比特币（BTC）四年CAGR下降到其最低记录水平8％

根据GlassNode数据，比特币（BTC）四年化合物年增长率（CAGR）已下降到其最低的8％水平。

Bitcoin (BTC) is currently trading at a price of $80,000, and while this might seem like a high valuation, it’s worth noting that the cryptocurrency’s four-year compound annual growth rate (CAGR) has dropped to its lowest recorded level of 8%, as highlighted by Glassnode.

比特币（BTC）目前以80,000美元的价格进行交易，尽管这似乎是一种高估，但值得注意的是，该加密货币的四年化复合年度增长率（CAGR）已下降到其最低记录的8％，正如玻璃节点所强调的那样。

The time period of four years was selected to align with bitcoin’s halving cycle and also capture the typical bull/bear market cycle, which tends to follow a similar timeframe.

选择了四年的时间段来与比特币的减半周期保持一致，并捕获了典型的牛/熊市周期，该周期往往遵循类似的时间范围。

Back in March 2021, bitcoin was valued at approximately $60,000, which was around the peak of the previous market cycle.

早在2021年3月，比特币的价值约为60,000美元，大约是上一个市场周期的顶峰。

This new CAGR data from Glassnode indicates that bitcoin's volatility and returns are decreasing as the asset matures. However, it's important to note that this metric is heavily dependent on the reference points used for calculation.

来自玻璃节的新CAGR数据表明，随着资产的成熟，比特币的波动性和回报率正在减少。但是，重要的是要注意，该指标在很大程度上取决于用于计算的参考点。

In 2021, bitcoin experienced a rapid increase in price, also known as a blow-off top, earlier in the cycle. On the other hand, in March 2025, the price of $80,000 could be viewed as a cycle bottom.

在2021年，比特币的价格迅速上涨，也称为周期初期的吹风顶部。另一方面，在2025年3月，80,000美元的价格可以看作是周期底部。

Moreover, the ether (ETH)-to-bitcoin (ETH/BTC) ratio has also entered negative CAGR territory with a rate of 6%. This reflects the poor performance of the second-largest cryptocurrency in comparison to bitcoin.

此外，以太（ETH）与居币（ETH/BTC）的比率也以6％的速率进入了负复合面积。这反映了与比特币相比，第二大加密货币的性能不佳。

The primary reason for this downturn can be attributed to ether's price remaining nearly stagnant since February 2021, with its current value being less than $2,000.

自2021年2月以来，这种低迷的主要原因可能归因于以太价格几乎停滞不前，其当前价值小于2,000美元。

At present, the ETH/BTC ratio stands at 0.024, which marks its lowest level since the latter part of 2020.

目前，ETH/BTC比率为0.024，这标志着其自2020年后期以来的最低水平。