比特币（BTC）网络活动指数自2024年11月以来达到15％，一年以上的最低水平

自2024年11月的高峰以来，比特币的加密网络活动指数下降了15％，这是一年多以上的最低水平。

The CryptoQuant Network Activity Index for Bitcoin has dropped by 15% since peaking at 4,380 in November 2024, now at its lowest level in over a year.

自2024年11月的4,380人达到顶峰以来，比特币的加密网络活动指数下降了15％，现在已经达到了一年多的最低水平。

The index, which measures the total number of transactions and the average size of those transactions, is now at 3,760, marking its weakest performance since February 2024.

该指数衡量交易总数和这些交易的平均规模，现在为3,760，标志着其自2024年2月以来的性能最弱。

Bitcoin Network Activity Drops to Lowest in a Year, Impact on Price Analysis

比特币网络活动在一年内下降到最低，对价格分析的影响

Chart showing the CryptoQuant Network Activity Index for Bitcoin since 2023. As of the latest data point, the index is at 3,760, indicating the lowest level of network activity in over a year.

图表显示了比特币自2023年以来的网络活动指数。截至最新数据点，该指数为3,760，表明一年多的网络活动水平最低。

Bitcoin transaction volumes have seen a major decrease, which is to blame for most of the sharp drop in activity. From a historical peak of 734,000 daily transactions in September 2024, the network is now processing 346,000 transactions per day, a drop of 53%.

比特币交易量的大幅下降，这对于大多数急剧活动的急剧下降应归咎于责任。从2024年9月的每日734,000次交易的历史峰值开始，该网络每天正在处理346,000笔交易，下降了53％。

One of the main reasons for this is the reduced activity of the RUNES protocol, which has seen a lot of activity since its launch in April 2024. It initially led to a surge in usage, as it was primarily used for minting and moving tokens via OP RETURN codes, with daily OP RETURN usage hitting 802,000. However, this number has now plummeted to around 10,000, indicating a dramatic drop in token-driven operations on the Bitcoin network.

造成这种情况的主要原因之一是符文协议的活动减少，自2024年4月推出以来，该协议已经进行了很多活动。它最初导致了使用的激增，因为它主要用于通过铸造和移动代币。 OP返回代码，每日OP返回使用率达到802,000。但是，这个数字现已下降到约10,000，表明比特币网络上以令牌驱动的操作显着下降。

The slowdown is also evident in the Bitcoin mempool, which tracks unconfirmed transactions waiting to be added to the blockchain. There are currently 3k transactions in the mempool, which is down from 287k in December 2024, marking a 99% reduction. We haven’t seen numbers this low since March 2022, so it’s a significant drop-off in overall network usage.

在比特币Mempool中也很明显，该比特币Mempool跟踪未经证实的交易，等待将其添加到区块链中。孟买目前有3K交易，比2024年12月的287K降低了99％的降低。自2022年3月以来，我们还没有看到这么低的数字，因此这是整体网络使用情况的显着下降。

This low level of network usage has implications for Bitcoin’s fair value, especially considering its current price of $99,000. The slowdown suggests that the cryptocurrency could be overvalued, as its activity levels no longer align with its market price.

这种低水平的网络使用量对比特币的公允价值具有影响，尤其是考虑到目前的价格为99,000美元。放缓表明，加密货币可能会被高估，因为其活动水平不再与市场价格保持一致。

For instance, the Metcalfe Valuation Bands currently indicate a fair value range of $48,000 to $95,000, suggesting that the current price is inflated based on activity-based value.

例如，梅特卡尔夫评估带目前表示公允价值范围为48,000至95,000美元，这表明目前的价格是基于基于活动的价值而夸大的。

The diminishing network activity could be a transient adjustment period for the token, as the network responds to decreasing interest in protocols like RUNES. Investors will likely be keeping an eye on trends in network activity as an indicator of the token’s underlying strength.

由于网络对符合符合人数等协议的兴趣响应，网络活动减少可能是令牌的瞬态调整期。投资者可能会密切关注网络活动的趋势，以表明令牌的基本力量。