比特幣投資者剛剛參加了大量虧損，因為資產的價格已經發生了崩潰

鏈上的數據顯示，隨著資產的價格崩潰，比特幣投資者已經參加了大量損失。

On-chain data is showing that the Bitcoin investors have participated in a massive amount of loss-taking as the asset’s price has gone through a crash.

鏈上的數據表明，隨著資產的價格崩潰，比特幣投資者已經參與了大量的損失。

Bitcoin Entity-Adjusted Realized Loss Observed A Sharp Spike Recently

比特幣實體調整後的實現損失最近觀察到了尖峰

In a new post on X, the on-chain analytics firm Glassnode has talked about the latest trend in the Realized Loss for Bitcoin. The “Realized Loss” here refers to an indicator that measures the total amount of loss that the investors are ‘realizing’ through their transactions on the network every day.

在X上的新帖子中，鏈上分析公司GlassNode談到了比特幣損失的最新趨勢。這裡的“實現損失”是指衡量投資者每天通過網絡交易'實現'的總損失的指標。

The metric works by going through the transfer history of each coin being sold on the blockchain to see what price it was moved at prior to this. If the last selling price was more than the current price for any token, then that particular coin’s sale can be assumed to be resulting in loss realization.

該指標通過瀏覽在區塊鏈上出售的每個硬幣的轉移歷史，以查看在此之前提出的價格。如果上次銷售價格超過任何代幣的當前價格，那麼可以認為該特定硬幣的銷售會導致損失實現。

The Realized Loss considers that this loss is equal to the difference between the two prices. In this manner, the metric calculates the loss involved in each transaction and then finds the total sum for the network. A counterpart metric known as the Realized Profit keeps track of the transfers of the opposite type.

實現的損失認為，這種損失等於兩個價格之間的差額。以這種方式，度量計算每筆交易中涉及的損失，然後找到網絡的總和。稱為實現利潤的同行指標跟踪相反類型的轉移。

Now, here is the chart shared by Glassnode that shows the trend in the Bitcoin Entity-Adjusted Realized Loss over the last couple of years.

現在，這是GlassNode共享的圖表，該圖表顯示了過去幾年中由比特幣實體調整後的實現損失的趨勢。

In the graph, the version of the Realized Loss is the “Entity-Adjusted” one, meaning that the metric only accounts for sales happening between two separate entities, not just addresses. An entity is a collection of wallets that the analytics firm has determined to belong to the same investor.

在圖中，已實現的損失的版本是“實體調整後的”，這意味著指標僅說明兩個獨立實體之間發生的銷售，而不僅僅是地址。一個實體是分析公司決定屬於同一投資者的錢包的集合。

Transactions between the addresses of the same investor don’t really lead to any loss or profit realization, so it makes sense to exclude such moves from the data of the indicator.

同一投資者的地址之間的交易並沒有真正導致任何損失或利潤實現，因此將這些舉動排除在指標數據中是有意義的。

As displayed in the chart, the Bitcoin Entity-Adjusted Realized Loss has observed a sharp spike recently, implying the investors have made a large number of underwater transactions.

如圖所示，由比特幣實體調整後的實現損失最近觀察到了急劇的尖峰，這意味著投資者進行了大量的水下交易。

This capitulation event is naturally a result of the bearish volatility that BTC has witnessed recently. During the initial crash, the metric’s value hit a whopping $818 million, which is the second largest loss-taking event for the cycle thus far.

這項投降事件自然是BTC最近目睹的看跌波動的結果。在最初的崩潰期間，該指標的價值達到了8.18億美元，這是迄今為止該週期的第二大損失事件。

The only capitulation event where the indicator observed a larger peak was during the yen-carry trade unwind of last year, where investors realized a total of $1.34 billion in losses.

指標觀察到較大的高峰的唯一投降事件是在日元卡里貿易中放鬆了去年，投資者意識到總計13.4億美元的損失。

Historically, mass selloffs where investors capitulate have generally led to bottoms for Bitcoin, as tokens tend to transfer from weak hands to strong ones in these periods. It now remains to be seen whether the spike in Realized Loss would have a similar effect on the cryptocurrency this time or not.

從歷史上看，投資者屈服的大眾拋售通常導致比特幣的底部，因為在這些時期，令牌往往會從虛弱的手轉移到強大的手。現在，這次實現損失的峰值是否會對加密貨幣產生相似的影響，這還有待觀察。

BTC Price

BTC價格

At the time of writing, Bitcoin is floating around $90,300, up almost 7% in the last seven days. The cryptocurrency observed a drop of around 10% over the last fourteen days.

在撰寫本文時，比特幣浮動約90,300美元，在過去七天中增長了近7％。在過去的14天中，加密貨幣觀察到約10％的降低。