比特币投资者刚刚参加了大量亏损，因为资产的价格已经发生了崩溃

链上的数据显示，随着资产的价格崩溃，比特币投资者已经参加了大量损失。

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.

链上的数据表明，随着资产的价格崩溃，比特币投资者已经参与了大量的损失。

Bitcoin Entity-Adjusted Realized Loss Observed A Sharp Spike Recently

比特币实体调整后的实现损失最近观察到了尖峰

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，链上分析公司GlassNode谈到了比特币损失的最新趋势。这里的“实现损失”是指衡量投资者每天通过网络交易'实现'的总损失的指标。

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.

该指标通过浏览在区块链上出售的每个硬币的转移历史，以查看在此之前提出的价格。如果上次销售价格超过任何代币的当前价格，那么可以认为该特定硬币的销售会导致损失实现。

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.

实现的损失认为，这种损失等于两个价格之间的差额。以这种方式，度量计算每笔交易中涉及的损失，然后找到网络的总和。称为实现利润的同行指标跟踪相反类型的转移。

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.

现在，这是GlassNode共享的图表，该图表显示了过去几年中由比特币实体调整后的实现损失的趋势。

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.

在图中，已实现的损失的版本是“实体调整后的”，这意味着指标仅说明两个独立实体之间发生的销售，而不仅仅是地址。一个实体是分析公司决定属于同一投资者的钱包的集合。

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.

同一投资者的地址之间的交易并没有真正导致任何损失或利润实现，因此将这些举动排除在指标数据中是有意义的。

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.

如图所示，由比特币实体调整后的实现损失最近观察到了急剧的尖峰，这意味着投资者进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.

这项投降事件自然是BTC最近目睹的看跌波动的结果。在最初的崩溃期间，该指标的价值达到了8.18亿美元，这是迄今为止该周期的第二大损失事件。

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.

指标观察到较大的高峰的唯一投降事件是在日元卡里贸易中放松了去年，投资者意识到总计13.4亿美元的损失。

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.

从历史上看，投资者屈服的大众抛售通常导致比特币的底部，因为在这些时期，令牌往往会从虚弱的手转移到强大的手。现在，这次实现损失的峰值是否会对加密货币产生相似的影响，这还有待观察。

BTC Price

BTC价格

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.

在撰写本文时，比特币浮动约90,300美元，在过去七天中增长了近7％。在过去的14天中，加密货币观察到约10％的降低。