比特幣超過$ 100,00，一些投資者已經在考慮出售。但是根據公認的專家的說法，這不是合適的時間。

STH-SOPR（短期持有人的支出利潤率）用於衡量在不到155天內持有的比特幣出售時實現的利潤。

Bitcoin price has surpassed the $105,000 mark, prompting some investors to consider selling their BTC holdings. However, a recognized expert warns that no clear signals justify this move, and a key indicator shows the bulls are still in the game.

比特幣的價格超過了105,000美元的成績，促使一些投資者考慮出售其BTC持股。但是，一位公認的專家警告說，沒有明確的信號證明這一舉動是合理的，關鍵指標表明公牛仍在比賽中。

Don’t Miss: Benzinga's BTC Price, Charts and News

不要錯過：本辛加的BTC價格，圖表和新聞

STH-SOPR: A Thermometer of Euphoria or Caution

STH-SOPR：欣快或謹慎的溫度計

The STH-SOPR (Spent Output Profit Ratio for short-term holders) measures the profits realized on the sale of bitcoins held for less than 155 days. When it exceeds the threshold of 1 excessively, it indicates that bitcoin holders are taking their gains, often near a peak. Conversely, when it remains close to or below 1, this signals an accumulation phase.

STH-SOPR（短期持有人的支出利潤率）衡量了在銷售不到155天的比特幣出售中實現的利潤。當它超過1個閾值時，它表明比特幣持有者正在取得收益，通常接近峰值。相反，當它保持靠近或低於1時，這標誌著累積階段。

Currently, data from CryptoQuant shows that the STH-SOPR is still moderate, and the technical indicator has not yet reached the red zones of euphoria observed during market highs. This suggests that BTC has more room for growth, especially with a market structure that is still relatively healthy.

當前，來自CryptoQuant的數據表明，STH-SOPR仍然是中等的，並且技術指標尚未達到市場高點期間觀察到的Euphoria的紅色區域。這表明BTC有更多的增長空間，尤其是在仍然相對健康的市場結構中。

This technical signal can help investors avoid making rushed sales during consolidation phases and efficiently identify phases where optimism is becoming excessive, ultimately paving the way for a peak and reversal.

該技術信號可以幫助投資者避免在整合階段進行急需的銷售，並有效地確定樂觀情緒過多的階段，最終為高峰和逆轉鋪平了道路。

No Profit-Taking Zone Yet for Bitcoin

比特幣還沒有利潤區域

According to CryptoQuant’s analysis, the bitcoin market is still far from a distribution phase. The STH-SOPR has not crossed the critical threshold signaling an excess of profit-taking. Several factors strengthen this reading: institutional interest is still present with inflows into Bitcoin ETFs, and miners are continuing to store a portion of their production.

根據CryptoQuant的分析，比特幣市場遠離分銷階段。 STH-SOPR並未跨越關鍵的閾值信號，這表明利潤過多。加強了這一閱讀的幾個因素：機構興趣仍然存在於比特幣ETF中，礦工正在繼續存儲其一部分生產。

Furthermore, on-chain analysis demonstrates the market's ability to absorb selling pressure without imbalance. As long as the red zone of the STH-SOPR is not reached, the chances of an extension of the bullish cycle are high. This indicates that BTC holders prefer a waiting strategy to massive exit at least at this stage.

此外，鏈分析表明，市場能夠在不會失衡的情況下吸收銷售壓力。只要未達到STH-SOPR的紅色區域，看漲週期延伸的機會就很高。這表明BTC持有人至少在此階段至少更喜歡大規模退出策略。

Planning a Gradual Exit: The CryptoQuant Method

計劃逐步出口：加密方法

CryptoQuant recommends a gradual strategy to secure gains on bitcoin. This approach, symmetrical to that of progressive accumulation, allows one to benefit from the bullish market without trying to sell at the absolute peak.

CryptoQuant建議採取漸進的策略來確保比特幣上的收益。這種方法與漸進式積累的方法對稱，使人們可以從看漲市場中受益，而無需在絕對峰值上出售。

This exit framework is based on objective indicators, such as the STH-SOPR, avoiding emotional decisions. Consequently, investors can secure profits as distribution signals emerge, without exiting prematurely from an active bullish cycle.

