比特币最近继续在MVRV中占主导地位

在最新的每周报告中，链接分析公司GlassNode讨论了比特币和以太坊之间形成的差异。

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On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Ratio is currently on a record streak against the metric for Ethereum.

链上的数据显示，比特币的市场价值（MVRV）比率目前与以太坊的度量标准处于创纪录的连胜纪录中。

Bitcoin Has Continued To Domminate Ethereum In MVRV Recently

最近，比特币继续在MVRV中占领以太坊

In its latest weekly report, the on-chain analytics firm Glassnode has touched upon the divergence forming between Bitcoin and Ethereum. First, below is a chart that shows how the two cryptocurrencies have compared in terms of the Realized Cap growth since the start of the bull cycle.

在其最新的每周报告中，链接分析公司GlassNode触及了比特币和以太坊之间形成的分歧。首先，下图显示了两种加密货币以来两种加密货币自牛周期开始以来已实现的上限增长。

The “Realized Cap” here refers to an indicator that measures the total amount of capital that the investors of a given asset as a whole have invested into it. Changes in this metric, therefore, reflect the amount of capital going in/out of the cryptocurrency.

这里的“实现上限”是指衡量给定资产整体投资投资的投资者总资本总额的指标。因此，该指标的变化反映了加密货币进出的资本数量。

From the graph, it’s visible that Bitcoin has observed a massive increase of $468 billion in the Realized Cap since the bear market bottom back in November 2022. In this same window, Ethereum has seen capital inflows amounting to only $61 billion.

从图表中可以看出，比特币观察到自2022年11月熊市底部以来，已实现的上限大幅增长了4680亿美元。在同一窗口中，以太坊的资本流入仅为61亿美元。

As the analytics firm explains,

正如分析公司所解释的那样，

This disparity in capital inflows between the two assets partly explains why these assets have experienced diverging performance since 2023. Ethereum has experienced a relatively smaller inflow of demand and fresh capital this cycle, which has resulted in weaker price appreciation and a lack of a fresh ATH, despite Bitcoin prices reaching over $100k in December.

这两个资产之间的资本流入差异部分解释了为什么这些资产自2023年以来经历了不同的业绩。

Divergence between the assets has also formed in another metric: the MVRV Ratio. This indicator keeps track of the ratio between the Market Cap of an asset and its Realized Cap.

资产之间的差异也在另一个度量标准中形成：MVRV比率。该指标可以跟踪资产的市值与已实现的上限之间的比率。

Since the Market Cap represents the value the holders are carrying in the present, its comparison against the Realized Cap in the MVRV Ratio tells us about the profit-loss status of the investors as a whole.

由于市值代表了持有者目前所具有的价值，因此其与MVRV比率已实现的上限的比较告诉我们整个投资者的利润损失状况。

As is visible in the above graph, Bitcoin’s MVRV Ratio diverged from Ethereum’s around the start of the bull market. This implies that BTC investors have consistently enjoyed a higher amount of unrealized profits in this cycle.

如上图所示，比特币的MVRV比与以太坊的牛市开始时相差。这意味着BTC投资者在此周期中一直持续更高的未实现利润。

In the recent market downturn so far, ETH has taken a larger hit than BTC, so its MVRV Ratio has also declined at a faster rate. BTC investors as a whole are still in the green, but ETH holders are now underwater as the indicator for it has dipped under the 1 mark.

到目前为止，在最近的市场下滑中，ETH的命中率大于BTC，因此其MVRV比率也以更快的速度下降。 BTC投资者整体仍处于绿色状态，但是ETH持有人现在在水下，作为其指标下降了1分。

To better showcase the disparity in the MVRV Ratio of the two coins, Glassnode has plotted the difference between the two.

为了更好地展示两个硬币的MVRV比率的差异，GlassNode绘制了两者之间的差异。

As displayed in the graph, the difference between the Bitcoin and Ethereum MVRV Ratio has remained positive for 812 consecutive days now, which is the longest streak in attendance.

如图所示，比特币和以太坊MVRV比率之间的差异连续812天保持正面，这是出席的最长连续剧。