比特幣（BTC）價格已停留在81,000至86,000美元的合併範圍內

雖然大多數鍊鍊指標都是為總理加密貨幣繪製看跌圖像，但最新的數據表明，牛的運行可能還沒有結束。

The price of Bitcoin has been consolidating within the $81,000 to $86,000 range over the past week, displaying a high level of indecisiveness between the bulls and bears. While most on-chain indicators are presenting a bearish image for the premier cryptocurrency, a latest piece of data suggests that the bull run might not be over just yet.

在過去一周中，比特幣的價格一直在81,000美元至86,000美元之間的合併範圍內，在公牛和熊之間表現出高度的優柔寡斷。儘管大多數鍊鍊指標都為總理加密貨幣提供了看跌圖像，但最新數據表明，牛的運行可能還沒有結束。

Investors Not Yet In Full Panic Mode: Blockchain Firm

尚未處於全面恐慌模式的投資者：區塊鏈公司

In a new post on X, blockchain analytics firm Glassnode shed light on how a specific class of Bitcoin holders, known as the “short-term holders” (STH), are facing increasing market pressure. This on-chain observation is based on the value of unrealized losses of this investor cohort.

在X上的新帖子中，區塊鏈分析公司GlassNode闡明了特定類別的比特幣持有者（稱為“短期持有人”（STH））如何面臨日益增長的市場壓力。這種鏈上的觀察基於該投資者隊列的未實現損失的價值。

For clarity, an unrealized loss is one that is still on paper, as the investor is still holding on to and selling an asset (with a declining value). A loss only becomes “real” or “realized” when the holder sells the asset at a value lower than the purchase price.

為了清楚起見，未實現的損失是仍在紙上的損失，因為投資者仍堅持並出售資產（價值下降）。當持有人以低於購買價格的價值出售資產時，損失僅變為“真實”或“實現”。

According to Glassnode, the unrealized losses of Bitcoin investors have been accumulating in recent times, pushing the short-term holders toward a significant +2σ threshold. The STH Relative Unrealized Loss metric hitting the extreme +2σ threshold has been linked to increased selling pressure in the past.

根據GlassNode的說法，近期比特幣投資者的未實現損失一直在積累，將短期持有人推向了顯著的 +2σ閾值。 STH相對未實現的損失度量達到了極端 +2σ閾值與過去的銷售壓力增加有關。

However, Glassnode noted that the size of the STH losses remains within the typical range observed during a bull market. In fact, the magnitude of these losses pales in comparison to the market-wide sell-off witnessed in 2021, suggesting that the bull cycle might not be done yet.

但是，GlassNode指出，STH損失的大小保持在牛市期間觀察到的典型範圍內。實際上，與2021年見證的全市場賣空相比，這些損失的幅度蒼白，這表明可能還沒有完成牛週期。

To further illustrate this, Glassnode revealed that the rolling 30-day realized loss for Bitcoin’s short-term holders has now surpassed $7 billion, representing the largest sustained loss event in the current cycle. Despite the magnitude of this figure, it is still far less severe than the capitulation events seen at the start of past bear markets.

為了進一步說明這一點，GlassNode透露，比特幣短期持有人的30天滾動損失現已超過70億美元，這是當前週期中最大的持續損失事件。儘管這個數字的幅度很大，但它仍然比過去熊市開始時看到的投降事件要嚴重得多。

For instance, Bitcoin’s realized losses reached as high as $19.8 billion and $20.7 billion during the major price corrections in May 2021 and 2022, respectively. Considering that the realized losses are still well below past capitulation events, there is a chance that the market has not yet reached a full-scale panic mode.

例如，在2021年5月和2022年的主要價格更正中，比特幣的實現損失高達198億美元和207億美元。考慮到已實現的損失仍遠低於過去的投降事件，因此市場尚未達到全面的恐慌模式。

Bitcoin Price At A Glance

比特幣價格一目了然

At the time of writing, the price of Bitcoin is trading at around $84,300, reflecting a 0.3% increase in the past 24 hours. According to data from CoinGecko, the flagship cryptocurrency is down by merely 0.6% in the past seven days, highlighting the choppy state of the market.

在撰寫本文時，比特幣的價格約為84,300美元，反映了過去24小時的0.3％。根據Coingecko的數據，旗艦加密貨幣在過去的七天中僅下降了0.6％，突出了市場狀態下降。