該退出框架基於客觀指標，例如STH-SOPR，避免了情感決策。因此，投資者可以將利潤作為分銷信號的出現，而不會過早退出活躍的看漲週期。

What This Means For Investors In 2025

這對2025年投資者意味著什麼

Current market analysis suggests that bitcoin could continue its upward trend as long as technical signals like the STH-SOPR remain favorable. For investors, this implies a dual vigilance: monitor the key indicators while maintaining a consistent strategy.

當前的市場分析表明，只要像STH-SOPR這樣的技術信號仍然有利，比特幣可以繼續其上升趨勢。對於投資者而言，這意味著雙重警惕：在保持一致的策略的同時監視關鍵指標。

Moreover, buying pressure supported by Bitcoin ETFs and the absence of panic selling reinforce the idea of a market building towards a peak, rather than in decline. Premature profit-taking could deprive holders of significant gains if momentum continues. At this stage, patience remains a strategic advantage for bitcoin holders.

此外，比特幣ETF支持的購買壓力以及缺乏恐慌銷售的意思加強了市場建設朝著高峰而不是下降的想法。如果勢頭繼續持續，過早的盈利可能會剝奪持有人的巨大收益。在此階段，耐心仍然是比特幣持有人的戰略優勢。

How To Interpret On-Chain Indicators Before Selling Your Bitcoin

在出售比特幣之前，如何解釋鏈上指標

Before any bitcoin selling decision, on-chain data offer reliable benchmarks to gauge market momentum. Here are the main signals to watch:

在任何比特幣銷售決定之前，鏈上數據提供可靠的基準測試以衡量市場勢頭。這是要觀看的主要信號：

* **Spent Output Profit Ratio (SOPR):** Measures the average profit or loss realized by sellers in the last 30 days. When SOPR is greater than 1, sellers are realizing a profit, while SOPR less than 1 indicates sellers are selling at a loss.

***花費利潤率（SOPR）：**衡量賣方在過去30天內實現的平均利潤或損失。當Sopr大於1時，賣方會意識到利潤，而SOPR小於1表示賣方虧損的出售。

* **Short-Term Holder SOPR (STH-SOPR):** Similar to SOPR, but focusing on coins held for 155 days or less (typically used for short-term traders or new entrants).

***短期持有人SOPR（STH-SOPR）：**類似於SOPR，但專注於持有的硬幣155天或更短（通常用於短期交易者或新進入者）。

* **Long-Term Holder SOPR (LTH-SOPR):** Calculates the profit or loss for those holding coins for more than 155 days (usually long-term investors).

***長期持有人SOPR（第LTH-SOPR）：**計算持有硬幣超過155天（通常是長期投資者）的人的損益。

Cross-interpretation of these data helps anticipate cycle reversals without depending on market emotions. To navigate the 2025 bull run, relying on these benchmarks becomes a decisive decision-making lever.

這些數據的跨解釋有助於預測週期的逆轉而無需依賴市場情緒。為了駕駛2025年的公牛跑步，依靠這些基準成為決定性決策槓桿。

As experts are already considering 3 inevitable scenarios for the 2025 altseason, Bitcoin remains supported by solid on-chain indicators, and nothing yet signals a definitive peak. Betting on data, not emotions, allows one to stay aligned with the market. The real question now: should one aim for a top or secure gains in stages?

由於專家已經考慮了2025年季季不可避免的情況，因此比特幣仍然受到牢固的鏈指標的支持，但沒有任何標誌著明確的峰值。投注數據而不是情緒，使人們可以保持與市場保持一致。現在真正的問題：一個目標應該在階段取得最高收益還是安全收益？

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The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

世界正在發展，適應是在這個起伏的宇宙中生存的最佳武器。我最初是加密社區經理，我對與區塊鍊及其衍生物直接或間接相關的任何事物感興趣。為了分享我的經驗並促進我熱衷的領域，沒有什麼比撰寫內容豐富且放鬆的文章更好。