比特币实现的市值有史以来一直很高，但增长已经停滞不前，这表明投资者的胃口软化

比特币实现的市值是一种经济标准，它根据上次移动的最后一次筹集了BTC的总价值

Bitcoin’s realized market capitalization, an economic metric that captures the total value of BTC based on the last time each coin moved, has reached an all-time high of $872 billion, according to recent data from Glassnode.

根据GlassNode的最新数据，比特币实现的市值是一种经济标准，该标准根据每枚硬币上次移动的最后一次捕获了BTC的总价值。

This milestone showcases the immense capital that has flowed into the asset over time. However, beneath this surface-level optimism, a more nuanced and cautious investor sentiment is brewing, signaled by a dramatic slowdown in the realized cap’s month-over-month growth to just 0.9%.

这个里程碑展示了随着时间的流逝，资产流入资产的巨大资本。然而，在这种表面级别的乐观下，酿造更细微，更谨慎的投资者情绪，这表明，实现的CAP的月份增长幅度急剧放缓，仅为0.9％。

“#Bitcoin’s realized cap has reached an all-time high of $872B, yet monthly growth has slowed to +0.9%. This indicates that while capital inflows remain positive, investor appetite is softening – signaling continued risk-off sentiment.”

“＃比特币的实现CAP已经达到了872B美元的历史最高点，但每月增长速度已减缓至 +0.9％。这表明，尽管资本流入仍然积极，但投资者的胃口仍在软化 - 信号持续的风险情绪。”

This deceleration is striking, especially considering the broader macroeconomic trends. Interest rates have remained high throughout 2023, and despite some glimmers of hope in the labor market, a broader risk-off mood seems to be settling over financial markets.

这种减速令人惊讶，尤其是考虑到更广泛的宏观经济趋势。整个2023年，利率仍然很高，尽管在劳动力市场上有一些希望，但似乎更广泛的冒险情绪似乎仍在金融市场上。

The realized cap is often seen as a more reliable gauge of market health than price alone, as it accounts for actual capital inflows based on historical purchase prices. A slowdown in its growth typically signals that existing holders are holding steady or exiting, and that new participants are entering the market more slowly.

实现的上限通常被视为与单独价格相比，它比价格更可靠，因为它根据历史购买价格占了实际资本流入。其增长放缓通常表示现有持有人保持稳定或退出，并且新参与者进入市场的速度更慢。

Adding to this cautious atmosphere, Glassnode’s data on realized profits and losses revealed a sharp 40% drop, suggesting a recent wave of profit-taking or loss-cutting by investors. Historically, such activity often precedes a consolidation phase, a period where the market digests recent volatility and seeks a new balance point.

格拉斯诺德（Glassnode）关于实现的利润和亏损的数据增加了这种谨慎的氛围，显示出40％的幅度下降，这表明近期是投资者的盈利或损失浪潮。从历史上看，这种活动通常在整合阶段之前，在这个时期，市场消化了最近的波动并寻求新的平衡点。

“Investor activity appears saturated. This kind of environment often sets the stage for sideways movement, as the market recalibrates and searches for a new equilibrium.”Short Term Bitcoin Holders Facing Sell Pressure

“投资者活动似乎饱和。这种环境通常为侧向运动奠定了基础，因为市场重新校准并寻找新的平衡。”短期比特币持有人面临卖出压力

Meanwhile, data from CryptoQuant provides further insight into the cautious stance of short-term investors. The realized price for short-term holders currently sits around $91,600, above Bitcoin’s present price range. This means that many newer buyers are "underwater" on their positions.

同时，来自CryptoQuant的数据为短期投资者的谨慎立场提供了进一步的了解。目前，短期持有人的实现价格位于91,600美元左右，高于比特币目前的价格范围。这意味着许多新买家在其职位上都是“水下”。

When short-term holders are sitting on unrealized losses, they’re more prone to sell, either to limit damage or in response to market fear, potentially increasing selling pressure in the near term.

当短期持有人坐在未实现的损失上时，他们更容易出售，要么限制损害或应对市场恐惧，因此可能会在短期内增加销售压力。

The market value to realized value (MVRV) ratio for short-term holders remains below 1, a level historically associated with undervaluation and often seen as a buying opportunity. However, it also confirms that this segment of investors is largely at a loss, reinforcing the lack of bullish momentum from the retail crowd.

短期持有人的实现价值（MVRV）比率的市场价值仍低于1，这是与低估相关的水平，通常被视为购买机会。但是，它还证实了这一部分投资者在很大程度上蒙受了损失，从而增强了零售人群缺乏看涨势头。

What’s particularly intriguing is the geographic divergence in sentiment. The Coinbase premium index, a measure of Bitcoin’s trading price on Coinbase over other global platforms, recently spiked, an indication of strong demand in the U.S. This uptick in American interest hints at institutional or high-net-worth investors potentially ‘buying the dip.’

特别有趣的是情感中的地理差异。 Coinbase Premium指数是对比特币在Coinbase上的交易价格的衡量标准，而其他全球平台（最近）升高了，这表明美国的需求强劲，这在美国兴趣上提出了这一点，暗示了机构或高净值投资者可能会“购买蘸酱”。

On the other hand, the Kimchi premium, a similar index measuring Korean market sentiment, has dipped in recent weeks. This suggests that South Korean retail investors are showing diminished appetite for risk, likely spooked by the recent volatility and market correction.

另一方面，最近几周的泡菜溢价是韩国市场情绪的类似指数。这表明，韩国散户投资者对风险的需求降低，这可能会因最近的波动性和市场纠正而震惊。

Bitcoin’s price behavior reflects this shifting tide of sentiment. Since April 11, the asset has moved within a relatively tight range between $85,440 and $82,750. On shorter timeframes, BTC has held support from key moving averages – the 50-day, 100-day, and 200-day – but longer timeframes reveal resistance building just above, hinting at potential friction for bulls aiming to reclaim higher ground.

比特币的价格行为反映了这种不断变化的情感潮流。自4月11日以来，该资产已在相对较小的范围内移动在85,440美元至82,750美元之间。在较短的时间范围内，BTC得到了关键移动平均值（50天，100天和200天）的支持，但是更长的时间范围揭示了上方的阻力建筑，这暗示了旨在收回更高地面的公牛的潜在摩擦。