比特幣的「鑽石之手」終於投降了嗎？

鏈上數據顯示，被稱為「鑽石手」的比特幣長期持有者在過去一個月轉移了 669,000 BTC。這種大規模分佈值得注意，因為 LTH 通常會長期持有其代幣，其銷售可以預示市場變化。最近 LTH 的 30 天淨頭寸變化為負值，這表明即使是這些堅定的持有者也受到了近期市場事件的影響，包括歷史新高和隨後的價格下跌。

Have Bitcoin's "Diamond Hands" Finally Capitulated?

比特幣的「鑽石之手」終於投降了嗎？

On-chain data paints a startling picture: Bitcoin's long-term holders, the so-called "diamond hands," have been parting ways with their digital gold in droves. In the past 30 days alone, these steadfast investors have liquidated a whopping 669,000 BTC, a move that's sent shockwaves through the cryptocurrency community.

鏈上數據描繪了一幅令人震驚的景象：比特幣的長期持有者，即所謂的“鑽石手”，已經成群結隊地放棄了他們的數位黃金。僅在過去 30 天裡，這些堅定的投資者就清算了高達 669,000 枚 BTC，此舉在加密貨幣社區引起了軒然大波。

What's Driving the Sell-Off?

是什麼推動了拋售？

CryptoQuant Netherlands community manager Maartunn attributes the surge in dormant coin transactions to the "long-term holder" (LTH) cohort, defined as those who've held onto their BTC for at least 155 days. Statistically, the longer an investor holds, the less likely they are to sell, making LTHs a bellwether for market sentiment.

CryptoQuant 荷蘭社群經理 Maartunn 將休眠代幣交易的激增歸因於「長期持有者」（LTH）群體，即持有 BTC 至少 155 天的人。從統計數據來看，投資者持有的時間越長，出售的可能性就越小，這使得 LTH 成為市場情緒的風向標。

However, even the most resolute HODLers aren't immune to market volatility. Their "net position change" over 30 days, a metric that tracks the flow of BTC into and out of their wallets, has plunged into negative territory. As Maartunn's chart reveals, the magnitude of this recent spike is alarming.

然而，即使是最堅定的持有者也無法免受市場波動的影響。他們 30 天內的「淨部位變化」（追蹤 BTC 進出錢包的流量的指標）已陷入負數區域。正如 Maartunn 的圖表所示，最近的飆升幅度令人震驚。

Unveiling the Significance

揭示意義

To put this sell-off into context, the 669,000 BTC liquidated by LTHs equates to a staggering $44.7 billion in USD. It's a sign that even the most committed believers have been shaken by the recent rollercoaster ride in the crypto market.

結合這次拋售來看，LTH 清算的 669,000 BTC 相當於驚人的 447 億美元。這表明，即使是最堅定的信徒也被最近加密貨幣市場的過山車之旅所動搖。

Historical Precedents

歷史先例

A closer examination of the chart reveals that LTHs have historically sold big during Bitcoin's previous bull rallies, coinciding with new all-time highs (ATHs). However, it's worth noting that these spikes have typically occurred partway through the bull cycle, not at the peak.

仔細觀察圖表就會發現，歷史上，LTH 在比特幣之前的牛市反彈期間曾大量拋售，與歷史新高 (ATH) 一致。然而，值得注意的是，這些高峰通常發生在牛市週期的中期，而不是高峰期。

Scale Matters

規模很重要

While the current negative net position spike is substantial, it's smaller in BTC-scale than the ones observed during the 2017 and 2021 bull runs. This suggests that the peak LTH net distribution may not have ended yet.

雖然目前的淨頭寸負值大幅上升，但就 BTC 規模而言，其規模比 2017 年和 2021 年牛市期間觀察到的要小。這表明 LTH 淨分配高峰可能尚未結束。

Bitcoin's Recovery Attempt

比特幣的復甦嘗試

Despite the LTH sell-off, Bitcoin has been showing signs of recovery in recent days, with its price climbing back towards the $67,000 level. It remains to be seen whether this rally will be sustained or if further turbulence lies ahead.

儘管 LTH 遭到拋售，但比特幣最近幾天一直顯示出復甦的跡象，其價格回升至 67,000 美元的水平。此次漲勢能否持續，或未來是否會出現進一步動盪，仍有待觀察。

Conclusion

結論

The recent sell-off by Bitcoin's long-term holders is a sobering reminder of the volatility inherent in the cryptocurrency market. While it's unclear whether the worst is behind us, the resilience of Bitcoin and the unwavering support of its diamond hands will ultimately determine its future trajectory.

比特幣長期持有者最近的拋售清醒地提醒人們，加密貨幣市場固有的波動性。雖然尚不清楚最糟糕的情況是否已經過去，但比特幣的彈性和鑽石之手的堅定支持將最終決定其未來的軌跡。