比特币（BTC）价格与链上活动的相关性较小。

Crypto Analytics平台Alphractal在旗舰加密货币方面进行了如何以及为什么可能。

Historically, the Bitcoin (BTC) price is an indicator of the blockchain’s health, with high activity often correlating with strong and positive price action. However, the largest cryptocurrency market seems to have witnessed a significant shift, with prices now less responsive to changes in on-chain activity.

从历史上看，比特币（BTC）的价格是区块链健康的指标，其高活动量通常与强劲和正面的价格行动相关。但是，最大的加密货币市场似乎已经发生了重大转变，现在价格较少，对链上活动的变化响应较少。

For instance, the Bitcoin price continues to hold above $95,000 and looks set to reclaim the $100,000 level despite the sustained dip in blockchain activity. An on-chain analytics firm has now weighed in on how and why this is possible for the flagship cryptocurrency.

例如，尽管区块链活动的持续下降，比特币价格继续持有95,000美元以上的售价超过95,000美元。一家链分析公司现在已经对旗舰加密货币进行了如何以及为什么的权衡。

Why BTC Price Is Less Correlated To On-Chain Activity

为什么BTC价格与链上活动不相关

Crypto analytics platform Alphractal shared in a new post on X the major reasons why the Bitcoin price has managed to stay afloat despite transaction volume and active addresses being at low levels. According to the firm, BTC’s price rise doesn’t necessarily correlate to increased blockchain usage.

Crypto Analytics平台Alphractal在X上的一篇新帖子中分享了尽管交易量和主动地址处于较低水平，但比特币价格仍然保持了维持状态的主要原因。根据该公司的数据，BTC的价格上涨不一定与增加的区块链使用情况相关。

Firstly, Alphractal acknowledged that the Bitcoin market experienced a dynamic shift when the US spot exchange-traded funds (ETFs) were approved in January 2024. The value of BTC is now being driven by capital inflows through these financial products rather than blockchain activity.

首先，Alphractal承认，当美国现货交易所交易资金（ETF）于2024年1月批准时，比特币市场经历了动态转变。现在，BTC的价值是由这些金融产品而不是区块链活动的资本流入所驱动的。

The on-chain firm also mentioned that the historically low volatility in the market has had a major part to play in the low Bitcoin network activity. With relatively little price movement, traders are less incentivized to take new positions, leading to lower on-chain activity.

这家链上的公司还提到，在低比特币网络活动中，市场上历史上的波动性低下。由于价格相对较少，贸易商较少激励新职位，从而导致链接活动降低。

Additionally, Alphractal mentioned that the Bitcoin price has been kept afloat largely by the activities of speculative traders through derivatives and other financial instruments. As a result, there has been a reduced everyday adoption and limited practical demand for the Bitcoin network.

此外，Alphractal提到，比特币价格主要由投机性交易者通过衍生产品和其他金融工具的活动保持不变。结果，对比特币网络的日常采用和实际需求有限。

Alphractal also alluded to the macroeconomic uncertainty that has clouded the global financial markets in recent weeks. According to the on-chain analytics firm, this market condition, even though improving, has most investors waiting for clearer bullish signals before making any move.

字母也暗示了宏观经济的不确定性在最近几周蒙上了全球金融市场。根据这家链分析公司的说法，这种市场状况尽管有所改善，但大多数投资者在采取任何行动之前都在等待更清晰的看涨信号。

Finally, Alphractal highlighted artificial exchange volumes amongst the main reasons for the Bitcoin price staying afloat. “Some exchange volume may be inflated, creating a misleading sense of activity while real network usage stays modest,” the on-chain platform added.

最后，字形强调了比特币价格保持漂浮的主要原因之一。链平台补充说：“某些交换量可能会被夸大，从而产生一种误导性的活动感，而真正的网络用法保持谦虚。”

Bitcoin Price At A Glance

比特币价格一目了然

As of this writing, the price of BTC stands at around $96,150, reflecting an over 1% decline in the past 24 hours. Despite the choppy price action this weekend, the premier cryptocurrency is still up by nearly 2% on the weekly timeframe, according to data from CoinGecko.

截至撰写本文时，BTC的价格约为96,150美元，反映了过去24小时的下降超过1％。根据Coingecko的数据，尽管本周末的价格下跌，但总理加密货币仍在每周的时间范围内增长近2％。