比特币 (BTC) 长期持有者 (LTH) 投降，单日卖出近 70,000 BTC

比特币 (BTC) 目前的交易价格比 108,000 美元左右的历史高点低 13%，这是自当选总统唐纳德·特朗普 11 月初赢得美国大选以来的最高水平。

Bitcoin (BTC) dropped further Wednesday morning, slipping to levels last seen during the post-election rally in early November.

周三上午，比特币 (BTC) 进一步下跌，跌至 11 月初大选后反弹期间的水平。

The largest cryptocurrency fell to as low as $94,400 during the Asian trading hours, according to Bitstamp. The price recovered slightly and was recently changing hands at $94,700, still down 13% from the record high of around $108,000.

据 Bitstamp 称，最大的加密货币在亚洲交易时段跌至 94,400 美元。价格略有回升，最近以 94,700 美元易手，仍较 108,000 美元左右的历史高位下跌 13%。

Bitcoin had spent several periods at 10% below the record – a level that some investors term a correction – since hitting the all-time high on Oct. 21.

自 10 月 21 日触及历史新高以来，比特币价格曾多次处于低于历史记录 10% 的水平（一些投资者将这一水平称为修正）。

The selling pressure appeared to originate with long-term holders (LTHs), which Glassnode defines as investors who have held bitcoin for at least 155 days. They tend to sell into price strength after accumulating bitcoin when prices are depressed.

抛售压力似乎源自长期持有者（LTH），Glassnode 将其定义为持有比特币至少 155 天的投资者。当价格低迷时，他们在积累比特币后往往会趁价格上涨时卖出。

LTHs were already distributing a significant amount of BTC about a week ago, previous CoinDesk research showed.

CoinDesk 之前的研究显示，大约一周前，LTH 已经分发了大量的 BTC。

Since then, they’ve picked up the pace and have reduced their total holdings to about 13.2 million BTC from around 14.2 million in mid-September.

此后，他们加快了步伐，将比特币总持有量从 9 月中旬的约 1420 万减少至约 1320 万。

On Thursday, they sold almost 70,000 BTC, the fourth-biggest one-day sell-off this year, according to Glassnode data.

根据 Glassnode 的数据，周四，他们售出了近 70,000 枚 BTC，这是今年第四大单日抛售量。

On the flip side, for every seller, there has to be a buyer. In this case, it’s the short-term holders (STHs) who have accumulated approximately 1.3 million BTC in the same time period. The number indicates they picked up coins from the LTHs and more.

另一方面，对于每个卖家来说，都必须有一个买家。在这种情况下，短期持有者（STH）在同一时期内积累了大约 130 万比特币。该数字表明他们从 LTH 等处拾取了硬币。

In the past few days the narrative has changed and LTHs are looking to sell more than short-term traders are looking to buy. That imbalance has contributed to the price decline.

在过去的几天里，情况发生了变化，LTH 的卖出量超过了短期交易者的买入量。这种不平衡导致了价格下跌。

There are 19.8 million tokens in circulating supply and another 2.8 million sitting on exchanges, though that balance continues to fall: about 200,000 bitcoin has left exchanges in the past few months.

目前有 1,980 万枚代币处于流通供应中，另有 280 万枚代币留在交易所，但这一余额仍在继续下降：过去几个月约有 20 万枚比特币离开了交易所。

These cohorts are key to monitoring bitcoin's price activity in the next few days.

这些群体是监控未来几天比特币价格活动的关键。