由于短期持有人遭受损失，比特币（BTC）面临市场压力

比特币最近的市场表现强调了短期持有人的持续斗争，日益严重的财务压力和巨大的损失。

Bitcoin (BTC) has been facing significant market pressure in recent times, with short-term holders (STHs) experiencing substantial financial strain and incurring significant losses, largely due to the cryptocurrency’s volatile price movements.

比特币（BTC）近来一直面临着巨大的市场压力，短期持有人（STHS）经历了重大的财务压力并造成了巨大的损失，这主要是由于加密货币的波动价格变动。

However, despite the challenging conditions, long-term holders (LTHs) are displaying a different pattern, accumulating more BTC and signaling optimism for the future, hinting at a shift towards seeing Bitcoin as a store of value.

然而，尽管有挑战性的条件，但长期持有人（LTHS）仍显示出不同的模式，积累了更多的BTC和对未来的信号乐观，这暗示着将比特币视为价值存储的转变。

Short-Term Bitcoin Holders Face Heavy Losses Amid Market Conditions

在市场条件下，短期比特币持有者面临巨大的损失

Data from on-chain analytics firm Glassnode reveals that STHs have faced over $7 billion in realized losses over the past 30 days. This marks the most prolonged loss event in the current market cycle. The firm also pointed out that unrealized losses among STHs have intensified, nearing a critical threshold.

来自链分析公司玻璃节的数据表明，在过去的30天内，STH面临超过70亿美元的已实现损失。这标志着当前市场周期中最漫长的损失事件。该公司还指出，STH之间未实现的损失已经加剧，接近临界阈值。

Historically, at such levels, there is a higher risk of capitulation, where holders might abandon their positions in a panic to minimize further losses. However, it’s worth noting that these reported losses are significantly lower than the massive $19.8 billion and $20.7 billion spikes seen during the 2021-2022 market crash.

从历史上看，在这样的水平上，投降的风险更高，持有人可能会在恐慌中放弃其立场，以最大程度地减少进一步的损失。但是，值得注意的是，这些报告的损失显着低于在2021 - 2022年市场崩溃期间看到的大量198亿美元和207亿美元的尖峰。

The current losses align more closely with past correction patterns seen in bullish market cycles, suggesting that Bitcoin’s broader uptrend may still be intact.

目前的损失与看涨的市场周期中过去的校正模式更加紧密，这表明比特币的更广泛的上升可能仍然完好无损。

[email protected] #Bitcoin short-term holder realized losses have now reached $7 billion over the past 30 days, the most prolonged period of losses in the current market cycle.

[电子邮件保护] #bitcoin短期持有人意识到过去30天的损失现已达到70亿美元，这是当前市场周期中最长时间的损失。

The short-term holder (3-180 days) unrealized losses have also begun to rise, nearing a critical threshold that, in the past, has signaled a higher risk of capitulation.

短期持有人（3-180天）未实现的损失也开始上升，几乎是一个关键的阈值，过去，这表明了投降的风险更高。

— Glassnode (@glassnode) March 12, 2024

- 2024年3月12日玻璃节（@glassnode）

Bitcoin Market Sentiment Shows Uncertainty

比特币市场情绪显示不确定性

On-chain data from CryptoQuant showed that Bitcoin’s Bull Score Index has dropped to its lowest point in two years, signaling heightened uncertainty in the market.

来自加密素养的链链数据表明，比特币的公牛得分指数已在两年内下降到最低点，这标志着市场不确定性提高。

At the time of publication, Bitcoin was trading at around $86,000, down about 23% from its January all-time high of over $113,000.

在出版时，比特币的交易价格约为86,000美元，比一月份的历史最高高点（超过113,000美元）下降了约23％。

The market’s corrective phase was further underscored by the BTC price hitting a four-month low of $76,000 on March 11.

BTC价格在3月11日达到76,000美元的四个月低点，进一步强调了市场的纠正阶段。

CryptoQuant also noted that sustained outflows from Bitcoin exchange-traded funds (ETFs) contributed to the ongoing uncertainty, with more than $4.4 billion flowing out of spot BTC ETFs since February.

