随着利润率蒸发，比特币交易者接近崩溃点

比特币（BTCUSD）交易商的利润率正接近“几乎为零”，这可能会减轻加密货币的下行压力。根据 CryptoQuant 的 Julio Moreno 的分析，交易员已达到 60,000 美元的盈亏平衡点，未实现利润率为零。这表明比特币价格可能触底，因为交易员的抛售压力可能会下降。

Bitcoin Traders Approach Tipping Point as Profit Margins Evaporate

随着利润率蒸发，比特币交易者接近临界点

The relentless downward pressure on Bitcoin (BTC) prices may be approaching a turning point as traders' profit margins dwindle to "virtually zero."

随着交易者的利润率缩减至“几乎为零”，比特币（BTC）价格的持续下行压力可能正在接近一个转折点。

According to Julio Moreno, head of research at on-chain analytics platform CryptoQuant, Bitcoin is poised to establish a potential bottoming point, as revealed in an analysis shared via X (formerly Twitter) on April 18.

链上分析平台 CryptoQuant 研究主管 Julio Moreno 表示，正如 4 月 18 日通过 X（前身为 Twitter）分享的分析所揭示的那样，比特币即将建立一个潜在的触底点。

Traders Hit the Breakeven Threshold

交易员触及盈亏平衡门槛

A weeklong decline in BTC prices has taken a toll on Bitcoin and cryptocurrency traders, but a significant reset is on the horizon. CryptoQuant data indicates that traders have reduced their exchange holdings to the breakeven threshold of $60,000.

比特币价格持续一周的下跌对比特币和加密货币交易者造成了影响，但重大重置即将到来。 CryptoQuant 数据显示，交易员已将其交易所持有量减少至 60,000 美元的盈亏平衡阈值。

Moreno summarized, "BTC selling pressure from traders may be declining as unrealized profit margins are zero now." An accompanying chart illustrating the profit/loss ratio for short-term holders (STHs) - entities that have held BTC for 155 days or less - reveals that these speculators have depleted their profitable trades, suggesting a reduction in selling activity to avoid incurring losses.

莫雷诺总结道，“由于目前未实现的利润率为零，来自交易员的比特币抛售压力可能正在下降。”随附的图表显示了短期持有者（STH）（持有 BTC 时间不超过 155 天的实体）的盈亏比，显示这些投机者已经耗尽了有利可图的交易，这表明他们减少了抛售活动，以避免遭受损失。

"Traders' realized price (pink line), which is currently at about $60K, has acted as support for prices during a bull market," Moreno noted. Since BTCUSD began retracing from record highs in March, there has been only one brief dip below $60,000, a common occurrence in the wake of all-time highs being established, as reported by Cointelegraph. The unprecedented surge in anticipation of this week's block subsidy halving fueled hopes for a prolonged BTC price descent.

“交易员的实际价格（粉线）目前约为 6 万美元，在牛市期间为价格提供了支撑，”莫雷诺指出。据 Cointelegraph 报道，自 BTCUSD 于 3 月份开始从历史高位回撤以来，仅出现过一次短暂跌破 60,000 美元的情况，这是在创下历史新高后常见的情况。对本周区块补贴减半的预期前所未有地激增，引发了人们对比特币价格长期下跌的希望。

Market Dynamics Shift

市场动态转变

The convergence of traders' breakeven point with Bitcoin's current price level suggests a shift in market dynamics. As STHs exhaust their profitable positions, the incentive to sell wanes, potentially stemming the flow of supply into the market.

交易者的盈亏平衡点与比特币当前价格水平的趋同表明市场动态发生了变化。随着 STH 耗尽其盈利头寸，出售的动力减弱，可能会阻止供应流入市场。

"Traders' realized price is a support level and an important layer for bulls to protect," Moreno emphasized. "If BTCUSD can hold above $60K, it will be a win for bulls."

“交易者的已实现价格是支撑位，也是多头需要保护的重要层，”莫雷诺强调。 “如果 BTCUSD 能够维持在 6 万美元以上，这将是多头的胜利。”

Bullish Outlook Regains Momentum

看涨前景重拾动力

While the market has faced significant headwinds in recent days, the prospect of diminishing selling pressure from traders provides a glimmer of optimism for the bulls. If BTCUSD can reclaim the critical $60,000 support level, it could mark the beginning of a rebound and potentially pave the way for further price appreciation.

尽管最近几天市场面临重大阻力，但交易员抛售压力减弱的前景为多头带来了一线乐观情绪。如果 BTCUSD 能够夺回 60,000 美元的关键支撑位，则可能标志着反弹的开始，并可能为价格进一步升值铺平道路。

The evolving market conditions and the interplay between trader behavior and price action will be closely monitored by investors seeking to gauge the potential for a sustained Bitcoin recovery.

投资者将密切关注不断变化的市场状况以及交易者行为和价格行为之间的相互作用，以评估比特币持续复苏的潜力。