比特币（BTC）在活跃投资者的成本基础附近找到了底部：Glassnode

链上数据表明，在最近这一重要的投资者成本基础水平崩溃之后，比特币价格已触底。

Bitcoin price found its bottom during the recent crash around the cost basis of “active investors,” as per on-chain data.

根据链上数据，在最近的崩盘中，比特币价格在“活跃投资者”的成本基础上触底。

Bitcoin Found Its Bottom Near Active Investor’s Cost Basis

比特币在活跃投资者的成本基础附近找到了底部

According to the latest weekly report from Glassnode, Bitcoin formed its recent bottom near the cost basis of the “active investors.” To understand what this level represents, two other indicators need to be looked at first: the Realized Price and the Liveliness.

根据 Glassnode 最新的每周报告，比特币最近在“活跃投资者”的成本基础附近形成了底部。要了解该水平代表什么，需要首先查看另外两个指标：已实现价格和活跃度。

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The Realized Price refers to the cost basis or acquisition price of the average investor in the BTC network. The metric determines this by going through the transaction history of each token in circulation to find what price it was last moved at.

已实现价格是指BTC网络中普通投资者的成本基础或收购价格。该指标通过遍历流通中的每个代币的交易历史记录来确定其最后移动的价格来确定这一点。

It then works with the assumption that this previous transfer was the last time that the coin changed hands and so, takes the price at its time to be its current cost basis. Finally, it averages this value out for the entire supply, producing a price that’s often considered to be BTC’s “fair value.”

然后，它假设之前的转移是代币最后一次转手，因此将当时的价格作为其当前的成本基础。最后，它将整个供应量的价值进行平均，产生一个通常被认为是 BTC 的“公允价值”的价格。

The other indicator, the Liveliness, basically keeps track of the spending/HODLing behavior of the investors. This metric makes use of the concept of “coin days” to calculate its value. A coin day is a quantity that 1 BTC is said to accumulate after staying dormant on the blockchain for 1 day.

另一个指标“活跃度”基本上跟踪投资者的支出/持有行为。该指标利用“币天”的概念来计算其价值。一个币日是指 1 BTC 在区块链上休眠 1 天后累积的数量。

Thus, when HODLing occurs on the network, new coin days are “created” each day, while when spending occurs, coin days that had been accumulated earlier are “destroyed.”

因此，当网络上发生 HODL 时，每天都会“创建”新的币天，而当发生支出时，之前积累的币天会被“销毁”。

The Liveliness measures the ratio between the cumulative sum of coin days destroyed and the cumulative sum of coin days created over the cryptocurrency’s history.

活跃度衡量加密货币历史上销毁的代币天数的累计总和与创建的代币天数的累计总和之间的比率。

As such, whenever the market is showing a HODLing dominant behavior, the metric’s value tends towards the zero mark, as a low amount of coin days are seeing destruction. Similarly, it leans towards 1 when distribution is high.

因此，每当市场表现出 HODLing 主导行为时，该指标的价值就会趋向于零，因为少量的代币天数正在遭受破坏。同样，当分布较高时，它倾向于 1。

Now, the actual indicator of focus in the current discussion is the “Realized Price-to-Liveliness Ratio,” also known as the Active Investor’s Cost Basis. This indicator adds a weightage factor to Bitcoin’s Realized Price (that is, its fair value) using the Liveliness.

现在，当前讨论的实际焦点指标是“已实现的价格与活力比率”，也称为活跃投资者的成本基础。该指标使用活跃度为比特币的实际价格（即其公允价值）添加一个权重因子。

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With this modification, BTC’s fair value is estimated higher when HODLing is dominant and lower when distribution is happening. The below chart shows the trend in the Bitcoin Realized Price-to-Liveliness Ratio over the past decade:

通过此修改，当 HODLing 占主导地位时，BTC 的公允价值估计较高，而当发生分配时，BTC 的公允价值估计较低。下图显示了过去十年比特币实现价格与活跃度比率的趋势：

As displayed in the above graph, the Bitcoin Realized Price-to-Liveliness Ratio is currently at a value of $51,300. In the recent price crash, BTC ended up finding a bottom not too far from this mark.

如上图所示，比特币的实际价格与活跃度比率目前为 51,300 美元。在最近的价格暴跌中，比特币最终在距此不远的地方触底。

“The Active Investor’s Cost-Basis can be considered as a key threshold delineating bullish and bearish investor sentiment,” notes Glassnode. “Since the market managed to find support near this level speaks to a degree of underlying strength, suggesting investors are generally still anticipating positive market momentum in the short-to-medium-term.”

“活跃投资者的成本基础可以被视为描绘看涨和看跌投资者情绪的关键门槛，”Glassnode 指出。 “由于市场设法在这一水平附近找到支撑，这说明了一定程度的潜在实力，这表明投资者普遍仍预计中短期内市场将出现积极势头。”

BTC Price

比特币价格

Bitcoin has seen a jump of almost 4% during the last 24 hours, which has taken its price above $61,000.

比特币在过去 24 小时内上涨了近 4%，价格已突破 61,000 美元。