比特幣 STH MVRV 為 1.1，還有更多運行空間

繼 2024 年 12 月下半月回檔 15.7% 後，比特幣市場在過去一周經歷了溫和復甦。

The Bitcoin market experienced a modest recovery over the past week following the 15.7% correction in the latter half of December 2024. Amidst this recent price gain, blockchain-related developments from the short-term holders (STH) activity have revealed significant indications for Bitcoin in the coming days.

繼2024 年12 月下半月回檔15.7% 後，比特幣市場在過去一周經歷了溫和復甦。重要跡像在未來的日子。

As reported earlier by NewsBTC, the 15.7% price drop in December was largely attributed to the rising inflation rate in the United States, which caused traditional markets to experience a sell-off as well. However, the surprising part was that crypto usually moves independently from the stock market.

根據NewsBTC先前報導，12月價格下跌15.7%，很大程度歸因於美國通膨率上升，導致傳統市場也遭遇拋售。然而，令人驚訝的是，加密貨幣通常獨立於股市波動。

Now, as the dust settles and Bitcoin begins to recover, on-chain data reveals that short-term holders are finally making a profit from their Bitcoin holdings. According to a recent X post, blockchain analytics firm Glassnode shared a data report on the Bitcoin short-term holders’ MVRV ratio in relation to market price.

現在，隨著塵埃落定，比特幣開始復甦，鏈上數據顯示，短期持有者終於從持有的比特幣中獲利。根據最近的 X 帖子，區塊鏈分析公司 Glassnode 分享了一份關於比特幣短期持有者相對於市場價格的 MVRV 比率的數據報告。

In crypto, the market value to realized value ratio (MVRV) is a critical analysis tool used to gauge whether an asset is overvalued or undervalued. It is also used to track the holders’ profitability with values above 1 indicating profit and below 1 meaning a loss.

在加密貨幣中，市場價值與實現價值之比（MVRV）是用來衡量資產是否被高估或低估的關鍵分析工具。它還用於追蹤持有者的盈利能力，值高於 1 表示盈利，低於 1 表示虧損。

Based on Glassnode’s report, the Bitcoin STH MVRV ratio currently stands at 1.1 suggesting that short-term holders i.e. investors who acquired Bitcoin within the past 155 days, are on average, experiencing a 10% profit. Considering BTC’s price fall in recent weeks, there might be increased selling pressure as these holders move to realize their gains, leading to short-term price resistance.

根據 Glassnode 的報告，比特幣 STH MVRV 比率目前為 1.1，這表明短期持有者（即在過去 155 天內購買比特幣的投資者）平均獲得 10% 的利潤。考慮到最近幾週比特幣價格下跌，隨著這些持有者開始實現收益，拋售壓力可能會增加，從而導致短期價格阻力。

However, data from Glassnode indicates that the Bitcoin MVRV STH ratio previously reached peaks of 1.35 in November 2024, and 1.44 in March 2024. These MVRV values suggest that short-term holders may tolerate higher profitability levels before triggering a widespread sell-off.

然而，Glassnode 的數據表明，比特幣MVRV STH 比率此前曾於2024 年11 月達到峰值1.35，並於2024 年3 月達到1.44。然後引發廣泛的拋售。

If Bitcoin bulls maintain the current price recovery with rising demand, the STH MVRV ratio could rise closer to these historical peak levels, which could signal a confirmation of Bitcoin resuming its market uptrend.

如果比特幣多頭在需求上升的情況下維持當前的價格回升，STH MVRV 比率可能會上升至接近歷史峰值水平，這可能標誌著比特幣恢復其市場上漲趨勢的確認。

Bitcoin Price Floor At $87,000?

比特幣價格下限為 87,000 美元？

In relation to the Bitcoin STH MVRV ratio, it is understood that 1.0, which indicates no profit or loss, is a pivotal value acting as a support during bullish trends or resistance in a market downtrend.

關於比特幣STH MVRV比率，據了解，1.0表示無獲利或虧損，是一個關鍵值，在看漲趨勢中充當支撐，在市場下跌趨勢中充當阻力。

The Glassnode report reveals that the current STH MVRV ratio shows that 1.0 corresponds with the $87,000 price zone. According to data from the Cumulative Bid-Ask Delta, there is an air pocket between $87,000 and $71,000 i.e. there is low trading activity or fewer significant buy orders in this price range.

Glassnode 報告顯示，目前 STH MVRV 比率顯示 1.0 對應於 87,000 美元的價格區域。根據累積買賣增量的數據，87,000 美元至 71,000 美元之間存在一個空氣袋，即在此價格範圍內交易活動較低或重要買單較少。

Therefore, if the price of BTC slips below $87,000, it will hit no significant support until $71,000 translating into a major price decline.

因此，如果 BTC 的價格跌破 87,000 美元，那麼直到 71,000 美元才會出現重大支撐，導致價格大幅下跌。

At the time of writing, the premier cryptocurrency continues to trade at $98,081 reflecting a 1.02% gain in the past day. With a market cap of $1.94 trillion, Bitcoin continues to rank as the largest asset in the crypto market.

截至撰寫本文時，這筆頂級加密貨幣的交易價格繼續為 98,081 美元，過去一天上漲了 1.02%。比特幣市值達 1.94 兆美元，繼續成為加密貨幣市場最大的資產。