比特币意识到CAP已升至历史新高（ATH）

链上的数据显示，比特币实现的CAP最近飙升至新的历史高（ATH），但每月流入率大大减慢。

This news article on-chain data from the on-chain analytics firm Glassnode shows that the Bitcoin Realized Cap has surged to a new all-time high (ATH) recently, but monthly inflows have slowed down considerably.

这篇新闻文章来自链分析公司玻璃节点的链数据表明，比特币实现的CAP最近飙升至新历史最高（ATH），但每月流入大大减慢了。

On-chain data shows the Bitcoin Realized Cap has surged to a new all-time high (ATH) recently, but monthly inflows have slowed down considerably.

链上的数据显示，比特币实现的CAP最近飙升至新的历史高（ATH），但每月流入率大大减慢。

According to data from the on-chain analytics firm Glassnode, the Realized Cap of Bitcoin has just set a new record.

根据链分析公司玻璃节的数据，实现的比特币上限刚刚创造了新的记录。

The ‘Realized Cap’ here refers to a capitalization model for Bitcoin that calculates the asset’s total value by assuming the ‘real’ value of any token in circulation is equal to the spot price at which it was last transacted on the network.

这里的“实现上限”是指比特币的资本化模型，该模型通过假设流通中任何令牌的“真实”价值来计算资产的总价值，等于其上次在网络上进行交易的现货价格。

The last transaction of a given coin is likely to represent the last point at which it changed hands, so the price at the time of the move would denote the coin’s current cost basis.

给定硬币的最后一次交易可能代表了它易手的最后一点，因此移动时的价格表示硬币的当前成本基础。

As the Realized Cap sums up this acquisition value for all tokens part of the circulating supply, it essentially determines the amount of capital that the investors as a whole have used to purchase Bitcoin.

当已实现的上限总结了循环供应的所有代币部分的此收购价值时，它实际上决定了投资者整体用于购买比特币的资本数量。

Now, here is the chart for the indicator shared by the analytics firm that shows the trend in its value over the last few years:image: Bitcoin Realized Cap has now reached a new all-time high as capital continues to flow into BTC. However, the growth rate has slowed down to 0.9% per month, signaling that investor appetite might be softening.

现在，这是分析公司共享的指标的图表，该图表显示了过去几年中其价值的趋势：图像：实现比特币的CAP现在已经达到了新的历史最高水平，因为资本继续流入BTC。但是，增长率已减缓至每月0.9％，这表明投资者的食欲可能会减轻。

As displayed in the above graph, the Bitcoin Realizzed Cap has been following an uptrend for a while now. Whenever the indicator’s value rises, it means a net amount of capital is flowing into the cryptocurrency. Thus, the long-term surge would imply BTC has been enjoying continuous inflows.

如上图所示，比特币Realizz的帽子已经遵循上升趋势了一段时间。每当指标的价值上升时，这意味着净资本正在流入加密货币。因此，长期激增将意味着BTC一直在享受连续的流入。

That said, while capital has been flowing in without break, the growth rate has fluctuated over the cycle. From the chart, it’s visible that the Realized Cap saw a particularly sharp rise during two periods: Q1 2024 and Q4 24.

也就是说，尽管资本一直在没有破裂的情况下流入，但在整个周期中的增长率却波动。从图表中可以看出，在两个时期，实现的帽子出现了特别急剧的上升：Q1 2024和Q4 24。

The Q1 2024 phase was followed by a rapid slowdown in capital inflowsm and so far, it would appear that the Q4 2024 one has been seeing something similar. At the height of inflows in December, the growth rate of the metric stood at around 13% per month. Today, this value has declined to just 0.9% per month.

第二季度2024阶段之后是资本流入迅速放缓，到目前为止，似乎第四季度2024年已经看到了类似的东西。在12月流入的高峰期，公制的增长率约为每月13％。如今，该价值每月仅下降到0.9％。

Growth is still continuing, of course, and the indicator has managed to set a new record of $872 billion. But as Glassnode has explained, the slowdown could indicate “investor appetite is softening – signaling continued risk-off sentiment.”

