比特幣（BTC）意識到的損失正在顯示飽和的跡象，這表明賣家可能正在疲憊

分析公司的玻璃節揭示了比特幣的趨勢如何意識到損失可能意味著賣家可能會開始疲憊。

The analytics firm Glassnode has revealed how the trend in the Bitcoin Realized Loss could imply sellers may be starting to reach exhaustion.

分析公司的玻璃節揭示了比特幣的趨勢如何意識到損失可能意味著賣家可能會開始疲憊。

Bitcoin Realized Loss Is Showing Signs Of Saturation

比特幣意識到損失正在顯示飽和的跡象

In a new post on X, Glassnode has talked about how the Bitcoin capitulation has looked during the latest price drawdown. The on-chain indicator of relevance here is the “Realized Loss,” which measures, as its name suggests, the total amount of loss that the investors on the Bitcoin network as a whole are ‘realizing.’

在X上的新帖子中，GlassNode談到了比特幣投降期間在最新價格下跌期間的外觀。相關性的鍊鍊指標是“已實現的損失”，顧名思義，它衡量了比特幣網絡上投資者整體上的投資者的總損失總量。

The metric works by going through the transaction history of each coin being moved or sold on the blockchain to see what price it was transacted at prior to this. If the previous selling price is more than the current spot price for any coin, then its sale is said to be contributing to loss realization.

該指標通過瀏覽每個硬幣在區塊鏈上移動或出售的交易歷史記錄，以查看此之前交易的價格。如果以前的售價高於任何硬幣的當前現貨價格，那麼據說其銷售將導致損失實現。

The amount of loss being realized in the sale is, of course, equal to the difference between the two prices. The Realized Loss calculates this value for all transactions occurring on the network and sums them up to find the total situation.

當然，在銷售中實現的損失量等於兩個價格之間的差額。實現的損失為網絡上發生的所有交易計算了此值，並總結了它們以找到總情況。

Like the Realized Loss, there is also an indicator known as the Realized Profit. This metric naturally keeps track of the sales of the opposite type (that is, where last transfer value is lower than the latest spot price).

像已實現的損失一樣，也有一個指標稱為已實現的利潤。該指標自然會跟踪相反類型的銷售（即，最後一個傳輸價值低於最新現貨價格）。

Now, here is the chart for the Bitcoin Realized Loss shared by the analytics firm that shows the trend in its 6-hour rolling value over the past year:

現在，這是分析公司分享的比特幣實現的損失的圖表，該公司在過去一年中顯示了其6小時滾動價值的趨勢：

As is visible in the above graph, the Bitcoin Realized Loss observed several large spikes during the bearish price action in February and March, suggesting the investors panic sold their underwater coins.

如上圖中可見的那樣，比特幣意識到損失在2月和3月的看跌價格行動中觀察到了幾個巨大的尖峰，這表明投資者的恐慌出售了他們的水下硬幣。

The recent FUD around tariffs has triggered a continuation of the drawdown for the asset and predictably, the holders have shown sizeable capitulation now as well.

最近圍繞關稅的FUD引發了資產的縮減的延續，並且可以預見的是，持有人現在也顯示出較大的投降。

But interestingly, the scale of the 6-hour Realized Loss has been notably lower than the spikes from before. This could imply capitulation is reaching a point of saturation, which, according to Glassnode, may be an early sign that the sellers are becoming exhausted. If so, then it’s possible that BTC may be close to some sort of bottom.

但是有趣的是，6小時實現的損失的規模明顯低於以前的尖峰。這可能意味著投降已經達到飽和點，根據玻璃節的說法，這可能是賣方變得筋疲力盡的早期跡象。如果是這樣，那麼BTC可能會接近某種底部。

In the same thread, the on-chain analytics firm has also discussed about the recent trajectory in the market cap of the altcoins (that is, the cryptocurrencies excluding Bitcoin, Ethereum, and the stablecoins).

在同一線程中，鏈上分析公司還討論了山寨幣市值最近的軌跡（即，不包括比特幣，以太坊和穩定的加密貨幣）。

From the chart, it’s apparent that the altcoin market cap was sitting at an all-time high of $1 trillion in December 2024, but today the metric has shrunken to $583 billion. “Assets further out on the risk curve have shown heightened sensitivity to liquidity shocks, leading to severe sector-wide devaluation,” notes Glassnode.

從圖表來看，顯然，Altcoin市值在2024年12月的歷史最高點1萬億美元，但今天的度量已縮減至5830億美元。 GlassNode指出：“在風險曲線上的資產進一步顯示出對流動性衝擊的敏感性提高，導致嚴重的範圍貶值。”

BTC Price

BTC價格

Bitcoin has been making an attempt at recovery during the last couple of days as its price has returned to $81,900.

在過去的幾天裡，比特幣一直在嘗試恢復，因為其價格已返回81,900美元。