比特币（BTC）意识到的损失正在显示饱和的迹象，这表明卖家可能正在疲惫

分析公司的玻璃节揭示了比特币的趋势如何意识到损失可能意味着卖家可能会开始疲惫。

The analytics firm Glassnode has revealed how the trend in the Bitcoin Realized Loss could imply sellers may be starting to reach exhaustion.

分析公司的玻璃节揭示了比特币的趋势如何意识到损失可能意味着卖家可能会开始疲惫。

Bitcoin Realized Loss Is Showing Signs Of Saturation

比特币意识到损失正在显示饱和的迹象

In a new post on X, Glassnode has talked about how the Bitcoin capitulation has looked during the latest price drawdown. The on-chain indicator of relevance here is the “Realized Loss,” which measures, as its name suggests, the total amount of loss that the investors on the Bitcoin network as a whole are ‘realizing.’

在X上的新帖子中，GlassNode谈到了比特币投降期间在最新价格下跌期间的外观。相关性的链链指标是“已实现的损失”，顾名思义，它衡量了比特币网络上投资者整体上的投资者的总损失总量。

The metric works by going through the transaction history of each coin being moved or sold on the blockchain to see what price it was transacted at prior to this. If the previous selling price is more than the current spot price for any coin, then its sale is said to be contributing to loss realization.

该指标通过浏览每个硬币在区块链上移动或出售的交易历史记录，以查看此之前交易的价格。如果以前的售价高于任何硬币的当前现货价格，那么据说其销售将导致损失实现。

The amount of loss being realized in the sale is, of course, equal to the difference between the two prices. The Realized Loss calculates this value for all transactions occurring on the network and sums them up to find the total situation.

当然，在销售中实现的损失量等于两个价格之间的差额。实现的损失为网络上发生的所有交易计算了此值，并总结了它们以找到总情况。

Like the Realized Loss, there is also an indicator known as the Realized Profit. This metric naturally keeps track of the sales of the opposite type (that is, where last transfer value is lower than the latest spot price).

像已实现的损失一样，也有一个指标称为已实现的利润。该指标自然会跟踪相反类型的销售（即，最后一个传输价值低于最新现货价格）。

Now, here is the chart for the Bitcoin Realized Loss shared by the analytics firm that shows the trend in its 6-hour rolling value over the past year:

现在，这是分析公司分享的比特币实现的损失的图表，该公司在过去一年中显示了其6小时滚动价值的趋势：

As is visible in the above graph, the Bitcoin Realized Loss observed several large spikes during the bearish price action in February and March, suggesting the investors panic sold their underwater coins.

如上图中可见的那样，比特币意识到损失在2月和3月的看跌价格行动中观察到了几个巨大的尖峰，这表明投资者的恐慌出售了他们的水下硬币。

The recent FUD around tariffs has triggered a continuation of the drawdown for the asset and predictably, the holders have shown sizeable capitulation now as well.

最近围绕关税的FUD引发了资产的缩减的延续，并且可以预见的是，持有人现在也显示出较大的投降。

But interestingly, the scale of the 6-hour Realized Loss has been notably lower than the spikes from before. This could imply capitulation is reaching a point of saturation, which, according to Glassnode, may be an early sign that the sellers are becoming exhausted. If so, then it’s possible that BTC may be close to some sort of bottom.

但是有趣的是，6小时实现的损失的规模明显低于以前的尖峰。这可能意味着投降已经达到饱和点，根据玻璃节的说法，这可能是卖方变得筋疲力尽的早期迹象。如果是这样，那么BTC可能会接近某种底部。

In the same thread, the on-chain analytics firm has also discussed about the recent trajectory in the market cap of the altcoins (that is, the cryptocurrencies excluding Bitcoin, Ethereum, and the stablecoins).

在同一线程中，链上分析公司还讨论了山寨币市值最近的轨迹（即，不包括比特币，以太坊和稳定的加密货币）。

From the chart, it’s apparent that the altcoin market cap was sitting at an all-time high of $1 trillion in December 2024, but today the metric has shrunken to $583 billion. “Assets further out on the risk curve have shown heightened sensitivity to liquidity shocks, leading to severe sector-wide devaluation,” notes Glassnode.

从图表来看，显然，Altcoin市值在2024年12月的历史最高点1万亿美元，但今天的度量已缩减至5830亿美元。 GlassNode指出：“在风险曲线上的资产进一步显示出对流动性冲击的敏感性提高，导致严重的范围贬值。”

BTC Price

BTC价格

Bitcoin has been making an attempt at recovery during the last couple of days as its price has returned to $81,900.

在过去的几天里，比特币一直在尝试恢复，因为其价格已返回81,900美元。