Glassnode 表示，随着需求回升，比特币 (BTC) 价格看起来充满希望，但这还不够

链上分析平台 Glassnode 提供了有关比特币价格最近跌破 70,000 美元的原因的见解。该平台表明旗舰产品尚未看到足够的需求

On-chain analytics platform Glassnode has provided some interesting insights into why the Bitcoin price recently dropped below the $70,000 level.

链上分析平台 Glassnode 提供了一些有趣的见解，解释了比特币价格最近跌破 70,000 美元水平的原因。

According to the platform, the flagship cryptocurrency’s recent rally might not be seeing enough demand to propel the coin to new all-time highs. They came to this conclusion after analyzing the rate at which new capital is flowing into the Bitcoin network.

根据该平台的说法，旗舰加密货币最近的反弹可能没有足够的需求来推动该代币创下历史新高。他们在分析新资本流入比特币网络的速度后得出了这一结论。

In one of its latest market reports, Glassnode mentioned that “the rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak.” They made this assertion based on the Realized Cap metric, which measures the value of each Bitcoin based on the last time it was traded. Glassnode claimed that Bitcoin’s Realized Cap is currently at $574 billion.

Glassnode 在其最新的一份市场报告中提到，“新资本流入比特币网络的速度已较峰值大幅放缓。”他们根据已实现上限指标做出这一断言，该指标根据上次交易时间来衡量每个比特币的价值。 Glassnode 声称比特币的已实现上限目前为 5740 亿美元。

They further revealed that the injection of liquidity into Bitcoin has cooled off since the flagship crypto hit an all-time high (ATH) of $73,750. This is in stark contrast to the period before Bitcoin hit that ATH, with Glassnode noting that the flows into Bitcoin back then were “extremely sharp, culminating at a value of $3.38 billion daily.”

他们进一步透露，自从旗舰加密货币触及 73,750 美元的历史高点 (ATH) 以来，向比特币注入的流动性已经冷却。这与比特币达到 ATH 之前的时期形成鲜明对比，Glassnode 指出，当时流入比特币的资金“极其猛烈，最终达到每日 33.8 亿美元的价值”。

However, Glassnode stated that the Realized Cap “remains in positive profit-dominated territory and is returning towards an equilibrium position.” They also noted that Bitcoin’s modest demand was still able to spark this recent rally thanks to the “declining sell-side headwinds from mature investors.”

然而，Glassnode 表示，已实现上限“仍处于正利润主导的区域，并且正在回归均衡位置。”他们还指出，由于“成熟投资者的卖方阻力减弱”，比特币的温和需求仍然能够引发近期的反弹。

Basically, Glassnode suggested that things were looking up for Bitcoin but that it could be way better if there were more capital inflows. There could indeed be an increase in capital inflows soon enough, considering that the Spot Bitcoin ETFs have broken their streak of net outflows and are once again recording impressive net inflows into their funds.

基本上，Glassnode 认为比特币的情况正在好转，但如果有更多的资本流入，情况可能会更好。考虑到现货比特币 ETF 已经打破了连续的净流出，并再次录得令人印象深刻的资金净流入，资本流入确实可能很快就会增加。

Data from Farside Investors shows that these funds have already seen almost $700 million in net inflows this week. Specifically, these Bitcoin ETFs recorded a net inflow of $305.7 million on May 21 alone. That day was also BlackRock’s iShares Bitcoin Trust (IBIT) most profitable day yet, with the fund taking in $290 million.

Farside Investors 的数据显示，这些基金本周已净流入近 7 亿美元。具体而言，这些比特币 ETF 仅在 5 月 21 日就录得净流入 3.057 亿美元。当天也是贝莱德旗下 iShares 比特币信托 (IBIT) 迄今为止盈利最高的一天，该基金收入达 2.9 亿美元。

Some Positive Key Takeaways

一些积极的关键要点

Glassnode also assessed some other vital on-chain metrics, which provided some positives for Bitcoin’s future trajectory. The platform noted that there has been a “large decline” in Bitcoin’s Sell-Side Risk Ratio, which “suggests the market has found a degree of equilibrium over the course of this correction.”

Glassnode 还评估了其他一些重要的链上指标，这为比特币的未来轨迹提供了一些积极的信息。该平台指出，比特币的卖方风险比率“大幅下降”，这“表明市场在这次调整过程中已经找到了一定程度的平衡”。

To assess market volatility, they also measured the percent range between the highest and lowest price ticks over the last 60 days. They concluded that “volatility continues to compress to levels typically seen after lengthy consolidations and prior to large market moves.”

为了评估市场波动性，他们还测量了过去 60 天内最高和最低价格变动之间的百分比范围。他们的结论是，“波动性继续压缩至长期盘整后和市场大幅波动之前的通常水平。”

Meanwhile, Glasnode revealed that 2.14M BTC out of the Short-term holder (STH) supply, currently at 3.36M BTC, fell into an unrealized loss following the recent market correction. They claim that this suggests that many of the BTC held by this category of investors are held at an unrealized loss, which reduces the risk of top-heaviness developing.

与此同时，Glasnode 透露，短期持有者 (STH) 供应中的 214 万比特币（目前为 336 万比特币）在最近的市场调整后陷入了未实现的损失。他们声称，这表明此类投资者持有的许多比特币都处于未实现损失的状态，这降低了头重脚轻的风险。