根据链数据

该公司共享的图表表明，短期持有人（STH）（持有比特币少于155天）在很大程度上实现了最近的价格变化的损失。

Recent on-chain data from analytics platform Glassnode highlights a clear divergence in holder behavior amid Bitcoin market volatility.

来自分析平台玻璃节点的最新链上数据突出了比特币市场波动中持有人行为的明显差异。

As the firm's chart shows, Short-Term Holders (STHs) - those holding Bitcoin for less than 155 days - are largely realizing losses on recent price moves.

正如该公司的图表所示，短期持有人（STH） - 持有比特币少于155天的人 - 在很大程度上已经意识到了最近的价格变化的损失。

In contrast, Long-Term Holders (LTHs) - holding for over 155 days - appear to be primarily securing profits when they transact.

相反，长期持有人（LTHS）（持有超过155天）似乎主要在交易时获得利润。

This dynamic reflects the somewhat usual market cycle where newer investors face challenges, but veteran holders remain confident and often sell at a gain during price fluctuations.

这种动态反映了新投资者面临挑战的常规市场周期，但资深持有人仍然有信心，并且在价格波动期间经常销售。

Historically, LTHs accumulate BTC during bear markets and begin offloading their holdings as prices rise, securing profits. The information on the chart could mean that the Bitcoin market is in a holding pattern.

从历史上看，LTH在熊市期间积累了BTC，并随着价格上涨并获得利润，开始卸载其持股。图表上的信息可能意味着比特币市场处于持有模式。

LTHs’ profits are being matched by STHs’ losses, which translates to no capital coming in, fewer people buying, and while some are still selling for profit, it’s less than before.

LTHS的利润与STHS的损失相匹配，STH的损失可以转化为没有资本，购买的人较少，虽然有些仍在谋取利润，但却少于以前。

This data aligns with past Bitcoin cycles, characterized by newer market participants who tend to panic-sell during downturns, while seasoned investors strategically exit at higher price levels.

这些数据与过去的比特币周期保持一致，其特征是较新的市场参与者倾向于在经济低迷期间恐慌，而经验丰富的投资者则以较高的价格水平策略性地退出。

Depending on which way the profit goes, Bitcoin's price and market stability might be affected. For instance, if STHs continue selling at a loss, it may increase selling pressure and drive prices lower.

根据利润的发展方式，比特币的价格和市场稳定可能会受到影响。例如，如果STH继续以损失销售，它可能会增加销售压力并推动价格降低。

On the other hand, if Bitcoin stabilizes or rises, it could restore confidence among these investors.

另一方面，如果比特币稳定或上升，它可能会恢复这些投资者之间的信心。

Further analysis by Glassnode reveals a significant reduction in capital inflows into the Bitcoin network.

通过玻璃节目的进一步分析表明，资本流入向比特币网络大大减少。

Since the all-time high of $109k, there has been an 85% drop in combined realized profit and loss volumes, decreasing from $3.4 billion to $508 million.

由于历史最高额为10.9万美元，因此实现的利润和损失量下降了85％，从34亿美元下降到5.08亿美元。

Such a decline in activity aligns with the demand patterns observed during the 2024 accumulation phase when Bitcoin traded between $50k and $70k.

当比特币在2024年的累积阶段观察到的需求模式的下降与比特币在5万美元至7万美元之间的需求模式保持一致。

Despite the challenging market conditions, Long-Term Holders are displaying a preference for holding and accumulating Bitcoin, as their supply is beginning to grow once more.

尽管市场条件充满挑战，但长期持有人仍表现出对持有和积累比特币的偏爱，因为他们的供应又开始增长。

If Bitcoin continues to trend upwards, Long-Term Holders may increase profit-taking, but this doesn’t necessarily mean a bearish market, since it still is a part of normal market cycles.

如果比特币继续向上趋势，长期持有人可能会增加利润，但这并不一定意味着看跌市场，因为它仍然是正常市场周期的一部分。