比特幣最近繼續在MVRV中占主導地位

在最新的每週報告中，鏈接分析公司GlassNode討論了比特幣和以太坊之間形成的差異。

Our News is Made

我們的新聞是

Strict editorial policy that focuses on accuracy, relevance, and impartiality

嚴格的編輯政策，側重於準確性，相關性和公正性

Ad disclaimer

廣告免責聲明

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

獅子和球員的足球價格有些柔和。每個arcu lorem，超級兒童或ullamcorper的足球仇恨。

On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Ratio is currently on a record streak against the metric for Ethereum.

鏈上的數據顯示，比特幣的市場價值（MVRV）比率目前與以太坊的度量標準處於創紀錄的連勝紀錄中。

Bitcoin Has Continued To Domminate Ethereum In MVRV Recently

最近，比特幣繼續在MVRV中佔領以太坊

In its latest weekly report, the on-chain analytics firm Glassnode has touched upon the divergence forming between Bitcoin and Ethereum. First, below is a chart that shows how the two cryptocurrencies have compared in terms of the Realized Cap growth since the start of the bull cycle.

在其最新的每週報告中，鏈接分析公司GlassNode觸及了比特幣和以太坊之間形成的分歧。首先，下圖顯示了兩種加密貨幣以來兩種加密貨幣自牛週期開始以來已實現的上限增長。

The “Realized Cap” here refers to an indicator that measures the total amount of capital that the investors of a given asset as a whole have invested into it. Changes in this metric, therefore, reflect the amount of capital going in/out of the cryptocurrency.

這裡的“實現上限”是指衡量給定資產整體投資投資的投資者總資本總額的指標。因此，該指標的變化反映了加密貨幣進出的資本數量。

From the graph, it’s visible that Bitcoin has observed a massive increase of $468 billion in the Realized Cap since the bear market bottom back in November 2022. In this same window, Ethereum has seen capital inflows amounting to only $61 billion.

從圖表中可以看出，比特幣觀察到自2022年11月熊市底部以來，已實現的上限大幅增長了4680億美元。在同一窗口中，以太坊的資本流入僅為61億美元。

As the analytics firm explains,

正如分析公司所解釋的那樣，

This disparity in capital inflows between the two assets partly explains why these assets have experienced diverging performance since 2023. Ethereum has experienced a relatively smaller inflow of demand and fresh capital this cycle, which has resulted in weaker price appreciation and a lack of a fresh ATH, despite Bitcoin prices reaching over $100k in December.

這兩個資產之間的資本流入差異部分解釋了為什麼這些資產自2023年以來經歷了不同的業績。

Divergence between the assets has also formed in another metric: the MVRV Ratio. This indicator keeps track of the ratio between the Market Cap of an asset and its Realized Cap.

資產之間的差異也在另一個度量標準中形成：MVRV比率。該指標可以跟踪資產的市值與已實現的上限之間的比率。

Since the Market Cap represents the value the holders are carrying in the present, its comparison against the Realized Cap in the MVRV Ratio tells us about the profit-loss status of the investors as a whole.

由於市值代表了持有者目前所具有的價值，因此其與MVRV比率已實現的上限的比較告訴我們整個投資者的利潤損失狀況。

As is visible in the above graph, Bitcoin’s MVRV Ratio diverged from Ethereum’s around the start of the bull market. This implies that BTC investors have consistently enjoyed a higher amount of unrealized profits in this cycle.

如上圖所示，比特幣的MVRV比與以太坊的牛市開始時相差。這意味著BTC投資者在此週期中一直持續更高的未實現利潤。

In the recent market downturn so far, ETH has taken a larger hit than BTC, so its MVRV Ratio has also declined at a faster rate. BTC investors as a whole are still in the green, but ETH holders are now underwater as the indicator for it has dipped under the 1 mark.

到目前為止，在最近的市場下滑中，ETH的命中率大於BTC，因此其MVRV比率也以更快的速度下降。 BTC投資者整體仍處於綠色狀態，但是ETH持有人現在在水下，作為其指標下降了1分。

To better showcase the disparity in the MVRV Ratio of the two coins, Glassnode has plotted the difference between the two.

為了更好地展示兩個硬幣的MVRV比率的差異，GlassNode繪製了兩者之間的差異。

As displayed in the graph, the difference between the Bitcoin and Ethereum MVRV Ratio has remained positive for 812 consecutive days now, which is the longest streak in attendance.

如圖所示，比特幣和以太坊MVRV比率之間的差異連續812天保持正面，這是出席的最長連續劇。