比特幣（BTC）短期持有人（STH）面臨最大的紙張損失

由於最近的價格下跌，STH面臨以來熊市以來最大的紙張損失。玻璃節數據顯示，每1％比特幣瀑布這些持有人降低了約30,000美元

Short-Term Bitcoin Holders (STHs) are currently facing some of the biggest paper losses since past bear markets, according to Glassnode data.

根據GlassNode數據，短期比特幣持有人（STH）目前正面臨以來熊市以來最大的紙張損失。

These STHs, typically traders holding Bitcoin for less than 155 days, are showing an average loss of roughly $30,000 for every 1% drop in Bitcoin’s price. This statistic highlights the recent impact of the cryptocurrency’s descent from previous highs.

這些STH，通常是持有比特幣不到155天的交易者，平均每1％的比特幣價格下跌約30,000美元。該統計數據強調了加密貨幣從以前的高點下降的最新影響。

Highlighting the extent of recent losses, STHs usually begin facing material pain around the $30,000 mark, a level that often serves as a point of panic selling and sharp market swings. This observation has led traders to ponder whether this downturn signals a deep correction or the start of a reversal.

STH強調了最近的損失程度，通常會在30,000美元的大關左右面臨物質疼痛，這一水平通常是恐慌銷售和急劇的市場波動的點。這一觀察結果導致交易者思考這種低迷的信號是深入糾正還是逆轉的開始。

However, Long-Term Holders (LTHs), defined as those holding Bitcoin for over 155 days, are generally remaining profitable with minimal paper losses at present. Nevertheless, there is a brewing risk factor.

但是，定義為持有比特幣超過155天的長期持有人（LTHS）通常保持盈利，目前的紙張損失最少。然而，存在釀造風險因素。

Investors who bought Bitcoin at prices closer to the previous highs are now becoming LTHs. If Bitcoin’s price continues to fall, these newer LTHs, who typically entered the market at higher cost bases, will face major losses.

以更接近先前高點的價格購買比特幣的投資者現在正在成為LTHS。如果比特幣的價格繼續下跌，這些通常以較高成本基礎進入市場的新LTH將面臨重大損失。

Historically, this group feeling significant pain has signaled deeper bear market trouble and instability.

從歷史上看，這個群體感到巨大的痛苦表明，更深的熊市麻煩和不穩定。

The current pressure on STHs suggests that selling could intensify soon.

目前對STH的壓力表明，銷售很快就會加劇。

However, periods of strong STH stress usually bring more volatility, which can also indicate that market bottoms are approaching.

但是，強烈的STH壓力時期通常會帶來更多的波動性，這也可能表明市場底部正在接近。

Overall market sentiment does remain weak at present.

目前，總體市場情緒確實仍然很弱。

While this analysis does not directly confirm a bear market, it does highlight the stress that newer investors are facing.

儘管該分析並未直接確認熊市，但它確實突出了新投資者面臨的壓力。

Negative macro factors, regulations, or slower ETF inflows could push BTC prices lower. Yet, history shows that recovery from such phases remains possible.

負宏因素，法規或ETF流入較慢可能會推動BTC價格降低。然而，歷史表明，從這樣的階段恢復仍然是可能的。

Past cycles in 2015, 2018, and 2022 show that LTHs usually took large hits after retail traders panicked and sold off completely. This key pattern increases the chance of a delayed second downturn, especially if the economy struggles or overall market mood stays sour.

過去的2015年，2018年和2022年的周期表明，LTHS通常在零售交易員驚慌失措並完全出售後遭受重創。這種關鍵模式增加了延遲第二次下滑的機會，尤其是在經濟掙扎或整體市場情緒保持酸味的情況下。