比特币交易量的实体调整方法揭示了令人震惊的事实

链上分析公司 Glassnode 透露了比特币累积总量中有多少反映了“真实”交易。

blockchain analytics firm Glassnode has highlighted how much of the total cumulative Bitcoin volume reflects ‘real’ transactions.

区块链分析公司 Glassnode 强调了比特币累积总量中有多少反映了“真实”交易。

Entity-Adjusted Approach For Bitcoin Volume Reveals Shocking Fact

比特币交易量的实体调整方法揭示了令人震惊的事实

In its latest weekly report, Glassnode has talked about how some of the metrics core to the Bitcoin network are like after the cryptocurrency’s price has claimed the $100,000 milestone.

在其最新的每周报告中，Glassnode 讨论了比特币网络的一些核心指标在加密货币价格突破 10 万美元里程碑后的情况。

Among these indicators is the “Transfer Volume,” which measures the total amount of the cryptocurrency that’s becoming involved in transactions on the blockchain every day.

这些指标之一是“传输量”，它衡量每天参与区块链交易的加密货币总量。

Below is the chart for the metric shared by the analytics firm that shows how the cumulative value of this metric has developed over the course of the asset’s history.

下面是分析公司共享的指标图表，显示了该指标的累积值在资产历史过程中是如何发展的。

From the graph, it’s visible that the cumulative Bitcoin Transfer Volume (colored in green) rose sharply during the last cycle, but it has slowed down in this new cycle. Nevertheless, the indicator has continued to see growth, as it has now crossed the $131 trillion mark.

从图中可以看出，累计比特币转账量（绿色）在上一个周期中急剧上升，但在新周期中有所放缓。尽管如此，该指标仍在继续增长，目前已突破 131 万亿美元大关。

Note that the volume here is calculated based off the USD value at the time a given transaction was executed on the network, rather than using the total BTC volume converted to dollars at the current exchange rate.

请注意，此处的交易量是根据网络上执行给定交易时的美元价值计算的，而不是使用按当前汇率转换为美元的 BTC 总交易量。

In the same chart, Glassnode has also attached the data of another metric: the Entity-Adjusted Transfer Volume. This indicator calculates the cumulative Transfer Volume happening between different entities.

在同一张图表中，Glassnode 还附加了另一个指标的数据：实体调整传输量。该指标计算不同实体之间发生的累积传输量。

An ‘entity‘ here refers to a cluster of addresses that the analytics firm has determined to belong to the same investor. Transactions between the addresses of the same holder aren’t really relevant to the wider market, so Entity-Adjusted metrics tend to provide a more accurate representation of trading activity.

这里的“实体”是指分析公司确定属于同一投资者的一组地址。同一持有者地址之间的交易与更广泛的市场并不真正相关，因此实体调整指标往往会提供更准确的交易活动表示。

“After applying entity adjustment, the filtered transfer volume stands at $11.63 trillion, just 8.86% of the total,” notes Glassnode. This means that less than 9% of the total Bitcoin volume has involved transfers that are economical in nature.

Glassnode 指出：“经过实体调整后，过滤后的转账金额为 11.63 万亿美元，仅占总量的 8.86%。”这意味着只有不到 9% 的比特币总量涉及经济性质的转账。

Does this mean most BTC activity is ‘fake’? Well, the answer to that depends on how one defines ‘real’ activity. If activity is instead gauged using the pure number of transactions rather than their value, then a very different picture of the network is produced.

这是否意味着大多数 BTC 活动都是“假的”？嗯，这个问题的答案取决于人们如何定义“真实”活动。如果使用纯粹的交易数量而不是交易价值来衡量活动，那么就会产生截然不同的网络图景。

Here is a chart from the same report that shows the data in the cumulative Transaction Count for the cryptocurrency, both the unfiltered and Entity-Adjusted versions:

以下是同一报告中的图表，显示了加密货币的累积交易计数中的数据，包括未过滤版本和实体调整版本：

As displayed in the above graph, the unfiltered Transaction Count for Bitcoin, although still greater, doesn’t have too much of a difference from the Entity-Adjusted metric.

如上图所示，比特币的未过滤交易计数虽然仍然较多，但与实体调整指标没有太大差异。

This would imply that the 840 million transfers between different entities have made up for just 8.8% of the Transfer Volume. The takeaway here is naturally that the volume inflation has come from internal management by centralized exchanges, as these platforms hold very large amounts and so, their volume also tends to be high.

这意味着不同实体之间的 8.4 亿笔转账仅占转账量的 8.8%。这里的结论自然是，交易量的膨胀来自中心化交易所的内部管理，因为这些平台持有的交易量非常大，因此它们的交易量也往往很高。

While such transfers may not contribute to Bitcoin price action, they are still ‘real’ transactions from the perspective of the network, imparting visible impact in terms of the miner transaction fee revenue.

虽然此类转账可能不会对比特币价格走势做出贡献，但从网络的角度来看，它们仍然是“真实”交易，对矿工交易费收入产生明显影响。

BTC Price

比特币价格

At the time of writing, Bitcoin is trading around $101,100, down almost 2% over the last week.

截至撰写本文时，比特币交易价格约为 101,100 美元，较上周下跌近 2%。