比特币短期持有者在市场低迷中投降，引发波动性激增

在波动的比特币市场中，最近的链上数据显示短期持有者（STH）大量外流。面对价格下跌，STH 纷纷亏本将大量代币存入交易所，引发恐慌性抛售。这一走势凸显了加密货币市场供需之间的微妙平衡，凸显了短期和长期持有者行为的对比。

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

随着短期比特币持有者在市场低迷中投降，波动性激增

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.

在加密货币市场的动荡发展中，链上数据揭示了短期比特币持有者的重大投降。在价值大幅下跌的推动下，这些投资者纷纷将大量代币存入交易所，在此过程中遭受了重大损失。这种行为凸显了比特币生态系统内供给和需求的不稳定动态。

Short-Term Holders' Anxious Response to Market Turbulence

短期持有者对市场动荡的焦虑反应

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.

短期比特币持有者（STH）是指在过去 155 天内购买比特币的投资者，他们对市场波动表现出明显的脆弱性。与长期持有者 (LTH) 相比，STH 倾向于在较短的时间内持有其投资。

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.

传统上，观察时间的流逝可以增强投资者对其持有的比特币的信念。然而，近期的市场波动暴露了STH这种情绪的脆弱性，与被称为市场“钻石手”的LTH坚定不移的奉献精神形成鲜明对比。

Price Swings Trigger Capital Outflows from STHs

价格波动引发STH的资本外流

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.

当发生重大市场变化时，例如价格上涨或崩盘，STH 通常会迅速做出反应。最近的比特币下跌引发了这些短期参与者的一系列活动。

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 图表中所示，Straten 仔细分析的链上数据显示，比特币从 STH 拥有的钱包转移到中心化交易所的数量激增。这种激增表明大量代币被亏本存入，反映出 STH 对市场低迷的恐慌反应。

Heightened Exchange Inflows Indicate Potential Sales

外汇流入增加表明潜在的销售

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.

通常情况下，流入交易所的资金增加意味着对其提供的多功能性的需求增加，暗示即将出售。这些 STH 存款的时机是在 BTC 价格大幅下跌后立即发生的，这强烈表明恐慌性抛售是一个激励因素。

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.

尽管比特币最近接近历史最高点，但很大一部分 STH 仍处于未实现利润的状态。因此，大量的存款量意味着那些试图利用近期高点获利的人遭受了损失。

Echoes of a Similar Phenomenon

类似现象的回声

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.

最新的投降事件与今年早些时候的一次事件非常相似，当时“害怕错过”（FOMO）买家在比特币达到当时的历史高点后不久就陷入了恐慌性抛售。在随后的暴跌期间，STH 的交易转移量损失急剧上升，证实了那些被 ATH 的吸引力所吸引的人纷纷逃离。

Staggering Losses Highlight Market Vulnerability

惊人的损失凸显了市场的脆弱性

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，比特币短期交易者在 48 小时内将价值 52 亿美元的贬值代币存入各个交易所。

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.

尽管过去几天比特币的价值大幅下跌，但它一直难以恢复上涨势头，价格徘徊在 66,500 美元左右。这种价格波动凸显了加密货币市场固有的波动性，强调了在价值潮起潮落中审慎投资策略的重要性。