比特币（BTC）短期持有者意识到价格不再增长太快

在 X 上的一篇新文章中，分析师 James Van Straten 谈到了比特币短期持有者的已实现价格的 7 天变化率。

An analyst has highlighted how an important Bitcoin indicator has returned to levels that could be considered healthy for a bull-market uptrend.

一位分析师强调了一个重要的比特币指标如何回到牛市上升趋势的健康水平。

Bitcoin Short-Term Holder Realized Price No Longer Growing Too Fast

比特币短期持有者意识到价格不再增长太快

In a new post on X, analyst James Van Straten discussed the 7-day rate of change in the Realized Price of Bitcoin short-term holders. The “Realized Price” in this context refers to an on-chain metric that tracks the cost basis of the average investor or address on the network.

在 X 上的一篇新帖子中，分析师 James Van Straten 讨论了比特币短期持有者已实现价格的 7 天变化率。在这种情况下，“已实现价格”是指跟踪网络上平均投资者或地址的成本基础的链上指标。

When the indicator’s value is higher than the spot price of the crypto, it means the holders as a whole can be assumed to be in a state of net profit. On the other hand, it being below the mark implies the overall market is holding loss.

当该指标的值高于该加密货币的现货价格时，意味着持有者整体上可以认为处于净利润状态。另一方面，低于该线则意味着整体市场处于亏损状态。

In the context of the current topic, only the Realized Price of a particular market segment is of interest: the short-term holders (STHs). This cohort includes the investors who bought their coins within the past 155 days.

在当前主题的背景下，只有特定细分市场的已实现价格令人感兴趣：短期持有者 (STH)。该群体包括在过去 155 天内购买代币的投资者。

The STHs form one of the two main divisions of the BTC sector on the basis of holding time, with the other group being known as the long-term holders (LTHs).

根据持有时间，STH 构成了 BTC 领域的两个主要部分之一，另一组被称为长期持有者 (LTH)。

Statistically, the longer an investor continues to hold onto their coins, the less likely they become to sell at any point, so the STHs are considered to include the weak hands of the market, while the LTHs represent the resolute HODLers.

从统计数据来看，投资者继续持有代币的时间越长，他们在任何时候出售代币的可能性就越小，因此 STH 被认为包括市场上的弱势手，而 LTH 则代表坚决的持有者。

Now, here is the chart shared by the analyst that shows the trend in the Realized Price of the STHs, as well as its 7-day rate of change, over the last few years:

现在，下面是分析师分享的图表，显示了过去几年 STH 的实现价格趋势及其 7 天变化率：

As can be seen in the above graph, the Bitcoin STH Realized Price has gone up during the last few months as the rally in the coin’s price has occurred. The reason behind this trend is naturally the fact that the STHs represent the recent buyers, who have to purchase at increasingly higher prices during a bull run.

从上图中可以看出，随着比特币价格的上涨，比特币 STH 的实现价格在过去几个月中有所上涨。这种趋势背后的原因自然是因为 STH 代表了最近的买家，他们在牛市期间必须以越来越高的价格购买。

The crypto has been trading above the cost basis of this cohort for a while now, implying that its members have been enjoying profits. Historically, the line has served as a sort of boundary between macro bearish and bullish trends, so BTC continuing to trade above it is a positive sign.

一段时间以来，加密货币的交易价格一直高于该群体的成本基础，这意味着其成员一直在享受利润。从历史上看，该线一直是宏观看跌和看涨趋势之间的某种边界，因此比特币继续在其上方交易是一个积极的信号。

As highlighted by Van Straten, another potential bullish sign is the fact that the 7-day rate of change in the indicator has seen a cooldown recently. Earlier, the Realized Price of the STHs was expanding at a notable rate, something that has generally led to tops for the coin.

正如 Van Straten 所强调的，另一个潜在的看涨信号是该指标的 7 天变化率最近已经降温。早些时候，STH 的实际价格以显着的速度上涨，这通常导致代币见顶。

With the indicator now growing at a more healthy rate, it’s possible that Bitcoin could continue its bull run in a sustainable manner.

随着该指标现在以更健康的速度增长，比特币有可能以可持续的方式继续其牛市。

BTC Price

比特币价格

At the time of writing, Bitcoin is valued at around $98,400, having declined by more than 6% during the last week.

截至撰写本文时，比特币价值约为 98,400 美元，上周下跌超过 6%。