比特幣實現的市值有史以來一直很高，但增長已經停滯不前，這表明投資者的胃口軟化

比特幣實現的市值是一種經濟標準，它根據上次移動的最後一次籌集了BTC的總價值

Bitcoin’s realized market capitalization, an economic metric that captures the total value of BTC based on the last time each coin moved, has reached an all-time high of $872 billion, according to recent data from Glassnode.

根據GlassNode的最新數據，比特幣實現的市值是一種經濟標準，該標準根據每枚硬幣上次移動的最後一次捕獲了BTC的總價值。

This milestone showcases the immense capital that has flowed into the asset over time. However, beneath this surface-level optimism, a more nuanced and cautious investor sentiment is brewing, signaled by a dramatic slowdown in the realized cap’s month-over-month growth to just 0.9%.

這個里程碑展示了隨著時間的流逝，資產流入資產的巨大資本。然而，在這種表面級別的樂觀下，釀造更細微，更謹慎的投資者情緒，這表明，實現的CAP的月份增長幅度急劇放緩，僅為0.9％。

“#Bitcoin’s realized cap has reached an all-time high of $872B, yet monthly growth has slowed to +0.9%. This indicates that while capital inflows remain positive, investor appetite is softening – signaling continued risk-off sentiment.”

“＃比特幣的實現CAP已經達到了872B美元的歷史最高點，但每月增長速度已減緩至 +0.9％。這表明，儘管資本流入仍然積極，但投資者的胃口仍在軟化 - 信號持續的風險情緒。”

This deceleration is striking, especially considering the broader macroeconomic trends. Interest rates have remained high throughout 2023, and despite some glimmers of hope in the labor market, a broader risk-off mood seems to be settling over financial markets.

這種減速令人驚訝，尤其是考慮到更廣泛的宏觀經濟趨勢。整個2023年，利率仍然很高，儘管在勞動力市場上有一些希望，但似乎更廣泛的冒險情緒似乎仍在金融市場上。

The realized cap is often seen as a more reliable gauge of market health than price alone, as it accounts for actual capital inflows based on historical purchase prices. A slowdown in its growth typically signals that existing holders are holding steady or exiting, and that new participants are entering the market more slowly.

實現的上限通常被視為與單獨價格相比，它比價格更可靠，因為它根據歷史購買價格佔了實際資本流入。其增長放緩通常表示現有持有人保持穩定或退出，並且新參與者進入市場的速度更慢。

Adding to this cautious atmosphere, Glassnode’s data on realized profits and losses revealed a sharp 40% drop, suggesting a recent wave of profit-taking or loss-cutting by investors. Historically, such activity often precedes a consolidation phase, a period where the market digests recent volatility and seeks a new balance point.

格拉斯諾德（Glassnode）關於實現的利潤和虧損的數據增加了這種謹慎的氛圍，顯示出40％的幅度下降，這表明近期是投資者的盈利或損失浪潮。從歷史上看，這種活動通常在整合階段之前，在這個時期，市場消化了最近的波動並尋求新的平衡點。

“Investor activity appears saturated. This kind of environment often sets the stage for sideways movement, as the market recalibrates and searches for a new equilibrium.”Short Term Bitcoin Holders Facing Sell Pressure

“投資者活動似乎飽和。這種環境通常為側向運動奠定了基礎，因為市場重新校準並尋找新的平衡。”短期比特幣持有人面臨賣出壓力

Meanwhile, data from CryptoQuant provides further insight into the cautious stance of short-term investors. The realized price for short-term holders currently sits around $91,600, above Bitcoin’s present price range. This means that many newer buyers are "underwater" on their positions.

同時，來自CryptoQuant的數據為短期投資者的謹慎立場提供了進一步的了解。目前，短期持有人的實現價格位於91,600美元左右，高於比特幣目前的價格範圍。這意味著許多新買家在其職位上都是“水下”。

When short-term holders are sitting on unrealized losses, they’re more prone to sell, either to limit damage or in response to market fear, potentially increasing selling pressure in the near term.

當短期持有人坐在未實現的損失上時，他們更容易出售，要么限制損害或應對市場恐懼，因此可能會在短期內增加銷售壓力。

The market value to realized value (MVRV) ratio for short-term holders remains below 1, a level historically associated with undervaluation and often seen as a buying opportunity. However, it also confirms that this segment of investors is largely at a loss, reinforcing the lack of bullish momentum from the retail crowd.

短期持有人的實現價值（MVRV）比率的市場價值仍低於1，這是與低估相關的水平，通常被視為購買機會。但是，它還證實了這一部分投資者在很大程度上蒙受了損失，從而增強了零售人群缺乏看漲勢頭。

What’s particularly intriguing is the geographic divergence in sentiment. The Coinbase premium index, a measure of Bitcoin’s trading price on Coinbase over other global platforms, recently spiked, an indication of strong demand in the U.S. This uptick in American interest hints at institutional or high-net-worth investors potentially ‘buying the dip.’

特別有趣的是情感中的地理差異。 Coinbase Premium指數是對比特幣在Coinbase上的交易價格的衡量標準，而其他全球平台（最近）升高了，這表明美國的需求強勁，這在美國興趣上提出了這一點，暗示了機構或高淨值投資者可能會“購買蘸醬”。

On the other hand, the Kimchi premium, a similar index measuring Korean market sentiment, has dipped in recent weeks. This suggests that South Korean retail investors are showing diminished appetite for risk, likely spooked by the recent volatility and market correction.

另一方面，最近幾週的泡菜溢價是韓國市場情緒的類似指數。這表明，韓國散戶投資者對風險的需求降低，這可能會因最近的波動性和市場糾正而震驚。

Bitcoin’s price behavior reflects this shifting tide of sentiment. Since April 11, the asset has moved within a relatively tight range between $85,440 and $82,750. On shorter timeframes, BTC has held support from key moving averages – the 50-day, 100-day, and 200-day – but longer timeframes reveal resistance building just above, hinting at potential friction for bulls aiming to reclaim higher ground.

比特幣的價格行為反映了這種不斷變化的情感潮流。自4月11日以來，該資產已在相對較小的範圍內移動在85,440美元至82,750美元之間。在較短的時間範圍內，BTC得到了關鍵移動平均值（50天，100天和200天）的支持，但是更長的時間範圍揭示了上方的阻力建築，這暗示了旨在收回更高地面的公牛的潛在摩擦。