以太坊意識到，CAP最近攀升至2446億美元，這表明資本流入資產

鏈上的數據表明，以太坊最近實現的上限顯著增加，這表明資本進入資產。

On-chain data from Glassnode shows that the trend in Ethereum’s Realized Cap has flipped since the Pectra upgrade.

玻璃節鏈的鏈上數據表明，自Pectra升級以來，以太坊實現的帽子的趨勢已經翻轉。

The Pectra upgrade went live on May 7th and introduced a bunch of improvements to the ETH network, including staking enhancements and an increase in transaction capacity.

Pectra升級將於5月7日上線，並對ETH網絡進行了大量改進，包括增強積分和交易能力的提高。

As the chart shared by the on-chain analytics firm shows, the upgrade’s arrival seems to have coincided with a reversal in the Realized Cap of the cryptocurrency.

正如鍊分析公司所表明的圖表所表明的那樣，升級的到來似乎與已實現的加密貨幣上的逆轉相吻合。

The Realized Cap refers to an on-chain capitalization model that calculates the total value of Ethereum by assuming that the ‘real’ value of each token in circulation is equal to the last price at which it was transacted on the blockchain.

實現的帽子是指一個鏈資本化模型，該模型通過假設每個令牌的“真實”值等於在區塊鏈上進行交易的最後價格，從而計算以太坊的總價值。

Essentially, the Realized Cap sums up the last acquisition price for the entire ETH supply. As such, it can be looked at as a measure of the total amount of capital that the investors have put into the cryptocurrency.

從本質上講，實現的上限總結了整個ETH供應的最後一次收購價格。因此，可以將其視為投資者投入加密貨幣的總資本總量的量度。

The chart shows that the capital deployed into the asset peaked in early February and observed a reversal to the downside. Whenever the metric’s value goes down, it’s a sign that capital is flowing out of Ethereum.

圖表顯示，部署到資產中的資本在2月初達到頂峰，並觀察到了逆轉的一面。每當度量的價值下降時，這是資本從以太坊流出的標誌。

These outflows from the asset kept on for around three months, alongside which the price naturally witnessed a downtrend. Since the Pectra upgrade, however, another reversal has occurred for the Realized Cap, as its value has started to go up instead.

這些資產的流出持續了大約三個月，而且價格自然就見證了下降趨勢。但是，自從Pectra升級以來，已實現的上限發生了另一種逆轉，因為它的價值已經開始上升。

On the day of the upgrade, the indicator stood at $240.8 billion. Today, it has climbed to $244.6 billion, indicating that around $3.8 billion (equivalent to a rise of 1.6%) in capital has flown into ETH in the days between.

在升級當天，指標為2408億美元。如今，它已經攀升至2446億美元，表明大約38億美元（相當於增長1.6％）的資本已飛向ETH中的ETH。

Alongside these capital inflows, the Ethereum price has observed an explosion, as it has gone from $1,800 to the current $2,500 level. It now remains to be seen how long the Realized Cap uptrend would maintain.

除了這些資本流入外，以太坊價格也觀察到了爆炸，因為它已從1,800美元增加到當前的2,500美元。現在有待觀察的是，已實現的上限上升趨勢將保持多長時間。

While the capital flow situation of the coin has found a turnaround with the Pectra upgrade, the same hasn’t been true for network activity so far, as Glassnode has pointed out in another post.

儘管硬幣的資本流動情況已經通過Pectra升級發現了一個周轉，但到目前為止，網絡活動並非如此，正如GlassNode在另一篇文章中指出的那樣。

“Since the upgrade, the average new and resurrected addresses are down in comparison to YTD values (–1.8% and –8.4% respectively) – but churn is notably lower as well (–8.5%),” notes the analytics firm. Resurrected addresses refer to those addresses who have become active again after a period of inactivity, while churned ones are the opposite; they are the previously active addresses who have gone cold.

分析公司指出：“自升級以來，與YTD值相比（分別為–1.8％和–8.4％）相比，平均新的和復活的地址是下降的，但流失也明顯降低（–8.5％）。”復活的地址是指在一段時間後再次活躍的地址，而攪動的地址則相反；他們是先前活躍的地址，他們已經冷了。

These trends would imply that the upgrade has failed to attract interest from new or returning users, but at the same time, it has increased engagement among the existing Ethereum users, hence the drop in churn.

這些趨勢將暗示升級未能吸引新用戶或回歸用戶的興趣，但與此同時，它增加了現有以太坊用戶的參與度，因此流失了。