比特币的“钻石之手”终于投降了吗？

链上数据显示，被称为“钻石手”的比特币长期持有者在过去一个月转移了 669,000 BTC。这种大规模分布值得注意，因为 LTH 通常会长期持有其代币，并且其销售可以预示市场变化。最近 LTH 的 30 天净头寸变化为负值，这表明即使是这些坚定的持有者也受到了近期市场事件的影响，包括历史新高和随后的价格下跌。

Have Bitcoin's "Diamond Hands" Finally Capitulated?

比特币的“钻石之手”终于投降了吗？

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.

链上数据描绘了一幅令人震惊的景象：比特币的长期持有者，即所谓的“钻石手”，已经成群结队地放弃了他们的数字黄金。仅在过去 30 天里，这些坚定的投资者就清算了高达 669,000 枚 BTC，此举在加密货币社区引起了轩然大波。

What's Driving the Sell-Off?

是什么推动了抛售？

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 荷兰社区经理 Maartunn 将休眠代币交易的激增归因于“长期持有者”（LTH）群体，即那些持有 BTC 至少 155 天的人。从统计数据来看，投资者持有的时间越长，出售的可能性就越小，这使得 LTH 成为市场情绪的风向标。

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，即使是最坚定的持有者也无法免受市场波动的影响。他们 30 天内的“净头寸变化”（追踪 BTC 进出钱包的流量的指标）已陷入负数区域。正如 Maartunn 的图表所示，最近的飙升幅度令人震惊。

Unveiling the Significance

揭示意义

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.

结合这次抛售来看，LTH 清算的 669,000 BTC 相当于惊人的 447 亿美元。这表明，即使是最坚定的信徒也被最近加密货币市场的过山车之旅所动摇。

Historical Precedents

历史先例

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.

仔细观察图表就会发现，历史上，LTH 在比特币之前的牛市反弹期间曾大量抛售，与历史新高 (ATH) 一致。然而，值得注意的是，这些峰值通常发生在牛市周期的中期，而不是高峰期。

Scale Matters

规模很重要

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.

虽然目前的净头寸负值大幅上升，但就 BTC 规模而言，其规模比 2017 年和 2021 年牛市期间观察到的要小。这表明 LTH 净分配峰值可能尚未结束。

Bitcoin's Recovery Attempt

比特币的复苏尝试

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.

尽管 LTH 遭到抛售，但比特币最近几天一直显示出复苏的迹象，其价格回升至 67,000 美元的水平。此次涨势能否持续，或者未来是否会出现进一步动荡，还有待观察。

Conclusion

结论

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.

比特币长期持有者最近的抛售清醒地提醒人们，加密货币市场固有的波动性。虽然尚不清楚最糟糕的情况是否已经过去，但比特币的弹性和钻石之手的坚定支持将最终决定其未来的轨迹。