比特幣（BTC）的價格從歷史上從這個鏈上彈起。資產目前距離生產線有多遠

比特幣的鏈級水平歷史上一直是熊市的邊界。這是資產價格目前距離這一行的距離。

Bitcoin Is Above Realized Price Of All Cohorts, Suggesting Bullish Momentum

比特幣高於所有隊列的實現價格，暗示了看漲的勢頭

In a new post on X, CryptoQuant founder and CEO Ki Young Ju has shared some interesting insights regarding where the Realized Price currently stands for some of the important Bitcoin investor groups.

在X上的新帖子中，CryptoQuant創始人兼首席執行官Ki Young Ju分享了一些有趣的見解，內容涉及目前實現的價格代表一些重要的比特幣投資者團體。

The “Realized Price” in this context is an on-chain indicator that tracks the average cost basis of BTC holders throughout the network. When the spot price is trading above this metric, it generally indicates that the holders are in a state of profit, whereas the metric being higher suggests the dominance of loss.

在這種情況下，“實現的價格”是一個鏈上指標，該指標跟踪整個網絡中BTC持有人的平均成本基礎。當現貨價格超過該度量標準時，通常表明持有人處於利潤狀態，而指標更高表明損失的占主導地位。

Related Reading: Why Litecoin Won’t Break Out—Analytics Firm Reveals the Cause

相關閱讀：為什麼Litecoin不會爆發 - 分析公司揭示了原因

Here’s a chart shared by Young Ju, showing the trend in the Realized Price for four Bitcoin cohorts:

這是Young Ju共享的圖表，顯示了四個比特幣隊列的實現價格的趨勢：

Bitcoin Cohorts' Average Cost Basis Chart

比特幣隊列的平均成本基礎圖表

As you can see in the above graph, Bitcoin is currently trading above the Realized Price of all of these groups, suggesting that their members are sitting on some unrealized gains.

如您在上圖中所見，比特幣目前正在超過所有這些群體的實現價格，這表明他們的成員坐在一些未實現的收益上。

Historically, the average cost basis of these cohorts has held some significance for the cryptocurrency. From the chart, it’s evident that the price has generally followed a bullish trajectory whenever it has been above the New Whales’ (colored in orange) Realized Price.

從歷史上看，這些隊列的平均成本基礎對加密貨幣具有一定的意義。從圖表來看，很明顯，每當它超過新鯨魚（橙色）實現的價格時，價格通常遵循看漲的軌跡。

The New Whales, also known as the Short-Term Holder Whales, are BTC investors who purchased their coins within the past 155 days and are holding more than 1,000 BTC. The Realized Price for this cohort is currently at $89,300, which could put BTC at risk of retesting it in the coming days if the bearish trajectory continues.

新鯨魚（也稱為短期持有人鯨魚）是BTC投資者，他們在過去的155天內購買了硬幣，並且持有1,000多個BTC。該隊列的實現價格目前為89,300美元，如果看跌軌跡繼續下去，BTC可能會在未來幾天內對其進行重新測試。

However, a potential dip below this level wouldn’t immediately signal a shift toward a bear market; it would only indicate a lack of momentum behind Bitcoin. The level that BTC may have to avoid falling under in order to avoid a bearish regime is the Miner Whales (green).

但是，低於此水平的潛在下降不會立即表明向熊市轉變。這只會表明比特幣背後缺乏動力。礦工鯨（綠色）可能必須避免BTC避免陷入困境以避免倒閉的水平。

The Miner Whales are the wallets of mining companies that hold over 1,000 BTC. According to the CryptoQuant founder, BTC’s plunges below this mark during the last couple of cycles have led to bear markets.

礦工鯨是持有超過1,000 BTC的礦業公司的錢包。據該加密創始人稱，在最後幾個週期中，BTC在此標記以下的暴跌導致了熊市。

Currently, the Realized Price for the Miner Whales is at $58,000. From the current price, Bitcoin would have to undergo a drawdown of nearly 40% to approach a retest of this line. If the level will indeed once again act as a boundary for the bear market in this cycle, then BTC may be considered at a safe distance for now.

目前，礦工鯨魚的實現價格為58,000美元。從目前的價格開始，比特幣將不得不進行近40％的縮減才能重新測試這一行。如果該水平確實會再次在此週期中充當熊市的邊界，那麼目前可以在安全距離上考慮BTC。

While the asset tends to see breaks both above and below the cost basis of three of the cohorts over the course of a cycle, it has never broken under the Realized Price of the fourth group, the Old Whales or Long-Term Holder Whales.

儘管資產傾向於在一個週期的過程中看到三個人群的成本基礎上方和低於中斷，但在第四組，舊鯨魚或長期持有人鯨魚的實現價格下，它從未破產。

These whales, who have been holding Bitcoin for more than 155 days, have their average acquisition level at around $26,000 right now.

這些已經持有比特幣超過155天的鯨魚的平均收購水平目前為26,000美元。

BTC Price

BTC價格

Bitcoin saw a drop below the $94,000 level yesterday, but the coin seems to have already found a rebound, as its price is now back at $96,200.

比特幣昨天的跌幅低於94,000美元的水平，但硬幣似乎已經找到了反彈，因為其價格現在又回到了96,200美元。