比特币已实现上限最近已放缓其上升趋势

链上分析公司 Glassnode 在其最新的每周报告中透露，比特币的需求最近有所放缓。

On-chain analytics firm Glassnode reports in its latest weekly report that demand for Bitcoin has slowed recently.

链上分析公司 Glassnode 在其最新的每周报告中报告称，比特币的需求最近有所放缓。

Bitcoin Realized Cap Shows Slow Uptrend In Recent Weeks

比特币已实现上限显示近几周缓慢上升趋势

In its new report, Glassnode highlights the latest development in the Bitcoin Realized Cap. The “Realized Cap” is an on-chain capitalization model for BTC that calculates the asset’s value by assuming the value of each coin in circulation to be equal to the spot price at which it was last moved on the blockchain.

Glassnode 在其新报告中强调了比特币已实现上限的最新发展。 “已实现上限”是 BTC 的链上资本化模型，它通过假设流通中的每种代币的价值等于其最后一次在区块链上移动的现货价格来计算资产价值。

Since the last transfer on the network for any coin was probably the last time it changed hands, the price at that time could be assumed to be its current cost basis. As such, the Realized Cap is a total sum for the cost basis of the entire circulating supply.

由于任何代币在网络上的最后一次转移可能是它最后一次转手，因此当时的价格可以假设为其当前的成本基础。因此，已实现上限是整个流通供应的成本基础的总和。

In other words, this model represents the total capital that the investors used to purchase Bitcoin. Because of this, this metric is used to track whether capital is flowing into or out of the cryptocurrency.

换句话说，这个模型代表了投资者用于购买比特币的总资金。因此，该指标用于跟踪资本是否流入或流出加密货币。

Here is the chart shared by Glassnode that shows the trend in the Bitcoin Realized Cap over the last few years:

以下是 Glassnode 分享的图表，显示了过去几年比特币已实现上限的趋势：

As you can see in the above graph, the Bitcoin Realized Cap went through a sharp uptrend earlier when the rally toward the new all-time high (ATH) took place. This rapid growth naturally implied that capital was aggressively flowing into the asset.

正如您在上图中所看到的，当比特币实现历史新高（ATH）反弹时，早些时候经历了急剧的上升趋势。这种快速增长自然意味着资本正在积极流入该资产。

However, the trajectory of the metric has become less steep recently. Its value is still growing, and new ATHs are being set, but it’s clear that the increase is much smaller in scale than earlier.

然而，该指标的轨迹最近变得不那么陡峭。它的价值仍在增长，新的ATH也在设定中，但很明显，增长的规模比之前要小得多。

“Currently, the rate at which new capital is flowing into the Bitcoin network has slowed down considerably from its peak as the market digests the recently distributed supply,” reads the report.

报告称：“目前，随着市场消化最近分配的供应，新资本流入比特币网络的速度已较峰值大幅放缓。”

The chart below better represents how the rate of change of capital flowing into the sector has changed recently.

下图更好地体现了近期流入该行业的资本变化率的变化情况。

When investors sell at a net profit, the Realized Cap increases as there is some demand to buy the coins at a higher price. On the other hand, the metric heads down when loss realization occurs, as coins previously purchased with a higher amount of capital have been sold for a lower amount of capital, thus bringing the total investment in the cryptocurrency down.

当投资者以净利润出售时，已实现上限会增加，因为有一些需求以更高的价格购买代币。另一方面，当发生损失时，该指标会下降，因为之前以较高资本购买的代币已以较低资本出售，从而导致加密货币的总投资下降。

As the Bitcoin Net Realized Profit/Loss chart shows, the market absorbed a large amount of profits when the ATH formed. Since then, though, the metric has cooled off considerably, further showcasing the lower demand in the sector.

正如比特币净已实现损益图所示，当 ATH 形成时，市场吸收了大量利润。但自那以后，该指标已大幅降温，进一步表明该行业的需求较低。

BTC Price

比特币价格

Bitcoin breached the $71,000 level yesterday, but the asset seems to have reversed its gains today as it’s now back at $70,200.

比特币昨天突破了 71,000 美元的水平，但该资产今天似乎已经扭转了涨幅，目前已回到 70,200 美元。