雙子座和玻璃節報告：數字資產吸引了2024年的新資本流

根據Gemini和GlassNode進行的報告，在過去的兩年中，數字資產記錄了大量資本流入。

Cryptocurrency exchange Gemini and on-chain research firm Glassnode have jointly released their 2025 report titled "Charting The Tides." The report highlights a shift in capital flows and new trends emerging in the crypto market.

加密貨幣交易所Gemini和鏈上研究公司GlassNode已共同發布了其2025年的報告，標題為“ Charting The Tides”。該報告重點介紹了加密貨幣市場中資本流量的轉變和新趨勢。

According to the report, digital assets have seen large capital inflows over the past two years, with high-cap cryptocurrencies like BTC, ETH, and SOL experiencing price rebounds driven by both institutional and retail demand.

根據該報告，在過去的兩年中，數字資產的資本流入率很大，由BTC，ETH和SOL等高額加密貨幣經歷了由機構和零售需求驅動的價格籃板。

Among these assets, Bitcoin has received the highest inflows, as indicated by the "Realized Cap" metric, which tracks net money flows to evaluate investor behavior and market sentiment. It is calculated by summing the value of each coin based on the price at which it was last purchased.

在這些資產中，比特幣獲得了最高的流入，如“已實現的CAP”度量標準，該指標跟踪淨資金流動以評估投資者的行為和市場情緒。它是通過根據上次購買的價格求和每個硬幣的價值來計算得出的。

Since January 2023, the Realized Cap on Bitcoin has increased from $381 billion to $843 billion, marking a 121% rise. In comparison, Solana has seen a more modest capitalization increase, rising from $21 to $83 billion despite a higher percentage gain of 295%.

自2023年1月以來，實現的比特幣上限已從3810億美元增加到8430億美元，標誌著增長了121％。相比之下，Solana的資本化增加了更為適中的資本，儘管增長了295％，但增長了830億美元。

Meanwhile, Ethereum has seen a smaller increase in capitalization, rising from $176 to $256 billion for a growth of 45%. From this perspective, Solana emerges as one of the fastest-growing digital asset ecosystems, outperforming the top 2 digital assets in the market on 344 out of 727 open market days.

同時，以太坊的資本化增加了較小的增加，增長45％的增長率從1.76億美元增加到2560億美元。從這個角度來看，索拉納（Solana）成為增長最快的數字資產生態系統之一，在727個公開市場中，在344年的市場上表現出色的2個數字資產。

However, Bitcoin still boasts the largest overall share of realized capital, amounting to 70.6%, followed by Ethereum at 22.4% and Solana at 6.9%.

但是，比特幣仍然擁有實現資本的總體最大份額，佔70.6％，其次是22.4％，索拉納（Solana）為6.9％。

The report also notes a shift in the focus of various market players during the last bull cycle, with retail investors coming back into the spotlight from Q2 2024 onwards, following a strong institutional push in the earlier stages of the bull.

該報告還指出，在上一個公牛週期中，各個市場參與者的重點發生了變化，在公牛的早期階段進行了強烈的機構努力之後，散戶投資者從2024年第2季度重新成為人們關注的焦點。

To evaluate this handover, Gemini and Glassnode isolated the Realized Cap values for BTC, ETH, and SOL, focusing on the capital held by wallets active from 1 to 7 days.

為了評估這一交換，雙子座和玻璃節隔離了BTC，ETH和SOL的實現的CAP值，重點是1至7天的錢包所持的資本。

This approach yields the "Realized Cap by Age" indicator, which measures the longevity of new capital flows in the market. The metric serves to understand the distribution of network wealth among different age brackets, ranging from the hot supply (coins that have moved recently) to the cold supply (older, more dormant coins).

這種方法產生了“按年齡劃分的CAP”指標，該指標衡量了市場新資本流的壽命。該指標有助於了解不同年齡段之間網絡財富的分佈，從熱供應（最近移動的硬幣）到冷供應（較舊，休眠的硬幣）。

According to the findings for Bitcoin, addresses from 1 to 7 days surged towards the end of the year, coinciding with the breakout of $100,000. In this context, retail investors contributed $99.6 billion, equivalent to 13.7% of the total wealth of the network.

