比特幣（BTC）市場非常波動

在上週，比特幣（BTC）市場在極強的看跌影響下一直非常波動。

The Bitcoin (BTC) market has been highly volatile in the last week and is under a strong bearish influence. In this period, Bitcoin has crashed by over 15% falling as low as $80,000. Interestingly, blockchain analytics firm Glassnode has provided an in-depth analysis of investors’ behavior amidst this price decline highlighting the cohort with the largest realized losses.

比特幣（BTC）市場在上周易波動，並受到強烈看跌的影響。在此期間，比特幣墜毀了15％以上，低至80,000美元。有趣的是，區塊鏈分析公司GlassNode在價格下降的情況下對投資者的行為進行了深入的分析，這突顯了與最大的損失最大的同夥。

BTC 1-Day To 1-Week Holders Lead Market Liquidation Pressure

BTC 1天到1週持有人鉛市場清算壓力

On Friday, February 28, Bitcoin dipped below $80,000 reaching a price level last seen in November 2024. In response, the BTC market recorded $685 million in realized losses in addition to the initial $2.16 billion between February 25-27. In a recent X post, Glassnode analysts dived into the market sell-off on Friday, indicating that this recent capitulation is primarily concentrated among short-term holders (STH) who are realising losses at a much higher rate than long-term holders.

2月28日，星期五，比特幣低於80,000美元，達到了2024年11月的價格水平。作為響應，BTC市場還記錄了6.85億美元的已實現損失，除了2月25日至27日之間最初的216億美元。在最近的X帖子中，GlassNode分析師週五潛入了市場拋售，這表明這一最近的投降主要集中在短期持有人（STH）中，他們以比長期持有人高得多的損失。

From Glassnode’s report, the most affected cohort of STH has been new market entrants over the past week as they are 1-day to 1-week holders with $238.8 million in losses,1-week to 1-month holders $187.6 million, 1-month to 3-month holders $132.4 million and 24-hour buyers $104.9 million. However, it’s worth noting that holders from the past 3-6 months also experienced a significant spike in realized losses. This group recorded $ 12.7 million in realized losses on Friday, presenting a 95.4% gain from the previous day.

從GlassNode的報告中，STH最受影響最大的人群是過去一周的新市場參與者，因為他們是1天到1週的持有人，損失了2.388億美元，1周至1個月的持有者1.876億美元，1.876億美元，1個月至3個月的持有人，1.324億美元和24 HOR和24 HOR的購買者。但是，值得注意的是，過去3-6個月的持有人在實現的損失中也經歷了重大的激增。該小組在周五獲得了1,270萬美元的實現損失，比前一天獲得了95.4％的收益。

Looking further, Glassnode’s report also realized the price dip on Friday also pushed the Bitcoin loss realization average to $57.1 million per hour. The realization speed per cohort of the STH – who account for the majority of the market losses is as follows: 1-day to 1-week holders $19.9 million/hour, 1-week to 1-month holders $13.9 million/hour, 1-month to 3-month holders $14.2 million/hour and 24-hour buyers $8.04 million/hour.

進一步，GlassNode的報告還意識到週五的價格下跌也將比特幣損失的平均意識推向了每小時5710萬美元。 STH的實現速度 - 佔市場損失的大部分，如下：1天到1週的持有人每小時1,990萬美元，每小時1周到1個月的持有人/小時1390萬美元，每小時1個月至1個月至3個月的持有者，每小時1420萬美元，每小時2420萬美元的購買者/小時$ 80.4億美元/小時。

As expected, the 1-day to 1-week cohort is the dominant force driving liquidity pressure with its loss realization rate almost double the next largest group.

不出所料，為期1周到1週的隊列是驅動流動性壓力的主要力，其損失率幾乎是下一個最大群體的兩倍。

Bitcoin Long-Term Holders Stay Resolute

比特幣長期持有人保持堅決

According to more data from Glassnode’s report, Bitcoin long-term holders from the last 6-12 months have shown minimal, negligible loss realization despite a widespread market capitulation.

根據GlassNode報告的更多數據，過去6-12個月的比特幣長期持有人表明，儘管市場投降了廣泛，但最少的，可以忽略不計的損失。

This development indicates that the longer-term investors are largely unbothered by the recent sell-off and price correction with strong confidence for a market rebound. At press time, Bitcoin trades at $85,200 following some price recovery on Friday. However, its weekly losses remain at 11.34% indicating the current bearish move in the market.

這一發展表明，長期投資者在很大程度上對最近的拋售和價格糾正卻對市場反彈充滿信心。在發稿時，比特幣在周五的價格回收後，比特幣的交易價格為85,200美元。但是，它的每週損失仍為11.34％，表明當前市場上的看跌。