以太坊意识到，CAP最近攀升至2446亿美元，这表明资本流入资产

链上的数据表明，以太坊最近实现的上限显着增加，这表明资本进入资产。

On-chain data from Glassnode shows that the trend in Ethereum’s Realized Cap has flipped since the Pectra upgrade.

玻璃节链的链上数据表明，自Pectra升级以来，以太坊实现的帽子的趋势已经翻转。

The Pectra upgrade went live on May 7th and introduced a bunch of improvements to the ETH network, including staking enhancements and an increase in transaction capacity.

Pectra升级将于5月7日上线，并对ETH网络进行了大量改进，包括增强积分和交易能力的提高。

As the chart shared by the on-chain analytics firm shows, the upgrade’s arrival seems to have coincided with a reversal in the Realized Cap of the cryptocurrency.

正如链分析公司所表明的图表所表明的那样，升级的到来似乎与已实现的加密货币上的逆转相吻合。

The Realized Cap refers to an on-chain capitalization model that calculates the total value of Ethereum by assuming that the ‘real’ value of each token in circulation is equal to the last price at which it was transacted on the blockchain.

实现的帽子是指一个链资本化模型，该模型通过假设每个令牌的“真实”值等于在区块链上进行交易的最后价格，从而计算以太坊的总价值。

Essentially, the Realized Cap sums up the last acquisition price for the entire ETH supply. As such, it can be looked at as a measure of the total amount of capital that the investors have put into the cryptocurrency.

从本质上讲，实现的上限总结了整个ETH供应的最后一次收购价格。因此，可以将其视为投资者投入加密货币的总资本总量的量度。

The chart shows that the capital deployed into the asset peaked in early February and observed a reversal to the downside. Whenever the metric’s value goes down, it’s a sign that capital is flowing out of Ethereum.

图表显示，部署到资产中的资本在2月初达到顶峰，并观察到了逆转的一面。每当度量的价值下降时，这是资本从以太坊流出的标志。

These outflows from the asset kept on for around three months, alongside which the price naturally witnessed a downtrend. Since the Pectra upgrade, however, another reversal has occurred for the Realized Cap, as its value has started to go up instead.

这些资产的流出持续了大约三个月，而且价格自然就见证了下降趋势。但是，自从Pectra升级以来，已实现的上限发生了另一种逆转，因为它的价值已经开始上升。

On the day of the upgrade, the indicator stood at $240.8 billion. Today, it has climbed to $244.6 billion, indicating that around $3.8 billion (equivalent to a rise of 1.6%) in capital has flown into ETH in the days between.

在升级当天，指标为2408亿美元。如今，它已经攀升至2446亿美元，表明大约38亿美元（相当于增长1.6％）的资本已飞向ETH中的ETH。

Alongside these capital inflows, the Ethereum price has observed an explosion, as it has gone from $1,800 to the current $2,500 level. It now remains to be seen how long the Realized Cap uptrend would maintain.

除了这些资本流入外，以太坊价格也观察到了爆炸，因为它已从1,800美元增加到当前的2,500美元。现在有待观察的是，已实现的上限上升趋势将保持多长时间。

While the capital flow situation of the coin has found a turnaround with the Pectra upgrade, the same hasn’t been true for network activity so far, as Glassnode has pointed out in another post.

尽管硬币的资本流动情况已经通过Pectra升级发现了一个周转，但到目前为止，网络活动并非如此，正如GlassNode在另一篇文章中指出的那样。

“Since the upgrade, the average new and resurrected addresses are down in comparison to YTD values (–1.8% and –8.4% respectively) – but churn is notably lower as well (–8.5%),” notes the analytics firm. Resurrected addresses refer to those addresses who have become active again after a period of inactivity, while churned ones are the opposite; they are the previously active addresses who have gone cold.

分析公司指出：“自升级以来，与YTD值相比（分别为–1.8％和–8.4％）相比，平均新的和复活的地址是下降的，但流失也明显降低（–8.5％）。”复活的地址是指在一段时间后再次活跃的地址，而搅动的地址则相反；他们是先前活跃的地址，他们已经冷了。

These trends would imply that the upgrade has failed to attract interest from new or returning users, but at the same time, it has increased engagement among the existing Ethereum users, hence the drop in churn.

这些趋势将暗示升级未能吸引新用户或回归用户的兴趣，但与此同时，它增加了现有以太坊用户的参与度，因此流失了。