析公司 Glassnode 透露了比特幣累積總量中有多少反映了「真實」交易。

blockchain analytics firm Glassnode has highlighted how much of the total cumulative Bitcoin volume reflects ‘real’ transactions.

區塊鏈分析公司 Glassnode 強調了比特幣累積總量中有多少反映了「真實」交易。

Entity-Adjusted Approach For Bitcoin Volume Reveals Shocking Fact

比特幣交易量的實體調整方法揭示了令人震驚的事實

In its latest weekly report, Glassnode has talked about how some of the metrics core to the Bitcoin network are like after the cryptocurrency’s price has claimed the $100,000 milestone.

在其最新的每週報告中，Glassnode 討論了比特幣網路的一些核心指標在加密貨幣價格突破 10 萬美元里程碑後的情況。

Among these indicators is the “Transfer Volume,” which measures the total amount of the cryptocurrency that’s becoming involved in transactions on the blockchain every day.

這些指標之一是“傳輸量”，它衡量每天參與區塊鏈交易的加密貨幣總量。

Below is the chart for the metric shared by the analytics firm that shows how the cumulative value of this metric has developed over the course of the asset’s history.

以下是分析公司共享的指標圖表，顯示了該指標的累積值在資產歷史過程中是如何發展的。

From the graph, it’s visible that the cumulative Bitcoin Transfer Volume (colored in green) rose sharply during the last cycle, but it has slowed down in this new cycle. Nevertheless, the indicator has continued to see growth, as it has now crossed the $131 trillion mark.

從圖中可以看出，累計比特幣轉帳量（綠色）在上一個週期中急劇上升，但在新周期中有所放緩。儘管如此，該指標仍在繼續增長，目前已突破 131 兆美元大關。

Note that the volume here is calculated based off the USD value at the time a given transaction was executed on the network, rather than using the total BTC volume converted to dollars at the current exchange rate.

請注意，此處的交易量是根據網路上執行給定交易時的美元價值計算的，而不是使用以當前匯率轉換為美元的 BTC 總交易量。

In the same chart, Glassnode has also attached the data of another metric: the Entity-Adjusted Transfer Volume. This indicator calculates the cumulative Transfer Volume happening between different entities.

在同一張圖表中，Glassnode 也附加了另一個指標的資料：實體調整傳輸量。此指標計算不同實體之間發生的累積傳輸量。

An ‘entity‘ here refers to a cluster of addresses that the analytics firm has determined to belong to the same investor. Transactions between the addresses of the same holder aren’t really relevant to the wider market, so Entity-Adjusted metrics tend to provide a more accurate representation of trading activity.

這裡的「實體」是指分析公司確定屬於同一投資者的一組地址。同一持有者地址之間的交易與更廣泛的市場並不真正相關，因此實體調整指標往往會提供更準確的交易活動表示。

“After applying entity adjustment, the filtered transfer volume stands at $11.63 trillion, just 8.86% of the total,” notes Glassnode. This means that less than 9% of the total Bitcoin volume has involved transfers that are economical in nature.

Glassnode 指出：“經過實體調整後，過濾後的轉帳金額為 11.63 兆美元，僅佔總量的 8.86%。”這意味著只有不到 9% 的比特幣總量涉及經濟性質的轉帳。

Does this mean most BTC activity is ‘fake’? Well, the answer to that depends on how one defines ‘real’ activity. If activity is instead gauged using the pure number of transactions rather than their value, then a very different picture of the network is produced.

這是否意味著大多數 BTC 活動都是「假的」？嗯，這個問題的答案取決於人們如何定義「真實」活動。如果使用純粹的交易數量而不是交易價值來衡量活動，那麼就會產生截然不同的網路圖景。

Here is a chart from the same report that shows the data in the cumulative Transaction Count for the cryptocurrency, both the unfiltered and Entity-Adjusted versions:

以下是同一報告中的圖表，顯示了加密貨幣的累積交易計數中的數據，包括未過濾版本和實體調整版本：

As displayed in the above graph, the unfiltered Transaction Count for Bitcoin, although still greater, doesn’t have too much of a difference from the Entity-Adjusted metric.

如上圖所示，比特幣的未過濾交易計數雖然仍然較多，但與實體調整指標沒有太大差異。

This would imply that the 840 million transfers between different entities have made up for just 8.8% of the Transfer Volume. The takeaway here is naturally that the volume inflation has come from internal management by centralized exchanges, as these platforms hold very large amounts and so, their volume also tends to be high.

這意味著不同實體之間的 8.4 億筆轉帳僅佔轉帳量的 8.8%。這裡的結論自然是，交易量的膨脹來自中心化交易所的內部管理，因為這些平台持有的交易量非常大，因此它們的交易量也往往很高。

While such transfers may not contribute to Bitcoin price action, they are still ‘real’ transactions from the perspective of the network, imparting visible impact in terms of the miner transaction fee revenue.

雖然此類轉帳可能不會對比特幣價格走勢做出貢獻，但從網路的角度來看，它們仍然是「真實」交易，對礦工交易費收入產生明顯影響。

BTC Price

比特幣價格

At the time of writing, Bitcoin is trading around $101,100, down almost 2% over the last week.

截至撰寫本文時，比特幣交易價格約為 101,100 美元，較上週下跌近 2%。