狗狗币（DOGE）、莱特币（LTC）等都是这一现象的受害者

The cryptocurrency market is no stranger to volatility, but the recent sharp decline in prices took many by surprise. This sudden drop came on the heels of a prolonged period of low volatility, with most assets reaching significant lows in this metric. Such calm before the storm made the ensuing price plunge all the more unexpected.

加密货币市场对波动并不陌生，但最近价格的大幅下跌让许多人感到意外。这次突然下跌是在长期的低波动性之后发生的，大多数资产的这一指标都达到了显着的低点。暴风雨前的平静使得随后的价格暴跌更加出乎意料。

In the midst of this downturn, two notable cryptocurrencies, Dogecoin (DOGE) and Litecoin (LTC), have been particularly affected. As of recent data, Dogecoin is trading at $0.062505, while Litecoin stands at $65.07. Both of these assets, along with several others, have been victims of a phenomenon that is currently shaping the crypto landscape.

在这次经济衰退中，两种著名的加密货币——狗狗币（DOGE）和莱特币（LTC）——受到了特别大的影响。截至最新数据，狗狗币的交易价格为 0.062505 美元，而莱特币的交易价格为 65.07 美元。这两种资产以及其他几种资产都是目前正在塑造加密货币格局的现象的受害者。

1/ A sudden, strong drop in crypto prices has followed a prolonged period of low volatility. Most assets were reaching significant lows in volatility, making this large move unexpected to many.#Bitcoin #cryptocrash pic.twitter.com/ebRvNlmz7R
— IntoTheBlock (@intotheblock) August 18, 2023
1/ 在长期的低波动性之后，加密货币价格突然大幅下跌。大多数资产的波动性已达到显着低点，使得这一大幅波动出乎许多人的意料。#Bitcoin #cryptocrash pic.twitter.com/ebRvNlmz7R - IntoTheBlock (@intotheblock) 2023 年 8 月 18 日

A closer look at market activity reveals a spike in transactions valued over $1 million. Specifically, there has been an increase of approximately 700 such transactions, which closely aligns with the timing of the downward price movement. This pattern strongly suggests that, in the current market scenario characterized by lower liquidity, these large transactions are the primary catalysts driving volatility.

仔细观察市场活动就会发现，价值超过 100 万美元的交易激增。具体而言，此类交易增加了约 700 笔，这与价格下跌的时机密切相关。这种模式强烈表明，在当前流动性较低的市场环境下，这些大额交易是推动波动的主要催化剂。

The implications of this are significant. With large transactions having such a pronounced impact on price, it underscores the influence of whales or large holders in the current market environment. Their actions, whether selling or buying in large volumes, can sway the market in noticeable ways, especially when liquidity is thin.

这意义重大。由于大额交易对价格产生如此显着的影响，这凸显了鲸鱼或大持有者在当前市场环境中的影响力。他们的行为，无论是大量出售还是大量购买，都会以明显的方式影响市场，尤其是在流动性稀薄的情况下。

For assets like Dogecoin and Litecoin, this phenomenon presents both challenges and opportunities. On one hand, the influence of large transactions can lead to rapid price declines, as witnessed recently. On the other, it also means that positive market sentiment and large buy orders can lead to swift recoveries.

对于狗狗币和莱特币等资产来说，这种现象既带来了挑战，也带来了机遇。一方面，正如最近所见，大额交易的影响可能导致价格快速下跌。另一方面，这也意味着积极的市场情绪和大量买单可以导致迅速复苏。

It is also worth noting external factors that might be influencing the market. The preapproval of the Ethereum futures ETF and issues like the 1,000+ ETH stuck in the Shibarium bridge have added to the market's uncertainty.

还值得注意的是可能影响市场的外部因素。以太坊期货ETF的预批以及1000+ETH滞留在Shibarium桥等问题增加了市场的不确定性。