由於短期持有人遭受損失，比特幣（BTC）面臨市場壓力

比特幣最近的市場表現強調了短期持有人的持續鬥爭，日益嚴重的財務壓力和巨大的損失。

Bitcoin (BTC) has been facing significant market pressure in recent times, with short-term holders (STHs) experiencing substantial financial strain and incurring significant losses, largely due to the cryptocurrency’s volatile price movements.

比特幣（BTC）近來一直面臨著巨大的市場壓力，短期持有人（STHS）經歷了重大的財務壓力並造成了巨大的損失，這主要是由於加密貨幣的波動價格變動。

However, despite the challenging conditions, long-term holders (LTHs) are displaying a different pattern, accumulating more BTC and signaling optimism for the future, hinting at a shift towards seeing Bitcoin as a store of value.

然而，儘管有挑戰性的條件，但長期持有人（LTHS）仍顯示出不同的模式，積累了更多的BTC和對未來的信號樂觀，這暗示著將比特幣視為價值存儲的轉變。

Short-Term Bitcoin Holders Face Heavy Losses Amid Market Conditions

在市場條件下，短期比特幣持有者面臨巨大的損失

Data from on-chain analytics firm Glassnode reveals that STHs have faced over $7 billion in realized losses over the past 30 days. This marks the most prolonged loss event in the current market cycle. The firm also pointed out that unrealized losses among STHs have intensified, nearing a critical threshold.

來自鏈分析公司玻璃節的數據表明，在過去的30天內，STH面臨超過70億美元的已實現損失。這標誌著當前市場週期中最漫長的損失事件。該公司還指出，STH之間未實現的損失已經加劇，接近臨界閾值。

Historically, at such levels, there is a higher risk of capitulation, where holders might abandon their positions in a panic to minimize further losses. However, it’s worth noting that these reported losses are significantly lower than the massive $19.8 billion and $20.7 billion spikes seen during the 2021-2022 market crash.

從歷史上看，在這樣的水平上，投降的風險更高，持有人可能會在恐慌中放棄其立場，以最大程度地減少進一步的損失。但是，值得注意的是，這些報告的損失顯著低於在2021 - 2022年市場崩潰期間看到的大量198億美元和207億美元的尖峰。

The current losses align more closely with past correction patterns seen in bullish market cycles, suggesting that Bitcoin’s broader uptrend may still be intact.

目前的損失與看漲的市場週期中過去的校正模式更加緊密，這表明比特幣的更廣泛的上升可能仍然完好無損。

[email protected] #Bitcoin short-term holder realized losses have now reached $7 billion over the past 30 days, the most prolonged period of losses in the current market cycle.

[電子郵件保護] #bitcoin短期持有人意識到過去30天的損失現已達到70億美元，這是當前市場週期中最長時間的損失。

The short-term holder (3-180 days) unrealized losses have also begun to rise, nearing a critical threshold that, in the past, has signaled a higher risk of capitulation.

短期持有人（3-180天）未實現的損失也開始上升，幾乎是一個關鍵的閾值，過去，這表明了投降的風險更高。

— Glassnode (@glassnode) March 12, 2024

- 2024年3月12日玻璃節（@glassnode）

Bitcoin Market Sentiment Shows Uncertainty

比特幣市場情緒顯示不確定性

On-chain data from CryptoQuant showed that Bitcoin’s Bull Score Index has dropped to its lowest point in two years, signaling heightened uncertainty in the market.

來自加密素養的鍊鍊數據表明，比特幣的公牛得分指數已在兩年內下降到最低點，這標誌著市場不確定性提高。

At the time of publication, Bitcoin was trading at around $86,000, down about 23% from its January all-time high of over $113,000.

在出版時，比特幣的交易價格約為86,000美元，比一月份的歷史最高高點（超過113,000美元）下降了約23％。

The market’s corrective phase was further underscored by the BTC price hitting a four-month low of $76,000 on March 11.

BTC價格在3月11日達到76,000美元的四個月低點，進一步強調了市場的糾正階段。

CryptoQuant also noted that sustained outflows from Bitcoin exchange-traded funds (ETFs) contributed to the ongoing uncertainty, with more than $4.4 billion flowing out of spot BTC ETFs since February.

