比特币[BTC]继续徘徊在$ 84,000的大关接近$ 84,000，在一个既充满活力又谨慎地观察的市场中保持其优势。

随着贸易商的新历史最高水平，链上指标提供了对市场情感和结构力量的更深入的见解 - 没有什么比实现价格的概念更具说服力了。

Bitcoin [BTC] continues to trade above the $84,000 mark, maintaining its dominance in a market that is both energetic and observant.

比特币[BTC]继续超过84,000美元的交易，在既充满活力又观察的市场中保持其优势。

As traders eye new all-time highs, on-chain metrics provide deeper insights into market sentiment and structural strength — none more telling than the concept of realized price.

随着贸易商的新历史最高水平，链上指标提供了对市场情感和结构力量的更深入的见解 - 没有什么比实现价格的概念更具说服力了。

Realized price, which reflects the average acquisition cost of Bitcoin across all holders or specific user groups, has become a powerful tool for assessing profitability and potential inflection points.

实现的价格反映了所有持有人或特定用户群体中比特币的平均获取成本，已成为评估盈利能力和潜在拐点的强大工具。

Among the most notable data points: Binance users currently sit on realized price levels near $56,000, suggesting a large majority remain in profit.

在最引人注目的数据点中：目前，Binance用户的价格水平接近56,000美元，这表明大多数人仍然是利润。

Meanwhile, Bitcoin’s overall realized price has climbed to $43.6K, prompting speculation of a possible run toward $150,000…should historical patterns hold.

同时，比特币的总体意识到的价格已攀升至43.6万美元，这促使人们猜测可能会有150,000美元的运行……如果历史模式保持不变。

Will the trend continue, or are we approaching a saturation point?

趋势会继续吗，还是我们接近饱和点？

Binance user deposit address realized price

Binance用户存款地址实现的价格

Binance’s user deposit address realized price tracks the average cost basis of BTC deposited into the exchange — currently around $56,000.

Binance的用户存款地址实现了价格，跟踪了BTC存入交易所的平均成本基础，目前约为56,000美元。

With Bitcoin trading at about $84k, most Binance users are in profit, signaling strong market resilience.

随着比特币交易约8.4万美元，大多数二元使用者都在获利，这表明了强大的市场弹性。

This metric is crucial for gauging investor sentiment. When it nears or exceeds market price, it can indicate stress or capitulation. Right now, it suggests confidence and continued accumulation.

该指标对于衡量投资者的情绪至关重要。当它靠近或超过市场价格时，它可能表明压力或投降。目前，它暗示了信心和持续积累。

Source: Cryptoquant

资料来源：加密

There’s a steady rise in realized price with minor pullbacks that align with Bitcoin’s corrections. Crucially, the realized price hasn’t fallen below market levels, reinforcing that large-scale distribution hasn’t begun.

实现的价格稳步上涨，与比特币的更正相符的小回调。至关重要的是，实现的价格尚未低于市场水平，从而加强了大规模分销尚未开始。

Binance’s central role in liquidity and user activity adds weight to this trend, pointing to a healthy market cycle still in motion.

Binance在流动性和用户活动中的核心作用增加了这种趋势的重量，这表明健康的市场周期仍在运动中。

Bitcoin realized price: Climbing to new heights

比特币实现的价格：攀升至新高度

Bitcoin’s realized price — now at $43.6K — represents the average price at which all coins last moved on-chain. It offers a network-wide view of holder cost basis and market sentiment.

比特币的实现价格（现在为43.6万美元）代表了所有硬币上次移动链的平均价格。它提供了整个网络持有人的成本基础和市场情绪的视图。

With BTC trading at $84K, the average investor holds an unrealized gain of 92%, highlighting broad profitability.

随着BTC交易的价格为8.4万美元，普通投资者的收益未实现92％，突出了广泛的盈利能力。

Source: Cryptoquant

资料来源：加密

The data shows a steady rise, typical of bull cycles, as coins shift hands at higher prices. This trend often precedes major market tops, reflecting growing capital inflows.

随着硬币以较高的价格转移，数据显示出稳定的上升，典型的牛周期。这种趋势通常在主要市场顶级之前，反映了资本流入的增长。

For realized price to hit $70K, a significant volume of transactions would need to occur above current levels.

为了使已实现的价格达到7万美元，需要大量交易要高于当前水平。

According to experts, this could push Bitcoin toward the $150K-$180K range, marking a new era where previous all-time highs become support rather than resistance.

根据专家的说法，这可能会将比特币推向15万美元至18万美元的范围，这标志着一个新时代，以前的历史高点成为支持而不是阻力。

Signal of strength or setup for correction?

强度或设置的信号？

The divergence between Bitcoin’s realized price and market price serves as a vital sentiment gauge.

比特币实现的价格和市场价格之间的差异是至关重要的情感计。

As long as the realized price trends higher while staying below the market price, it signals strong conviction and steady capital inflows.

只要实现的价格趋势在低于市场价格的情况下升高，它就表示信念强烈和稳定的资本流入。

Currently, Binance users’ realized price sits around $56,000 and Bitcoin’s network-wide realized price is at $43.6K — both well below the current $84,000 market price. This setup indicates confidence and continued accumulation.

目前，Binance用户实现的价格位于56,000美元左右，比特币在网络范围内实现的价格为43.6万美元，远低于目前的84,000美元市场价格。该设置表示信心和持续积累。

However, there are risks. A sharp price correction that drags BTC below the Binance user realized price could trigger a psychological shift.

但是，有风险。将BTC拖到Binance用户意识到的价格可能会引发心理转变的急剧价格校正。

Profit margins would shrink, possibly igniting panic selling and the early stages of a distribution phase.

利润率将缩小，可能会点燃恐慌销售和分销阶段的早期阶段。

Yet, the long-term outlook is promising. Throughout history, Bitcoin typically peaks at 3-4x its realized price. With realized price at $43.6K, a cycle top between $130K and $180K seems plausible.

然而，长期前景是有希望的。在整个历史上，比特币通常以3-4倍的价格达到其实现的价格。实现的价格为$ 43.6万美元，在$ 130K到$ 180k之间的周期顶部似乎是合理的。

To see realized price reach $70K or more, we'd need to see continued inflows, possibly from institutions, and strategic selling to build up demand. If that unfolds, $150K+ could mark the start of a new price era!

为了看到实现的价格达到7万美元或以上，我们需要看到持续的流入，可能是机构的流入以及战略性销售以弥补需求。如果发生这种情况，那么$ 150K+可以标志着新价格时代的开始！