比特幣市場的不確定性持續存在，因為帽子擊中了新的ATH，需要更大的流入才能提高價格

隨著比特幣實現的上限達到了新的歷史最高水平，市場可能需要更高的資本流入才能提高價格。值得注意的是，比特幣的實現CAP最近在大量資本流入市場的情況下達到了大約8500億美元的新高峰。

Bitcoin’s realized cap has hit a new all-time high, highlighting strong capital inflows into the market. However, as the market grinds higher, it requires ever-larger inflows to sustain the rally.

比特幣的實現CAP達到了新的歷史最高水平，突出了大量的資本流入市場。但是，隨著市場越來越高，它需要不斷的流入來維持集會。

Bitcoin’s realized cap recently hit a new peak of about $850 billion, up from the $832 billion peak from last month. This surge in realized cap comes on the back of the inflows recorded by spot Bitcoin ETFs since their launch last January.

比特幣的實現CAP最近達到了一個新的高峰，約為8,500億美元，高於上個月的8320億美元高峰。自去年1月推出以來，這一實現的上限的激增位於現貨比特幣ETF記錄的流入。

However, as realized cap climbs, Bitcoin needs increasingly larger inflows to push its price higher, making strong price surges more difficult without fresh capital.

但是，隨著實現的上限爬升，比特幣需要越來越多的流入才能提高其價格，這使得在沒有新資本的情況下，強勁的價格飆升變得更加困難。

Bitcoin’s valuation grows, so does its inertia – requiring ever-larger inflows to sustain market cap expansion. Since the Nov 2022 cycle low of $400B, Realized Cap has absorbed +$450B in capital, now totaling ~$850B: https://t.co/EfwTWxSu9f pic.twitter.com/8lMpeAZzVZ

比特幣的估值增長，其慣性也在增長 - 需要越來越多的流入以維持市值的擴張。自2022年11月的周期低點$ 400B以來，實現的上限已吸收 +$ 450B的資本，現在總計〜$ 850b：https：//t.co/efwtwxsu9f pic.twitter.com/8lmpeazzzvz

— glassnode (@glassnode) February 5, 2025

- 2025年2月5日玻璃諾德（@glassnode）

According to market analytics resource Glassnode, this entails that the market now requires more capital inflows to sustain Bitcoin’s price growth. For the uninitiated, realized cap calculates Bitcoin’s total market value based on the price at which each coin last moved, rather than its current market price.

根據Market Analytics資源玻璃節的數據，這需要市場現在需要更多的資本流入來維持比特幣的價格增長。對於未經啟發的，實現的CAP根據每個硬幣上次上漲的價格而不是當前的市場價格來計算比特幣的總市場價值。

When realized cap rises, it suggests that more money is entering the market as investors buy coins at higher prices. The recent record high of $850 billion shows strong capital inflows. However, maintaining this level requires sustained buying pressure, which can slow price growth if demand does not keep up.

當意識到上限上升時，這表明隨著投資者以更高的價格購買硬幣，更多的錢進入了市場。最近的8500億美元創紀錄的高分顯示了強勁的資本流入。但是，保持這一水平需要持續的購買壓力，如果需求不跟上需求，這可能會減緩價格增長。

Bitcoin is now settling an average of $8.7 billion in daily transactions, totaling $3.2 trillion over the past year, supporting Bitcoin’s role as a large-scale medium of exchange. Yet, as realized cap climbs, the market now requires ever-larger inflows to sustain the rally.

現在，比特幣平均每天達成87億美元的交易，在過去一年中總計3.2萬億美元，支持比特幣作為大規模交流媒介的角色。然而，正如認識到的上限攀爬時，現在市場需要不斷的流入來維持集會。

Bitcoin market uncertainties persist

比特幣市場不確定性持續存在

Meanwhile, as Bitcoin falls below $100,000 again, market uncertainties persist. In a recent CryptoQuant analysis, market commentator XBTManager highlights a recent major movement of Bitcoin tokens from long-dormant wallets.

同時，隨著比特幣再次低於100,000美元，市場不確定性仍然存在。在最近的加密分析中，市場評論員XBTManager強調了最近從長期的錢包中進行的比特幣代幣的重大運動。

According to him, a total of 49,700 BTC from the 6–12-month age band was spent, showing potential selling pressure. It is important to note that when large amounts of older Bitcoin move, it often leads to market volatility.

據他介紹，從6-12個月的樂隊花費了49,700 BTC，顯示了潛在的銷售壓力。重要的是要注意，當大量較舊的比特幣移動時，通常會導致市場波動。

XBTManager noted that this could result in increased selling in the coming days, possibly leading to short-term price declines. Panic selling by retail investors could drive prices lower, only for them to rebound later as larger players absorb liquidity.

XBTManager指出，這可能導致未來幾天的銷售增加，可能導致短期價格下降。零售投資者的恐慌銷售可能會推動價格降低，只有在較大的玩家吸收流動性的情況下，他們才能反彈。

In addition, Trade4ddict points out today that Bitcoin is currently ranging between $90,000 and $108,000. Currently, Bitcoin changes hands at $98,421, down 0.61% in the last 24 hours. Despite the strong realized cap growth, the market remains indecisive, with no clear bullish reversal signals yet.

此外，Trade4Dict今天指出，比特幣目前的價格在90,000美元至108,000美元之間。目前，比特幣以98,421美元的價格易手，在過去24小時內下跌0.61％。儘管上限的增長很強，但市場仍然優柔寡斷，尚無明顯的看漲逆轉信號。

Markets still extremely indecisive with $BTC chopping around inside the range between 90k and 108k

市場仍然非常優柔寡斷，$ BTC在90k至108k之間的範圍內划痕

Still no clean bull reversal signals for me. The chance of a revisit of the 90k range low is still there

我仍然沒有乾淨的公牛逆轉信號。重新訪問90k範圍的機會仍然存在

Same with traditional markets. They look… https://t.co/n4t0WRBQp6

與傳統市場相同。他們看起來……https：//t.co/n4t0wrbqp6

— Trade4ddict (@Trade4ddict) February 5, 2025

- Trade4dict（@Trade4ddict）2025年2月5日

The analyst also stressed that traditional financial markets are similarly uncertain, partly due to upcoming policy changes. Given this uncertainty, he advised staying patient and avoiding leveraged trades. He suggested he would buy another dip if Bitcoin revisits the lower range near $90,000.

分析師還強調，傳統金融市場同樣不確定，部分原因是即將發生的政策變化。鑑於這種不確定性，他建議留住病人並避免槓桿交易。他建議，如果比特幣重新審視較低範圍接近90,000美元的較低範圍，他將購買另一個蘸醬。