比特币（BTC）盈利指数目前约为 221%

在 X 上的一篇新文章中，CryptoQuant 作者 Axel Adler Jr 讨论了比特币平均盈利指数的最新趋势。

On-chain data shows that Bitcoin investors are now carrying an average of 121% profits. Here's whether this has been enough for a top in the past.

链上数据显示，比特币投资者目前平均获得 121% 的利润。这是过去这对于顶部是否足够的问题。

Bitcoin profitability index is currently sitting around 221%

比特币盈利指数目前约为 221%

In a recent post on X, CryptoQuant author Axel Adler Jr discussed about the latest trend in the Bitcoin Average Profitability Index.

在最近关于 X 的一篇文章中，CryptoQuant 作者 Axel Adler Jr 讨论了比特币平均盈利指数的最新趋势。

The “Average Profitability Index” is an indicator for BTC that compares the asset’s spot value with its realized price. The “realized price” here refers to a measure of the cost basis or acquisition value of the average investor in the Bitcoin market. This metric's value is determined using on-chain data, with the last price at which each coin in circulation was transacted on the blockchain being taken as its current cost basis.

“平均盈利指数”是比特币的一个指标，用于将资产的现货价值与其实现价格进行比较。这里的“实现价格”是指对比特币市场中普通投资者的成本基础或收购价值的衡量。该指标的价值是使用链上数据确定的，每个流通中的代币在区块链上交易的最后价格被视为其当前成本基础。

When the Average Profitability Index is greater than 100%, it means the spot price of the cryptocurrency is currently higher than its realized price. Such a trend suggests the average investor is holding a net amount of profit.

当平均盈利指数大于100%时，意味着加密货币的现货价格目前高于其实现价格。这种趋势表明普通投资者持有净利润。

On the other hand, the indicator being under this threshold implies the BTC market as a whole is carrying coins at a net unrealized loss. Naturally, the index being exactly equal to 100% indicates the holders as a whole are just breaking-even on their investment.

另一方面，该指标低于该阈值意味着整个 BTC 市场的代币处于未实现净损失。当然，该指数恰好等于 100% 表明持有者的整体投资刚刚实现收支平衡。

Now, here is a chart that shows the trend in the Bitcoin Average Profitability Index over the past decade:

现在，这是一张图表，显示了过去十年比特币平均盈利指数的趋势：

As is visible in the above graph, the Bitcoin Average Profitability Index has registered a notable increase recently as the cryptocurrency’s run to the new all-time high (ATH) price has occurred. The indicator has now reached a value of around 221%, which suggests the investors are in a significant amount of gains. More particularly, the BTC addresses as a whole are in a net profit of 121%.

从上图中可以看出，随着加密货币价格创出历史新高（ATH），比特币平均盈利指数最近显着上升。该指标目前已达到 221% 左右，这表明投资者已经获得了可观的收益。更具体地说，BTC地址整体净利润率为121%。

Generally, the higher the profits of the holders get, the more likely they become to fall to the allure of profit-taking. The current Average Profitability Index level is high, but it’s uncertain if it’s high enough for a mass selloff to become a risk.

一般来说，持有者获得的利润越高，他们就越有可能陷入获利了结的诱惑。目前的平均盈利指数水平很高，但不确定它是否高到足以导致大规模抛售成为风险。

In the chart, the analyst has marked how high the metric went at the time of the tops of the previous bull runs. It would appear that 2017 peaked at 460%, while 2021 at 395%.

在图表中，分析师标记了该指标在之前牛市见顶时的高度。 2017 年峰值为 460%，而 2021 年为 395%。

So far in the current cycle, the highest that the index has gone was 272%, which happened during the top back in March of this year. Given the fact that the indicator is yet to hit this level, let alone the peaks from the last cycles, it’s possible that Bitcoin still has sufficient room to run, before a top becomes probable.

到目前为止，本周期该指数的最高点为272%，这是在今年3月份见顶时发生的。鉴于该指标尚未达到这一水平，更不用说达到上一个周期的峰值，在可能见顶之前，比特币可能仍有足够的运行空间。

BTC Price

比特币价格

At the time of writing, Bitcoin is trading around $76,200, up more than 9% over the past week.

截至撰写本文时，比特币交易价格约为 76,200 美元，过去一周上涨超过 9%。