由于短期持有者（STH）积极抛售，比特币（BTC）面临抛售压力

自触及 10.8 万美元以来，比特币 [BTC] 一直难以保持上涨势头。因此，BTC 的盘整区间在 9.2 万美元到 9.7 万美元之间。

Bitcoin [BTC] has had a rough couple of weeks. After hitting a new all-time high [ATH] above $108k, BTC failed to maintain its momentum and began trading in a consolidation range.

比特币[BTC]经历了艰难的几周。在触及 10.8 万美元以上的历史新高 [ATH] 后，BTC 未能保持其势头并开始在盘整区间内交易。

At the time of writing, Bitcoin is trading at $93,905, marking a 2.18% decline on the daily charts. Additionally, the cryptocurrency has dropped by 12.37% on the weekly charts. This dip has left most short-term holders at a loss, including those who bought Bitcoin in November. The widening loss margins among short-term holders have analysts deliberating over the next move.

截至撰写本文时，比特币交易价格为 93,905 美元，日线图下跌 2.18%。此外，该加密货币在周线图表上下跌了 12.37%。这次下跌让大多数短期持有者蒙受损失，包括那些在 11 月份购买比特币的人。短期持有者亏损幅度的扩大促使分析师考虑下一步行动。

Bitcoin’s LTH vs STH net position change

比特币 LTH 与 STH 净头寸变化

According to Cryptoquant, the 30-day net position change for long-term holders (LTH) has turned negative hitting -750k BTC.

根据 Cryptoquant 的数据，长期持有者 (LTH) 的 30 天净头寸变化已转为负数，达到 -75 万个 BTC。

Despite this change, Bitcoin prices have managed to hold strong and did not experience a strong drop. This is because short-term holders (STH) have continued to accumulate even as BTC rallied to a new ATH.

尽管发生了这一变化，比特币价格仍保持坚挺，并未出现大幅下跌。这是因为即使 BTC 反弹至新的 ATH，短期持有者 (STH) 仍在继续增持。

The net position change for short-term holders (STH) surged to a positive value of +750k BTC.

短期持有者（STH）的净头寸变化飙升至+750k BTC 的正值。

While short-term investors continued to accumulate as BTC prices surged, the STH SOPR turned negative. This indicates that STH holders are operating at a loss.

虽然短期投资者随着 BTC 价格飙升而继续增持，但 STH SOPR 却转为负值。这表明STH持有者处于亏损状态。

With short-term holders at a loss, they have two options: hold and wait for BTC prices to recover, or buy at lower prices. If STH demand remains strong and long-term holder (LTH) demand is neutral or positive, it could create positive momentum for BTC.

由于短期持有者处于亏损状态，他们有两种选择：持有并等待比特币价格回升，或者以较低的价格买入。如果 STH 需求保持强劲，并且长期持有者 (LTH) 需求呈中性或正值，则可能为 BTC 创造积极动力。

However, if STH decides to sell at a loss, it could create selling pressure and drive prices further down. The direction that short-term holders take will affect BTC’s price trajectory.

然而，如果 STH 决定亏本出售，可能会造成抛售压力并推动价格进一步下跌。短期持有者的选择方向将影响比特币的价格轨迹。

Through the output spent age bands, we can see short-term holders are actively selling. Thus short-term holders have spent more coins than LTH, with coins held for one day hitting 56 million and those held for a week reaching 9 million.

通过消费年龄段的产出，我们可以看到短期持有者正在积极抛售。因此，短期持有者花费的代币数量比 LTH 更多，一天持有的代币达到 5600 万枚，持有一周的代币达到 900 万枚。

As such, the past week has experienced a spike in the exchange supply ratio. A surge in exchange supply suggests that these spent coins are going to exchanges, thus traders are transferring more Bitcoin tokens into exchanges either to sell or preparing to do so.

因此，过去一周交易所供应比率出现飙升。交易所供应量的激增表明，这些用过的代币将进入交易所，因此交易者正在将更多的比特币代币转移到交易所，要么是为了出售，要么是准备这样做。

This implies that there’s high speculative trading among STH traders and are even selling at a loss to acquire at lower rates.

这意味着 STH 交易者之间存在高度投机性交易，甚至亏本出售以较低价格收购。