XRP顶级买家是目前唯一的绿色购买者

链上数据显示，XRP的顶级买家今天仍处于11％的净利润。这是其他顶级硬币（例如比特币和Solana）进行比较的方式。

In a new post on X, on-chain analytics firm Glassnode has taken a look at how the situation has been unfolding for the top buyers of different top cryptocurrencies.

在X上的新帖子中，链分析公司GlassNode介绍了不同顶级加密货币的顶级买家的情况。

The indicator of interest here is “Realized Price,” which keeps track of the cost basis or acquisition level of the average investor on a given cryptocurrency network.

这里感兴趣的指标是“已实现的价格”，它可以跟踪给定加密货币网络上普通投资者的成本基础或收购水平。

When the value of the metric is above the spot price of the asset, the collective state of the investors is one of unrealized loss. On the other hand, it being under the token’s price implies the dominance of profit on the network.

当指标的价值高于资产的现货价格时，投资者的集体状况是未实现的损失之一。另一方面，它在代币的价格下意味着网络上利润的主导地位。

Now, in the context of the current discussion, the Realized Price of the entire userbase isn’t of relevance, but rather that of only a specific portion of it: the investors who got in during the earlier euphoria phase of December 2024 to January 2025.

现在，在当前讨论的背景下，整个用户群的实现价格不是相关的，而是其中的特定部分：投资者在2024年12月早些时候至2025年1月的Euphoria阶段中获得的投资者。

From today, this period lines up with the 3 months to 6 months old range, so Glassnode has referenced the average cost basis of these mid-term holders. First, here is a chart showing the Realized Price of this cohort for XRP: [chart]

从今天开始，这一时期与3个月至6个月大的范围保持一致，因此GlassNode提到了这些中期持有人的平均成本基础。首先，以下是一个图表，显示了XRP的同类群体的实现价格：[图表]

As is visible in the above graph, the Realized Price of the 3 months to 6 months old XRP investors is currently trading a notable distance above the cryptocurrency’s spot price. Of course, at least some of the top buyers of the asset would have capitulated by now, but it would appear that those that still continue to hold are sitting relatively comfortably at a profit margin of 11%.

如上图中可见的那样，3个月至6个月大的XRP投资者的实现价格目前正在以高于加密货币的现货价格的距离。当然，到目前为止，至少有一些资产的最高买家会降低，但是看来仍然继续持有的人的利润率相对舒适，利润率为11％。

While this may be so for the mid-term holders of XRP, the trend is different for those present on the other major networks. As the below chart shows, Solana’s 3 months to 6 months old hands currently have their cost basis above the spot price.

虽然对于XRP的中期持有人来说，这可能是如此，但对于其他主要网络上的人来说，趋势却有所不同。如下图所示，Solana的3个月至6个月大的手目前的成本基础高于现货价格。

[chart]

[图表]

More specifically, SOL’s mid-term investors are holding a net unrealized loss of around 28%. The situation is even worse when it comes to Ethereum, with the cohort sitting about 36% underwater on the blockchain.

更具体地说，SOL的中期投资者的净未实现损失约为28％。当涉及到以太坊时，情况甚至更糟糕，而该队列在区块链上约为36％的水下。

Even Bitcoin has this group carrying a loss, although the margin is just 1% in the case of the number one cryptocurrency.

即使比特币也有损失，尽管在第一名加密货币的情况下，利润率仅为1％。

As for what this trend of the top buyers being underwater could mean, the analytics firm has noted, “price stabilizing below the 3m–6m holders’ cost basis is a clear sign of market weakness.”

至于最高买家在水下意味着的趋势可能意味着什么，分析公司指出：“价格稳定在3m–6m的持有人的成本基础以下是市场疲软的明显迹象。”