當投資者推測美國數字資產儲備時，比特幣（BTC）市場面臨著強烈的波動性

GlassNode報告說，在過去的幾周中，巨大的賣方壓力引發了急劇的價格變動，引起了投資者的關注。

The crypto market has faced intense volatility in recent times, driven by economic uncertainty and speculation surrounding a potential US Strategic Digital Asset Reserve.

加密市場近代面臨著強烈的波動，這是在經濟不確定性和圍繞美國戰略數字資產儲備的投機性的推動下。

According to Glassnode, over the past few weeks, significant sell-side pressure has triggered sharp price movements, causing concern among investors.

根據GlassNode的說法，在過去的幾周中，巨大的賣方壓力引發了尖銳的價格變動，引起了投資者的關注。

A quick but strong rally followed the news that Bitcoin, Ethereum, Solana, Cardano, and XRP would be included in the reserve scheme. The surge was brief, however, and the prices reversed the gains to bring about a “sell-the-news” scenario.

一個快速但強烈的集會遵循的消息是，比特幣，以太坊，Solana，Cardano和XRP將包括在預備役計劃中。然而，這種激增很短暫，價格扭轉了收益，以帶來“賣新的”情況。

Bitcoin was more resilient due to its deep liquidity and large market, which limited extreme price volatility. Ethereum and Solana dropped precipitously, losing more than 50% from their highs throughout the cycle.

由於其深厚的流動性和大型市場，比特幣更具彈性，這有限於極端價格波動。以太坊和索拉納急劇下降，在整個週期中損失了超過50％。

The downward movement in the global market was accompanied by an appreciation of the US dollar, which has historically led to liquidity squeezes in risky assets. The 24/7 traded digital assets reacted first to the market volatility.

全球市場的下行運動伴隨著對美元的欣賞，這在歷史上導致了風險資產的流動性壓縮。 24/7交易的數字資產首先對市場波動作出反應。

Bitcoin’s Realized Volatility Surges Past 80%

比特幣實現的波動率超過80％

The realized volatility in Bitcoin has risen to well over 80%, some of the highest this cycle. This aligns with the strong volatility in the global markets.

比特幣實現的波動率超過80％，比特幣中實現的波動率上升到80％以上，這是本週期最高的。這與全球市場的強烈波動相吻合。

A major catalyst for this drop has been the intense selling pressure from each investor group, regardless of the wallet size. The selling has gained momentum starting from mid-January, leading to a market-wide correction.

該下降的主要催化劑是每個投資者群體的巨大銷售壓力，無論錢包的規模如何。從1月中旬開始，銷售的勢頭已獲得勢頭，從而導致了整個市場的更正。

Bitcoin dropped to below $86K, testing bullish support within a low-traded area. On-chain data shows 150K BTC worth $14.2B was bought there between Feb 26 to Mar 3. The spike suggests top-notch buyers are likely to be cutting losses.

比特幣跌至8.6萬美元以下，測試了低廉的地區的看漲支持。鏈上的數據顯示，在2月26日至3月3日之間，在那裡購買了150k BTC $ 14.2B。尖峰表明，一流的買家可能會減少損失。

Peak losses reached a daily high of $818M during the cycle’s highest capitulation. The only greater loss was the unwinding of the August 2024 yen-carry trade for $1.34B. Meanwhile, Short-Term Holders are suffering heavy losses that are making it difficult for new investors.

在周期最高的投降期間，峰值損失達到了8.18億美元。唯一更大的損失是2024年8月的日元卡里貿易以1.34B美元的價格放鬆。同時，短期持有人正在遭受巨大的損失，這使得新投資者很難。

Key Support Levels: $92K and $71K

關鍵支持水平：$ 92K和$ 71K

Given the sharp drop, Bitcoin’s drawdown is in keeping with historical trends. At 28% from its all-time high, Bitcoin’s holding firm shows that underlying demand is quite strong.

鑑於急劇下降，比特幣的縮減與歷史趨勢保持一致。比特幣的持有企業比其歷史最高高的人有28％表明，潛在需求非常強勁。

Compared to previous market cycles, the earlier ones saw 30%+ drawdowns, some 50%+.

與以前的市場週期相比，較早的市場遇到了30％以上的縮水量，約為50％以上。

Short-term holder cost basis measures indicate that key price levels to monitor are $92,000 for near-term support and $71,000 for the lower boundary.

短期持有人的成本基礎指標表明，要監控的關鍵價格水平為92,000美元的近期支持，下邊界為71,000美元。

If market conditions worsen further, Bitcoin’s sustainability of these levels will be the deciding factor in how it behaves next. The next couple of weeks will test whether investors shift to cover these support zones or if capitulation lies ahead.

如果市場狀況進一步惡化，那麼比特幣對這些水平的可持續性將是其下一步行為的決定因素。接下來的幾週將測試投資者是否轉移以覆蓋這些支持區，還是臨時投資。