比特币（BTC）已经飙升至新的高度，但其网络活动仍然受阻

比特币（BTC）已经飙升至新的高度，最近在迄今为止最强的集会之一中触及了97000美元的成绩。然而，在这个价格爆炸之下，令人困惑的矛盾：链活动令人震惊

Bitcoin’s (BTC) recent surge to new highs, briefly touching the $97,000 mark in one of its strongest rallies to date, has been a hot topic of discussion among crypto analysts. However, beneath this price explosion lies a puzzling contradiction—on-chain activity is alarmingly muted.

比特币（BTC）最近提高了新的高点，迄今为止，在其最强大的集会之一中短暂地触及了97,000美元的成绩，这是加密分析师中讨论的热门话题。但是，在这个价格爆炸之下，这是一个令人困惑的矛盾 - 链活动令人震惊。

As Bitcoin’s value climbs, its network appears to be stagnating, raising concerns among analysts that the rally may be more hype than substance.

随着比特币的价值攀登，其网络似乎停滞不前，这引起了分析师之间的担忧，即集会可能比物质更多。

As reported by CryptoQuant, despite Bitcoin’s price gains, network usage has failed to keep pace. According to the renowned on-chain analyst, the Number of Active Addresses on the Bitcoin blockchain remains below expectations. In fact, it has only exceeded one million a handful of times in recent months. At the time of writing, the figure stood at just under 959,000—far from what one would expect at these price levels.

正如CryptoQuant报道的那样，尽管比特币的价格上涨，网络使用情况仍未保持步伐。根据著名的链分析师的说法，比特币区块链上的活动地址数量仍然低于预期。实际上，最近几个月它只超过了几百万次。在撰写本文时，该数字的数量不到959,000，这与这些价格水平的期望相比。

This begs the question: why isn’t Bitcoin’s on-chain activity reflecting the strength of the market? An analysis from Alphractal sheds light on six major reasons behind the sluggish on-chain metrics, despite Bitcoin’s bullish chart performance.

这就引出了一个问题：为什么比特币的链链活动不是反映市场强度的？尽管比特币的看涨图表性能，但对字母的分析阐明了链链度量缓慢的六个主要原因。

The first and perhaps most significant factor is the influence of institutional investment. Bitcoin’s current rally is being fueled largely by capital inflows into Spot Bitcoin ETFs, particularly from major players like BlackRock, MicroStrategy, and Metaplanet. This has turned BTC into a favored institutional asset class rather than a grassroots digital currency. As a result, the buying pressure is coming from custodial platforms and investment firms—not from active network participants.

第一个也许是最重要的因素是机构投资的影响。比特币目前的集会主要是由资本流入到现货比特币ETF中的大力推动，尤其是从贝莱德，微观造影和metaplanet等主要参与者中。这将BTC变成了受欢迎的机构资产类别，而不是基层数字货币。结果，购买压力来自托管平台和投资公司，而不是来自活跃的网络参与者。

Secondly, volatility—or the lack of it—is playing a role. Bitcoin has spent several weeks consolidating in a tight range between $92K and $95K. In low-volatility environments, there’s little incentive for wallet holders to move their funds or engage in frequent transactions, which naturally drags down on-chain activity.

其次，波动性（或缺乏它）是发挥作用。比特币花了几周的时间在$ 92K到$ 95,000的范围内整合。在低挥发性环境中，钱包持有人几乎没有动力移动其资金或进行频繁交易，从而自然会拖延链上的活动。

Another issue is misleading exchange volume. While Bitcoin appears to be trading at high volumes, a closer look suggests some of this may be artificial or inflated. This creates a false perception of vibrant market activity, even as actual blockchain usage remains underwhelming.

另一个问题是误导交换量。虽然比特币似乎以大量的交易方式进行交易，但仔细的外观表明其中一些可能是人造或膨胀的。即使实际的区块链使用仍然令人难以置信，这也会产生对充满活力的市场活动的错误看法。

Adding to the challenge is the growing competition from other blockchain networks. Ethereum, Solana, and even newer entrants like Base are increasingly becoming hubs for DeFi activity, staking, and coin speculation. These use cases were once the domain of Bitcoin in its early days, but the evolving crypto landscape has pushed BTC more into a store-of-value role rather than a utility-focused network.

挑战还增加了其他区块链网络的日益增长的竞争。以太坊，索拉纳（Solana），甚至像基本（Base）这样的新参与者都越来越成为用于Defi活性，占有和硬币猜测的枢纽。这些用例曾经是比特币早期的领域，但是不断发展的加密景观将BTC更加促进了价值储备的角色，而不是以公用事业为中心的网络。

Furthermore, Bitcoin’s original role as a decentralized payment method has lost momentum. Fewer merchants and users are using BTC for everyday transactions, opting instead for faster and cheaper alternatives. As a result, the number of real-world transactions on the Bitcoin network has dwindled, especially when compared to networks actively supporting smart contracts and dApps.

此外，比特币作为分散付款方式的最初角色失去了动力。更少的商人和用户正在使用BTC进行日常交易，而是选择更快，更便宜的替代品。结果，比特币网络上的现实交易数量减少了，尤其是与积极支持智能合约和DAPP的网络相比。

Lastly, the rise of second-layer solutions like the Lightning Network is also skewing the numbers. As more transactions move off-chain for scalability and speed, the Bitcoin mainnet appears quieter. While this is technically a sign of progress, it distorts the traditional metrics used to measure on-chain engagement.

最后，诸如闪电网络之类的第二层解决方案的兴起也偏向数字。随着越来越多的交易移开链以提高可扩展性和速度，比特币主网显得更加安静。虽然从技术上讲，这是进步的迹象，但它扭曲了用于测量链上参与度的传统指标。

All these factors point to a critical reality: Bitcoin’s soaring price is no longer tightly coupled with its blockchain usage. Instead, BTC is increasingly behaving like a traditional financial asset—used for holding and speculation rather than spending or interacting within a decentralized network.

所有这些因素都表明了一个关键的现实：比特币的飞涨价格不再紧密地与区块链使用情况紧密相结合。取而代之的是，BTC的行为越来越像传统的金融资产，用于持有和投机，而不是在分散网络中支出或互动。

This decoupling could have significant implications for Bitcoin’s sustainability. Historically, strong on-chain activity—especially from retail users—has supported long-term price growth and adoption. With institutions now dominating the flow and retail largely inactive, the rally may lack the foundation needed for lasting momentum.

这种脱钩可能会对比特币的可持续性产生重大影响。从历史上看，强大的链链活动（尤其是零售用户）支持长期价格增长和采用。由于机构现在主导了流动和零售，因此集会可能缺乏持久势头所需的基础。

In conclusion, while Bitcoin’s climb to $97,000 marks an impressive milestone, it comes with a caveat. Without renewed on-chain activity and broader participation, this bull run may be vulnerable to correction. Investors would be wise to look beyond the price chart and consider the network fundamentals when evaluating BTC’s future trajectory.

总之，尽管比特币的攀升至97,000美元，这是一个令人印象深刻的里程碑，但它带有警告。如果没有更新的链活动和更广泛的参与，这种牛的运行可能很容易受到纠正。在评估BTC的未来轨迹时，投资者将明智的看法超越价格表并考虑网络基本面。