比特币 (BTC) 已实现资本额达到 $832B，但资本流入速度已放缓

2025 年 1 月，比特币的实现市值达到 8320 亿美元的历史新高，标志着加密货币的一个重要里程碑。

Bitcoin’s realized capitalization hit an all-time high of $832 billion in January 2025, despite slowing capital inflows into the market, according to data from Glassnode.

Glassnode 的数据显示，尽管流入市场的资本放缓，但比特币的实现资本额在 2025 年 1 月创下了 8320 亿美元的历史新高。

Realized capitalization measures Bitcoin’s transaction value adjusted for price. It has grown at a steady rate of $38.6 billion per month, indicating sustained activity despite reduced new investments.

已实现资本化衡量的是比特币根据价格调整后的交易价值。它以每月 386 亿美元的稳定速度增长，表明尽管新投资减少，但活动仍在持续。

Bitcoin’s capital inflows show a different trend compared to its price growth. Glassnode’s data reveals a flattening of positive inflows, with metrics showing a decline beginning in mid-2024. By late 2024, capital inflows had dropped, highlighting reduced investment activity despite the ongoing price rally.

与其价格增长相比，比特币的资本流入呈现出不同的趋势。 Glassnode 的数据显示，正流入量趋于平缓，指标显示从 2024 年中期开始出现下降。到 2024 年底，资本流入有所下降，凸显出尽管价格持续上涨，但投资活动却有所减少。

The net realized profit-taking metric peaked at $4.5 billion in December 2024 as investors locked in gains during the price surge. As of January 2025, this figure fell sharply to $316.7 million, a 93% drop, indicating reduced sell-side pressure.

由于投资者在价格飙升期间锁定了收益，2024 年 12 月，净实现获利了结指标达到 45 亿美元的峰值。截至 2025 年 1 月，这一数字大幅下降至 3.167 亿美元，下降 93%，表明卖方压力减轻。

Although realized profits have decreased, the overall realized profit and loss metric remains relatively high. By January 2025, the absolute realized profit had dropped from $4 billion to $1.4 billion—a 65% decline—but still reflects strong demand in the market.

尽管实现利润有所下降，但总体实现损益指标仍然相对较高。到 2025 年 1 月，绝对实现利润从 40 亿美元下降到 14 亿美元，下降了 65%，但仍然反映了市场的强劲需求。

Entity-adjusted realized profit and loss data, which accounts for activity by large holders, shows a shift toward a more balanced supply-demand dynamic, reinforcing Bitcoin’s market stability at current price levels.

实体调整后的已实现损益数据（考虑了大持有者的活动）显示出向更加平衡的供需动态的转变，从而增强了比特币在当前价格水平上的市场稳定性。