比特币（BTC）短期持有人（STH）面临最大的纸张损失

由于最近的价格下跌，STH面临以来熊市以来最大的纸张损失。玻璃节数据显示，每1％比特币瀑布这些持有人降低了约30,000美元

Short-Term Bitcoin Holders (STHs) are currently facing some of the biggest paper losses since past bear markets, according to Glassnode data.

根据GlassNode数据，短期比特币持有人（STH）目前正面临以来熊市以来最大的纸张损失。

These STHs, typically traders holding Bitcoin for less than 155 days, are showing an average loss of roughly $30,000 for every 1% drop in Bitcoin’s price. This statistic highlights the recent impact of the cryptocurrency’s descent from previous highs.

这些STH，通常是持有比特币不到155天的交易者，平均每1％的比特币价格下跌约30,000美元。该统计数据强调了加密货币从以前的高点下降的最新影响。

Highlighting the extent of recent losses, STHs usually begin facing material pain around the $30,000 mark, a level that often serves as a point of panic selling and sharp market swings. This observation has led traders to ponder whether this downturn signals a deep correction or the start of a reversal.

STH强调了最近的损失程度，通常会在30,000美元的大关左右面临物质疼痛，这一水平通常是恐慌销售和急剧的市场波动的点。这一观察结果导致交易者思考这种低迷的信号是深入纠正还是逆转的开始。

However, Long-Term Holders (LTHs), defined as those holding Bitcoin for over 155 days, are generally remaining profitable with minimal paper losses at present. Nevertheless, there is a brewing risk factor.

但是，定义为持有比特币超过155天的长期持有人（LTHS）通常保持盈利，目前的纸张损失最少。然而，存在酿造风险因素。

Investors who bought Bitcoin at prices closer to the previous highs are now becoming LTHs. If Bitcoin’s price continues to fall, these newer LTHs, who typically entered the market at higher cost bases, will face major losses.

以更接近先前高点的价格购买比特币的投资者现在正在成为LTHS。如果比特币的价格继续下跌，这些通常以较高成本基础进入市场的新LTH将面临重大损失。

Historically, this group feeling significant pain has signaled deeper bear market trouble and instability.

从历史上看，这个群体感到巨大的痛苦表明，更深的熊市麻烦和不稳定。

The current pressure on STHs suggests that selling could intensify soon.

目前对STH的压力表明，销售很快就会加剧。

However, periods of strong STH stress usually bring more volatility, which can also indicate that market bottoms are approaching.

但是，强烈的STH压力时期通常会带来更多的波动性，这也可能表明市场底部正在接近。

Overall market sentiment does remain weak at present.

目前，总体市场情绪确实仍然很弱。

While this analysis does not directly confirm a bear market, it does highlight the stress that newer investors are facing.

尽管该分析并未直接确认熊市，但它确实突出了新投资者面临的压力。

Negative macro factors, regulations, or slower ETF inflows could push BTC prices lower. Yet, history shows that recovery from such phases remains possible.

负宏因素，法规或ETF流入较慢可能会推动BTC价格降低。然而，历史表明，从这样的阶段恢复仍然是可能的。

Past cycles in 2015, 2018, and 2022 show that LTHs usually took large hits after retail traders panicked and sold off completely. This key pattern increases the chance of a delayed second downturn, especially if the economy struggles or overall market mood stays sour.

过去的2015年，2018年和2022年的周期表明，LTHS通常在零售交易员惊慌失措并完全出售后遭受重创。这种关键模式增加了延迟第二次下滑的机会，尤其是在经济挣扎或整体市场情绪保持酸味的情况下。