比特币流通量已飙升至 5 个月来的最高水平

链上数据显示，比特币网络上的实用程序最近已经卷土重来，这可能为另一次价格上涨铺平道路。

A key metric that gauges the utility on the Bitcoin network has recently seen a surge, indicating a return in interest for using the cryptocurrency. This development could potentially pave the way for another wave of price rallies.

衡量比特币网络效用的一个关键指标最近出现激增，表明使用加密货币的兴趣有所回报。这一发展可能为另一波价格上涨铺平道路。

A new post by Santiment, an on-chain analytics firm, sheds light on the latest trend in Bitcoin "Circulation." The Circulation metric tracks the unique number of tokens that move on the BTC blockchain each day.

链上分析公司 Santiment 的一篇新文章揭示了比特币“流通”的最新趋势。流通量指标跟踪每天在 BTC 区块链上移动的独特代币数量。

Typically, the transaction volume is used to gauge network utility, a metric that measures the daily total amount of BTC transferred on the network.

通常，交易量用于衡量网络效用，该指标衡量网络上每日传输的 BTC 总量。

However, a flaw with this indicator is the high frequency of trading activity on the chain, where the same tokens move back and forth multiple times. This activity may not reflect true network utility, and the transaction volume can provide a distorted representation of the chain.

然而，该指标的一个缺陷是链上交易活动的频率很高，相同的代币会多次来回移动。此活动可能无法反映真实的网络效用，并且交易量可能会提供扭曲的链表示。

The Circulation metric aims to address this issue by assigning equal weightage to each token that transacts on the network, irrespective of the number of times it may have moved.

流通指标旨在通过为网络上交易的每个代币分配相同的权重来解决这个问题，而不管它可能移动了多少次。

When this indicator's value is high, it signifies that users are currently moving large volumes of unique coins. This trend implies a strong interest in blockchain activities among investors.

当该指标的值较高时，表明用户当前正在转移大量独特的代币。这一趋势表明投资者对区块链活动产生了浓厚的兴趣。

The following chart displays the trend in Bitcoin Circulation over the past several months:

下图显示了过去几个月比特币流通的趋势：

The Bitcoin Circulation has seen several spikes recently, a shift in activity that follows a period of lower network activity. This surge in the indicator suggests a renewed interest among investors to use the cryptocurrency.

比特币流通量最近出现了几次峰值，这是在一段网络活动较低时期之后出现的活动转变。该指标的激增表明投资者对使用加密货币重新产生了兴趣。

The latest spike in the indicator, which was the largest in this period of renewed activity, saw a movement of 244,000 unique tokens on the blockchain. This spike is the largest observed since March 5th, when BTC was in the midst of its rally to an all-time high (ATH).

该指标的最新峰值是本次活动更新期间的最大峰值，区块链上有 244,000 个独特代币的变动。这是自 3 月 5 日以来观察到的最大涨幅，当时 BTC 正处于反弹至历史新高 (ATH) 的过程中。

Typically, utility increases during bullish periods as investors pay more attention to the cryptocurrency. This activity then provides a foundation for sustained surges to occur.

通常，随着投资者更加关注加密货币，在牛市期间效用会增加。这种活动为持续激增的发生提供了基础。

The fact that Circulation had slumped to low levels after the asset's top may explain why the coin struggled to maintain any further lasting bullish momentum. However, things appear to have been different in the recent recovery effort.

资产见顶后流通量降至低水平的事实可能解释了为什么该代币难以维持进一步持久的看涨势头。然而，最近的恢复工作似乎有所不同。

“Utility is gradually returning back to levels last seen during the bull run in Q1,” notes the analytics firm. It now remains to be seen whether this activity will benefit the asset's price this time around as well.

该分析公司指出：“公用事业正在逐渐恢复到第一季度牛市期间的水平。”现在尚待观察，此次活动是否也会有利于资产价格。