比特幣（BTC）價格破壞了新記錄，但短期投資者正在兌現

比特幣剛剛打破了新的唱片，但是在顯示的欣喜之後，正在出現更複雜的動態。

Short-term investors are rapidly cashing out massive amounts from Bitcoin (BTC) in a move that has analysts watching closely.

短期投資者正在迅速兌現比特幣（BTC）的大量兌現，而分析師密切關注。

As part of its latest weekly report, Glassnode highlighted an interesting dynamic unfolding in the BTC market.

作為其最新每週報告的一部分，GlassNode強調了BTC市場中有趣的動態發展。

While a portion of investors, categorized by Glassnode as "short-term holders (STH)", who typically hold coins for 0 to 15 days, have been known to quickly realize large profits or losses, the recent scale of profit-taking is noteworthy.

雖然一部分被GlassNode歸類為“短期持有人（STH）”的投資者通常持有0至15天的硬幣，但已知很快就會意識到巨額利潤或損失，但最近的獲利規模值得注意。

Its analysis indicates a heating up of this profit-taking cycle over the past month.

它的分析表明，在過去一個月中，這種利潤週期的加熱。

Credit: Glassnode

學分：玻璃節

Its analysis highlighted a heating up of this profit-taking cycle over the past month.

它的分析強調了過去一個月的這個利潤週期的加熱。

“This signals that new entrants into the market—more sensitive to price fluctuations and entering during a rapid market cycle—are quickly pivoting to secure gains during a highly volatile phase.”

“這表明進入市場的新進入者（對價格波動和在迅速的市場週期中的進入更加敏感）迅速旋轉以在高度波動的階段獲得收益。”

Absorbable selling pressure or the beginnings of a reversal?

可吸收的銷售壓力或逆轉的開始？

While the figures are noteworthy, the report notes that this profit-taking cycle is still “below the peaks reached at the end of 2024.”

雖然這些數字值得注意，但報告指出，這個利潤週期仍然“低於2024年底的峰值”。

This detail is crucial because it signifies that the market has yet to reach an overheated level.

該細節至關重要，因為它表明市場尚未達到過熱水平。

In essence, despite the short-term investor activity, there is no immediate indication of overall market exhaustion.

從本質上講，儘管短期投資者活動，但沒有立即跡象表明整體市場疲憊。

This could suggest a stronger resilience of demand, which could sustain price movements despite the selling pressure.

這可能表明需求具有更強的彈性，儘管賣出壓力，但仍可以維持價格變動。

Moreover, the central question now is how this pressure will be absorbed.

此外，現在的核心問題是如何吸收這種壓力。

“It remains to be seen whether incoming demand will be able to absorb this selling pressure,” adds Glassnode.

GlassNode補充說：“有待觀察的需求是否能夠吸收這種銷售壓力。”

If the buying momentum remains sufficient, then large-scale profit-taking might only have a moderate impact on price.

如果購買勢頭仍然足夠，那麼大規模的獲利可能只會對價格產生適度的影響。

Conversely, a more substantial pullback could commence, returning the market to a consolidation phase, or possibly a steeper reversal.

相反，更實質性的回調可能會開始，將市場恢復到合併階段，或者可能是更陡峭的逆轉。

Although current indicators present a still-dynamic market with some level of support, a note of caution is necessary.

儘管目前的指標呈現出一個仍有一定程度支持的動態市場，但仍需要注意。

The behavior of short-term investors in the coming weeks will be crucial for determining the broader trend.

在接下來的幾周中，短期投資者的行為對於確定更廣泛的趨勢至關重要。

If profit-taking intensifies without a corresponding inflow of fresh liquidity, it might signal a weakening of the bullish cycle.

如果利潤增加而沒有相應的新鮮流動性流入，則可能標誌著看漲週期的削弱。

However, a smooth absorption of this selling pressure by demand could set the stage for a new, potentially more sustained bullish impulse, similar to the recent breakout of the 111,000 dollar level by Bitcoin.

但是，通過需求對這種銷售壓力的平穩吸收可能為新的，可能持續的看漲衝動奠定了基礎，類似於比特幣最近對111,000美元的突破。