CryptoQuant还指出，比特币交易所交易基金（ETF）的流出持续了持续的不确定性，自2月以来，超过44亿美元从现货BTC ETF中流出。

However, despite these outflows, recent days have seen some reversal, with consecutive days of net inflows into spot Bitcoin ETFs.

然而，尽管流出了这些流出，最近几天还是有些逆转，净流入几天成为斑点比特币ETF。

Long-Term Bitcoin Holders Show Growing Optimism

长期比特币持有人表现出越来越乐观

In contrast to the STHs, LTHs are displaying more resilience, with their activity remaining subdued and sell-side pressure decreasing. The Binary Spending Indicator, which tracks when LTHs are spending a large portion of their holdings, shows a notable slowdown in activity.

与STH相反，LTHS表现出更大的弹性，其活性保持柔和和卖方压力降低。二进制支出指示器跟踪LTH何时花费大部分持有的二进制支出指标，其活动的速度显着放缓。

This suggests that many LTHs are holding their positions, perhaps expecting further upside later in the year. The trend towards accumulation is particularly evident among new Bitcoin whales—addresses holding at least 1,000 BTC.

这表明许多LTH处于自己的位置，也许希望在今年晚些时候上升。在新的比特币鲸中，积累的趋势尤为明显 - 持有至少1,000 btc的地址。

According to CryptoQuant, this cohort has been aggressively buying BTC during the downturn, collectively acquiring over 1 million BTC since 2024. These new large investors are positioning themselves as key market participants, signaling strong long-term conviction in Bitcoin.

据CryptoQuant称，自2024年以来，该队列在低迷期间一直积极购买BTC，共同收购了超过100万BTC。这些新的大型投资者将自己定位为关键市场参与者，这表明了比特币的长期信念。

Coin Metrics also observed that the share of Bitcoin supply held by LTHs continues to rise, recently reaching 63%. This shift suggests that Bitcoin is evolving into more of a store of value and a reserve asset.

硬币指标还观察到，LTHS持有的比特币供应份额持续上升，最近达到63％。这种转变表明，比特币正在发展为价值和储备资产的更多存储。

As STHs face financial strain and LTHs accumulate, the stage is set for an interesting unfolding of market trends in the coming months, potentially impacting the cryptocurrency's performance and solidifying its position in the global financial ecosystem.

随着STH面临财务压力和LTH的积累，该阶段将在未来几个月内有趣地展现市场趋势，从而有可能影响加密货币的绩效并巩固其在全球金融生态系统中的地位。

output: Bitcoin (BTC) has been facing significant market pressure in recent times, with short-term holders (STHs) experiencing substantial financial strain and incurring significant losses, largely due to the cryptocurrency’s volatile price movements.

产出：比特币（BTC）近来一直面临巨大的市场压力，短期持有人（STHS）经历了重大的财务压力并造成了巨大的损失，这主要是由于加密货币的波动价格变动。

However, despite the challenging conditions, long-term holders (LTHs) are displaying a different pattern, accumulating more BTC and signaling optimism for the future, hinting at a shift towards seeing Bitcoin as a store of value.

然而，尽管有挑战性的条件，但长期持有人（LTHS）仍显示出不同的模式，积累了更多的BTC和对未来的信号乐观，这暗示着将比特币视为价值存储的转变。

Short-Term Bitcoin Holders Face Heavy Losses Amid Market Conditions

在市场条件下，短期比特币持有者面临巨大的损失

Data from on-chain analytics firm Glassnode reveals that STHs have faced over $7 billion in realized losses over the past 30 days. This marks the most prolonged loss event in the current market cycle. The firm also pointed out that unrealized losses among STHs have intensified, nearing a critical threshold.

来自链分析公司玻璃节的数据表明，在过去的30天内，STH面临超过70亿美元的已实现损失。这标志着当前市场周期中最漫长的损失事件。该公司还指出，STH之间未实现的损失已经加剧，接近临界阈值。

Historically, at such levels, there is a higher risk of capitulation, where holders might abandon their positions in a panic to minimize further losses. However, it’s worth

从历史上看，在这样的水平上，投降的风险更高，持有人可能会在恐慌中放弃其立场，以最大程度地减少进一步的损失。但是，这是值得的