比特幣 (BTC) 價格創下歷史新高 (ATH)，突破 98,000 美元，鏈上數據顯示加密貨幣流入量激增

根據鏈上分析公司 Glassnode 的最新每週報告，加密貨幣市場資本流入目前接近​​每月 630 億美元

Cryptocurrency capital inflows have reached almost $63 billion per month, as shown by on-chain data.

根據鏈上數據顯示，加密貨幣資本流入量已達到每月近 630 億美元。

Fresh report highlights BTC price hitting new ATH today, as on-chain analysis shows large capital inflows into the cryptocurrency sector.

最新報告強調，比特幣價格今天觸及新高，因為鏈上分析顯示大量資本流入加密貨幣領域。

Bitcoin’s price has set a new all-time high (ATH) above the $98,000 level today, as on-chain data shows that cryptocurrency inflows have rocketed up to almost $63 billion per month.

今天，比特幣價格創下歷史新高 (ATH)，突破 98,000 美元，鏈上數據顯示，加密貨幣流入量已飆升至每月近 630 億美元。

Crypto Market Capital Inflows Now Sit At Almost $63 Billion Per Month

加密貨幣市場資本流入目前接近​​每月 630 億美元

According to the latest weekly report from the on-chain analytics firm Glassnode, the cryptocurrency sector has been observing the injection of a significant amount of capital recently.

根據鏈上分析公司 Glassnode 最新的每週報告，加密貨幣領域最近一直在觀察大量資金的注入。

To calculate the netflows into the sector as a whole, Glassnode has made use of two metrics: Bitcoin + Ethereum Net Position Change and Stablecoin Net Position Change. The first of these keeps track of the net changes happening in the combined Realized Cap of BTC and ETH. The “Realized Cap” is an on-chain capitalization model that considers the last price at which a token was transacted on the blockchain as its ‘real’ value.

為了計算整個產業的淨流量，Glassnode 使用了兩個指標：比特幣 + 以太坊淨部位變化和穩定幣淨部位變化。其中第一個追蹤 BTC 和 ETH 的總已實現上限發生的淨變化。 「已實現上限」是一種鏈上資本化模型，它將代幣在區塊鏈上交易的最後價格視為其「真實」價值。

Considering that the previous transaction of any coin was likely the last point at which it changed hands, the price at the time would denote its current cost basis. As such, the Realized Cap is essentially a sum of the cost basis of all tokens in the circulating supply.

考慮到任何硬幣的先前交易可能是其轉手的最後一點，當時的價格將表示其當前的成本基礎。因此，已實現上限本質上是流通供應中所有代幣成本基礎的總和。

One way to interpret the model, therefore, is as a measure of the amount of capital that the investors of Bitcoin and Ethereum as a whole have invested into the cryptocurrencies. When the Realized Cap changes, capital flows in or out of these coins. Thus, BTC + ETH Net Position Change, which tracks these changes, reflects the USD netflows happening for the top two assets.

因此，解釋該模型的一種方法是衡量比特幣和以太坊投資者作為一個整體投資於加密貨幣的資本數量。當已實現上限發生變化時，資本就會流入或流出這些代幣。因此，追蹤這些變化的 BTC + ETH 淨頭寸變化反映了前兩種資產發生的美元淨流量。

The Stablecoin Net Position Change, the second metric of relevance here, simply measures the capital netflows for the major stablecoins by tracking the changes taking place in their combined supply.

穩定幣淨部位變化是這裡的第二個相關指標，它透過追蹤主要穩定幣組合供應中發生的變化來簡單地衡量主要穩定幣的資本淨流量。

The reason the Realized Cap isn’t required for these assets is that their value remains fixed around the $1 mark; this makes it so that their Realized Cap is always equal to the Market Cap, which in turn is equivalent to the circulating supply with the unit changed.

這些資產不需要實現上限的原因是它們的價值保持固定在 1 美元左右；這使得它們的已實現上限始終等於市值，而市值又等於單位變化後的循環供應量。

Now, here is the chart published by the analytics firm in the report that shows the trend in the 30-day combined value of the BTC + ETH and Stablecoin Net Position Change over the last few years:

現在，這是該分析公司在報告中發布的圖表，顯示了過去幾年 BTC + ETH 和穩定幣淨頭寸變化的 30 天總價值的趨勢：

From the graph, it’s visible that this combined indicator has witnessed a sharp rise inside the positive territory recently, which implies large net capital inflows into the assets.

從圖中可以看出，該綜合指標近期在正值區域內急劇上升，這意味著大量資金淨流入該資產。

“Over the 30 days, aggregate inflows have reached a massive $62.9 billion, with Bitcoin and Ethereum networks absorbing $53.3 billion, while stablecoin supplies have expanded by $9.6 billion,” reads the report.

報告指出：“過去 30 天，資金流入總額已達到 629 億美元，其中比特幣和以太坊網路吸收了 533 億美元，而穩定幣供應量增加了 96 億美元。”

While these inflows don’t represent an exact measurement for the cryptocurrency sector as a whole, they do act as a good approximation as most of the capital that flows into the market does so through Bitcoin, Ethereum, and the stablecoins. It’s only after a rotation from these major assets that the altcoins get their fuel.

雖然這些流入並不代表整個加密貨幣產業的精確衡量，但它們確實是一個很好的近似值，因為流入市場的大部分資本都是透過比特幣、以太坊和穩定幣流入的。只有在這些主要資產輪換之後，山寨幣才能獲得燃料。

Bitcoin Price

比特幣價格

Bitcoin had surged close to $98,400 earlier in the day, but its price has since seen a pullback as it’s now down to $97,100.

當天早些時候，比特幣飆升至接近 98,400 美元，但此後其價格出現回調，目前跌至 97,100 美元。