随着资本继续流入比特币资产，比特币 (BTC) 已实现市值突破 7680 亿美元里程碑

随着链上数据显示资本继续快速流入该资产，比特币已重返 10 万美元大关。

Bitcoin has returned above the $100,000 mark as on-chain data shows capital continuing to flow into the asset at a rapid rate.

随着链上数据显示资本继续快速流入该资产，比特币已重返 10 万美元大关。

Bitcoin Realized Cap Crosses $768 Billion Milestone

比特币实现上限突破 7680 亿美元里程碑

In a recent post on X, CryptoQuant founder and CEO Ki Young Ju discussed the latest trend in Bitcoin’s Realized Cap. The “Realized Cap” is an on-chain capitalization model that calculates BTC’s total value by assuming each individual token’s value is equal to the price at which it was last transacted on the network.

在 X 最近的一篇文章中，CryptoQuant 创始人兼首席执行官 Ki Young Ju 讨论了比特币已实现上限的最新趋势。 “已实现上限”是一种链上资本化模型，通过假设每个代币的价值等于其最后在网络上交易的价格来计算 BTC 的总价值。

The last transfer of any coin is likely to correspond to the last point at which it changed hands, so the price at its time could be considered as its current cost basis.

任何代币的最后一次转移都可能对应于它转手的最后一个时间点，因此当时的价格可以被视为其当前的成本基础。

When the Realized Cap sums up this value for all tokens in circulation, it calculates the sum of the cost basis of the Bitcoin supply. In essence, the model measures the total amount of capital that investors have put into the cryptocurrency.

当已实现上限将所有流通代币的值相加时，它就会计算出比特币供应的成本基础总和。本质上，该模型衡量的是投资者投入加密货币的资本总额。

Young Ju shared the following chart for the indicator, which shows the trend in its value throughout the digital asset’s history:

Young Ju 分享了该指标的以下图表，该图表显示了该数字资产历史上其价值的趋势：

According to the above graph, BTC’s Realized Cap has been on a sharp uptrend over the past year, indicating that capital has been rapidly pouring into the coin.

根据上图，BTC的已实现上限在过去一年中一直处于急剧上升趋势，表明资金正在迅速涌入该币种。

“Bitcoin is attracting $80 billion every month,” noted the CryptoQuant founder. “Nearly half of the capital that entered the Bitcoin market over the past 15 years was added this year.”

CryptoQuant 创始人表示：“比特币每月吸引 800 亿美元的资金。” “过去15年进入比特币市场的资金近一半是今年新增的。”

These inflows have brought the total BTC realized capital to close to the $769 billion milestone. It’s difficult to say how long the Realized Cap will be able to continue this sharp trajectory, but for now, there seems to be plenty of demand for the asset.

这些资金流入使 BTC 变现资本总额接近 7690 亿美元的里程碑。很难说已实现上限能够持续这种急剧的轨迹多久，但就目前而言，对该资产的需求似乎很大。

In its latest weekly report, on-chain analytics firm Glassnode also discussed the same metric from a different angle.

在其最新的每周报告中，链上分析公司 Glassnode 也从不同角度讨论了相同的指标。

The above chart shows the cumulative data for Bitcoin “Realized Profit” and “Realized Loss.” These metrics measure the amount of profit and loss, respectively, that investors are realizing or harvesting through their selling, as their names imply.

上图显示了比特币“已实现利润”和“已实现损失”的累计数据。这些指标分别衡量投资者通过抛售实现或收获的利润和损失金额，正如其名称所暗示的那样。

Over the cryptocurrency’s history, the difference between the cost basis and selling price for profitable transactions is $1.27 trillion, while that for the underwater transfers is at $592 billion.

在加密货币的历史上，盈利交易的成本基础和售价之间的差异为 1.27 万亿美元，而水下转账的成本基础和售价之间的差异为 5920 亿美元。

The difference between these two metrics is roughly equal to Bitcoin’s Realized Cap.

这两个指标之间的差异大致等于比特币的已实现上限。

BTC Price

比特币价格

Bitcoin has recovered above the $100,000 level after slipping below $95,000 earlier in the week.

比特币在本周早些时候跌破 95,000 美元后，现已恢复至 100,000 美元以上。