比特币（BTC）市场依靠短期乐观的交易模式，因此处于关键的十字路口

2025年不断发展的加密货币市场在关键的十字路口找到比特币，依靠短期乐观的交易模式

The cryptocurrency market of 2025 continues to be a subject of great interest, especially with Bitcoin (BTC) at a critical crossroads.

2025年的加密货币市场仍然是一个引起人们兴趣的主题，尤其是在关键十字路口的比特币（BTC）。

While the short-term optimistic trading patterns seen since mid-March and the not-so-encouraging trader sentiment discussed last Friday may present a mixed outlook, a more sophisticated—but also more complicated—picture emerges from the first days of May.

虽然自3月中旬以来所看到的短期乐观交易模式以及上周五讨论的不那么令人振奋的交易者情绪可能表现出一种混杂的看法，但从5月的第一天开始就出现了更复杂的（也更复杂）。

At this turn, Bitcoin’s on-chain indicators are in good health, reinforcing the not-so-distant view that $30,000 was very much in play.

在此转发中，比特币的链链指标身体健康，这加强了不太可能的观点，即30,000美元在发挥作用。

Recently, the cost basis ribbon for Short-Term Holders (STHs) has shown a bullish development: investors who have held Bitcoin for more than one month (and many for several months) are, on average, back in profit.

最近，短期持有人（STH）的成本基础色带显示了看涨的发展：持有比特币超过一个月的投资者（几个月来的投资者）平均恢复了利润。

This is a big shift. It’s not clear whether it is happening because the price of Bitcoin has gone up or because the holders themselves are simply holding for longer.

这是一个很大的转变。目前尚不清楚是否正在发生，因为比特币的价格上涨，或者因为持有人本身只是持有更长的时间。

Regardless, this is quite clearly a big behavioral moment. When these holders return to being profitable, they tend to put reduced selling pressure in the market. This is mattering now. And it could matter more in the next couple of key.

无论如何，这显然是一个很大的行为时刻。当这些持有人重返盈利时，他们倾向于在市场上降低销售压力。现在很重要。在接下来的几个密钥中，这可能更重要。

The post Short-Term Holder Cost Basis Shows Improvement, But Is It Enough? appeared first on ChainCommons.

后短期持有人的成本基础显示出改善，但是足够了吗？首先出现在ChainCommons上。

Recently, the cost basis ribbon for Short-Term Holders (STHs) has shown a bullish development: investors who have held Bitcoin for more than one month (and many for several months) are, on average, back in profit.

最近，短期持有人（STH）的成本基础色带显示了看涨的发展：持有比特币超过一个月的投资者（几个月来的投资者）平均恢复了利润。

This is a big shift. It’s not clear whether it is happening because the price of Bitcoin has gone up or because the holders themselves are simply holding for longer.

这是一个很大的转变。目前尚不清楚是否正在发生，因为比特币的价格上涨，或者因为持有人本身只是持有更长的时间。

Regardless, this is quite clearly a big behavioral moment. When these holders return to being profitable, they tend to put reduced selling pressure in the market. This is mattering now. And it could matter more in the next couple of weeks or months.

无论如何，这显然是一个很大的行为时刻。当这些持有人重返盈利时，他们倾向于在市场上降低销售压力。现在很重要。在接下来的几周或几个月中，这可能更重要。

Credit: Glassnode

学分：玻璃节

It is crucial for STHs to be consistently profitable, especially given the sti

STH始终如一地盈利至关重要，特别是考虑到STI