比特币在极端财务压力下的短期持有人

目前，在极端的财务压力下，比特币的短期持有人（STH）看到未实现的损失堆积起来，因为旗舰加密货币的价格一如既往。

The short-term holders of Bitcoin (BTC) are beginning to feel the pressure as the price of the flagship cryptocurrency remains as volatile as ever.

随着旗舰加密货币的价格像以往一样，比特币（BTC）的短期持有人（BTC）开始感到压力。

As the situation feels acute, some experts say the losses are actually within historical norms and still look better than the unrealized loss situation Bitcoin (BTC) was in in 2015-2016 (again, at a similar stage in the then-current halving cycle). That said, this piece isn’t about prettying up Bitcoin ETF inflows. It explores the possible significance of what these inflows into Bitcoin ETFs might mean for the price of Bitcoin itself. And: what kind of trends, both bearish and bullish, could play out from here.

由于情况感到敏锐，一些专家说，这些损失实际上处于历史规范之内，而且看起来仍然比未实现的损失情况比特币（BTC）在2015 - 2016年（同样在当时的减半周期中的类似阶段）。也就是说，这件作品并不是要漂亮的比特币ETF流入。它探讨了这些流入比特币ETF的可能性可能对比特币本身的价格意味着。而且：看跌和看涨的趋势可以从这里发挥出来。

#BTC's Short-Term Holders are under increasing pressure. Unrealized losses have surged, pushing many STH coins underwater, nearing the +2σ threshold. Still, losses remain within historical bull market bounds and are less severe than the May 2021 sell-off: https://t.co/dybs05jV9T

＃BTC的短期持有人的压力正在增加。未实现的损失已经激增，将许多STH硬币推向水下，接近 +2σ阈值。尽管如此，损失仍然在历史牛市范围内，不如2021年5月的抛售：https：//t.co/dybs05jv9t

This is a very concerning trend for anyone who bought Bitcoin at the higher prices we’ve seen in recent months.

对于以近几个月来购买比特币的任何人来说，这是一个非常令人关注的趋势。

According to the most current reports, Bitcoin’s short-term holders sustained an eye-popping $7 billion rolling 30-day realized loss, the largest and most sustained loss event for STHs in this current cycle. The size of this number puts the strain on showing when investors were realized they were better off NOT holding the token that trades on the open market. On the other hand, the severity and size of the short-term losses underreport the amount of upside-downness that holders are really feeling because the reported losses are still not anywhere close to what was reported back in the 2021-2022 period when $19.8 billion and $20.7 billion were the amounts being reported as short-term holder realized losses.

根据目前的最新报道，比特币的短期持有人在本期周期中，比特币的短期持有人持续了70亿美元的滚动30天的损失，这是STHS中最大，最持续的损失事件。这个数字的规模赋予了何时表明投资者意识到他们最好不要在公开市场上交易的代币。另一方面，短期损失的严重性和规模不足以说明持有人真正感到的颠倒数量，因为所报告的损失仍未在2021 - 2022年期间报告的额定损失尚未接近报告的198亿美元和2007亿美元，而这些损失是短期持有人实现损失的金额。

Short-Term Holders Feeling the Squeeze

短期持有者感到挤压

Bitcoin's short-term holders, defined as those holding for less than six months, are experiencing significant unrealized losses as the price of Bitcoin fluctuates. Data reveals that a growing number of STH coins are now underwater, with total unrealized losses nearly reaching the +2 standard deviation threshold, a level that signals substantial pressure on this part of the market.

比特币的短期持有人被定义为持有少于六个月的人，随着比特币的价格波动，比特币的持有人正在经历重大未实现的损失。数据表明，现在越来越多的STH硬币正在水下，总未实现的损失几乎达到了+2标准偏差阈值，这一水平标志着市场的这一部分巨大压力。

As the saying goes, all trends eventually come to an end, and in the case of Bitcoin ETF inflows, it does appear that they may be slowing. On March 21, for instance, Bitcoin spot ETFs registered total net inflows of $83.0919 million. This was the sixth straight day that the ETFs saw net inflows. These ETFs are now managing about $1.496 billion in assets, and that figure is up about 15.64 percent since the start of this month.

