比特币[BTC]短期持有人一直在获利

在过去的一周中，比特币[BTC]取得了巨大的收益。最近的收益意味着大多数短期持有人（STH）都在盈利的利润率之内

Bitcoin (BTC) has seen substantial gains in the past week, pushing most short-term holders (STHs) into profitable margins after a period of being underwater.

在过去的一周中，比特币（BTC）在过去一周中取得了可观的收益，将大多数短期持有人（STH）推向了水下一段时间后的利润率。

As a result, over the past 10 days, STHs have been selling their Bitcoin with significant profit. This is evident in the Short-Term Holder Spent Output Profit Ratio (SOPR) holding above 1 over this period.

结果，在过去的10天中，STH一直以可观的利润出售其比特币。这在此期间的短期持有人支出的产出利率（SOPR）中很明显。

However, the rising profitability for this cohort means these holders are taking the opportunity to make profits while exiting their positions.

但是，该队列的盈利能力上升意味着这些持有人在退出职位的同时借此机会赚钱。

STHs dominated outflows as demand momentum dropped sharply

随着需求势头急剧下降，STH占主导地位

This selling pressure from STH has spiked tremendously, as evidenced by the 30-day Demand Momentum.

STH的这种销售压力极大地飙升了，这是30天的需求势头所证明的。

This momentum indicator has declined to settle at -480k BTC as per CryptoQuant. A negative value here suggests that short-term holders are offloading more Bitcoin compared to long-term holders.

根据加密量，此势头指标已拒绝定居在-480k BTC上。这里的负值表明，与长期持有人相比，短期持有人正在卸载更多的比特币。

In fact, short-term holders’ Inflow into Exchanges is dominating the market.

实际上，短期持有人进入交流的流入主要是市场。

Looking at Exchange Inflow Age Bands, we can see that those holding BTC from 0 days to one month have sent over 26k BTC into exchanges over the past day. This trend has been witnessed over the past week.

从交换流入年龄乐队看，我们可以看到，在过去的一天中，持有BTC从0天到一个月的BTC已将超过26K BTC送入交流。在过去的一周中，这种趋势已被目睹。

Having said that, the selling wasn’t subtle.

话虽如此，销售并不是微妙的。

BTC’s Spot Volume Delta (7DA SMA) flipped deeply negative over the past three days. The net value stood at -301 million—an unusually bearish figure.

在过去三天中，BTC的现货卷Delta（7DA SMA）倒数深度负数。净价值为-3.11亿，这是一个异常的数字。

Such a significant value implies that aggressive sellers are dominating the market, and Spot Demand is significantly weakening. This indicates that the market is experiencing significant profit-taking activity where buyers seem to get exhausted, and a trend reversal could be on the horizon.

如此重要的价值意味着积极的卖方在市场上占主导地位，现货需求大大削弱。这表明市场正在经历大量的获利活动，而买家似乎已经筋疲力尽了，并且趋势逆转可能会出现。

The recent surge in profit-taking has caused the Profit-Taker RSI (7D) to spike to 82. This increase indicates heightened realized profits and growing sell-side pressure as Bitcoin prices rise.

最近的获利速度激增导致利润 - 企业RSI（7D）提高到82。这一增加表明，随着比特币价格上涨，实现的利润增长和卖方压力不断增长。

Currently, sellers, particularly short-term holders, are dominating the market. In contrast, long-term holders are not selling and appear to be holding back.

目前，卖家，尤其是短期持有人，正在统治市场。相比之下，长期持有人没有出售，并且似乎正在退缩。

What this means for BTC

这对BTC意味着什么

Bitcoin now sits at a crossroads.

比特币现在位于十字路口。

The divergence between STHs exiting and LTHs holding firm pointed to consolidation. With LTHs absorbing the sell pressure, BTC seemed likely to range between $92K and $95K for now.

STH退出与持有公司的LTH之间的差异指向合并。随着LTHS吸收卖出压力，BTC目前的价格似乎在92,000美元至9.5万美元之间。

For a break above $96K, STH selling would need to ease—otherwise, any bullish momentum may stall.

对于超过$ 96K的休息时间，STH销售将需要缓解 - 否则任何看涨的势头都可能停滞不前。