尽管BTC交易超过$ 95,000，但比特币区块链活动仍然很低

尽管比特币的价格性能继续给人留下深刻的印象，但链度指标的描绘却截然不同。

While Bitcoin continues to impress with its price performance, on-chain metrics are telling a very different story. According to Alphractal, a leading platform for blockchain and investment data analysis, activity on the Bitcoin blockchain remains surprisingly subdued.

尽管比特币的价格性能继续给人留下深刻的印象，但链度指标的故事却截然不同。根据Alphractal的说法，区块链和投资数据分析的领先平台，对比特币区块链的活动仍然令人惊讶。

Despite BTC trading above $95,000 and setting new 18-month highs, metrics such as transaction volume and active addresses are closer to multi-month lows. This stands in stark contrast to the бурно развивающейся गतिविधि observed in DeFi, memecoins, and NFTs on other chains.

尽管BTC交易超过95,000美元，并设定了新的18个月高点，但诸如交易量和主动地址之类的指标更接近多个月的低点。这与其他链条上的defi，memecoins和nfts观察到的πlationuty与πlзз前ющз前stрз前。

What’s Behind the Weak On-Chain Activity?

虚弱的链活动背后是什么？

Alphractal highlights several key reasons why the BTC network itself isn’t as active as one might expect at these elevated price levels:

字形强调了BTC网络本身在这些升高的价格水平上的活跃的几个关键原因：

1. Price Driven by External Capital Inflows

1。外部资本流入驱动的价格

Bitcoin’s current rally is largely a result of institutional interest, the success of spot ETFs, and substantial capital inflows from traditional finance. These institutions aren’t engaging in typical on-chain transactions that smaller crypto users might.

比特币目前的集会在很大程度上是由于机构利益，现货ETF的成功以及传统金融中大量资本流入的结果。这些机构并没有从事较小的加密用户可能的典型链交易。

2. Historically Low Volatility

2。历史上低波动率

With BTC’s price movement relatively muted compared to past bull markets, fewer traders are motivated to move coins on-chain. Lower volatility often leads to reduced activity as investors prefer to hold and trade less frequently.

与过去的牛市相比，随着BTC的价格变动相对繁重，更少的交易者被动机移动硬币链。较低的波动率通常会导致活动减少，因为投资者更喜欢持有和交易的频率降低。

3. Some Exchange Volume Artificial

3。一些交换量人工

Some of the recorded exchange volume may be inflated, providing a false sense of market participation. Despite the flashy numbers, real usage on the base layer blockchain hasn’t seen a corresponding spike.

一些记录的交换量可能会被夸大，从而提供了错误的市场参与感。尽管数字浮华，但基本层区块链上的真实用法并未看到相应的尖峰。

4. Shift in Demand from Utility to Speculation

4。需求从公用事业转移到猜测

As Alphractal notes, much of the interest today is focused on Bitcoin’s role as a speculative or institutional financial asset, not as a medium for daily transactions or peer-to-peer payments. This use case has shifted to second-layer technologies.

正如Alphractal所指出的那样，当今的许多兴趣都集中在比特币作为投机或机构金融资产的作用，而不是每日交易或点对点支付的媒介。该用例已转移到第二层技术。

5. Market in Consolidation

5。合并市场

The broader crypto market is currently in a wait-and-see phase. Many investors are holding rather than spending or trading BTC, awaiting new catalysts like macroeconomic shifts or policy decisions.

更广泛的加密市场目前处于等待阶段。许多投资者在持有而不是支出或交易BTC，等待诸如宏观经济转变或政策决策之类的新催化剂。

6. Second-Layer Solutions Reduce Mainnet Activity

6。第二层溶液减少主网活动

Technologies like the Lightning Network allow users to transact off-chain, significantly reducing visible activity on Bitcoin’s mainnet. While usage is happening, it’s not showing up in traditional on-chain metrics.

诸如Lightning网络之类的技术允许用户交易脱链，从而大大降低了比特币主网上的可见活动。在使用使用情况时，它并未以传统的链上指标出现。

7. Competing Blockchains Drive On-Chain Hype

7。竞争区块链驱动链障碍

Speculative activity — such as DeFi, memecoins, and NFT trading — is happening predominantly on chains like Ethereum, Solana, and Base. These platforms have captured much of the traffic that once boosted Bitcoin’s own metrics.

投机活动（例如Defi，Memecoins和NFT贸易）主要是在以太坊，Solana和Base等链条上进行的。这些平台捕获了许多曾经提高比特币自己指标的流量。

The New Reality: Bitcoin as a Financial Asset

新现实：比特币作为金融资产

As Alphractal concludes, Bitcoin is clearly undergoing an identity shift. It’s increasingly viewed as a store of value and institutional asset, much like gold, rather than a utility coin driving transactional usage. The blockchain’s quieter state isn’t necessarily a red flag — it’s a sign that BTC is evolving to meet the changing demands of the crypto landscape.

正如字母结论，比特币显然正在发生身份转移。它越来越被视为价值和机构资产的存储，就像黄金一样，而不是驾驶交易用途的公用事业硬币。区块链安静的状态不一定是一个危险信号 - 这表明BTC正在发展以满足加密货币景观的不断变化的需求。