比特币（BTC）的价格从历史上从这个链上弹起。资产目前距离生产线有多远

比特币的链级水平历史上一直是熊市的边界。这是资产价格目前距离这一行的距离。

Bitcoin Is Above Realized Price Of All Cohorts, Suggesting Bullish Momentum

比特币高于所有队列的实现价格，暗示了看涨的势头

In a new post on X, CryptoQuant founder and CEO Ki Young Ju has shared some interesting insights regarding where the Realized Price currently stands for some of the important Bitcoin investor groups.

在X上的新帖子中，CryptoQuant创始人兼首席执行官Ki Young Ju分享了一些有趣的见解，内容涉及目前实现的价格代表一些重要的比特币投资者团体。

The “Realized Price” in this context is an on-chain indicator that tracks the average cost basis of BTC holders throughout the network. When the spot price is trading above this metric, it generally indicates that the holders are in a state of profit, whereas the metric being higher suggests the dominance of loss.

在这种情况下，“实现的价格”是一个链上指标，该指标跟踪整个网络中BTC持有人的平均成本基础。当现货价格超过该度量标准时，通常表明持有人处于利润状态，而指标更高表明损失的占主导地位。

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Here’s a chart shared by Young Ju, showing the trend in the Realized Price for four Bitcoin cohorts:

这是Young Ju共享的图表，显示了四个比特币队列的实现价格的趋势：

Bitcoin Cohorts' Average Cost Basis Chart

比特币队列的平均成本基础图表

As you can see in the above graph, Bitcoin is currently trading above the Realized Price of all of these groups, suggesting that their members are sitting on some unrealized gains.

如您在上图中所见，比特币目前正在超过所有这些群体的实现价格，这表明他们的成员坐在一些未实现的收益上。

Historically, the average cost basis of these cohorts has held some significance for the cryptocurrency. From the chart, it’s evident that the price has generally followed a bullish trajectory whenever it has been above the New Whales’ (colored in orange) Realized Price.

从历史上看，这些队列的平均成本基础对加密货币具有一定的意义。从图表来看，很明显，每当它超过新鲸鱼（橙色）实现的价格时，价格通常遵循看涨的轨迹。

The New Whales, also known as the Short-Term Holder Whales, are BTC investors who purchased their coins within the past 155 days and are holding more than 1,000 BTC. The Realized Price for this cohort is currently at $89,300, which could put BTC at risk of retesting it in the coming days if the bearish trajectory continues.

新鲸鱼（也称为短期持有人鲸鱼）是BTC投资者，他们在过去的155天内购买了硬币，并且持有1,000多个BTC。该队列的实现价格目前为89,300美元，如果看跌轨迹继续下去，BTC可能会在未来几天内对其进行重新测试。

However, a potential dip below this level wouldn’t immediately signal a shift toward a bear market; it would only indicate a lack of momentum behind Bitcoin. The level that BTC may have to avoid falling under in order to avoid a bearish regime is the Miner Whales (green).

但是，低于此水平的潜在下降不会立即表明向熊市转变。这只会表明比特币背后缺乏动力。矿工鲸（绿色）可能必须避免BTC避免陷入困境以避免倒闭的水平。

The Miner Whales are the wallets of mining companies that hold over 1,000 BTC. According to the CryptoQuant founder, BTC’s plunges below this mark during the last couple of cycles have led to bear markets.

矿工鲸是持有超过1,000 BTC的矿业公司的钱包。据该加密创始人称，在最后几个周期中，BTC在此标记以下的暴跌导致了熊市。

Currently, the Realized Price for the Miner Whales is at $58,000. From the current price, Bitcoin would have to undergo a drawdown of nearly 40% to approach a retest of this line. If the level will indeed once again act as a boundary for the bear market in this cycle, then BTC may be considered at a safe distance for now.

目前，矿工鲸鱼的实现价格为58,000美元。从目前的价格开始，比特币将不得不进行近40％的缩减才能重新测试这一行。如果该水平确实会再次在此周期中充当熊市的边界，那么目前可以在安全距离上考虑BTC。

While the asset tends to see breaks both above and below the cost basis of three of the cohorts over the course of a cycle, it has never broken under the Realized Price of the fourth group, the Old Whales or Long-Term Holder Whales.

尽管资产倾向于在一个周期的过程中看到三个人群的成本基础上方和低于中断，但在第四组，旧鲸鱼或长期持有人鲸鱼的实现价格下，它从未破产。

These whales, who have been holding Bitcoin for more than 155 days, have their average acquisition level at around $26,000 right now.

这些已经持有比特币超过155天的鲸鱼的平均收购水平目前为26,000美元。

BTC Price

BTC价格

Bitcoin saw a drop below the $94,000 level yesterday, but the coin seems to have already found a rebound, as its price is now back at $96,200.

比特币昨天的跌幅低于94,000美元的水平，但硬币似乎已经找到了反弹，因为其价格现在又回到了96,200美元。