比特币 (BTC) 价格创下历史新高 (ATH)，突破 98,000 美元，链上数据显示加密货币流入量猛增

根据链上分析公司 Glassnode 的最新每周报告，加密货币市场资本流入目前接近​​每月 630 亿美元

Cryptocurrency capital inflows have reached almost $63 billion per month, as shown by on-chain data.

根据链上数据显示，加密货币资本流入量已达到每月近 630 亿美元。

Fresh report highlights BTC price hitting new ATH today, as on-chain analysis shows large capital inflows into the cryptocurrency sector.

最新报告强调，比特币价格今天触及新高，因为链上分析显示大量资本流入加密货币领域。

Bitcoin’s price has set a new all-time high (ATH) above the $98,000 level today, as on-chain data shows that cryptocurrency inflows have rocketed up to almost $63 billion per month.

今天，比特币价格创下历史新高 (ATH)，突破 98,000 美元，链上数据显示，加密货币流入量已飙升至每月近 630 亿美元。

Crypto Market Capital Inflows Now Sit At Almost $63 Billion Per Month

加密货币市场资本流入目前接近​​每月 630 亿美元

According to the latest weekly report from the on-chain analytics firm Glassnode, the cryptocurrency sector has been observing the injection of a significant amount of capital recently.

根据链上分析公司 Glassnode 最新的每周报告，加密货币领域最近一直在观察大量资金的注入。

To calculate the netflows into the sector as a whole, Glassnode has made use of two metrics: Bitcoin + Ethereum Net Position Change and Stablecoin Net Position Change. The first of these keeps track of the net changes happening in the combined Realized Cap of BTC and ETH. The “Realized Cap” is an on-chain capitalization model that considers the last price at which a token was transacted on the blockchain as its ‘real’ value.

为了计算整个行业的净流量，Glassnode 使用了两个指标：比特币 + 以太坊净头寸变化和稳定币净头寸变化。其中第一个跟踪 BTC 和 ETH 的总已实现上限发生的净变化。 “已实现上限”是一种链上资本化模型，它将代币在区块链上交易的最后价格视为其“真实”价值。

Considering that the previous transaction of any coin was likely the last point at which it changed hands, the price at the time would denote its current cost basis. As such, the Realized Cap is essentially a sum of the cost basis of all tokens in the circulating supply.

考虑到任何硬币的先前交易可能是其转手的最后一点，当时的价格将表示其当前的成本基础。因此，已实现上限本质上是流通供应中所有代币成本基础的总和。

One way to interpret the model, therefore, is as a measure of the amount of capital that the investors of Bitcoin and Ethereum as a whole have invested into the cryptocurrencies. When the Realized Cap changes, capital flows in or out of these coins. Thus, BTC + ETH Net Position Change, which tracks these changes, reflects the USD netflows happening for the top two assets.

因此，解释该模型的一种方法是衡量比特币和以太坊投资者作为一个整体投资于加密货币的资本数额。当已实现上限发生变化时，资本就会流入或流出这些代币。因此，跟踪这些变化的 BTC + ETH 净头寸变化反映了前两种资产发生的美元净流量。

The Stablecoin Net Position Change, the second metric of relevance here, simply measures the capital netflows for the major stablecoins by tracking the changes taking place in their combined supply.

稳定币净头寸变化是这里的第二个相关指标，它通过跟踪主要稳定币组合供应中发生的变化来简单地衡量主要稳定币的资本净流量。

The reason the Realized Cap isn’t required for these assets is that their value remains fixed around the $1 mark; this makes it so that their Realized Cap is always equal to the Market Cap, which in turn is equivalent to the circulating supply with the unit changed.

这些资产不需要实现上限的原因是它们的价值保持固定在 1 美元左右；这使得它们的已实现上限始终等于市值，而市值又等于单位变化后的循环供应量。

Now, here is the chart published by the analytics firm in the report that shows the trend in the 30-day combined value of the BTC + ETH and Stablecoin Net Position Change over the last few years:

现在，这是该分析公司在报告中发布的图表，显示了过去几年 BTC + ETH 和稳定币净头寸变化的 30 天总价值的趋势：

From the graph, it’s visible that this combined indicator has witnessed a sharp rise inside the positive territory recently, which implies large net capital inflows into the assets.

从图中可以看出，该综合指标近期在正值区域内急剧上升，这意味着大量资金净流入该资产。

“Over the 30 days, aggregate inflows have reached a massive $62.9 billion, with Bitcoin and Ethereum networks absorbing $53.3 billion, while stablecoin supplies have expanded by $9.6 billion,” reads the report.

报告称：“过去 30 天，资金流入总额已达到 629 亿美元，其中比特币和以太坊网络吸收了 533 亿美元，而稳定币供应量增加了 96 亿美元。”

While these inflows don’t represent an exact measurement for the cryptocurrency sector as a whole, they do act as a good approximation as most of the capital that flows into the market does so through Bitcoin, Ethereum, and the stablecoins. It’s only after a rotation from these major assets that the altcoins get their fuel.

虽然这些流入并不代表整个加密货币行业的精确衡量，但它们确实是一个很好的近似值，因为流入市场的大部分资本都是通过比特币、以太坊和稳定币流入的。只有在这些主要资产轮换之后，山寨币才能获得燃料。

Bitcoin Price

比特币价格

Bitcoin had surged close to $98,400 earlier in the day, but its price has since seen a pullback as it’s now down to $97,100.

当天早些时候，比特币飙升至接近 98,400 美元，但此后其价格出现回调，目前跌至 97,100 美元。