双子座和玻璃节报告：数字资产吸引了2024年的新资本流

根据Gemini和GlassNode进行的报告，在过去的两年中，数字资产记录了大量资本流入。

Cryptocurrency exchange Gemini and on-chain research firm Glassnode have jointly released their 2025 report titled "Charting The Tides." The report highlights a shift in capital flows and new trends emerging in the crypto market.

加密货币交易所Gemini和链上研究公司GlassNode已共同发布了其2025年的报告，标题为“ Charting The Tides”。该报告重点介绍了加密货币市场中资本流量的转变和新趋势。

According to the report, digital assets have seen large capital inflows over the past two years, with high-cap cryptocurrencies like BTC, ETH, and SOL experiencing price rebounds driven by both institutional and retail demand.

根据该报告，在过去的两年中，数字资产的资本流入率很大，由BTC，ETH和SOL等高额加密货币经历了由机构和零售需求驱动的价格篮板。

Among these assets, Bitcoin has received the highest inflows, as indicated by the "Realized Cap" metric, which tracks net money flows to evaluate investor behavior and market sentiment. It is calculated by summing the value of each coin based on the price at which it was last purchased.

在这些资产中，比特币获得了最高的流入，如“已实现的CAP”度量标准，该指标跟踪净资金流动以评估投资者的行为和市场情绪。它是通过根据上次购买的价格求和每个硬币的价值来计算得出的。

Since January 2023, the Realized Cap on Bitcoin has increased from $381 billion to $843 billion, marking a 121% rise. In comparison, Solana has seen a more modest capitalization increase, rising from $21 to $83 billion despite a higher percentage gain of 295%.

自2023年1月以来，实现的比特币上限已从3810亿美元增加到8430亿美元，标志着增长了121％。相比之下，Solana的资本化增加了更为适中的资本，尽管增长了295％，但增长了830亿美元。

Meanwhile, Ethereum has seen a smaller increase in capitalization, rising from $176 to $256 billion for a growth of 45%. From this perspective, Solana emerges as one of the fastest-growing digital asset ecosystems, outperforming the top 2 digital assets in the market on 344 out of 727 open market days.

同时，以太坊的资本化增加了较小的增加，增长45％的增长率从1.76亿美元增加到2560亿美元。从这个角度来看，索拉纳（Solana）成为增长最快的数字资产生态系统之一，在727个公开市场中，在344年的市场上表现出色的2个数字资产。

However, Bitcoin still boasts the largest overall share of realized capital, amounting to 70.6%, followed by Ethereum at 22.4% and Solana at 6.9%.

但是，比特币仍然拥有实现资本的总体最大份额，占70.6％，其次是22.4％，索拉纳（Solana）为6.9％。

The report also notes a shift in the focus of various market players during the last bull cycle, with retail investors coming back into the spotlight from Q2 2024 onwards, following a strong institutional push in the earlier stages of the bull.

该报告还指出，在上一个公牛周期中，各个市场参与者的重点发生了变化，在公牛的早期阶段进行了强烈的机构努力之后，散户投资者从2024年第2季度重新成为人们关注的焦点。

To evaluate this handover, Gemini and Glassnode isolated the Realized Cap values for BTC, ETH, and SOL, focusing on the capital held by wallets active from 1 to 7 days.

为了评估这一交换，双子座和玻璃节隔离了BTC，ETH和SOL的实现的CAP值，重点是1至7天的钱包所持的资本。

This approach yields the "Realized Cap by Age" indicator, which measures the longevity of new capital flows in the market. The metric serves to understand the distribution of network wealth among different age brackets, ranging from the hot supply (coins that have moved recently) to the cold supply (older, more dormant coins).

这种方法产生了“按年龄划分的CAP”指标，该指标衡量了市场新资本流的寿命。该指标有助于了解不同年龄段之间网络财富的分布，从热供应（最近移动的硬币）到冷供应（较旧，休眠的硬币）。

According to the findings for Bitcoin, addresses from 1 to 7 days surged towards the end of the year, coinciding with the breakout of $100,000. In this context, retail investors contributed $99.6 billion, equivalent to 13.7% of the total wealth of the network.

