随着实现的资本冲浪，比特币（BTC）价格上涨至106,574美元

在过去的几周中，更广泛的加密货币市场一直处于向上的轨迹，部分是由于改善了全球宏观经济状况。

The broader cryptocurrency market has continued on an upward trajectory over the past few weeks, driven in part by improving global macroeconomic conditions. Recent policy shifts between the United States and China, two of the world’s largest economies, have helped fuel investor sentiment.

在过去的几周中，更广泛的加密货币市场一直在进行上升轨迹，部分原因是改善了全球宏观经济状况。美国和中国（全球两个最大的经济体）之间的政策转变有助于促进投资者的情绪。

Both countries have agreed to temporarily reduce tariffs: the US cut rates from 145% to 30%, while China lowered its own from 125% to 10%, each over 90 days. These decisions have been interpreted by some as a step toward easing global trade tensions, supporting risk-on assets such as Bitcoin.

两国都同意暂时降低关税：美国将比率从145％降低到30％，而中国将自己的125％降低到10％，每90天内。这些决定被某些人解释为缓解全球贸易紧张局势的一步，支持比特币等风险的资产。

In response to the bullish environment, Bitcoin (BTC) has seen a steady rise, currently trading at $106,574, up 1.7% in the last 24 hours. The price earlier reached a 24-hour high of $107,844 before retreating slightly.

为了回应看涨的环境，比特币（BTC）的稳定增长，目前的交易价格为106,574美元，在过去24小时内增长了1.7％。早些时候的价格达到了24小时高的107,844美元，然后稍微退缩。

Despite the pullback, Bitcoin remains just 2% below its all-time high of $109,000, reached in January 2025. The consistent climb has led analysts and traders to monitor on-chain metrics more closely to gauge market behavior and possible future movements.

尽管有所下降，但比特币仍低于其历史最高额为109,000美元的2％，达到了2025年1月。一致的攀登使分析师和交易员更加紧密地监视链衡量标准，以衡量市场行为和可能的未来运动。

Realized Capitalization Surges as Accumulation Phase Strengthens

随着积累阶段的加强，实现的资本化激增

A recent analysis from CryptoQuant contributor Carmelo Alemán has brought attention to Bitcoin’s realized capitalization, a metric that measures the total value of Bitcoin based on the price at which each coin last moved on-chain.

加密贡献者CarmeloAlemán的最新分析引起了对比特币已实现的资本化的关注，该指标是根据每个硬币上次移动链的价格来衡量比特币的总价值。

According to Alemán, the realized cap jumped by more than $3 billion in a single day, marking a 0.33% increase in the total capital invested in Bitcoin. This significant uptick signals renewed capital inflows, and more importantly, it points to a recurring pattern of accumulation and consolidation.

根据Alemán的说法，实现的CAP在一天中跃升了超过30亿美元，标志着比特币投资的总资本增长了0.33％。这种重大的提升信号引起了资本流入，更重要的是，它指出了一种反复出现的积累和巩固模式。

Alemán identified a repeating cycle beginning in April, where Bitcoin has shown sharp price increases followed by sideways movements lasting 8 to 10 days. These lateral phases, supported by rising realized cap, form a staircase-like chart structure with each step building upon the previous one.

Alemán从4月开始确定了一个重复周期，在该周期中，比特币显示出急剧上涨的价格，侧面运动持续了8到10天。这些侧面相位由升起的帽子支持，形成了类似楼梯的图表结构，每个步骤都在上一个步骤上构建。

From an on-chain perspective, the steady climb in realized cap suggests buyers are entering the market at higher levels, lifting the network’s aggregate cost basis and demonstrating long-term confidence in the asset.

从链的角度来看，实现的上限稳定攀升表明，买家正在以更高的水平进入市场，提高网络的总成本基础，并表现出对资产的长期信心。

On-Chain Trends Suggest Investors Are Positioning for Continuation

链上趋势表明投资者正在定位继续

Alemán also highlighted that the behavior of realized capitalization in the current market mirrors patterns seen in previous bull cycles.

Alemán还强调说，在当前市场上所见的牛市周期中实现的大写的行为。

“It’s noteworthy that during periods of consolidation, spikes in realized cap have historically been followed by substantial price movements,” Alemán added.

Alemán补充说：“值得注意的是，在合并期间，在历史上始终有巨大的价格变动。”

The current rise indicates that capital entering the market is doing so with a long-term view, rather than speculative short-term intent. This positions the market for a potential continuation, especially as accumulation appears to intensify around the psychological $106,000–$109,000 range.

目前的上升表明，进入市场的资本是从长期的角度来看，而不是投机性的短期意图。这使市场取得了潜在的延续，尤其是因为积累似乎在心理$ 106,000- $ 109,000范围内加剧。

“The days ahead will be crucial for tracking any further increases in realized cap to confirm whether the current phase evolves into another upward price impulse,” Alemán concluded. “If the trend persists, it could support another leg higher, reinforcing the view that Bitcoin remains in a broader accumulation structure.”

Alemán总结说：“未来的日子对于跟踪实现的上限的进一步增加至关重要，以确认当前阶段是否会发展为另一种向上价格冲动。” “如果趋势持续存在，它可以支持另一只腿更高，从而增强了比特币保持更广泛的积累结构的观点。”