当然，增长仍在继续，该指标已设法创造了8720亿美元的新记录。但是，正如GlassNode所解释的那样，放缓可能表明“投资者的食欲正在减弱 - 信号持续的冒险情绪。”

Both the periods of fresh capital inflows last year coincided with bull rallies for Bitcoin, while the phase of slowdown in-between the two resulted in bearish consolidation for the cryptocurrency.

去年，新的资本流入时期的两个时期都与比特币的公牛集会相吻合，而两者之间的放缓阶段导致了加密货币的看跌。

The latest drop in Realized Cap growth has so far resulted in a notable drawdown for the asset’s price. Given the trend of last year, it’s possible that a proper reversal may not happen for BTC until the metric catches a sharper uptrend.BTC PriceAt the time of writing, Bitcoin is trading at around $84,700, showing little movement over the last few days.

迄今为止，最新的已实现的CAP增长已导致资产的价格显着降低。鉴于去年的趋势，直到度量标准捕获更尖锐的上升趋势之前，BTC可能不会发生适当的逆转。BTCPRICEAT写作时间，比特币的交易价格约为84,700美元，在过去几天中几乎没有移动。

About Bitcoin Realized PriceThe Bitcoin Realized Price is an on-chain indicator that measures the average price at which each Bitcoin was last moved. It's calculated by dividing the total market cap of Bitcoin by the circulating supply.

关于比特币，实现比特币实现的价格是一个链上的指标，可以衡量每个比特币上一次移动的平均价格。它是通过将比特币的总市值除以循环供应而计算得出的。

The Realized Price is often used to gauge the on-chain demand for Bitcoin. When the price rises above the Realized Price, it indicates that buyers are stepping in at higher prices, suggesting strong demand. Conversely, when the price falls below the Realized Price, it indicates that sellers are stepping in at lower prices, suggesting weak demand.

实现的价格通常用于评估比特币的链链需求。当价格上涨高于实现的价格时，这表明买家正在以更高的价格介入，这表明需求强劲。相反，当价格低于实现的价格时，它表明卖方以较低的价格介入，表明需求较弱。

The Realized Price can also be used to identify market bottoms. When the price falls to levels close to the Realized Price, it suggests that the selling pressure is decreasing and the market may be approaching a bottom.

实现的价格也可用于识别市场底层。当价格达到接近已实现的价格的水平时，这表明销售压力正在下降，市场可能接近最低点。

Here are some of the key takeaways:

这是一些关键要点：

The Bitcoin Realized Cap has reached a new all-time high of $872 billion.

比特币意识到的CAP已达到历史新高的8.72亿美元。

However, the growth rate of the Realized Cap has slowed down considerably in recent months.

但是，近几个月来，已实现的CAP的增长率大大降低了。

The slowdown in capital inflow could indicate that investor appetite is softening and risk-off sentiment continues.

资本流入的放缓可能表明投资者的胃口正在减轻，风险情绪仍在继续。

Both periods of fresh capital inflows last year coincided with bull rallies for Bitcoin.

去年两个新的资本流入时期都与比特币集会相吻合。

The slowdown in capital inflow may spell trouble for BTC as it could prevent the cryptocurrency from breaking out of the current consolidation phase and reaching new highs.

资本流入的放缓可能会给BTC带来麻烦，因为它可以防止加密货币从当前的合并阶段中断并达到新的高点。

The post On-Chain Data Shows Bitcoin (BTC) Capital Inflow Slowdown Despite Realized Cap Surging to ATH appeared first on CryptoCoinsNews.

链上的链条数据显示，尽管Cap飙升至ATH，但比特币（BTC）资本流入放缓，这首先出现在Cryptocoinsnews上。

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