由於已實現資本成長放緩，Solana (SOL) 落後於比特幣 (BTC) 和以太幣 (ETH)

鏈上分析公司 Glassnode 揭示了 Solana (SOL) 最近落後於比特幣 (BTC) 和以太坊 (ETH) 的原因。

On-chain analytics firm Glassnode has offered an explanation for Solana’s (SOL) recent underperformance relative to Bitcoin (BTC) and Ethereum (ETH).

鏈上分析公司 Glassnode 對 Solana (SOL) 最近相對於比特幣 (BTC) 和以太坊 (ETH) 的表現不佳給出了解釋。

Solana’s Realized Cap Growth Slows

Solana 的已實現上限成長放緩

In a recent post on Substack, Glassnode highlighted the varying performance of Solana, Bitcoin, and Ethereum in recent times. “Examining price performance, SOL outperformed both ETH and BTC for the majority of Q4 2024,” the analytics firm noted. “However, since early December, ETH has taken the lead, outperforming the other two assets.”

在 Substack 最近的一篇文章中，Glassnode 強調了 Solana、比特幣和以太坊最近的不同表現。該分析公司指出：“從價格表現來看，SOL 在 2024 年第四季的大部分時間裡表現都優於 ETH 和 BTC。” “然而，自 12 月初以來，ETH 一直處於領先地位，表現優於其他兩種資產。”

As it stands, BTC has risen about 18% in the last month, ETH 28%, and SOL 3%. This marks a significant shift from earlier, when SOL was the clear market leader.

目前來看，BTC 上個月上漲了約 18%，ETH 上漲了 28%，SOL 上漲了 3%。這標誌著與早期相比的重大轉變，當時 SOL 是明顯的市場領導者。

What could be driving this change in market dynamics? One possible explanation lies in the capital flows observed for these cryptocurrencies.

是什麼推動了市場動態的變化？一個可能的解釋在於觀察到的這些加密貨幣的資本流動。

To gauge the capital flows, Glassnode uses the Realized Cap metric, which is an on-chain capitalization model that calculates the total value of an asset by assuming that the ‘real’ value of any token in circulation is the price at which it was last transacted on the blockchain.

為了衡量資本流動，Glassnode 使用已實現上限指標，這是一種鏈上資本化模型，透過假設流通中任何代幣的「實際」價值是其最後的價格來計算資產的總價值在區塊鏈上進行交易。

Considering that the last transaction for any coin likely represents the last point at which it changed hands, the price at the time can be viewed as its cost basis. Hence, the Realized Cap is a sum of the cost basis of all coins in the circulating supply, or a measure of the total capital put in by investors.

考慮到任何代幣的最後一次交易可能代表其轉手的最後一點，因此當時的價格可以被視為其成本基礎。因此，已實現上限是流通供應中所有代幣的成本基礎的總和，或投資者投入的總資本的衡量標準。

In this context, changes in the Realized Cap essentially reflect the amount of capital exiting or entering the asset. The chart below, shared by the analytics firm, shows these outflows/inflows for Solana and others over the last seven days.

在這種情況下，已實現上限的變化本質上反映了退出或進入資產的資本量。分析公司分享的下圖顯示了 Solana 和其他公司在過去 7 天內的資金流出/流入。

The chart displays the 7-day change in Realized Cap, highlighting the capital outflows and inflows for Solana and other assets over the last seven days. Source: Glassnode

這張圖表顯示了已實現上限 7 天的變化，突顯了 Solana 和其他資產在過去 7 天內的資本流出和流入。來源：Glassnode

The chart reveals that 7-day changes in Realized Cap were notably positive from September to early December. While both Bitcoin and Ethereum also experienced capital inflows during this period, SOL's growth was considerably faster.

該圖表顯示，從 9 月到 12 月初，已達到上限的 7 天變化顯著為正。雖然比特幣和以太坊在此期間也經歷了資本流入，但 SOL 的成長速度要快得多。

However, the trend has reversed in the last month, with both BTC and ETH outpacing Solana. The earlier strong capital inflows might have contributed to SOL's outperformance, and their absence could explain the shift to the top two assets.

然而，這一趨勢在上個月發生了逆轉，BTC 和 ETH 都超過了 Solana。早期強勁的資本流入可能是 SOL 表現出色的原因之一，而資本流入的缺失可能解釋了兩大資產的轉變。

Solana Price

索拉納價格

Solana's price has remained largely flat over the last few days, with the asset showing limited movement. At the time of writing, SOL trades at a price of $221, having risen about 3% in the last seven days.

Solana 的價格在過去幾天基本上保持平穩，資產變動有限。截至撰寫本文時，SOL 的交易價格為 221 美元，在過去 7 天內上漲了約 3%。

While Bitcoin and Ethereum have enjoyed a surge in the last few days, Solana has been moving in a sideways trajectory, and its price is yet to show any substantial gains.

雖然比特幣和以太坊在過去幾天大幅上漲，但 Solana 一直在橫盤整理，其價格尚未顯示任何實質上漲。