令人印象深刻的郊遊後，比特幣（BTC）的價格似乎處於涼爽的時期

在過去一周的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

The price of Bitcoin has cooled off slightly after an impressive outing in the past week, now sitting just 4% away from its recent all-time high. This weekend’s performance somewhat looks like the typical movement of the crypto market at the end of the week in 2025.

在過去一周的出現令人印象深刻的郊遊之後，比特幣的價格略有降低，現在距離最近的歷史最高水平僅4％。這個週末的表演看起來像是2025年本週末加密市場的典型運動。

However, the latest on-chain observation shows that a group of investors might be responsible for the sluggishness of the Bitcoin price over the past day. These recent signs point to the possibility of the bull cycle entering its final stages.

但是，最新的鍊鍊觀察表明，一群投資者可能是對過去一天比特幣價格呆滯的原因。這些最近的跡象表明，公牛週期進入其最後階段的可能性。

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 the social media platform X, investment data firm Alphractal revealed that the Bitcoin short-term holders (STH) are starting to distribute their coins. The short-term holders are known to be the most reactive group of investors, as seen with the BTC investors shaving off their holdings following the recent increase in the Bitcoin price.

在社交媒體平台X上的新帖子中，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。眾所周知，短期持有人是最具反應性的投資者群體，在最近的比特幣價格上漲之後，BTC投資者可以剃光其持股。

This on-chain revelation 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. As shown in the chart below, this metric has been dwindling over the past few weeks, signaling ongoing distribution by short-term investors.

這種鏈上的啟示是基於短期持有人指標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總數。如下圖所示，在過去的幾周中，該指標一直在逐漸減少，這表明短期投資者正在持續發行。

From a historical perspective, when the supply held by STH witnesses an abrupt decline, the price of Bitcoin is likely near major cycle tops. In essence, the reactive investors unload their assets as the price increases, slowing down the coin’s demand. Alphractal noted that this is “a classic sign” that the bull cycle might be close to its final stages.

從歷史的角度來看，當STH目擊者的供應突然下降時，比特幣的價格可能接近主要周期的頂部。從本質上講，隨著價格上漲，反應式投資者將其資產卸載，從而減慢了硬幣的需求。 Alphractal指出，這是一個“經典信號”，即公牛週期可能接近其最後階段。

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. On the other hand, the Long-Term Holder realized price stands at around $33,000, suggesting a behavioral divergence between long-term and short-term investors.

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。另一方面，長期持有人意識到價格約為33,000美元，這表明長期和短期投資者之間的行為差​​異。

In the end, Alpractal noted that the Bitcoin price still managed to reach new all-time highs in 2021 despite the STH distribution. Hence, 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.

最後，Alpractal指出，儘管STH分配，比特幣價格仍然在2021年達到了新的高潮。因此，市場情報平台認為，儘管宏觀上的鏈信號和減半週期模式表明，BTC價格仍然有空間的上行移動空間，這表明可以在2025年10月之後進行重大校正。

As of this writing, the price of BTC is just slighly down at $108,600. According to data from CoinGecko, this is a 0.4% decrease in the last 24 hours.

截至撰寫本文時，BTC的價格下跌了108,600美元。根據Coingecko的數據，在過去24小時內下降了0.4％。