币界网报道：On June 30, CryptoQuant analyst Axel Adler Jr. released a message saying: "The Bitcoin indicator based on Realized Cap Distribution shows how expensive the current price of Bitcoin is relative to the actual investment cost of all holders. Realized Cap is the total dollar value corresponding to the price of all Bitcoins when they last moved on the chain." The calculation formula is: Bitcoin Price / Realized Cap = Ratio. Currently, the Bitcoin price is slightly above the annual average ratio level (similar to November 2024, when the ratio was at this level, and then Bitcoin rose from $74,000 to $107,000). This means that Bitcoin is currently neither overbought nor oversold-the market is in a neutral range. "[Coin World]