由於短期持有者（STH）積極拋售，比特幣（BTC）面臨拋售壓力

自觸及 10.8 萬美元以來，比特幣 [BTC] 一直難以維持上漲勢頭。因此，BTC 的盤整區間在 9.2 萬美元到 9.7 萬美元之間。

Bitcoin [BTC] has had a rough couple of weeks. After hitting a new all-time high [ATH] above $108k, BTC failed to maintain its momentum and began trading in a consolidation range.

比特幣[BTC]經歷了艱難的幾週。在觸及 10.8 萬美元以上的歷史新高 [ATH] 後，BTC 未能保持其勢頭並開始在盤整區間內交易。

At the time of writing, Bitcoin is trading at $93,905, marking a 2.18% decline on the daily charts. Additionally, the cryptocurrency has dropped by 12.37% on the weekly charts. This dip has left most short-term holders at a loss, including those who bought Bitcoin in November. The widening loss margins among short-term holders have analysts deliberating over the next move.

截至撰寫本文時，比特幣交易價格為 93,905 美元，日線圖下跌 2.18%。此外，該加密貨幣在周線圖表上下跌了 12.37%。這次下跌讓大多數短期持有者蒙受損失，包括在 11 月購買比特幣的人。短期持有者虧損幅度的擴大促使分析師考慮下一步。

Bitcoin’s LTH vs STH net position change

比特幣 LTH 與 STH 淨部位變化

According to Cryptoquant, the 30-day net position change for long-term holders (LTH) has turned negative hitting -750k BTC.

根據 Cryptoquant 的數據，長期持有者 (LTH) 的 30 天淨頭寸變化已轉為負數，達到 -75 萬個 BTC。

Despite this change, Bitcoin prices have managed to hold strong and did not experience a strong drop. This is because short-term holders (STH) have continued to accumulate even as BTC rallied to a new ATH.

儘管發生了這項變化，比特幣價格仍保持堅挺，並未大幅下跌。這是因為即使 BTC 反彈至新的 ATH，短期持有者 (STH) 仍在繼續增持。

The net position change for short-term holders (STH) surged to a positive value of +750k BTC.

短期持有者（STH）的淨部位變化飆升至+750k BTC 的正值。

While short-term investors continued to accumulate as BTC prices surged, the STH SOPR turned negative. This indicates that STH holders are operating at a loss.

雖然短期投資者隨著 BTC 價格飆升而持續增持，但 STH SOPR 卻轉為負值。這表示STH持有者處於虧損狀態。

With short-term holders at a loss, they have two options: hold and wait for BTC prices to recover, or buy at lower prices. If STH demand remains strong and long-term holder (LTH) demand is neutral or positive, it could create positive momentum for BTC.

由於短期持有者處於虧損狀態，他們有兩種選擇：持有並等待比特幣價格回升，或以較低的價格買入。如果 STH 需求保持強勁，且長期持有者 (LTH) 需求呈中性或正值，則可能為 BTC 創造積極動力。

However, if STH decides to sell at a loss, it could create selling pressure and drive prices further down. The direction that short-term holders take will affect BTC’s price trajectory.

然而，如果 STH 決定虧本出售，可能會造成拋售壓力並推動價格進一步下跌。短期持有者的選擇方向將影響比特幣的價格軌跡。

Through the output spent age bands, we can see short-term holders are actively selling. Thus short-term holders have spent more coins than LTH, with coins held for one day hitting 56 million and those held for a week reaching 9 million.

透過消費年齡層的產出，我們可以看到短期持有者正在積極拋售。因此，短期持有者花費的代幣數量比 LTH 更多，一天持有的代幣達到 5,600 萬枚，持有一週的代幣達到 900 萬枚。

As such, the past week has experienced a spike in the exchange supply ratio. A surge in exchange supply suggests that these spent coins are going to exchanges, thus traders are transferring more Bitcoin tokens into exchanges either to sell or preparing to do so.

因此，過去一周交易所供應比率出現飆升。交易所供應量的激增表明，這些用過的代幣將進入交易所，因此交易者正在將更多的比特幣代幣轉移到交易所，要么是為了出售，要么是準備這樣做。

This implies that there’s high speculative trading among STH traders and are even selling at a loss to acquire at lower rates.

這意味著 STH 交易者之間存在高度投機性交易，甚至虧本出售以較低價格收購。