隨著資本繼續流入比特幣資產，比特幣 (BTC) 已實現市值突破 7,680 億美元里程碑

隨著鏈上數據顯示資本持續快速流入該資產，比特幣已重返 10 萬美元大關。

Bitcoin has returned above the $100,000 mark as on-chain data shows capital continuing to flow into the asset at a rapid rate.

隨著鏈上數據顯示資本持續快速流入該資產，比特幣已重返 10 萬美元大關。

Bitcoin Realized Cap Crosses $768 Billion Milestone

比特幣實現上限突破 7,680 億美元里程碑

In a recent post on X, CryptoQuant founder and CEO Ki Young Ju discussed the latest trend in Bitcoin’s Realized Cap. The “Realized Cap” is an on-chain capitalization model that calculates BTC’s total value by assuming each individual token’s value is equal to the price at which it was last transacted on the network.

在 X 最近的一篇文章中，CryptoQuant 創始人兼執行長 Ki Young Ju 討論了比特幣已實現上限的最新趨勢。 「已實現上限」是一種鏈上資本化模型，透過假設每個代幣的價值等於其最後在網路上交易的價格來計算 BTC 的總價值。

The last transfer of any coin is likely to correspond to the last point at which it changed hands, so the price at its time could be considered as its current cost basis.

任何代幣的最後一次轉移很可能對應於它轉手的最後一點，因此當時的價格可以被視為其當前的成本基礎。

When the Realized Cap sums up this value for all tokens in circulation, it calculates the sum of the cost basis of the Bitcoin supply. In essence, the model measures the total amount of capital that investors have put into the cryptocurrency.

當已實現上限將所有流通代幣的值相加時，它就會計算出比特幣供應的成本基礎總和。本質上，該模型衡量的是投資者投入加密貨幣的資本總額。

Young Ju shared the following chart for the indicator, which shows the trend in its value throughout the digital asset’s history:

Young Ju 分享了該指標的以下圖表，該圖表顯示了該數位資產歷史上其價值的趨勢：

According to the above graph, BTC’s Realized Cap has been on a sharp uptrend over the past year, indicating that capital has been rapidly pouring into the coin.

根據上圖，BTC的已實現上限在過去一年中一直處於急劇上升趨勢，顯示資金正在迅速湧入該幣種。

“Bitcoin is attracting $80 billion every month,” noted the CryptoQuant founder. “Nearly half of the capital that entered the Bitcoin market over the past 15 years was added this year.”

CryptoQuant 創辦人表示：“比特幣每月吸引 800 億美元的資金。” “過去15年進入比特幣市場的資金近一半是今年新增的。”

These inflows have brought the total BTC realized capital to close to the $769 billion milestone. It’s difficult to say how long the Realized Cap will be able to continue this sharp trajectory, but for now, there seems to be plenty of demand for the asset.

這些資金流入使 BTC 變現資本總額接近 7,690 億美元的里程碑。很難說已實現上限能夠持續這種急劇的軌跡多久，但就目前而言，對該資產的需求似乎很大。

In its latest weekly report, on-chain analytics firm Glassnode also discussed the same metric from a different angle.

在其最新的每週報告中，鏈上分析公司 Glassnode 也從不同角度討論了相同的指標。

The above chart shows the cumulative data for Bitcoin “Realized Profit” and “Realized Loss.” These metrics measure the amount of profit and loss, respectively, that investors are realizing or harvesting through their selling, as their names imply.

上圖顯示了比特幣「已實現利潤」和「已實現損失」的累積數據。這些指標分別衡量投資者透過拋售實現或收穫的利潤和損失金額，正如其名稱所暗示的那樣。

Over the cryptocurrency’s history, the difference between the cost basis and selling price for profitable transactions is $1.27 trillion, while that for the underwater transfers is at $592 billion.

在加密貨幣的歷史上，獲利交易的成本基礎和售價之間的差異為 1.27 兆美元，而水下轉帳的成本基礎和售價之間的差異為 5,920 億美元。

The difference between these two metrics is roughly equal to Bitcoin’s Realized Cap.

這兩個指標之間的差異大致等於比特幣的已實現上限。

BTC Price

比特幣價格

Bitcoin has recovered above the $100,000 level after slipping below $95,000 earlier in the week.

比特幣在本週稍早跌破 95,000 美元後，現已恢復至 10 萬美元以上。