比特幣（BTC）短期持有人開始分發其硬幣

在過去一周的出現令人印象深刻的郊遊之後，比特幣的價格似乎處於涼爽的時期，距離最近的歷史最高水平近4％。

The crypto market has begun the new week on a mixed note, with Bitcoin showing signs of slowing down after its impressive rally throughout the past week.

加密貨幣市場已經開始了新的一周，比特幣在過去一周中令人印象深刻的集會後顯示出放慢速度的跡象。

After notching a new all-time high of nearly $114,000 on Friday, the price of Bitcoin has pulled back slightly, currently trading at around $109,000. This marks a nearly 4% decrease from its recent peak.

在周五獲得了新的歷史最高額為114,000美元的新歷史最高點之後，比特幣的價格略有下降，目前的交易價格約為109,000美元。這與最近的高峰相比下降了近4％。

However, it's worth noting that the cryptocurrency managed to close the week in positive territory, which is a common occurrence for the crypto market at the end of the week in 2025.

但是，值得注意的是，加密貨幣設法在積極的領土上結束了一周，這對於2025年本週末而言是加密貨幣市場的普遍情況。

But what could be responsible for this sluggishness in the Bitcoin price over the past day?

但是，在過去的一天中，比特幣價格的這種呆滯有什麼原因呢？

A group of investors might be to blame, according to the latest on-chain observations. These recent signs also point to the possibility of the bull cycle entering its final stages.

根據最新的鏈觀測，可能會歸咎於一群投資者。這些最近的跡像還表明，公牛週期進入最後階段的可能性。

Here’s When BTC Price Could Begin To Witness Significant Correction

BTC價格可以開始見證重大更正的時候

In a new post on X, investment data firm Alphractal revealed that the Bitcoin short-term holders (STH) are starting to distribute their coins.

在X上的一篇新帖子中，投資數據公司Alphractal顯示，比特幣短期持有人（STH）開始分發其硬幣。

The short-term holders are the most responsive group of investors, seen with the BTC investors shaving off their holdings following the recent increase in the Bitcoin price. This on-chain observation is based on the changes in the Bitcoin Supply Held By Short-Term Holders indicator, which tracks the total amount of BTC owned by investors for less than 155 days.

短期持有人是最反應迅速的投資者，在最近的比特幣價格上漲後，BTC投資者剃光了其持股。該鏈觀察基於短期持有人指標所持有的比特幣供應的變化，該指標追踪了投資者在不到155天內擁有的BTC總量。

As shown in the chart below, this metric has been decreasing in recent times, signaling ongoing distribution by short-term investors.

如下圖所示，該指標近來一直在減少，這表明短期投資者的發行持續分配。

From a historical perspective, when the supply held by STH witnesses an abrupt decline, the price of Bitcoin is likely close to major cycle tops. Essentially, the responsive investors sell their assets as the price rises, slowing down the coin's demand.

從歷史的角度來看，當STH目擊者的供應突然下降時，比特幣的價格很可能接近主要周期頂部。從本質上講，響應迅速的投資者隨著價格上漲的價格出售其資產，從而減慢了硬幣的需求。

Alphractal noted that this is "a classic sign" that the bull cycle might be nearing its final stages. The on-chain analytics firm also highlighted that the Short-Term Holder realized price currently sits at $94,500, acting as the final support level preventing this investor group from going underwater.

Alphractal指出，這是一個“經典信號”，即公牛週期可能正在接近最後階段。這家鏈分析公司還強調，短期持有人目前實現的價格為94,500美元，是最終的支持水平，阻止了該投資者集團去水下。

Conversely, the Long-Term Holder realized price is currently around $33,000, which suggests a clear behavioral divergence between long-term and short-term investors. Ultimately, Alpractal noted that the Bitcoin price still managed to reach new all-time highs in 2021 despite the STH distribution.

相反，長期持有人實現的價格目前約為33,000美元，這表明長期和短期投資者之間的行為差​​異明顯。最終，Alpractal指出，儘管STH分配了，但比特幣價格仍然在2021年達到了新的高潮。

Therefore, the market intelligence platform believes that the BTC price still has room for some upside movement, even though macro on-chain signals and the halving cycle pattern suggest a significant correction could begin after October 2025.

因此，市場情報平台認為，即使宏觀上的鏈信號和減半週期模式表明，BTC價格仍然有一些上行移動的空間，這表明可以在2025年10月之後進行重大校正。