比特币 STH MVRV 为 1.1，还有更多运行空间

继 2024 年 12 月下半月回调 15.7% 后，比特币市场在过去一周经历了温和复苏。

The Bitcoin market experienced a modest recovery over the past week following the 15.7% correction in the latter half of December 2024. Amidst this recent price gain, blockchain-related developments from the short-term holders (STH) activity have revealed significant indications for Bitcoin in the coming days.

继 2024 年 12 月下半月回调 15.7% 后，比特币市场在过去一周经历了温和复苏。在最近的价格上涨中，短期持有者 (STH) 活动与区块链相关的发展揭示了比特币的重要迹象在未来的日子里。

As reported earlier by NewsBTC, the 15.7% price drop in December was largely attributed to the rising inflation rate in the United States, which caused traditional markets to experience a sell-off as well. However, the surprising part was that crypto usually moves independently from the stock market.

据NewsBTC此前报道，12月份价格下跌15.7%，很大程度上归因于美国通胀率上升，导致传统市场也遭遇抛售。然而，令人惊讶的是，加密货币通常独立于股市波动。

Now, as the dust settles and Bitcoin begins to recover, on-chain data reveals that short-term holders are finally making a profit from their Bitcoin holdings. According to a recent X post, blockchain analytics firm Glassnode shared a data report on the Bitcoin short-term holders’ MVRV ratio in relation to market price.

现在，随着尘埃落定，比特币开始复苏，链上数据显示，短期持有者终于从持有的比特币中获利。根据最近的 X 帖子，区块链分析公司 Glassnode 分享了一份关于比特币短期持有者相对于市场价格的 MVRV 比率的数据报告。

In crypto, the market value to realized value ratio (MVRV) is a critical analysis tool used to gauge whether an asset is overvalued or undervalued. It is also used to track the holders’ profitability with values above 1 indicating profit and below 1 meaning a loss.

在加密货币中，市场价值与实现价值之比（MVRV）是用于衡量资产是否被高估或低估的关键分析工具。它还用于跟踪持有者的盈利能力，值高于 1 表示盈利，低于 1 表示亏损。

Based on Glassnode’s report, the Bitcoin STH MVRV ratio currently stands at 1.1 suggesting that short-term holders i.e. investors who acquired Bitcoin within the past 155 days, are on average, experiencing a 10% profit. Considering BTC’s price fall in recent weeks, there might be increased selling pressure as these holders move to realize their gains, leading to short-term price resistance.

根据 Glassnode 的报告，比特币 STH MVRV 比率目前为 1.1，这表明短期持有者（即在过去 155 天内购买比特币的投资者）平均获得 10% 的利润。考虑到最近几周比特币价格下跌，随着这些持有者开始实现收益，抛售压力可能会增加，从而导致短期价格阻力。

However, data from Glassnode indicates that the Bitcoin MVRV STH ratio previously reached peaks of 1.35 in November 2024, and 1.44 in March 2024. These MVRV values suggest that short-term holders may tolerate higher profitability levels before triggering a widespread sell-off.

然而，Glassnode 的数据表明，比特币 MVRV STH 比率此前曾于 2024 年 11 月达到峰值 1.35，并于 2024 年 3 月达到 1.44。这些 MVRV 值表明，短期持有者可能会容忍更高的盈利水平，然后引发广泛的抛售。

If Bitcoin bulls maintain the current price recovery with rising demand, the STH MVRV ratio could rise closer to these historical peak levels, which could signal a confirmation of Bitcoin resuming its market uptrend.

如果比特币多头在需求上升的情况下维持当前的价格回升，STH MVRV 比率可能会上升至接近历史峰值水平，这可能标志着比特币恢复其市场上涨趋势的确认。

Bitcoin Price Floor At $87,000?

比特币价格下限为 87,000 美元？

In relation to the Bitcoin STH MVRV ratio, it is understood that 1.0, which indicates no profit or loss, is a pivotal value acting as a support during bullish trends or resistance in a market downtrend.

关于比特币STH MVRV比率，据了解，1.0表示无盈利或亏损，是一个关键值，在看涨趋势中充当支撑，在市场下跌趋势中充当阻力。

The Glassnode report reveals that the current STH MVRV ratio shows that 1.0 corresponds with the $87,000 price zone. According to data from the Cumulative Bid-Ask Delta, there is an air pocket between $87,000 and $71,000 i.e. there is low trading activity or fewer significant buy orders in this price range.

Glassnode 报告显示，当前 STH MVRV 比率显示 1.0 对应于 87,000 美元的价格区域。根据累积买卖增量的数据，87,000 美元至 71,000 美元之间存在一个空气袋，即在此价格范围内交易活动较低或重要买单较少。

Therefore, if the price of BTC slips below $87,000, it will hit no significant support until $71,000 translating into a major price decline.

因此，如果 BTC 的价格跌破 87,000 美元，那么直到 71,000 美元才会出现重大支撑，从而导致价格大幅下跌。

At the time of writing, the premier cryptocurrency continues to trade at $98,081 reflecting a 1.02% gain in the past day. With a market cap of $1.94 trillion, Bitcoin continues to rank as the largest asset in the crypto market.

截至撰写本文时，这一顶级加密货币的交易价格继续为 98,081 美元，过去一天上涨了 1.02%。比特币市值达 1.94 万亿美元，继续成为加密货币市场最大的资产。