比特幣[BTC]短期持有人一直在獲利

在過去的一周中，比特幣[BTC]取得了巨大的收益。最近的收益意味著大多數短期持有人（STH）都在盈利的利潤率之內

Bitcoin (BTC) has seen substantial gains in the past week, pushing most short-term holders (STHs) into profitable margins after a period of being underwater.

在過去的一周中，比特幣（BTC）在過去一周中取得了可觀的收益，將大多數短期持有人（STH）推向了水下一段時間後的利潤率。

As a result, over the past 10 days, STHs have been selling their Bitcoin with significant profit. This is evident in the Short-Term Holder Spent Output Profit Ratio (SOPR) holding above 1 over this period.

結果，在過去的10天中，STH一直以可觀的利潤出售其比特幣。這在此期間的短期持有人支出的產出利率（SOPR）中很明顯。

However, the rising profitability for this cohort means these holders are taking the opportunity to make profits while exiting their positions.

但是，該隊列的盈利能力上升意味著這些持有人在退出職位的同時藉此機會賺錢。

STHs dominated outflows as demand momentum dropped sharply

隨著需求勢頭急劇下降，STH占主導地位

This selling pressure from STH has spiked tremendously, as evidenced by the 30-day Demand Momentum.

STH的這種銷售壓力極大地飆升了，這是30天的需求勢頭所證明的。

This momentum indicator has declined to settle at -480k BTC as per CryptoQuant. A negative value here suggests that short-term holders are offloading more Bitcoin compared to long-term holders.

根據加密量，此勢頭指標已拒絕定居在-480k BTC上。這裡的負值表明，與長期持有人相比，短期持有人正在卸載更多的比特幣。

In fact, short-term holders’ Inflow into Exchanges is dominating the market.

實際上，短期持有人進入交流的流入主要是市場。

Looking at Exchange Inflow Age Bands, we can see that those holding BTC from 0 days to one month have sent over 26k BTC into exchanges over the past day. This trend has been witnessed over the past week.

從交換流入年齡樂隊看，我們可以看到，在過去的一天中，持有BTC從0天到一個月的BTC已將超過26K BTC送入交流。在過去的一周中，這種趨勢已被目睹。

Having said that, the selling wasn’t subtle.

話雖如此，銷售並不是微妙的。

BTC’s Spot Volume Delta (7DA SMA) flipped deeply negative over the past three days. The net value stood at -301 million—an unusually bearish figure.

在過去三天中，BTC的現貨卷Delta（7DA SMA）倒數深度負數。淨價值為-3.11億，這是一個異常的數字。

Such a significant value implies that aggressive sellers are dominating the market, and Spot Demand is significantly weakening. This indicates that the market is experiencing significant profit-taking activity where buyers seem to get exhausted, and a trend reversal could be on the horizon.

如此重要的價值意味著積極的賣方在市場上占主導地位，現貨需求大大削弱。這表明市場正在經歷大量的獲利活動，而買家似乎已經筋疲力盡了，並且趨勢逆轉可能會出現。

The recent surge in profit-taking has caused the Profit-Taker RSI (7D) to spike to 82. This increase indicates heightened realized profits and growing sell-side pressure as Bitcoin prices rise.

最近的獲利速度激增導致利潤 - 企業RSI（7D）提高到82。這一增加表明，隨著比特幣價格上漲，實現的利潤增長和賣方壓力不斷增長。

Currently, sellers, particularly short-term holders, are dominating the market. In contrast, long-term holders are not selling and appear to be holding back.

目前，賣家，尤其是短期持有人，正在統治市場。相比之下，長期持有人沒有出售，並且似乎正在退縮。

What this means for BTC

這對BTC意味著什麼

Bitcoin now sits at a crossroads.

比特幣現在位於十字路口。

The divergence between STHs exiting and LTHs holding firm pointed to consolidation. With LTHs absorbing the sell pressure, BTC seemed likely to range between $92K and $95K for now.

STH退出與持有公司的LTH之間的差異指向合併。隨著LTHS吸收賣出壓力，BTC目前的價格似乎在92,000美元至9.5萬美元之間。

For a break above $96K, STH selling would need to ease—otherwise, any bullish momentum may stall.

對於超過$ 96K的休息時間，STH銷售將需要緩解 - 否則任何看漲的勢頭都可能停滯不前。