比特币活跃地址和交易数量最近出现了分歧

数据显示，比特币活跃地址大幅下降，但交易数量却创历史新高（ATH）。这就是为什么会这样。

Bitcoin (BTC) active addresses have taken a hit recently, but the transaction count has remained high. Here's what might be causing this divergence.

比特币（BTC）活跃地址最近受到打击，但交易数量仍然很高。以下是可能导致这种差异的原因。

Bitcoin Active Addresses And Transaction Count Have Diverged Recently

比特币活跃地址和交易数量最近出现了分歧

Recent activity-related metrics on the Bitcoin network have shown a divergence, as highlighted in the latest weekly report by Glassnode. The metrics in question are the Active Addresses and the Transaction Count.

正如 Glassnode 最新的每周报告所强调的那样，比特币网络上最近与活动相关的指标显示出差异。所讨论的指标是活动地址和交易计数。

The Active Addresses metric tracks the unique number of addresses that participate in some transaction activity on the blockchain daily. This metric's value is essentially analogous to the active user count for the network.

活跃地址指标跟踪每天参与区块链上某些交易活动的唯一地址数量。该指标的值本质上类似于网络的活跃用户数。

The chart below shows how the Active Addresses metric has changed in value for Bitcoin over the past decade.

下图显示了过去十年中比特币活跃地址指标的价值变化。

The 30-day moving average (MA) of the Bitcoin Active Addresses has been sharply decreasing over the last few months, as can be seen in the graph. This would imply that fewer users are now potentially participating in network transaction activity.

从图中可以看出，过去几个月比特币活跃地址的 30 天移动平均线 (MA) 急剧下降。这意味着现在可能参与网络交易活动的用户越来越少。

However, the market momentum has been strong in this period, and as the chart shows, previous such bullish periods saw the indicator rising instead. The trend has thus deviated for this cycle.

然而，这一时期的市场势头强劲，正如图表所示，之前的牛市时期该指标反而上升。因此，本周期的趋势发生了偏离。

The other metric of interest here, the Transaction Count, measures the total number of transfers taking place on the network every day. Here is a chart that shows how this metric has performed recently.

这里另一个有趣的指标是交易计数，它衡量每天网络上发生的传输总数。下面的图表显示了该指标最近的表现。

Interestingly, while the Active Addresses have seen a decline in value, the Transaction Count has shot up instead. The metric's 30-day MA value is around 612,000 per day, close to the all-time high (ATH).

有趣的是，虽然活动地址的价值有所下降，但交易数量却猛增。该指标的 30 天 MA 值约为每天 612,000 点，接近历史高点 (ATH)。

The fact that the two indicators have gone opposite ways would mean that, although fewer addresses are active now, the number of transfers each address has individually been making has blown up.

这两个指标走势相反的事实意味着，尽管现在活跃的地址较少，但每个地址单独进行的传输数量却大幅增加。

Now, what's behind this trend? The analytics firm has identified a curious correlation between the Active Addresses pattern and the Transaction Count share of the Bitcoin Inscriptions.

那么，这一趋势背后的原因是什么？该分析公司发现了活跃地址模式与比特币铭文的交易计数份额之间存在奇怪的相关性。

The Inscriptions, which offer a way to inscribe data onto Satoshis (Sats), the smallest unit of BTC, had enjoyed popularity since early 2023 until recently.

铭文提供了一种将数据刻录到 BTC 最小单位 Satoshis (Sats) 上的方法，自 2023 年初直到最近一直很受欢迎。

The chart shows that the Transaction Count share of the Inscriptions collapsed starting mid-April, coinciding with the decline in the Active Addresses.

该图表显示，铭文的交易计数份额从 4 月中旬开始暴跌，与活跃地址的下降同时发生。

As for what's behind the downfall of the once incredibly popular Inscriptions, data would point towards the emergence of the Runes on the network. In short, the Runes protocol enables users to introduce fungible tokens on the network through a different mechanism from the Inscriptions.

至于曾经非常流行的铭文的衰落背后的原因，数据表明符文在网络上的出现。简而言之，符文协议使用户能够通过与铭文不同的机制在网络上引入可互换代币。

The Runes launched around the time of the fourth Halving, which is when the Inscriptions fell off.

符文在第四次减半时推出，也就是铭文掉落的时候。

The Runes protocol employs address reuse, which means the same address becomes involved in multiple transactions. Thus, it's easy to see why the protocol's launch has accelerated the divergence between the Active Addresses and Transaction Count.

Runes 协议采用地址重用，这意味着同一地址会涉及多个事务。因此，很容易看出为什么该协议的推出加速了活动地址和交易计数之间的分歧。

BTC Price

比特币价格

Bitcoin is currently trading at around $69,600, having lost more than 2% in the past week.

比特币目前交易价格约为 69,600 美元，过去一周下跌超过 2%。