当前牛市的比特币（BTC）表现反映了成熟的市场和扩大采用

比特币在当前的牛市中的表现以及新的买家群体反映了成熟的市场和扩大采用。

Bitcoin's performance in the current bull market and a new cohort of buyers reflect a maturing market and widening adoption, according to a recent report by Fidelity Digital Assets.

根据富达数字资产的最新报告，比特币在当前的牛市中的表现以及新的买家都反映了一个成熟的市场和扩大采用。

A 50% rise in hashrate and a 63% jump in Realized Cap highlight investors' confidence in Bitcoin.

哈希雷特（Hashrate）上升了50％，实现的上限增长了63％，重点介绍了投资者对比特币的信心。

At block height 892,500—marking 25% progress into the current halving epoch—Bitcoin traded between $82,500 and $85,000. This represents a 31% increase from its value on April 19, 2024, when the fourth halving reduced block rewards to 3.125 BTC.

在块高度为892,500（标记为当前减半时期的25％的进展），Bitcoin的交易在82,500美元至85,000美元之间。这比2024年4月19日的价值增长了31％，当时第四个减少的块奖励减少到3.125 BTC。

From the halving in March 2024 until June 2024, there was a steady increase in hashrate, reaching 440 exahash per second (EH/s) from 290 EH/s. This signals strong miner commitment despite reduced rewards. Unlike previous cycles that saw a sharp rally post-halving, the 2024–2025 phase has been characterized by steadier, more measured growth.

从2024年3月的减半到2024年6月，哈希拉特稳定增加，从290 EH/s到每秒440（EH/s）。尽管奖励降低，但这表明矿工的承诺强烈。与以前的赛车后期剧烈拉力赛的周期不同，2024-2025阶段的特征是稳定，更具衡量的生长。

The Puell Multiple—an indicator of miner revenue relative to Bitcoin's price—has stabilized, suggesting that the market is adjusting to lower issuance without significant volatility. The report explains,

PUELL多重（矿工收入相对于比特币的价格的指标）稳定了，这表明市场正在适应较低的发行，而没有明显的波动性。报告解释说，

"This mid-epoch phase has typically coincided with new all-time highs, an event that occurred this week as BTC hit a new all-time high of $111,000."

“这个中期阶段通常与新的历史最高点相吻合，这是本周BTC的新历史最高点111,000美元的事件。”

According to Fidelity, this growth could extend into Q2 2025, potentially redefining Bitcoin's position as a credible asset class in modern portfolios.

根据富达（Fidelity）的说法，这种增长可能会扩展到第二季度2025年第2季度，可能会重新定义比特币在现代投资组合中的可靠资产类别的地位。

Bitcoin's Realized Cap is a significant indicator of this evolution, which measures cumulative net capital inflows. Since the 2024 halving, the Realized Cap metric has surged 63%, climbing to $915 billion from $561 billion, underscoring the scale of capital entering the market.

比特币的实现CAP是这种进化的重要指标，该指标衡量了累积的净资本流入。自2024年减半以来，已实现的CAP指标飙升了63％，从5610亿美元攀升至9150亿美元，强调进入市场的资本规模。

This trend fits within Bitcoin's long-term trajectory, where Realized Cap has risen with each halving, indicating a maturing asset with substantial growth progression.

这种趋势符合比特币的长期轨迹，在每次减半的情况下，实现的CAP都会增加，表明具有实质增长的成熟资产。

Key drivers behind this Bitcoin bull market

这个比特币牛市背后的主要驱动力

The current bull market cycle is also distinguished by record-breaking levels of institutional investor and corporate-level participation. The approval of spot Bitcoin exchange-traded funds (ETFs) in the US in January 2024 has ushered in $134 billion in inflows. Meanwhile, monthly trading volumes on platforms like Binance soared past $1 trillion in March 2024—a massive leap from just $11 billion in January 2018.

当前的牛市周期还以创纪录的机构投资者和公司级别的参与水平来区分。 2024年1月，美国在美国的现货比特币交易所贸易资金（ETF）的批准迎来了1340亿美元的流入。同时，诸如Binance之类的平台上的每月交易量在2024年3月飙升了1万亿美元，这是从2018年1月仅仅110亿美元的巨大飞跃。

Public companies' strategic accumulation of Bitcoin, most notably Strategy, now holding 576,230 BTC, also sets a new industry blueprint. Firms like Metaplanet Inc., Bitcoin Group SE, and Semler Scientific have since followed suit, validating Bitcoin's role as a corporate treasury asset this cycle.

上市公司的比特币战略积累，最著名的是战略，现在拥有576,230 BTC，也设定了新的行业蓝图。此后，像Metaplanet Inc.，Bitcoin Group SE和Semler Scientific这样的公司都效仿了该周期的比特币作为公司财政部资产的作用。

Thus, Gray asserts that Bitcoin's fundamentals and global recognition are “stronger than ever,” signaling a cycle of growth, institutional anchoring, and market resilience.

因此，格雷断言比特币的基本面和全球认可“比以往任何时候都更强”，这表明了增长，机构锚定和市场弹性的循环。