俗话说，所有趋势最终都结束了，在比特币ETF流入的情况下，似乎它们可能正在放缓。例如，在3月21日，比特币现场ETF的总净流入量为830.919亿美元。这是ETF连续第六天看到净流入的。这些ETF现在管理着约14.96亿美元的资产，自本月初以来，该数字增长了约15.64％。

On the other hand, Ethereum spot ETFs experienced a total net outflow of $18.6309 million, marking a 13th day of net outflows.

另一方面，以太坊斑点ETF的总净流出为186.3万美元，标志着净流出的第13天。

The persistent inflows into Bitcoin ETFs indicate a building trust in the asset's lasting value. Long-term investors appear to be seeking more exposure to Bitcoin but prefer vehicles that are regulated and resemble more traditional investments. If this trend continues, it might help the Bitcoin market serve up a price that is more appealing to those buying it. In that case, the ETF might help constitute something of a “stability ball” for Bitcoin in the short run.

持续流入比特币ETF表示对资产持久价值的建筑信任。长期投资者似乎正在寻求更多接触比特币，但更喜欢受监管并类似于传统投资的车辆。如果这种趋势持续下去，它可能会帮助比特币市场提高价格对购买的价格更具吸引力的价格。在这种情况下，ETF在短期内可能有助于比特币构成“稳定球”。

Outlook for Bitcoin's Short-Term Holders

比特币短期持有人的前景

The standoff of Bitcoin's short-term holders is getting tenser by the day, with unrecognized losses swelling as the price of the asset refuses to show any decisive upward momentum. Yet, these unrecognized losses are still relatively modest when stacked against the previous two-thirds or so of the last two Bitcoin market cycles. Yes, short-term holders are feeling the heat—but not in a way that suggests current losses are so painful folks are being forced to throw in the towel.

比特币短期持有人的僵局每天都会变得紧张，因为资产的价格拒绝表现出任何果断的上升势头，因此无法识别的损失肿胀。然而，当与最后两个比特币市场周期中的前三分之二左右堆叠时，这些未认可的损失仍然相对谦虚。是的，短期持有人正在感觉到热量，但并非以表明当前的损失是如此痛苦的人们被迫扔毛巾。

Concurrent with this, the inflows into Bitcoin ETFs ongoing inflows into highlight ETFs into Bitcoin are from institutional investors and show that there is a belief in the long-term potential of this asset class. As long as this trend persists, seems to be in place, there is a knee-jerk market reaction that tends to give short-term holders a bit of cushion from otherwise downward pressures.

同时，将流入比特币ETF的流入流入重点ETF进入比特币的流入来自机构投资者，并表明人们相信该资产类别的长期潜力。只要这种趋势持续存在，似乎已经存在，就会有一个膝盖的市场反应，往往会给短期持有人带来一些距离的缓冲。

In conclusion, while holders of Bitcoin in the short term face tough issues with unrealized losses that are becoming more and more substantial, the overall market is still being carried by oh-so-much institutional optimism and a carry-on influx of capital into Bitcoin ETFs. This means that while the next six to twelve months look like they could be quite turbulent for short-term holders of Bitcoin, the much broader picture for Bitcoin looks positive and is probably driven by the continued institutional adoption and support of Bitcoin.

总之，尽管短期内比特币的持有人面临着越来越多的损失的艰难问题，但越来越多的损失越来越实现，但整个市场仍然受到OH-SOUCH机构的乐观情绪，并将资本涌入到比特币ETF中。这意味着，尽管接下来的六到十二个月看起来对比特币的短期持有人来说可能是非常动荡的，但比特币的更广泛的情况看起来很积极，并且可能是由持续的机构采用和对比特币的支持所驱动的。