比特幣[BTC]繼續徘徊在$ 84,000的大關接近$ 84,000，在一個既充滿活力又謹慎地觀察的市場中保持其優勢。

隨著貿易商的新歷史最高水平，鏈上指標提供了對市場情感和結構力量的更深入的見解 - 沒有什麼比實現價格的概念更具說服力了。

Bitcoin [BTC] continues to trade above the $84,000 mark, maintaining its dominance in a market that is both energetic and observant.

比特幣[BTC]繼續超過84,000美元的交易，在既充滿活力又觀察的市場中保持其優勢。

As traders eye new all-time highs, on-chain metrics provide deeper insights into market sentiment and structural strength — none more telling than the concept of realized price.

隨著貿易商的新歷史最高水平，鏈上指標提供了對市場情感和結構力量的更深入的見解 - 沒有什麼比實現價格的概念更具說服力了。

Realized price, which reflects the average acquisition cost of Bitcoin across all holders or specific user groups, has become a powerful tool for assessing profitability and potential inflection points.

實現的價格反映了所有持有人或特定用戶群體中比特幣的平均獲取成本，已成為評估盈利能力和潛在拐點的強大工具。

Among the most notable data points: Binance users currently sit on realized price levels near $56,000, suggesting a large majority remain in profit.

在最引人注目的數據點中：目前，Binance用戶的價格水平接近56,000美元，這表明大多數人仍然是利潤。

Meanwhile, Bitcoin’s overall realized price has climbed to $43.6K, prompting speculation of a possible run toward $150,000…should historical patterns hold.

同時，比特幣的總體意識到的價格已攀升至43.6萬美元，這促使人們猜測可能會有150,000美元的運行……如果歷史模式保持不變。

Will the trend continue, or are we approaching a saturation point?

趨勢會繼續嗎，還是我們接近飽和點？

Binance user deposit address realized price

Binance用戶存款地址實現的價格

Binance’s user deposit address realized price tracks the average cost basis of BTC deposited into the exchange — currently around $56,000.

Binance的用戶存款地址實現了價格，跟踪了BTC存入交易所的平均成本基礎，目前約為56,000美元。

With Bitcoin trading at about $84k, most Binance users are in profit, signaling strong market resilience.

隨著比特幣交易約8.4萬美元，大多數二元使用者都在獲利，這表明了強大的市場彈性。

This metric is crucial for gauging investor sentiment. When it nears or exceeds market price, it can indicate stress or capitulation. Right now, it suggests confidence and continued accumulation.

該指標對於衡量投資者的情緒至關重要。當它靠近或超過市場價格時，它可能表明壓力或投降。目前，它暗示了信心和持續積累。

Source: Cryptoquant

資料來源：加密

There’s a steady rise in realized price with minor pullbacks that align with Bitcoin’s corrections. Crucially, the realized price hasn’t fallen below market levels, reinforcing that large-scale distribution hasn’t begun.

實現的價格穩步上漲，與比特幣的更正相符的小回調。至關重要的是，實現的價格尚未低於市場水平，從而加強了大規模分銷尚未開始。

Binance’s central role in liquidity and user activity adds weight to this trend, pointing to a healthy market cycle still in motion.

Binance在流動性和用戶活動中的核心作用增加了這種趨勢的重量，這表明健康的市場週期仍在運動中。

Bitcoin realized price: Climbing to new heights

比特幣實現的價格：攀升至新高度

Bitcoin’s realized price — now at $43.6K — represents the average price at which all coins last moved on-chain. It offers a network-wide view of holder cost basis and market sentiment.

比特幣的實現價格（現在為43.6萬美元）代表了所有硬幣上次移動鏈的平均價格。它提供了整個網絡持有人的成本基礎和市場情緒的視圖。

With BTC trading at $84K, the average investor holds an unrealized gain of 92%, highlighting broad profitability.

隨著BTC交易的價格為8.4萬美元，普通投資者的收益未實現92％，突出了廣泛的盈利能力。

Source: Cryptoquant

資料來源：加密

The data shows a steady rise, typical of bull cycles, as coins shift hands at higher prices. This trend often precedes major market tops, reflecting growing capital inflows.

隨著硬幣以較高的價格轉移，數據顯示出穩定的上升，典型的牛週期。這種趨勢通常在主要市場頂級之前，反映了資本流入的增長。

For realized price to hit $70K, a significant volume of transactions would need to occur above current levels.

為了使已實現的價格達到7萬美元，需要大量交易要高於當前水平。

According to experts, this could push Bitcoin toward the $150K-$180K range, marking a new era where previous all-time highs become support rather than resistance.

根據專家的說法，這可能會將比特幣推向15萬美元至18萬美元的範圍，這標誌著一個新時代，以前的歷史高點成為支持而不是阻力。

Signal of strength or setup for correction?

強度或設置的信號？

The divergence between Bitcoin’s realized price and market price serves as a vital sentiment gauge.

比特幣實現的價格和市場價格之間的差異是至關重要的情感計。

As long as the realized price trends higher while staying below the market price, it signals strong conviction and steady capital inflows.

只要實現的價格趨勢在低於市場價格的情況下升高，它就表示信念強烈和穩定的資本流入。

Currently, Binance users’ realized price sits around $56,000 and Bitcoin’s network-wide realized price is at $43.6K — both well below the current $84,000 market price. This setup indicates confidence and continued accumulation.

目前，Binance用戶實現的價格位於56,000美元左右，比特幣在網絡範圍內實現的價格為43.6萬美元，遠低於目前的84,000美元市場價格。該設置表示信心和持續積累。

However, there are risks. A sharp price correction that drags BTC below the Binance user realized price could trigger a psychological shift.

但是，有風險。將BTC拖到Binance用戶意識到的價格可能會引發心理轉變的急劇價格校正。

Profit margins would shrink, possibly igniting panic selling and the early stages of a distribution phase.

利潤率將縮小，可能會點燃恐慌銷售和分銷階段的早期階段。

Yet, the long-term outlook is promising. Throughout history, Bitcoin typically peaks at 3-4x its realized price. With realized price at $43.6K, a cycle top between $130K and $180K seems plausible.

然而，長期前景是有希望的。在整個歷史上，比特幣通常以3-4倍的價格達到其實現的價格。實現的價格為$ 43.6萬美元，在$ 130K到$ 180k之間的周期頂部似乎是合理的。

To see realized price reach $70K or more, we'd need to see continued inflows, possibly from institutions, and strategic selling to build up demand. If that unfolds, $150K+ could mark the start of a new price era!

為了看到實現的價格達到7萬美元或以上，我們需要看到持續的流入，可能是機構的流入以及戰略性銷售以彌補需求。如果發生這種情況，那麼$ 150K+可以標誌著新價格時代的開始！