比特幣 (BTC) 已實現資本達到 $832B，但資本流入速度已放緩

2025 年 1 月，比特幣的實現市值達到 8,320 億美元的歷史新高，標誌著加密貨幣的一個重要里程碑。

Bitcoin’s realized capitalization hit an all-time high of $832 billion in January 2025, despite slowing capital inflows into the market, according to data from Glassnode.

Glassnode 的數據顯示，儘管流入市場的資本放緩，但比特幣的實現資本額在 2025 年 1 月創下了 8,320 億美元的歷史新高。

Realized capitalization measures Bitcoin’s transaction value adjusted for price. It has grown at a steady rate of $38.6 billion per month, indicating sustained activity despite reduced new investments.

已實現資本化衡量的是比特幣根據價格調整後的交易價值。它以每月 386 億美元的穩定速度增長，表明儘管新投資減少，但活動仍在持續。

Bitcoin’s capital inflows show a different trend compared to its price growth. Glassnode’s data reveals a flattening of positive inflows, with metrics showing a decline beginning in mid-2024. By late 2024, capital inflows had dropped, highlighting reduced investment activity despite the ongoing price rally.

與其價格成長相比，比特幣的資本流入呈現不同的趨勢。 Glassnode 的數據顯示，正流入量趨於平緩，指標顯示從 2024 年中期開始下降。到 2024 年底，資本流入下降，凸顯儘管價格持續上漲，但投資活動卻減少。

The net realized profit-taking metric peaked at $4.5 billion in December 2024 as investors locked in gains during the price surge. As of January 2025, this figure fell sharply to $316.7 million, a 93% drop, indicating reduced sell-side pressure.

由於投資者在價格飆升期間鎖定了收益，2024 年 12 月，淨實現獲利了結指標達到 45 億美元的峰值。截至 2025 年 1 月，這一數字大幅下降至 3.167 億美元，下降 93%，顯示賣方壓力減輕。

Although realized profits have decreased, the overall realized profit and loss metric remains relatively high. By January 2025, the absolute realized profit had dropped from $4 billion to $1.4 billion—a 65% decline—but still reflects strong demand in the market.

儘管實現利潤有所下降，但整體實現損益指標仍然相對較高。到 2025 年 1 月，絕對實現利潤從 40 億美元下降到 14 億美元，下降了 65%，但仍反映了市場的強勁需求。

Entity-adjusted realized profit and loss data, which accounts for activity by large holders, shows a shift toward a more balanced supply-demand dynamic, reinforcing Bitcoin’s market stability at current price levels.

實體調整後的已實現損益數據（考慮了大持有者的活動）顯示出向更平衡的供需動態的轉變，從而增強了比特幣在當前價格水平上的市場穩定性。