CryptoQuant還指出，比特幣交易所交易基金（ETF）的流出持續了持續的不確定性，自2月以來，超過44億美元從現貨BTC ETF中流出。

However, despite these outflows, recent days have seen some reversal, with consecutive days of net inflows into spot Bitcoin ETFs.

然而，儘管流出了這些流出，最近幾天還是有些逆轉，淨流入幾天成為斑點比特幣ETF。

Long-Term Bitcoin Holders Show Growing Optimism

長期比特幣持有人表現出越來越樂觀

In contrast to the STHs, LTHs are displaying more resilience, with their activity remaining subdued and sell-side pressure decreasing. The Binary Spending Indicator, which tracks when LTHs are spending a large portion of their holdings, shows a notable slowdown in activity.

與STH相反，LTHS表現出更大的彈性，其活性保持柔和和賣方壓力降低。二進制支出指示器跟踪LTH何時花費大部分持有的二進制支出指標，其活動的速度顯著放緩。

This suggests that many LTHs are holding their positions, perhaps expecting further upside later in the year. The trend towards accumulation is particularly evident among new Bitcoin whales—addresses holding at least 1,000 BTC.

這表明許多LTH處於自己的位置，也許希望在今年晚些時候上升。在新的比特幣鯨中，積累的趨勢尤為明顯 - 持有至少1,000 btc的地址。

According to CryptoQuant, this cohort has been aggressively buying BTC during the downturn, collectively acquiring over 1 million BTC since 2024. These new large investors are positioning themselves as key market participants, signaling strong long-term conviction in Bitcoin.

據CryptoQuant稱，自2024年以來，該隊列在低迷期間一直積極購買BTC，共同收購了超過100萬BTC。這些新的大型投資者將自己定位為關鍵市場參與者，這表明了比特幣的長期信念。

Coin Metrics also observed that the share of Bitcoin supply held by LTHs continues to rise, recently reaching 63%. This shift suggests that Bitcoin is evolving into more of a store of value and a reserve asset.

硬幣指標還觀察到，LTHS持有的比特幣供應份額持續上升，最近達到63％。這種轉變表明，比特幣正在發展為價值和儲備資產的更多存儲。

As STHs face financial strain and LTHs accumulate, the stage is set for an interesting unfolding of market trends in the coming months, potentially impacting the cryptocurrency's performance and solidifying its position in the global financial ecosystem.

隨著STH面臨財務壓力和LTH的積累，該階段將在未來幾個月內有趣地展現市場趨勢，從而有可能影響加密貨幣的績效並鞏固其在全球金融生態系統中的地位。

output: Bitcoin (BTC) has been facing significant market pressure in recent times, with short-term holders (STHs) experiencing substantial financial strain and incurring significant losses, largely due to the cryptocurrency’s volatile price movements.

產出：比特幣（BTC）近來一直面臨巨大的市場壓力，短期持有人（STHS）經歷了重大的財務壓力並造成了巨大的損失，這主要是由於加密貨幣的波動價格變動。

However, despite the challenging conditions, long-term holders (LTHs) are displaying a different pattern, accumulating more BTC and signaling optimism for the future, hinting at a shift towards seeing Bitcoin as a store of value.

然而，儘管有挑戰性的條件，但長期持有人（LTHS）仍顯示出不同的模式，積累了更多的BTC和對未來的信號樂觀，這暗示著將比特幣視為價值存儲的轉變。

Short-Term Bitcoin Holders Face Heavy Losses Amid Market Conditions

在市場條件下，短期比特幣持有者面臨巨大的損失

Data from on-chain analytics firm Glassnode reveals that STHs have faced over $7 billion in realized losses over the past 30 days. This marks the most prolonged loss event in the current market cycle. The firm also pointed out that unrealized losses among STHs have intensified, nearing a critical threshold.

來自鏈分析公司玻璃節的數據表明，在過去的30天內，STH面臨超過70億美元的已實現損失。這標誌著當前市場週期中最長時間的損失事件。該公司還指出，STH之間未實現的損失已經加劇，接近臨界閾值。

Historically, at such levels, there is a higher risk of capitulation, where holders might abandon their positions in a panic to minimize further losses. However, it’s worth

從歷史上看，在這樣的水平上，投降的風險更高，持有人可能會在恐慌中放棄其立場，以最大程度地減少進一步的損失。但是，這是值得的