<p>比特币在过去两周的价格表现引发了人们的广泛关注，因为该币的价值持续下滑（目前约下降 15%），远离其历史最高点。随着这款旗舰加密货币的放缓，最新的链上数据表明，一群投资者正在大规模退出市场。</p>
<p><strong>更多短期持有者正在放弃他们的持仓</strong></p>
<p>在 10 月 18 日的 X 平台帖子中，链上分析师 Darkfost 透露，许多比特币的短期投资者已经开始平仓并实现损失。</p>
<p>Darkfost 的分析基于净实现利润/损失指标，该指标跟踪链上实现的利润或损失的净额（以美元计）。该指标每日测量净利润或损失，并在此情况下平均为七天。它提供了更多投资者是在亏损中出售还是仍然保持盈利的洞察。</p>
<p>根据这位加密货币专家的说法，比特币投资者的实现损失已飙升至每日约 7.5 亿美元的水平，这是当前周期中最高的水平之一。有趣的是，Darkfost 解释说，这些抛售事件的规模与 2024 年夏季修正期间的情况相当。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-cd6671620832eab660db67135ca5ca54-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-cd6671620832eab660db67135ca5ca54-resized.jpeg"/></p>
<p>值得注意的是，这一抛售阶段之后可能会发生的事情。根据分析师的说法，这种事件通常预示着局部底部的到来。这意味着，在短期持有者（被称为 “弱手”）将他们的持仓交给更有信心的长期持有者（“钻石手”）之后，加密货币有望出现价格反弹——这一预期与历史趋势一致。</p>
<p>然而，从更谨慎的角度来看，Darkfost 发出了微妙的警告，即在市场处于早期熊市阶段的情况下，可能会出现相反的情况。</p>
<p><strong>比特币鲸鱼可能再次在积累</strong></p>
<p>支持积极再分配理论的 Abramchart 在 CryptoQuant 平台上的 Quicktake 帖子为比特币市场参与者带来了希望。分析师提到的 “流入积累地址（动态群体）” 指标显示，鲸鱼积累钱包中流入的比特币超过 26,500 个。</p>
<p>当大量比特币（如这种规模）被转移时，通常意味着潜在的机构或鲸鱼在进行积累，因为这些币通常是从交易所转移到这些钱包中进行长期持有。</p>
<p>根据历史模式，这一积累事件很可能会预示着旗舰加密货币的持续看涨扩张。正如 Abramchart 所解释的，这一趋势暗示着聪明资金正在 “悄悄地买入低点”。</p>
<p>截至目前，比特币的估值约为 106,870 美元，在过去 24 小时内没有显著波动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-4e28a9adefe3de28ba048576d2844150-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-4e28a9adefe3de28ba048576d2844150-resized.jpeg"/></p>

GBTC

<p>比特币的价格从历史最高点下跌了约 15%，导致短期持有者出现显著的抛售，日损失达到 7.5 亿美元。链上分析师 Darkfost 指出，这一趋势通常在局部价格反弹之前出现，因为弱势持有者将资产出售给长期持有者。与此同时，鲸鱼的积累现象被观察到，超过 26,500 个比特币流入积累钱包，暗示机构在买入。目前，比特币的估值约为 106,870 美元，近期几乎没有波动</p>

