比特币MVRV比率未达到峰值数字，因为BTC命中了新的ATH

比特币在过去一周中以111,000美元的价格交易，以录制新的历史最高（ATH），因为Crypto Bull Run Revival继续进行

Bitcoin (BTC) price action continues to heat up as the crypto market experiences a slight downturn. The recent buildup to new all-time highs (ATHs) has largely been driven by anticipation of the U.S. Government's announcement of potential new trade tariffs.

比特币（BTC）的价格行动继续升温，因为加密货币市场略有低迷。最近，新的历史最高水平（ATH）的建立很大程度上是由于预期美国政府宣布潜在的新贸易关税而驱动的。

While the apex cryptocurrency has since experienced some retracement, investors remain bullish, especially if the previous ATH is successfully reclaimed, which would strongly signal a continuation of the current uptrend.

尽管Apex加密货币此后经历了一些回答，但投资者仍然看涨，尤其是如果以前的ATH成功收回，这将强烈表明当前上升趋势的延续。

Interestingly, crypto analyst BilalHuseynov has observed an uncommon development with the Market Value To Realized Value ratio (MVRV) that indicates a positive difference with the current bull cycle from others.

有趣的是，加密分析师Bilalhuseynov观察到了一个罕见的发展，其市场价值与已实现的价值比（MVRV），这表明与其他人的牛周期有积极的差异。

Bitcoin MVRV Stays At 2.4 Amid New ATH – What Could This Mean?

在新的ATH中，比特币MVRV保持在2.4 - 这意味着什么？

In a QuickTake post on May 23, BilalHuseynov shares an interesting insight on the Bitcoin market following recent on-chain development. Notably, the premier cryptocurrency hit a new all-time high at $111,970 on May 22 to ultimately confirm the validity of the current bull cycle.

在5月23日的Quicktake帖子中，Bilalhuseynov在最近的链开发后分享了对比特币市场的有趣见解。值得注意的是，这位总理的加密货币在5月22日达到了新的历史最高高点，最终确认了当前牛周期的有效性。

Amidst this bullish development, BilalHuseynov notes an unusual event in that the MVRV ratio failed to reach the peak numbers associated with when Bitcoin set a new ATH in previous bull cycles. For context, the MVRV measures the market cap of Bitcoin to the realized cap, i.e, the value of all Bitcoin at the last point of purchase. It is used to indicate trend reversals, as an MVRV ratio over 1 suggests overvaluation while a figure below 1 signals undervaluation.

在这个看涨的发展中，比拉尔霍西诺夫指出了一个不寻常的事件，因为MVRV比率未能达到与比特币在以前的牛市中设置新ATH时相关的峰值数字。在上下文中，MVRV测量了比特币的市值到已实现的上限，即，在最后一点点购买点所有比特币的价值。它用于指示趋势逆转，因为MVRV比率超过1表示高估，而低于1个信号低估的数字则低估了。

According to BilalHuseynov, when Bitcoin achieved a new ATH in 2013, 2017, and 2021 bull cycles, the MVRV ratio reached top values between 3.5-4.0. However, following the eclipse of the $109,000, the MVRV ratio has hit a peak value of 2.4. The crypto analyst explains that the reduced MVRV number can be linked to a disproportionate rise in Realized Cap compared to the Market Cap. This development can be attributed to the fact that a high volume of circulating Bitcoin exchanged hands at higher prices, thereby resulting in a higher cost basis.

根据Bilalhuseynov的说法，当比特币在2013年，2017年获得了新的ATH和2021年的Bull Cycles时，MVRV比率达到了3.5-4.0之间的最高值。但是，在$ 109,000的日食之后，MVRV比率达到了2.4的峰值。加密分析师解释说，与市值相比，MVRV数量的减少可能与已实现的上限的不成比例上升有关。这一发展可以归因于以下事实：大量循环比特币以更高的价格交换，从而导致成本更高。

Interestingly, BilalHuseynov explains that this unusual development is a positive signal for Bitcoin’s long-term development, indicating a stable market even at ATH prices, that possesses less froth and no hype-driven overvaluation. Furthermore, there is the possibility that stronger market hands, i.e, long-term holders and institutional holders, are part of this new investors, suggesting long-term market confidence with no urgency for profit-taking.

有趣的是，Bilalhuseynov解释说，这种异常的发展是比特币长期发展的积极信号，即使以ATH价格达到稳定的市场，它的泡沫较少，没有炒作驱动的高估。此外，有可能更强大的市场手（即长期持有人和机构持有人）是这位新投资者的一部分，这表明长期市场信心，而没有盈利的紧迫性。

BTC Price Overview

BTC价格概述

At the time of writing, Bitcoin is trading at $108,397 following the retracement in the past days. The premier cryptocurrency is down by 2.50% in the past day but up by 17.65% in the past month.

在撰写本文时，比特币在过去几天的回溯之后的交易价格为108,397美元。在过去的一天中，总理加密货币下降了2.50％，但在过去一个月中增长了17.65％。