根據比特幣的調查結果，到年底的1到7天的地址飆升，與100,000美元的突破相吻合。在這種情況下，零售投資者貢獻了996億美元，相當於該網絡總財富的13.7％。

In the last bull market cycle, retail investors contributed only $45.3 billion to Bitcoin, with a share of 22.5%. This suggests that there is still room for a bull ride for investors more inclined towards short-term speculation.

在最後一個牛市週期中，散戶投資者僅向比特幣貢獻了453億美元，份額為22.5％。這表明，對於更傾向於短期投機的投資者來說，仍然有跑步的空間。

On Ethereum and Solana, the issue appears different: Gemini and Glassnode show how retail arrived at different moments of the market and with different strength.

在以太坊和索拉納（Ethereum and Solana）上，問題出現不同：雙子座和玻璃節表明零售業如何以不同的市場和不同的實力到達市場。

In 2024, we witnessed a less pronounced increase in retail strength for Ethereum, given the asset's underperforming performance.

鑑於資產表現不佳的表現不佳，在2024年，我們目睹了以太坊的零售強度不太明顯。

The local top of the Hot Realized Cap indicator for ETH, that is, the capital held by accounts that have been active in the last seven days, did not coincide with new price highs of the coin, unlike BTC and SOL.

與BTC和SOL不同，在過去七天中活躍的賬戶持有的賬戶持有的資本是在過去七天中活躍的賬戶持有的資本，與BTC和SOL不同。

The peak of the cycle brought inflows of only $11.6 billion, equal to 4.7% of the total wealth of the network. The coin remained below the May 2021 lows, suggesting a lack of appeal among retail users.

週期的高峰使流入僅為116億美元，等於網絡總財富的4.7％。硬幣仍低於2021年5月的低點，這表明零售用戶缺乏吸引力。

Solana, on the other hand, appeared much more interesting in the eyes of retail, who rushed to the SOL markets throughout almost all of 2024.

另一方面，索拉納在零售業的眼中看起來更有趣，後者幾乎整個2024年都趕到了索爾市場。

Also in this case, the Hot Realize Cap for the cryptocurrency did not coincide with the historical price high, although it came very close to the target. Short-term investors transferred wealth amounting to $15.8 billion, equivalent to 21% of the total capital.

同樣，在這種情況下，儘管它非常接近目標，但加密貨幣的熱門意識到的上限與歷史價格高。短期投資者轉移了158億美元的財富，相當於總資本的21％。

These data suggest that SOL was the preferred asset in the bull market of this cycle, acquiring significant capital inflows.

這些數據表明，SOL是該週期牛市中首選的資產，獲得了大量資本流入。

As highlighted by Gemini and Glassnode, one of the factors that contributed to bringing greater retail activity to Solana was the memecoin mania.

正如雙子座和玻璃節所強調的那樣，有助於為Solana帶來更大零售活動的因素之一是Memecoin Mania。

For the first time in history, Solana surpassed Ethereum in terms of capital held by retail investors, precisely due to the strong interest in this type of high-risk asset.

索拉納（Solana）在歷史上首次超越了以太坊的散戶投資者持有的資本，這完全是由於對這種高風險資產的濃厚興趣。

This trend began in October 2023, marking a strong pivot point of reversal for the SOL/ETH ratio. From that moment on, SOL brutally outperformed ETH, leaving little room for speculative attention for the EVM network.

這一趨勢始於2023年10月，標誌著Sol/Eth比率的強烈逆轉點。從那時起，SOL殘酷地超越了ETH，幾乎沒有足夠的空間來引起EVM網絡的投機關注。

In a scenario like this, even on-chain activities shifted in favor of the Solana ecosystem. At the end of 2

在這樣的情況下，即使是鏈活動也轉移了支持Solana生態系統。在2結束時