比特幣短期持有者拋售壓力可能正在減弱：深入分析

CryptoQuant 的研究負責人表示，比特幣交易者拋售壓力的下降歸因於他們的利潤微薄。短期持有者 (STH) 一直持有利潤，因為 STH 的實現價格（表明其平均收購成本）已升至 60,000 美元。這表明 STH 可能不願意出售，可能會減輕市場的拋售壓力，並導致比特幣近期的橫向價格走勢。

Bitcoin Short-Term Holder Selling Pressure May Be Subduing

比特幣短期持有者的拋售壓力可能正在減弱

In-Depth Analysis Highlights Shift in Market Dynamics

深入分析凸顯市場動態的轉變

[DATE] - Recent on-chain analytics from CryptoQuant suggest that the selling pressure exerted by Bitcoin's short-term holders (STHs) may be waning. This development could have significant implications for the coin's price trajectory moving forward.

[日期] - CryptoQuant 最近的鏈上分析表明，比特幣短期持有者 (STH) 施加的拋售壓力可能正在減弱。這一發展可能會對代幣的價格走勢產生重大影響。

Short-Term Holders: A Key Market Indicator

短期持有者：一個關鍵的市場指標

STHs, as defined by CryptoQuant, comprise Bitcoin investors who have held their coins for less than 155 days. This cohort often includes traders who engage in frequent buying and selling activities without a long-term investment horizon. As such, STHs are often highly responsive to market movements, with a tendency to panic-sell during periods of volatility.

根據 CryptoQuant 的定義，STH 包括持有比特幣時間少於 155 天的比特幣投資者。該群體通常包括經常從事買賣活動但沒有長期投資期限的交易者。因此，STH 通常對市場走勢高度敏感，在波動期間傾向於恐慌性拋售。

Realized Price: Gauging Profitability

已實現價格：衡量獲利能力

One metric used to assess the likelihood of STH selling activity is the realized price. This metric represents the average cost basis or acquisition price of STH coins, calculated from blockchain transaction history. When the current market price of Bitcoin exceeds the realized price, it implies that STHs are holding a net profit. Conversely, when the market price falls below the realized price, STHs are experiencing losses.

用於評估某物銷售活動可能性的一項指標是已實現價格。此指標代表根據區塊鏈交易歷史計算得出的 STH 幣的平均成本基礎或購買價格。當比特幣當前市場價格超過實際價格時，就意味著STH持有淨利。相反，當市場價格低於實際價格時，STH 就會遭受損失。

Rising Realized Price Signals Declining Selling Pressure

已實現物價上漲表示拋售壓力下降

CryptoQuant's analysis reveals that the Bitcoin realized price for STHs has climbed steadily over the past few months, recently reaching approximately $60,000. This indicates that STHs have been accumulating profits as the coin's price has ascended.

CryptoQuant 的分析顯示，過去幾個月，比特幣的實際價格穩定攀升，最近達到約 6 萬美元。這表明隨著代幣價格的上漲，STH 一直在累積利潤。

Typically, during bull markets characterized by rising prices, STHs tend to remain profitable. However, if profits become excessive, it can increase the likelihood of STHs engaging in profit-taking, potentially leading to price corrections.

通常，在以價格上漲為特徵的牛市期間，STH 往往會保持盈利。然而，如果利潤過高，可能會增加某機構獲利了結的可能性，可能會導致價格調整。

Recent Market Action and Profit Margins

近期市場走勢與利潤率

Notably, as Bitcoin has consolidated within a range of $60,000 to $70,000, the STH realized price has continued to rise. This surge is attributed to STH trading activity within this range, resulting in higher acquisition prices and a subsequent increase in the average realized price.

值得注意的是，隨著比特幣在 60,000 美元至 70,000 美元的範圍內盤整，STH 的實現價格持續上漲。這一激增歸因於該範圍內的 STH 交易活動，導致收購價格上漲以及隨後平均實現價格的上漲。

Consequently, STHs currently hold a smaller profit margin, with the current market price hovering close to the realized price. This reduced profitability may be a contributing factor to the decline in STH selling pressure, as they have less incentive to liquidate their coins at these levels.

因此，STH 目前的利潤率較小，目前的市場價格徘徊在接近實現價格的水平。獲利能力的下降可能是 STH 拋售壓力下降的一個因素，因為他們在這樣的水平上清算代幣的動力較小。

Bitcoin Price: Range-Bound Consolidation

比特幣價格：區間盤整

Meanwhile, Bitcoin's price has remained confined within its recent range, fluctuating around $65,200. This consolidation suggests that market participants are awaiting a clearer market direction before making significant moves.

同時，比特幣的價格仍限制在近期區間內，約 65,200 美元波動。這種整合顯示市場參與者在採取重大措施之前正在等待更明確的市場方向。

Conclusion

結論

The declining selling pressure from STHs, as evidenced by the rising realized price and diminished profit margins, is a significant development in Bitcoin's market dynamics. This shift could alleviate downward pressure on the coin's price, potentially paving the way for further upside potential in the future.

實際價格上漲和利潤率下降證明了 STH 拋售壓力的下降，這是比特幣市場動態的重大發展。這一轉變可能會減輕代幣價格的下行壓力，可能為未來進一步的上漲潛力鋪路。

However, it is essential to note that market conditions can change rapidly, and investors should always conduct due diligence before making any investment decisions.

然而，必須注意的是，市場狀況可能會迅速變化，投資者在做出任何投資決定之前應始終進行盡職調查。