比特幣短期持有者在市場低迷中投降，引發波動性激增

在波動的比特幣市場中，最近的鏈上數據顯示短期持有者（STH）大量外流。面對價格下跌，STH 紛紛虧本將大量代幣存入交易所，引發恐慌性拋售。這一走勢凸顯了加密貨幣市場供需之間的微妙平衡，凸顯了短期和長期持有者行為的對比。

Volatility Surges as Short-Term Bitcoin Holders Capitulate Amidst Market Downturn

隨著短期比特幣持有者在市場低迷中投降，波動性激增

In a tumultuous development within the cryptocurrency market, on-chain data unveils a significant capitulation among short-term Bitcoin holders. Driven by a sharp decline in value, these investors have rushed to deposit substantial amounts of tokens into exchanges, recording significant losses in the process. This behavior highlights the volatile dynamics of supply and demand within the Bitcoin ecosystem.

在加密貨幣市場的動盪發展中，鏈上數據揭示了短期比特幣持有者的重大投降。在價值大幅下跌的推動下，這些投資者紛紛將大量代幣存入交易所，並在此過程中遭受了重大損失。這種行為凸顯了比特幣生態系內供給與需求的不穩定動態。

Short-Term Holders' Anxious Response to Market Turbulence

短期持有者對市場動盪的焦慮反應

Short-term Bitcoin holders (STHs), defined as investors who acquired their coins within the past 155 days, have exhibited a distinct vulnerability to market fluctuations. In contrast to their longer-term counterparts, known as long-term holders (LTHs), STHs tend to hold their investments for briefer periods.

短期比特幣持有者（STH）是指在過去 155 天內購買比特幣的投資者，他們對市場波動表現出明顯的脆弱性。與長期持有者 (LTH) 相比，STH 傾向於在較短的時間內持有其投資。

Traditionally, the passage of time has been observed to strengthen investors' conviction in their Bitcoin holdings. However, the recent market volatility has exposed the fragility of this sentiment among STHs, contrasting sharply with the unwavering dedication of LTHs, who have been dubbed the "diamond hands" of the market.

傳統上，觀察時間的流逝可以增強投資者對其持有的比特幣的信念。然而，近期的市場波動暴露了STH這種情緒的脆弱性，與被稱為市場「鑽石手」的LTH堅定不移的奉獻精神形成鮮明對比。

Price Swings Trigger Capital Outflows from STHs

價格波動引發STH的資本外流

When significant market shifts occur, such as price rallies or crashes, STHs often react swiftly. The recent Bitcoin drawdown ignited a flurry of activity among these short-term players.

當發生重大市場變化時，例如價格上漲或崩盤，STH 通常會迅速做出反應。最近的比特幣下跌引發了這些短期參與者的一系列活動。

On-chain data meticulously analyzed by Straten, as depicted in a Glassnode chart, reveals a surge in the movement of Bitcoin from STH-owned wallets to centralized exchanges. This surge suggests a substantial volume of tokens being deposited at a loss, mirroring the panicked reactions of STHs to the market downturn.

正如 Glassnode 圖表所示，Straten 仔細分析的鏈上數據顯示，比特幣從 STH 擁有的錢包轉移到中心化交易所的數量激增。這種激增表明大量代幣被虧本存入，反映出 STH 對市場低迷的恐慌反應。

Heightened Exchange Inflows Indicate Potential Sales

外匯流入增加表示潛在的銷售

Typically, increased inflows into exchanges imply a rise in demand for the versatility they offer, hinting at impending sales. The timing of these STH deposits, occurring immediately after a sharp BTC price drop, strongly suggests that panic-selling was a motivating factor.

通常情況下，流入交易所的資金增加意味著對其提供的多功能性的需求增加，暗示即將出售。這些 STH 存款的時機是在 BTC 價格大幅下跌後立即發生的，這強烈表明恐慌性拋售是一個激勵因素。

Despite Bitcoin's recent proximity to its all-time high, a significant proportion of STHs remain in a state of unrealized profit. Consequently, the substantial deposit volume represents the losses incurred by those who attempted to capitalize on the recent highs.

儘管比特幣最近接近歷史最高點，但很大一部分 STH 仍處於未實現利潤的狀態。因此，大量的存款量意味著那些試圖利用近期高點獲利的人遭受了損失。

Echoes of a Similar Phenomenon

類似現象的迴聲

This latest episode of capitulation bears remarkable resemblance to an earlier event this year, when "Fear of Missing Out" (FOMO) buyers succumbed to panic-selling shortly after Bitcoin reached its then-all-time high. The exchange transfer volume loss from STHs spiked dramatically during the subsequent plunge, confirming the flight of those lured by the attraction of the ATH.

最新的投降事件與今年早些時候的一次事件非常相似，當時「害怕錯過」（FOMO）買家在比特幣達到當時的歷史高點後不久就陷入了恐慌性拋售。在隨後的暴跌期間，STH 的交易轉移損失急劇上升，證實了那些被 ATH 的吸引力所吸引的人紛紛逃離。

Staggering Losses Highlight Market Vulnerability

驚人的損失凸顯了市場的脆弱性

In the most recent capitulation event, Bitcoin short-term traders deposited an astounding $5.2 billion worth of depreciated coins into various exchanges over a 48-hour period.

在最近的投降事件中，比特幣短期交易者在 48 小時內將價值 52 億美元的貶值代幣存入各個交易所。

While Bitcoin has experienced a significant drop in value over the past few days, it has struggled to regain an upward momentum, with its price hovering around $66,500. This price fluctuation underscores the inherent volatility of the cryptocurrency market, emphasizing the importance of prudent investment strategies amidst the ebb and flow of value.

儘管過去幾天比特幣的價值大幅下跌，但它一直難以恢復上漲勢頭，價格徘徊在 66,500 美元左右。這種價格波動凸顯了加密貨幣市場固有的波動性，並強調了在價值潮起潮落中審慎投資策略的重要性。