根据此链指标，比特币（BTC）有更多的运行空间，分析公司GlassNode相信

著名的链上分析公司GlassNode认为，根据一个链链指标，比特币（BTC）有更多的空间可以延伸到上行空间。

Prominent on-chain analytics firm Glassnode is keeping a close watch on one particular on-chain indicator, which they say could propel Bitcoin (BTC) further into the green.

突出的链上分析公司玻璃节点正在密切关注一个特定的链链指标，他们说这可以将比特币（BTC）进一步推向绿色。

Via the social media platform X, the analytics firm highlights BTC’s Realized Cap, which logs the price at which each coin was last moved and aims to gauge how many holders are in profit or at a loss.

通过社交媒体平台X，该分析公司重点介绍了BTC已实现的上限，该公司登录了每枚硬币上一次移动的价格，并旨在衡量有多少持有者是有利可图或损失的。

“Realized Cap tracks net capital inflows into Bitcoin, a key driver of bull markets. So far, it has grown 2.1x from the 2022 low – below the 5.7x peak of the last cycle. The typical euphoric phase sees a sharp acceleration, but this hasn’t fully materialized yet.”

“实现的上限将净资本流入净币，这是牛市的主要驱动力比特币。到目前为止，它已经从2022低点 - 低于上一个周期的5.7倍峰值增长了2.1倍。典型的欣快阶段看到了急剧的加速，但这尚未完全实现。”

Glassnode also points out that Bitcoin’s current cycle seems to be mirroring its 2015-2018 bull cycle, which was largely driven by spot market buyers.

GlassNode还指出，比特币的当前周期似乎正在反映其2015-2018公牛周期，这在很大程度上是由现货市场购买者驱动的。

“Despite a much larger market cap, pullbacks have rarely exceeded -25%, reflecting strong demand, ETF (exchange-traded fund) inflows, and Bitcoin’s role as a macro asset.”

“尽管市值更大，但回调很少超过-25％，反映了强劲的需求，ETF（交易所交易基金）流入以及比特币作为宏观资产的作用。”

According to the analytics firm, when new demand comes into the picture, price action tends to accelerate in a “second euphoric phase.”

根据分析公司的说法，当新需求进入图片时，价格行动往往会在“第二个欣快阶段”中加速。

“Prior cycles saw explosive growth, though a 100x rally from the low – like in 2015 – is unlikely at today’s scale. If demand strengthens, there may still be room for further expansion.”

“以前的周期看到了爆炸性的增长，尽管与2015年的低点相比，在今天的规模上不太可能。如果需求加强，可能仍然有进一步扩展的空间。”

BTC is trading at $101,807 at press time. The number one crypto asset by market cap is down over 3.5% in the past 24 hours.

BTC在发稿时的交易价格为101,807美元。在过去的24小时内，划分的第一加密资产下降了3.5％。

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