儘管資本流入放緩，比特幣（BTC）已實現上限仍創下新高

根據 Glassnode 的市場洞察，比特幣的已實現上限已達到創紀錄的 8,320 億美元。這一增長速度繼續以每月 386 億美元的驚人速度增長

Bitcoin’s realized cap has hit a new all-time high despite the market seeing slower capital inflows in recent times.

儘管近期市場資本流入放緩，但比特幣的實際上限已創下歷史新高。

According to market insights from Glassnode, Bitcoin’s realized cap has reached a record $832 billion. This growth continues at an impressive rate of $38.6 billion monthly, even as the asset experiences slower capital inflows since surpassing $100,000.

根據 Glassnode 的市場洞察，比特幣的實現上限已達到創紀錄的 8,320 億美元。儘管該資產自超過 10 萬美元以來資本流入速度放緩，但這種成長仍以每月 386 億美元的驚人速度持續成長。

However, these slower capital inflows persist despite the remarkable performance from the ETF market in recent times. Between Jan. 8 and 14, Bitcoin Exchange-Traded Funds (ETFs) recorded outflows of $1.21 billion over four consecutive days.

然而，儘管 ETF 市場近期表現出色，但資本流入速度仍放緩。 1 月 8 日至 14 日期間，比特幣交易所交易基金 (ETF) 連續四天流出 12.1 億美元。

This trend reversed on Jan. 15, with the Bitcoin ETF market seeing inflows totaling $3.26 billion. Notably, Jan. 17 alone saw daily inflows exceeding $1 billion, marking the largest single-day inflow for the year so far.

這一趨勢在 1 月 15 日逆轉，比特幣 ETF 市場資金流入總額達 32.6 億美元。值得注意的是，光是 1 月 17 日一天的資金流入就超過 10 億美元，創下今年迄今最大的單日資金流入。

Moreover, the CryptoQuant Fund Premium reflects this bullish trend. The metric, which tracks demand for investment products like funds and trusts, has increased to 0.1026.

此外，CryptoQuant 基金溢價反映了這種看漲趨勢。此指標追蹤基金和信託等投資產品的需求，已增至 0.1026。

On the other hand, Glassnode also confirmed that the market's sell-side pressure has significantly decreased.

另一方面，Glassnode也證實市場賣方壓力已明顯減輕。

In particular, net realized profit-taking dropped from $4.5 billion in December 2024 to $316.7 million — a 93% reduction, showing that the market is moving toward a healthier supply-demand balance.

特別是，已實現的淨獲利回吐從 2024 年 12 月的 45 億美元下降至 3.167 億美元，下降了 93%，顯示市場正在走向更健康的供需平衡。

However, according to Glassnode, despite a combined 65% crash in realized profit and loss from $4 billion to $1.4 billion, the metric remains elevated historically. This suggests consistent day-to-day demand for Bitcoin is absorbing the ongoing capital flows.

然而，根據 Glassnode 的數據，儘管已實現損益從 40 億美元猛跌 65% 至 14 億美元，但該指標仍處於歷史高點。這表明對比特幣的持續日常需求正在吸收持續的資本流動。

To further confirm this trend, the CryptoQuant Net Unrealized Profit and Loss (NUPL) indicator stands at 0.6, indicating that many investors hold substantial unrealized profits. For context, this aligns with the “Belief” phase in market cycles.

為了進一步證實此趨勢，CryptoQuant淨未達到損益（NUPL）指標為0.6，顯示許多投資者持有大量未實現利潤。就背景而言，這與市場週期中的「信念」階段一致。

Amid these conditions, market watchers remain bullish on Bitcoin.

在這種情況下，市場觀察家仍然看好比特幣。

Analyst Darkfost recently reported a massive shift in investor sentiment on Binance.

分析師 Darkfost 最近報告稱，投資者對幣安的情緒發生了巨大轉變。

After a brief period of sell-offs linked to a lack of crypto mentions during Donald Trump’s inauguration, net taker volume on Binance turned negative, reflecting pessimism.

在唐納德·川普就職期間缺乏加密貨幣提及導致短暫拋售之後，幣安網的淨接受量變為負值，反映出悲觀情緒。

However, just before the U.S. markets opened, net taker volume flipped back to positive. Darkfost believes that if this trend continues, Bitcoin could soon surpass its all-time high.

然而，就在美國市場開盤前，淨接受量轉回正值。 Darkfost 認為，如果這種趨勢持續下去，比特幣可能很快就會突破歷史新高。

Further, CryptoBatman noted that Bitcoin’s current position on the Days-to-Halving Heatmap suggests the market is far from a cycle top.

此外，CryptoBatman 指出，比特幣目前在減半熱圖上的位置顯示市場距離週期頂部還很遠。

Typically, Bitcoin’s largest price rallies occur when it is furthest from the next halving, a pattern shown in red and orange zones on the heatmap.

通常，比特幣最大的價格上漲發生在距離下一次減半最遠的時候，這種模式在熱圖上的紅色和橙色區域中顯示。

With plenty of upside potential remaining, CryptoBatman believes Bitcoin will likely record massive gains in the coming months.

由於仍有大量的上漲潛力，CryptoBatman 相信比特幣可能會在未來幾個月內錄得巨大漲幅。

Meanwhile, Michaël van de Poppe predicts a market cycle reminiscent of 2017. He anticipates the market to achieve valuations comparable to the Dot-com bubble, estimating a total market cap of $15 to $25 trillion.

同時，Michaël van de Poppe 預測市場週期會讓人想起 2017 年。

For Bitcoin specifically, he forecasts a price exceeding $300,000. Currently, Bitcoin trades for $104,304, up 0.62% in the last 24 hours.

特別是對於比特幣，他預測價格將超過 30 萬美元。目前，比特幣交易價格為 104,304 美元，過去 24 小時內上漲 0.62%。