鏈上數據表明，比特幣短期持有人最近銷售了

最近的市場低迷迫使比特幣短期持有人虧本出售硬幣，這在歷史上一直導致了底層。

On-chain data shows that Bitcoin short-term holders have been selling at a notable loss recently, something that has led to bottoms in the past. In its latest weekly report, on-chain analytics firm Glassnode covered how the short-term holders reacted to the recent market downturn.

鏈上的數據表明，比特幣短期持有人最近以顯著的損失出售，這在過去導致了底層。在其最新的每週報告中，鏈分析公司GlassNode介紹了短期持有人對最近的市場下滑的反應。

The “short-term holders” (STHs) are the Bitcoin investors who purchased their coins within the past 155 days. This cohort includes the new entrants into the market, who tend not to be too resolute. As such, the group can be prone to panic in times of volatility.

“短期持有人”（STHS）是在過去155天內購買硬幣的比特幣投資者。該隊列包括進入市場的新進入者，他們往往不會太堅決。因此，該小組可能在波動率時容易出現恐慌。

“Understanding this cohort’s behaviour helps market observers identify moments of extreme seller exhaustion, which have historically presented opportunities for longer-term investors,” notes Glassnode.

GlassNode指出：“了解該隊列的行為有助於市場觀察者確定極端賣家疲憊的時刻，這在歷史上為長期投資者帶來了機會。”

Naturally, the latest sharp price action in the cryptocurrency would also have forced these investors into selling. Which way this selloff tends for the group, that is, whether profit or loss realization, can be determined using the “Spent Output Profit Ratio” (SOPR) indicator.

自然，加密貨幣中最新的急劇價格行動也將迫使這些投資者銷售。該拋售的方式趨於該小組，即可以使用“支出的產出利潤率”（SOPR）指標確定損益。

The indicator works by going through the transaction history of each token being sold by the STHs to find the price at which they initially purchased the coins. If this previous price is less than the current spot price for any token, then its sale is added to the profit transactions. Similarly, transfers of the opposite type fall in the loss category.

該指標通過瀏覽STH出售的每個令牌的交易歷史記錄來找到他們最初購買硬幣的價格。如果以前的價格低於任何代幣的當前價格，則將其銷售添加到利潤交易中。同樣，相反類型的轉移屬於損失類別。

When the SOPR is greater than 1, it means the investors’ part of the group are realizing a higher amount of profit than loss. On the other hand, it being under the level suggests that loss-taking is the dominant form of selling among the cohort.

當SOPR大於1時，這意味著投資者的一部分正在意識到利潤量高於損失。另一方面，它在此水平上表明，損失是在隊列中銷售的主要形式。

Now, here is the chart shared by the analytics firm that shows the trend in the 196-hour moving average (MA) of the Bitcoin STH SOPR over the last couple of years:

現在，這是分析公司共享的圖表，該圖表顯示了過去幾年比特幣STH SOPR的196小時移動平均值（MA）的趨勢：

As displayed in the above graph, the Bitcoin STH SOPR has fallen below 1 recently, which implies that these recent buyers have started selling at a loss. At the height of this selloff, the metric’s value reached the 0.97 level, which is close to the low observed during the August capitulation.

如上圖所示，比特幣STH SOPR最近下跌了1，這意味著這些最近的買家已經開始虧本出售。在此拋售的高峰期，度量標準的價值達到了0.97水平，該水平接近8月份投降期間觀察到的低點。

“This persistent downside momentum has left new investors on edge, leading to widespread panic selling at a loss,” reads the report. “Such conditions often precede local seller exhaustion, a dynamic that long-term investors may monitor for potential re-entry opportunities.”

該報告說：“這種持續的下行勢頭使新的投資者處於邊緣狀態，從而導致廣泛的恐慌出售。” “這種條件通常是在當地賣方疲憊之前的，這是長期投資者可能監控潛在重新進入機會的動態。”

The reason that STH capitulation tends to help Bitcoin reach a bottom is that coins tend to transfer to more resolute hands during such an event. These HODLers have their cost basis at the lower post-crash prices, so it’s easier for them to sit through any further price plunges.

STH投降傾向於幫助比特幣達到底部的原因是，在這種情況下，硬幣傾向於轉移到更堅定的手中。這些霍德爾人的成本基礎是施加後的爆炸後價格，因此他們更容易坐在任何進一步的價格下跌中。

It now remains to be seen whether the STH loss-taking that has occurred thus far would be enough for BTC to reach a bottom or not.

現在，到目前為止發生的STH損失是否足以讓BTC到達底部還有待觀察。