比特币短期持有者抛售压力可能正在减弱：深入分析

CryptoQuant 的研究负责人表示，比特币交易者抛售压力的下降归因于他们的利润微薄。短期持有者 (STH) 一直持有利润，因为 STH 的实现价格（表明其平均收购成本）已升至 60,000 美元。这表明 STH 可能不愿意出售，可能会减轻市场的抛售压力，并导致比特币近期的横向价格走势。

Bitcoin Short-Term Holder Selling Pressure May Be Subduing

比特币短期持有者的抛售压力可能正在减弱

In-Depth Analysis Highlights Shift in Market Dynamics

深入分析凸显市场动态的转变

[DATE] - Recent on-chain analytics from CryptoQuant suggest that the selling pressure exerted by Bitcoin's short-term holders (STHs) may be waning. This development could have significant implications for the coin's price trajectory moving forward.

[日期] - CryptoQuant 最近的链上分析表明，比特币短期持有者 (STH) 施加的抛售压力可能正在减弱。这一发展可能会对代币的价格走势产生重大影响。

Short-Term Holders: A Key Market Indicator

STHs, as defined by CryptoQuant, comprise Bitcoin investors who have held their coins for less than 155 days. This cohort often includes traders who engage in frequent buying and selling activities without a long-term investment horizon. As such, STHs are often highly responsive to market movements, with a tendency to panic-sell during periods of volatility.

根据 CryptoQuant 的定义，STH 包括持有比特币时间少于 155 天的比特币投资者。该群体通常包括经常从事买卖活动但没有长期投资期限的交易者。因此，STH 通常对市场走势高度敏感，在波动期间倾向于恐慌性抛售。

Realized Price: Gauging Profitability

已实现价格：衡量盈利能力

One metric used to assess the likelihood of STH selling activity is the realized price. This metric represents the average cost basis or acquisition price of STH coins, calculated from blockchain transaction history. When the current market price of Bitcoin exceeds the realized price, it implies that STHs are holding a net profit. Conversely, when the market price falls below the realized price, STHs are experiencing losses.

用于评估某物销售活动可能性的一项指标是已实现价格。该指标代表根据区块链交易历史计算得出的 STH 币的平均成本基础或购买价格。当比特币当前市场价格超过实际价格时，就意味着STH持有净利润。相反，当市场价格低于实际价格时，STH 就会遭受损失。

Rising Realized Price Signals Declining Selling Pressure

已实现价格上涨表明抛售压力下降

CryptoQuant's analysis reveals that the Bitcoin realized price for STHs has climbed steadily over the past few months, recently reaching approximately $60,000. This indicates that STHs have been accumulating profits as the coin's price has ascended.

CryptoQuant 的分析显示，过去几个月，比特币的实际价格稳步攀升，最近达到约 60,000 美元。这表明随着代币价格的上涨，STH 一直在积累利润。

Typically, during bull markets characterized by rising prices, STHs tend to remain profitable. However, if profits become excessive, it can increase the likelihood of STHs engaging in profit-taking, potentially leading to price corrections.

通常，在以价格上涨为特征的牛市期间，STH 往往会保持盈利。然而，如果利润过高，可能会增加某机构获利了结的可能性，从而可能导致价格调整。

Recent Market Action and Profit Margins

近期市场走势和利润率

Notably, as Bitcoin has consolidated within a range of $60,000 to $70,000, the STH realized price has continued to rise. This surge is attributed to STH trading activity within this range, resulting in higher acquisition prices and a subsequent increase in the average realized price.

值得注意的是，随着比特币在 60,000 美元至 70,000 美元的范围内盘整，STH 的实现价格持续上涨。这一激增归因于该范围内的 STH 交易活动，导致收购价格上涨以及随后平均实现价格的上涨。

Consequently, STHs currently hold a smaller profit margin, with the current market price hovering close to the realized price. This reduced profitability may be a contributing factor to the decline in STH selling pressure, as they have less incentive to liquidate their coins at these levels.

因此，STH 目前的利润率较小，目前的市场价格徘徊在接近实现价格的水平。盈利能力的下降可能是 STH 抛售压力下降的一个因素，因为他们在这样的水平上清算代币的动力较小。

Bitcoin Price: Range-Bound Consolidation

比特币价格：区间盘整

Meanwhile, Bitcoin's price has remained confined within its recent range, fluctuating around $65,200. This consolidation suggests that market participants are awaiting a clearer market direction before making significant moves.

与此同时，比特币的价格仍限制在近期区间内，在 65,200 美元左右波动。这种整合表明市场参与者在采取重大举措之前正在等待更明确的市场方向。

Conclusion

结论

The declining selling pressure from STHs, as evidenced by the rising realized price and diminished profit margins, is a significant development in Bitcoin's market dynamics. This shift could alleviate downward pressure on the coin's price, potentially paving the way for further upside potential in the future.

实际价格上涨和利润率下降证明了 STH 抛售压力的下降，这是比特币市场动态的重大发展。这一转变可能会减轻代币价格的下行压力，可能为未来进一步的上涨潜力铺平道路。

However, it is essential to note that market conditions can change rapidly, and investors should always conduct due diligence before making any investment decisions.

然而，必须注意的是，市场状况可能会迅速变化，投资者在做出任何投资决定之前应始终进行尽职调查。