短期比特幣持有人實現了$ 11.6B的利潤，這表明市場上有潛在的停頓或本地頂級。

比特幣（BTC）的價格最近達到了新歷史最高$ 111,800，但Bullish勢頭可能會放慢速度，因為GlassNode的OnChain數據揭示了短期持有人（STHS）的巨額利潤。

Short-term Bitcoin (BTC) holders have realized a staggering $11.6 billion in profit over the past 30 days, suggesting a potential pause or local top in the market. Technical indicators show cooling momentum as retail investor sentiment falls to a 90-day low and liquidity data points to price volatility.

短期比特幣（BTC）持有人在過去30天內已經意識到了驚人的116億美元利潤，這表明市場上有潛在的停頓或本地頂級。技術指標表現出冷卻動力，因為散戶投資者情緒下降到90天低，流動性數據點到價格波動。

Onchain data from Glassnode reveals significant profit-taking by short-term holders (STHs), often considered traders rather than long-term investors, which may signal a ‘breather’ for the market.

來自GlassNode的OnChain數據揭示了短期持有人（STH）的巨額利潤，通常被視為交易者而不是長期投資者，這可能標誌著市場的“呼吸”。

STHs realized a whopping $11.6 billion in profits over the last 30 days, following Bitcoin’s sharp rebound to push past the STH cost-basis of $93,000. The profit-taking peaked at $747 million daily, a rapid increase from the $1.2 billion realized in the last 30-day period.

在比特幣的急劇反彈以超越了STH的成本基礎93,000美元之後，STH在過去30天內實現了116億美元的利潤。這筆盈利每天達到7.47億美元，比過去30天的12億美元迅速增加。

The massive profit-taking is evident in the astronomical spike in the STH Realized Profit/Loss Ratio. Currently, profits massively outweigh losses, with only 8% of trading days in the last 18 years seeing this ratio at a higher level.

在STH實現的損益比中，天文數字中的巨額利潤很明顯。目前，利潤大於虧損，在過去18年中，只有8％的交易天數看到該比率較高。

This level of profit-taking is typically observed during bullish trends but often precedes local market tops. Excessive profit-taking can overwhelm new demand, creating overhead supply resistance and halting Bitcoin’s upward trajectory.

通常在看漲趨勢期間觀察到這種利潤水平，但通常是當地市場頂級。過多的盈利可能會使新需求不堪重負，產生間接費用阻力並停止比特幣的向上軌跡。

Crypto analyst Axel Adler Jr noted that Bitcoin’s 30-day price momentum has already slowed by 38%, currently sitting at 19%. Adler described it as a “technical cooldown” after the recent peak. The Bitcoin researcher suggested the market needs a ‘breather’ before potentially resuming its rally.

加密分析師Axel Adler JR指出，比特幣的30天價格勢頭已經減慢了38％，目前為19％。阿德勒（Adler）將其描述為最近高峰後的“技術冷卻”。比特幣的研究人員建議，在可能恢復集會之前，市場需要“呼吸器”。

Similarly, analysis from Hyblock Capital advised caution as the previous three months outlined Bitcoin consistently targeting short liquidity zones above current prices, driving its recent highs.

同樣，Hyblock Capital的分析提出了謹慎的態度，因為前三個月概述了比特幣的始終針對以上價格高於當前價格的短流動性區，這推動了其最近的高點。

However, retail sentiment is at a 90-day low, with only 31.59% of retail accounts holding long positions. Meanwhile, open interest is at a 90-day high, and combined order books sit in the 91st percentile, signaling high liquidity and potential volatility.

但是，零售情緒為90天的低點，只有31.59％的零售帳戶持有較長的頭寸。同時，開放興趣處於90天高的訂單書中，位於第91個百分位數，這表明流動性高和潛在的波動性。