现价相对全体持有者的平均成本,处在极便宜到极贵的哪一段。Where today's price sits versus what the average holder paid — on a scale from very cheap to very expensive.
它把整个市场放进牛熊周期里看:大多数持有者现在是赚是亏、价格离底部还是顶部更近。要紧的是,便宜不代表已经见底——熊市或资金离场能把便宜压得更低,所以它只是慢慢变化的背景参考,不单独说明方向。It places the whole market on the bull-bear cycle: are most holders in profit or underwater, and is price nearer a bottom or a top. The catch — cheap doesn't mean the bottom is in. Outflows or a bear market can push cheap even cheaper, so it's a slow-moving background gauge, not something that points the direction on its own.