比特币（BTC）价格破坏了新记录，但短期投资者正在兑现

比特币刚刚打破了新的唱片，但是在显示的欣喜之后，正在出现更复杂的动态。

Short-term investors are rapidly cashing out massive amounts from Bitcoin (BTC) in a move that has analysts watching closely.

短期投资者正在迅速兑现比特币（BTC）的大量兑现，而分析师密切关注。

As part of its latest weekly report, Glassnode highlighted an interesting dynamic unfolding in the BTC market.

作为其最新每周报告的一部分，GlassNode强调了BTC市场中有趣的动态发展。

While a portion of investors, categorized by Glassnode as "short-term holders (STH)", who typically hold coins for 0 to 15 days, have been known to quickly realize large profits or losses, the recent scale of profit-taking is noteworthy.

虽然一部分被GlassNode归类为“短期持有人（STH）”的投资者通常持有0至15天的硬币，但已知很快就会意识到巨额利润或损失，但最近的获利规模值得注意。

Its analysis indicates a heating up of this profit-taking cycle over the past month.

它的分析表明，在过去一个月中，这种利润周期的加热。

Credit: Glassnode

学分：玻璃节

Its analysis highlighted a heating up of this profit-taking cycle over the past month.

它的分析强调了过去一个月的这个利润周期的加热。

“This signals that new entrants into the market—more sensitive to price fluctuations and entering during a rapid market cycle—are quickly pivoting to secure gains during a highly volatile phase.”

“这表明进入市场的新进入者（对价格波动和在迅速的市场周期中的进入更加敏感）迅速旋转以在高度波动的阶段获得收益。”

Absorbable selling pressure or the beginnings of a reversal?

可吸收的销售压力或逆转的开始？

While the figures are noteworthy, the report notes that this profit-taking cycle is still “below the peaks reached at the end of 2024.”

虽然这些数字值得注意，但报告指出，这个利润周期仍然“低于2024年底的峰值”。

This detail is crucial because it signifies that the market has yet to reach an overheated level.

该细节至关重要，因为它表明市场尚未达到过热水平。

In essence, despite the short-term investor activity, there is no immediate indication of overall market exhaustion.

从本质上讲，尽管短期投资者活动，但没有立即迹象表明整体市场疲惫。

This could suggest a stronger resilience of demand, which could sustain price movements despite the selling pressure.

这可能表明需求具有更强的弹性，尽管卖出压力，但仍可以维持价格变动。

Moreover, the central question now is how this pressure will be absorbed.

此外，现在的核心问题是如何吸收这种压力。

“It remains to be seen whether incoming demand will be able to absorb this selling pressure,” adds Glassnode.

GlassNode补充说：“有待观察的需求是否能够吸收这种销售压力。”

If the buying momentum remains sufficient, then large-scale profit-taking might only have a moderate impact on price.

如果购买势头仍然足够，那么大规模的获利可能只会对价格产生适度的影响。

Conversely, a more substantial pullback could commence, returning the market to a consolidation phase, or possibly a steeper reversal.

相反，更实质性的回调可能会开始，将市场恢复到合并阶段，或者可能是更陡峭的逆转。

Although current indicators present a still-dynamic market with some level of support, a note of caution is necessary.

尽管目前的指标呈现出一个仍有一定程度支持的动态市场，但仍需要注意。

The behavior of short-term investors in the coming weeks will be crucial for determining the broader trend.

在接下来的几周中，短期投资者的行为对于确定更广泛的趋势至关重要。

If profit-taking intensifies without a corresponding inflow of fresh liquidity, it might signal a weakening of the bullish cycle.

如果利润增加而没有相应的新鲜流动性流入，则可能标志着看涨周期的削弱。

However, a smooth absorption of this selling pressure by demand could set the stage for a new, potentially more sustained bullish impulse, similar to the recent breakout of the 111,000 dollar level by Bitcoin.

但是，通过需求对这种销售压力的平稳吸收可能为新的，可能持续的看涨冲动奠定了基础，类似于比特币最近对111,000美元的突破。