比特幣（BTC）短期持有者意識到價格不再成長太快

在 X 上的一篇新文章中，分析師 James Van Straten 談到了比特幣短期持有者的已實現價格的 7 天變化率。

An analyst has highlighted how an important Bitcoin indicator has returned to levels that could be considered healthy for a bull-market uptrend.

一位分析師強調了一個重要的比特幣指標如何回到牛市上升趨勢的健康水準。

Bitcoin Short-Term Holder Realized Price No Longer Growing Too Fast

比特幣短期持有者意識到價格不再成長太快

In a new post on X, analyst James Van Straten discussed the 7-day rate of change in the Realized Price of Bitcoin short-term holders. The “Realized Price” in this context refers to an on-chain metric that tracks the cost basis of the average investor or address on the network.

在 X 上的一篇新貼文中，分析師 James Van Straten 討論了比特幣短期持有者已實現價格的 7 天變化率。在這種情況下，「已實現價格」是指追蹤網路上平均投資者或地址的成本基礎的鏈上指標。

When the indicator’s value is higher than the spot price of the crypto, it means the holders as a whole can be assumed to be in a state of net profit. On the other hand, it being below the mark implies the overall market is holding loss.

當該指標的值高於該加密貨幣的現貨價格時，表示持有者整體上可以認為處於淨利潤狀態。另一方面，低於該線則表示整體市場處於虧損狀態。

In the context of the current topic, only the Realized Price of a particular market segment is of interest: the short-term holders (STHs). This cohort includes the investors who bought their coins within the past 155 days.

在當前主題的背景下，只有特定細分市場的已實現價格令人感興趣：短期持有者 (STH)。該群體包括在過去 155 天內購買代幣的投資者。

The STHs form one of the two main divisions of the BTC sector on the basis of holding time, with the other group being known as the long-term holders (LTHs).

根據持有時間，STH 構成了 BTC 領域的兩個主要部分之一，另一組被稱為長期持有者 (LTH)。

Statistically, the longer an investor continues to hold onto their coins, the less likely they become to sell at any point, so the STHs are considered to include the weak hands of the market, while the LTHs represent the resolute HODLers.

從統計數據來看，投資者繼續持有代幣的時間越長，他們在任何時候出售代幣的可能性就越小，因此STH 被認為包括市場上的弱勢手，而LTH 則代表堅決的持有者。

Now, here is the chart shared by the analyst that shows the trend in the Realized Price of the STHs, as well as its 7-day rate of change, over the last few years:

現在，以下是分析師分享的圖表，顯示了過去幾年 STH 的實現價格趨勢及其 7 天的變化率：

As can be seen in the above graph, the Bitcoin STH Realized Price has gone up during the last few months as the rally in the coin’s price has occurred. The reason behind this trend is naturally the fact that the STHs represent the recent buyers, who have to purchase at increasingly higher prices during a bull run.

從上圖可以看出，隨著比特幣價格的上漲，比特幣 STH 的實現價格在過去幾個月中有所上漲。這種趨勢背後的原因自然是因為 STH 代表了最近的買家，他們在牛市期間必須以越來越高的價格購買。

The crypto has been trading above the cost basis of this cohort for a while now, implying that its members have been enjoying profits. Historically, the line has served as a sort of boundary between macro bearish and bullish trends, so BTC continuing to trade above it is a positive sign.

一段時間以來，加密貨幣的交易價格一直高於該群體的成本基礎，這意味著其成員一直在享受利潤。從歷史上看，該線一直是宏觀看跌和看漲趨勢之間的某種邊界，因此比特幣繼續在該線上方交易是一個積極的信號。

As highlighted by Van Straten, another potential bullish sign is the fact that the 7-day rate of change in the indicator has seen a cooldown recently. Earlier, the Realized Price of the STHs was expanding at a notable rate, something that has generally led to tops for the coin.

正如 Van Straten 所強調的，另一個潛在的看漲訊號是該指標的 7 天變化率最近已經降溫。早些時候，STH 的實際價格正在以顯著的速度上漲，這通常導致代幣見頂。

With the indicator now growing at a more healthy rate, it’s possible that Bitcoin could continue its bull run in a sustainable manner.

隨著該指標現在以更健康的速度增長，比特幣有可能以可持續的方式繼續牛市。

BTC Price

比特幣價格

At the time of writing, Bitcoin is valued at around $98,400, having declined by more than 6% during the last week.

截至撰寫本文時，比特幣價值約為 98,400 美元，上週下跌超過 6%。