<p>The price performance of Bitcoin over the past two weeks has been a major source of concern, as the coin’s value continues to drift away (about 15% down now) from its all-time high. As the flagship cryptocurrency slows down, the latest on-chain data suggests that a group of investors is exiting the market en masse.</p>
<div class="lb-trans"><p>比特币在过去两周的价格表现引发了人们的广泛关注，因为该币的价值持续下滑（目前约下降 15%），远离其历史最高点。随着这款旗舰加密货币的放缓，最新的链上数据表明，一群投资者正在大规模退出市场。</p>
</div><p><strong>More Short-Term Holders Are Giving Up Their Holdings</strong></p>
<div class="lb-trans"><p><strong>更多短期持有者正在放弃他们的持仓</strong></p>
</div><p>In an October 18 post on the X platform, on-chain analyst Darkfost revealed that a significant number of Bitcoin’s short-term investors have started to close their positions and realize their losses.</p>
<div class="lb-trans"><p>在 10 月 18 日的 X 平台帖子中，链上分析师 Darkfost 透露，许多比特币的短期投资者已经开始平仓并实现损失。</p>
</div><p>Darkfost’s analysis was hinged on the Net Realized Profit/Loss metric, which tracks the net amount (in USD) of profits or losses that are realized on-chain. This metric measures the net profit or loss on a daily basis, averaged, in this case, over seven days. It provides insight into whether more investors are selling at losses or with their heads still above water..</p>
<div class="lb-trans"><p>Darkfost 的分析基于净实现利润/损失指标，该指标跟踪链上实现的利润或损失的净额（以美元计）。该指标每日测量净利润或损失，并在此情况下平均为七天。它提供了更多投资者是在亏损中出售还是仍然保持盈利的洞察。</p>
</div><p>According to the crypto pundit, the realized losses of BTC investors have surged to an approximate level as high as $750 million per day, one of the highest levels this current cycle has seen. Interestingly, Darkfost explained that the magnitude of these capitulation events stands easily comparable to those seen during the 2024 summer correction.</p>
<div class="lb-trans"><p>根据这位加密货币专家的说法，比特币投资者的实现损失已飙升至每日约 7.5 亿美元的水平，这是当前周期中最高的水平之一。有趣的是，Darkfost 解释说，这些抛售事件的规模与 2024 年夏季修正期间的情况相当。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-cd6671620832eab660db67135ca5ca54-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-cd6671620832eab660db67135ca5ca54-resized.jpeg"/></p>
<p>What’s worth noting about this capitulation phase is what may likely follow. According to the analyst, events like this usually precede local bottoms. What this means is that after short-term holders (known as the “weak hands”) have surrendered their holdings to the more-confident long-term holders (the “diamond hands”), the cryptocurrency stands a chance of seeing a price rebound — an expectation in congruence with historical trends.</p>
<div class="lb-trans"><p>值得注意的是，这一抛售阶段之后可能会发生的事情。根据分析师的说法，这种事件通常预示着局部底部的到来。这意味着，在短期持有者（被称为 “弱手”）将他们的持仓交给更有信心的长期持有者（“钻石手”）之后，加密货币有望出现价格反弹——这一预期与历史趋势一致。</p>
</div><p>However, on the more cautious side, Darkfost offered a subtle warning that the dreary opposite could also be the case in a situation where the market stands at an early bearish phase.</p>
<div class="lb-trans"><p>然而，从更谨慎的角度来看，Darkfost 发出了微妙的警告，即在市场处于早期熊市阶段的情况下，可能会出现相反的情况。</p>
</div><p><strong>Bitcoin Whales Might Be Accumulating Again</strong></p>
<div class="lb-trans"><p><strong>比特币鲸鱼可能再次在积累</strong></p>
</div><p>Supporting the positive redistribution theory, a Quicktake post on the CryptoQuant platform by Abramchart offers a glimmer of hope for Bitcoin market participants. Referencing the Inflows To Accumulation Addresses (Dynamic Cohort) metric, the analyst highlighted a significant inflow of more than 26,500 BTC into whale accumulation wallets.</p>
<div class="lb-trans"><p>支持积极再分配理论的 Abramchart 在 CryptoQuant 平台上的 Quicktake 帖子为比特币市场参与者带来了希望。分析师提到的 “流入积累地址（动态群体）” 指标显示，鲸鱼积累钱包中流入的比特币超过 26,500 个。</p>
</div><p>When large amounts of Bitcoin — such as this magnitude — are moved, it usually signals an underlying institutional or whale accumulation, as coins are typically transferred from exchanges to these wallets for long-term holding.</p>
<div class="lb-trans"><p>当大量比特币（如这种规模）被转移时，通常意味着潜在的机构或鲸鱼在进行积累，因为这些币通常是从交易所转移到这些钱包中进行长期持有。</p>
</div><p>Following historical patterns, it is very likely that this accumulation event will precede a continued bullish expansion of the flagship cryptocurrency. As Abramchart explained, this trend all serves as a hint that smart money is “quietly buying the dip.”</p>
<div class="lb-trans"><p>根据历史模式，这一积累事件很可能会预示着旗舰加密货币的持续看涨扩张。正如 Abramchart 所解释的，这一趋势暗示着聪明资金正在 “悄悄地买入低点”。</p>
</div><p>As of this writing, Bitcoin holds a valuation of about $106,870, with no significant movement seen over the past 24 hours.</p>
<div class="lb-trans"><p>截至目前，比特币的估值约为 106,870 美元，在过去 24 小时内没有显著波动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-4e28a9adefe3de28ba048576d2844150-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/newsbtc:5ec2980ad094b-4e28a9adefe3de28ba048576d2844150-resized.jpeg"/></p>

比特币的抛售压力加剧，短期持有者每天损失 7.5 亿美元——现在是抄底的好时机吗？