根據鏈數據

該公司共享的圖表表明，短期持有人（STH）（持有比特幣少於155天）在很大程度上實現了最近的價格變化的損失。

Recent on-chain data from analytics platform Glassnode highlights a clear divergence in holder behavior amid Bitcoin market volatility.

來自分析平台玻璃節點的最新鏈上數據突出了比特幣市場波動中持有人行為的明顯差異。

As the firm's chart shows, Short-Term Holders (STHs) - those holding Bitcoin for less than 155 days - are largely realizing losses on recent price moves.

正如該公司的圖表所示，短期持有人（STH） - 持有比特幣少於155天的人 - 在很大程度上已經意識到了最近的價格變化的損失。

In contrast, Long-Term Holders (LTHs) - holding for over 155 days - appear to be primarily securing profits when they transact.

相反，長期持有人（LTHS）（持有超過155天）似乎主要在交易時獲得利潤。

This dynamic reflects the somewhat usual market cycle where newer investors face challenges, but veteran holders remain confident and often sell at a gain during price fluctuations.

這種動態反映了新投資者面臨挑戰的常規市場週期，但資深持有人仍然有信心，並且在價格波動期間經常銷售。

Historically, LTHs accumulate BTC during bear markets and begin offloading their holdings as prices rise, securing profits. The information on the chart could mean that the Bitcoin market is in a holding pattern.

從歷史上看，LTH在熊市期間積累了BTC，並隨著價格上漲並獲得利潤，開始卸載其持股。圖表上的信息可能意味著比特幣市場處於持有模式。

LTHs’ profits are being matched by STHs’ losses, which translates to no capital coming in, fewer people buying, and while some are still selling for profit, it’s less than before.

LTHS的利潤與STHS的損失相匹配，STH的損失可以轉化為沒有資本，購買的人較少，雖然有些仍在謀取利潤，但卻少於以前。

This data aligns with past Bitcoin cycles, characterized by newer market participants who tend to panic-sell during downturns, while seasoned investors strategically exit at higher price levels.

這些數據與過去的比特幣週期保持一致，其特徵是較新的市場參與者傾向於在經濟低迷期間恐慌，而經驗豐富的投資者則以較高的價格水平策略性地退出。

Depending on which way the profit goes, Bitcoin's price and market stability might be affected. For instance, if STHs continue selling at a loss, it may increase selling pressure and drive prices lower.

根據利潤的發展方式，比特幣的價格和市場穩定可能會受到影響。例如，如果STH繼續以損失銷售，它可能會增加銷售壓力並推動價格降低。

On the other hand, if Bitcoin stabilizes or rises, it could restore confidence among these investors.

另一方面，如果比特幣穩定或上升，它可能會恢復這些投資者之間的信心。

Further analysis by Glassnode reveals a significant reduction in capital inflows into the Bitcoin network.

通過玻璃節目的進一步分析表明，資本流入向比特幣網絡大大減少。

Since the all-time high of $109k, there has been an 85% drop in combined realized profit and loss volumes, decreasing from $3.4 billion to $508 million.

由於歷史最高額為10.9萬美元，因此實現的利潤和損失量下降了85％，從34億美元下降到5.08億美元。

Such a decline in activity aligns with the demand patterns observed during the 2024 accumulation phase when Bitcoin traded between $50k and $70k.

當比特幣在2024年的累積階段觀察到的需求模式的下降與比特幣在5萬美元至7萬美元之間的需求模式保持一致。

Despite the challenging market conditions, Long-Term Holders are displaying a preference for holding and accumulating Bitcoin, as their supply is beginning to grow once more.

儘管市場條件充滿挑戰，但長期持有人仍表現出對持有和積累比特幣的偏愛，因為他們的供應又開始增長。

If Bitcoin continues to trend upwards, Long-Term Holders may increase profit-taking, but this doesn’t necessarily mean a bearish market, since it still is a part of normal market cycles.

如果比特幣繼續向上趨勢，長期持有人可能會增加利潤，但這並不一定意味著看跌市場，因為它仍然是正常市場週期的一部分。