比特幣（BTC）市場依靠短期樂觀的交易模式，因此處於關鍵的十字路口

2025年不斷發展的加密貨幣市場在關鍵的十字路口找到比特幣，依靠短期樂觀的交易模式

The cryptocurrency market of 2025 continues to be a subject of great interest, especially with Bitcoin (BTC) at a critical crossroads.

2025年的加密貨幣市場仍然是一個引起人們興趣的主題，尤其是在關鍵十字路口的比特幣（BTC）。

While the short-term optimistic trading patterns seen since mid-March and the not-so-encouraging trader sentiment discussed last Friday may present a mixed outlook, a more sophisticated—but also more complicated—picture emerges from the first days of May.

雖然自3月中旬以來所看到的短期樂觀交易模式以及上週五討論的不那麼令人振奮的交易者情緒可能表現出一種混雜的看法，但從5月的第一天開始就出現了更複雜的（也更複雜）。

At this turn, Bitcoin’s on-chain indicators are in good health, reinforcing the not-so-distant view that $30,000 was very much in play.

在此轉發中，比特幣的鍊鍊指標身體健康，這加強了不太可能的觀點，即30,000美元在發揮作用。

Recently, the cost basis ribbon for Short-Term Holders (STHs) has shown a bullish development: investors who have held Bitcoin for more than one month (and many for several months) are, on average, back in profit.

最近，短期持有人（STH）的成本基礎色帶顯示了看漲的發展：持有比特幣超過一個月的投資者（幾個月來的投資者）平均恢復了利潤。

This is a big shift. It’s not clear whether it is happening because the price of Bitcoin has gone up or because the holders themselves are simply holding for longer.

這是一個很大的轉變。目前尚不清楚是否正在發生，因為比特幣的價格上漲，或者因為持有人本身只是持有更長的時間。

Regardless, this is quite clearly a big behavioral moment. When these holders return to being profitable, they tend to put reduced selling pressure in the market. This is mattering now. And it could matter more in the next couple of key.

無論如何，這顯然是一個很大的行為時刻。當這些持有人重返盈利時，他們傾向於在市場上降低銷售壓力。現在很重要。在接下來的幾個密鑰中，這可能更重要。

The post Short-Term Holder Cost Basis Shows Improvement, But Is It Enough? appeared first on ChainCommons.

後短期持有人的成本基礎顯示出改善，但是足夠了嗎？首先出現在ChainCommons上。

Recently, the cost basis ribbon for Short-Term Holders (STHs) has shown a bullish development: investors who have held Bitcoin for more than one month (and many for several months) are, on average, back in profit.

最近，短期持有人（STH）的成本基礎色帶顯示了看漲的發展：持有比特幣超過一個月的投資者（幾個月來的投資者）平均恢復了利潤。

This is a big shift. It’s not clear whether it is happening because the price of Bitcoin has gone up or because the holders themselves are simply holding for longer.

這是一個很大的轉變。目前尚不清楚是否正在發生，因為比特幣的價格上漲，或者因為持有人本身只是持有更長的時間。

Regardless, this is quite clearly a big behavioral moment. When these holders return to being profitable, they tend to put reduced selling pressure in the market. This is mattering now. And it could matter more in the next couple of weeks or months.

無論如何，這顯然是一個很大的行為時刻。當這些持有人重返盈利時，他們傾向於在市場上降低銷售壓力。現在很重要。在接下來的幾週或幾個月中，這可能更重要。

Credit: Glassnode

學分：玻璃節

It is crucial for STHs to be consistently profitable, especially given the sti

STH始終如一地盈利至關重要，特別是考慮到STI