根据比特币的调查结果，到年底的1到7天的地址飙升，与100,000美元的突破相吻合。在这种情况下，零售投资者贡献了996亿美元，相当于该网络总财富的13.7％。

In the last bull market cycle, retail investors contributed only $45.3 billion to Bitcoin, with a share of 22.5%. This suggests that there is still room for a bull ride for investors more inclined towards short-term speculation.

在最后一个牛市周期中，散户投资者仅向比特币贡献了453亿美元，份额为22.5％。这表明，对于更倾向于短期投机的投资者来说，仍然有跑步的空间。

On Ethereum and Solana, the issue appears different: Gemini and Glassnode show how retail arrived at different moments of the market and with different strength.

在以太坊和索拉纳（Ethereum and Solana）上，问题出现不同：双子座和玻璃节表明零售业如何以不同的市场和不同的实力到达市场。

In 2024, we witnessed a less pronounced increase in retail strength for Ethereum, given the asset's underperforming performance.

鉴于资产表现不佳的表现不佳，在2024年，我们目睹了以太坊的零售强度不太明显。

The local top of the Hot Realized Cap indicator for ETH, that is, the capital held by accounts that have been active in the last seven days, did not coincide with new price highs of the coin, unlike BTC and SOL.

与BTC和SOL不同，在过去七天中活跃的账户持有的账户持有的资本是在过去七天中活跃的账户持有的资本，与BTC和SOL不同。

The peak of the cycle brought inflows of only $11.6 billion, equal to 4.7% of the total wealth of the network. The coin remained below the May 2021 lows, suggesting a lack of appeal among retail users.

周期的高峰使流入仅为116亿美元，等于网络总财富的4.7％。硬币仍低于2021年5月的低点，这表明零售用户缺乏吸引力。

Solana, on the other hand, appeared much more interesting in the eyes of retail, who rushed to the SOL markets throughout almost all of 2024.

另一方面，索拉纳在零售业的眼中看起来更有趣，后者几乎整个2024年都赶到了索尔市场。

Also in this case, the Hot Realize Cap for the cryptocurrency did not coincide with the historical price high, although it came very close to the target. Short-term investors transferred wealth amounting to $15.8 billion, equivalent to 21% of the total capital.

同样，在这种情况下，尽管它非常接近目标，但加密货币的热门意识到的上限与历史价格高。短期投资者转移了158亿美元的财富，相当于总资本的21％。

These data suggest that SOL was the preferred asset in the bull market of this cycle, acquiring significant capital inflows.

这些数据表明，SOL是该周期牛市中首选的资产，获得了大量资本流入。

As highlighted by Gemini and Glassnode, one of the factors that contributed to bringing greater retail activity to Solana was the memecoin mania.

正如双子座和玻璃节所强调的那样，有助于为Solana带来更大零售活动的因素之一是Memecoin Mania。

For the first time in history, Solana surpassed Ethereum in terms of capital held by retail investors, precisely due to the strong interest in this type of high-risk asset.

索拉纳（Solana）在历史上首次超越了以太坊的散户投资者持有的资本，这完全是由于对这种高风险资产的浓厚兴趣。

This trend began in October 2023, marking a strong pivot point of reversal for the SOL/ETH ratio. From that moment on, SOL brutally outperformed ETH, leaving little room for speculative attention for the EVM network.

这一趋势始于2023年10月，标志着Sol/Eth比率的强烈逆转点。从那时起，SOL残酷地超越了ETH，几乎没有足够的空间来引起EVM网络的投机关注。

In a scenario like this, even on-chain activities shifted in favor of the Solana ecosystem. At the end of 2

在这样的情况下，即使是链活动也转移了支持Solana生态系统。在2结束时