<p>比特幣在過去兩週的價格表現引發了人們的廣泛關注，因為該幣的價值持續下滑（目前約下降 15%），遠離其歷史最高點。隨着這款旗艦加密貨幣的放緩，最新的鏈上數據表明，一羣投資者正在大規模退出市場。</p>
<p><strong>更多短期持有者正在放棄他們的持倉</strong></p>
<p>在 10 月 18 日的 X 平台帖子中，鏈上分析師 Darkfost 透露，許多比特幣的短期投資者已經開始平倉並實現損失。</p>
<p>Darkfost 的分析基於淨實現利潤/損失指標，該指標跟蹤鏈上實現的利潤或損失的淨額（以美元計）。該指標每日測量淨利潤或損失，並在此情況下平均為七天。它提供了更多投資者是在虧損中出售還是仍然保持盈利的洞察。</p>
<p>根據這位加密貨幣專家的説法，比特幣投資者的實現損失已飆升至每日約 7.5 億美元的水平，這是當前週期中最高的水平之一。有趣的是，Darkfost 解釋説，這些拋售事件的規模與 2024 年夏季修正期間的情況相當。</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，這一拋售階段之後可能會發生的事情。根據分析師的説法，這種事件通常預示着局部底部的到來。這意味着，在短期持有者（被稱為 “弱手”）將他們的持倉交給更有信心的長期持有者（“鑽石手”）之後，加密貨幣有望出現價格反彈——這一預期與歷史趨勢一致。</p>
<p>然而，從更謹慎的角度來看，Darkfost 發出了微妙的警告，即在市場處於早期熊市階段的情況下，可能會出現相反的情況。</p>
<p><strong>比特幣鯨魚可能再次在積累</strong></p>
<p>支持積極再分配理論的 Abramchart 在 CryptoQuant 平台上的 Quicktake 帖子為比特幣市場參與者帶來了希望。分析師提到的 “流入積累地址（動態羣體）” 指標顯示，鯨魚積累錢包中流入的比特幣超過 26,500 個。</p>
<p>當大量比特幣（如這種規模）被轉移時，通常意味着潛在的機構或鯨魚在進行積累，因為這些幣通常是從交易所轉移到這些錢包中進行長期持有。</p>
<p>根據歷史模式，這一積累事件很可能會預示着旗艦加密貨幣的持續看漲擴張。正如 Abramchart 所解釋的，這一趨勢暗示着聰明資金正在 “悄悄地買入低點”。</p>
<p>截至目前，比特幣的估值約為 106,870 美元，在過去 24 小時內沒有顯著波動。</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>比特幣的價格從歷史最高點下跌了約 15%，導致短期持有者出現顯著的拋售，日損失達到 7.5 億美元。鏈上分析師 Darkfost 指出，這一趨勢通常在局部價格反彈之前出現，因為弱勢持有者將資產出售給長期持有者。與此同時，鯨魚的積累現象被觀察到，超過 26,500 個比特幣流入積累錢包，暗示機構在買入。目前，比特幣的估值約為 106,870 美元，近期幾乎沒有波動</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>比特幣在過去兩週的價格表現引發了人們的廣泛關注，因為該幣的價值持續下滑（目前約下降 15%），遠離其歷史最高點。隨着這款旗艦加密貨幣的放緩，最新的鏈上數據表明，一羣投資者正在大規模退出市場。</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棄他們的持倉</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，鏈上分析師 Darkfost 透露，許多比特幣的短期投資者已經開始平倉並實現損失。</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 的分析基於淨實現利潤/損失指標，該指標跟蹤鏈上實現的利潤或損失的淨額（以美元計）。該指標每日測量淨利潤或損失，並在此情況下平均為七天。它提供了更多投資者是在虧損中出售還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>根據這位加密貨幣專家的説法，比特幣投資者的實現損失已飆升至每日約 7.5 億美元的水平，這是當前週期中最高的水平之一。有趣的是，Darkfost 解釋説，這些拋售事件的規模與 2024 年夏季修正期間的情況相當。</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，這一拋售階段之後可能會發生的事情。根據分析師的説法，這種事件通常預示着局部底部的到來。這意味着，在短期持有者（被稱為 “弱手”）將他們的持倉交給更有信心的長期持有者（“鑽石手”）之後，加密貨幣有望出現價格反彈——這一預期與歷史趨勢一致。</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，從更謹慎的角度來看，Darkfost 發出了微妙的警告，即在市場處於早期熊市階段的情況下，可能會出現相反的情況。</p>
</div><p><strong>Bitcoin Whales Might Be Accumulating Again</strong></p>
<div class="lb-trans"><p><strong>比特幣鯨魚可能再次在積累</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>支持積極再分配理論的 Abramchart 在 CryptoQuant 平台上的 Quicktake 帖子為比特幣市場參與者帶來了希望。分析師提到的 “流入積累地址（動態羣體）” 指標顯示，鯨魚積累錢包中流入的比特幣超過 26,500 個。</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>當大量比特幣（如這種規模）被轉移時，通常意味着潛在的機構或鯨魚在進行積累，因為這些幣通常是從交易所轉移到這些錢包中進行長期持有。</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>根據歷史模式，這一積累事件很可能會預示着旗艦加密貨幣的持續看漲擴張。正如 Abramchart 所解釋的，這一趨勢暗示着聰明資金正在 “悄悄地買入低點”。</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，比特幣的估值約為 106,870 美元，在過去 24 小時內沒有顯著波動。</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>

比特幣的拋售壓力加劇，短期持有者每天損失 7.5 億美元——現在是抄底的好時機嗎？