比特幣（BTC）短期持有人實現了最近的損失，最近已經達到了很高的水平

鏈上數據顯示，比特幣短期持有人最近參加了當前週期中最大的損失事件。

In its latest weekly report, on-chain analytics firm Glassnode has discussed how the situation of the Bitcoin short-term holders has changed following the market downturn.

On-Chain Analytics公司GlassNode在其最新的每週報告中討論了比特幣短期持有人的狀況如何隨著市場低迷而改變。

The “short-term holders” (STHs) are the BTC investors who purchased their coins within the past 155 days. This cohort includes the new entrants into the market, who don’t tend to be too resolute. As such, it’s not uncommon to see the group participating in a panic selloff, whenever some kind of volatility emerges in the market.

“短期持有人”（STHS）是BTC投資者，他們在過去155天內購買了硬幣。該隊列包括進入市場的新進入者，他們往往不會太堅決。因此，每當市場上出現某種波動性時，就會看到該小組參與恐慌拋售並不少見。

The recent price decline has been one such moment. First, here is a chart shared by the analytics firm that shows how the Relative Unrealized Loss of the STHs has developed during this event:

最近的價格下跌一直是這樣的時刻。首先，這是分析公司共享的圖表，該圖表顯示了在此事件中STH的相對未實現的損失是如何發展的：

The “Relative Unrealized Loss” measures, as its name suggests, the total amount of loss that the STHs are holding onto. The ‘relative’ in the indicator’s name refers to the fact that this loss has been normalized according to the market cap.

顧名思義，“相對未實現的損失”措施是STH所持有的總損失量。指標名稱中的“親戚”是指以下事實：根據市值，該損失已被歸一化。

As is visible in the graph, the Bitcoin STH Relative Unrealized Loss has observed a significant increase recently and has reached the upper threshold for losses recorded in bull markets historically (the red line).

如圖所示，比特幣STH相對未實現的損失最近觀察到了顯著的增長，並且已經達到了歷史上牛市記錄的損失的上限（紅線）。

Glassnode notes, though, “despite these elevated paper losses, the financial damage carried by new investors remains largely in line with the yen-carry-trade unwind on 5-Aug-2024.”

GlassNode指出，“儘管紙質損失升高，但新投資者造成的財務損失仍與2024年8月5日的日元攜帶者貿易保持一致。”

As long as an investor keeps sitting on their loss, it remains unrealized, but once they decide to make a transaction involving the underwater tokens, the loss is said to be ‘realized.’

只要投資者繼續遭受損失，它仍然無法實現，但是一旦他們決定進行涉及水下代幣的交易，據說損失將被“實現”。

Given that a portion of the group has been pushed underwater in the latest crash, it would be expected that the fickle-minded members of it would have capitulated at some loss. Here is another chart, this time for the loss that the STHs have actually realized:

鑑於該小組的一部分在最新的墜機事故中被推到水下，因此預計有善意的成員會在某種程度上屈服。這是另一個圖表，這次是STH真正意識到的損失：

As displayed in the above graph, the 30-day sum of the Bitcoin STH Realized Loss has reached the $7 billion mark recently, which is the highest value witnessed in the current cycle so far.

如上圖所示，比特幣STH實現的30天總和最近達到了70億美元的大關，這是迄今為止當前週期中最高的價值。

It’s also apparent from the chart, however, that while these losses are sizeable on their own, the same isn’t the case when stacked against the major capitulation events of the previous cycle.

但是，從圖表也可以明顯看出，儘管這些損失本身很大，但與上一個週期的重大投票事件堆疊在一起時，情況並非如此。

In the loss-taking event that followed the May 2021 selloff, the indicator’s value reached $19.8 billion. Similarly, it reached a high of $20.7 billion during the 2022 bear market. Both of these are clearly much larger in scale than the latest capitulation.

在2021年5月拋售之後的損失事件中，指標的價值達到了198億美元。同樣，在2022年熊市中，它達到了207億美元。這兩個顯然都比最新的投降大得多。