比特币（BTC）短期持有人开始分发其硬币

在过去一周的出现令人印象深刻的郊游之后，比特币的价格似乎处于凉爽的时期，距离最近的历史最高水平近4％。

The crypto market has begun the new week on a mixed note, with Bitcoin showing signs of slowing down after its impressive rally throughout the past week.

加密货币市场已经开始了新的一周，比特币在过去一周中令人印象深刻的集会后显示出放慢速度的迹象。

After notching a new all-time high of nearly $114,000 on Friday, the price of Bitcoin has pulled back slightly, currently trading at around $109,000. This marks a nearly 4% decrease from its recent peak.

在周五获得了新的历史最高额为114,000美元的新历史最高点之后，比特币的价格略有下降，目前的交易价格约为109,000美元。这与最近的高峰相比下降了近4％。

However, it's worth noting that the cryptocurrency managed to close the week in positive territory, which is a common occurrence for the crypto market at the end of the week in 2025.

但是，值得注意的是，加密货币设法在积极的领土上结束了一周，这对于2025年本周末而言是加密货币市场的普遍情况。

But what could be responsible for this sluggishness in the Bitcoin price over the past day?

但是，在过去的一天中，比特币价格的这种呆滞有什么原因呢？

A group of investors might be to blame, according to the latest on-chain observations. These recent signs also point to the possibility of the bull cycle entering its final stages.

根据最新的链观测，可能会归咎于一群投资者。这些最近的迹象还表明，公牛周期进入最后阶段的可能性。

Here’s When BTC Price Could Begin To Witness Significant Correction

BTC价格可以开始见证重大更正的时候

In a new post on X, investment data firm Alphractal revealed that the Bitcoin short-term holders (STH) are starting to distribute their coins.

在X上的一篇新帖子中，投资数据公司Alphractal显示，比特币短期持有人（STH）开始分发其硬币。

The short-term holders are the most responsive group of investors, seen with the BTC investors shaving off their holdings following the recent increase in the Bitcoin price. This on-chain observation 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.

短期持有人是最反应迅速的投资者，在最近的比特币价格上涨后，BTC投资者剃光了其持股。该链观察基于短期持有人指标所持有的比特币供应的变化，该指标追踪了投资者在不到155天内拥有的BTC总量。

As shown in the chart below, this metric has been decreasing in recent times, signaling ongoing distribution by short-term investors.

如下图所示，该指标近来一直在减少，这表明短期投资者的发行持续分配。

From a historical perspective, when the supply held by STH witnesses an abrupt decline, the price of Bitcoin is likely close to major cycle tops. Essentially, the responsive investors sell their assets as the price rises, slowing down the coin's demand.

从历史的角度来看，当STH目击者的供应突然下降时，比特币的价格很可能接近主要周期顶部。从本质上讲，响应迅速的投资者随着价格上涨的价格出售其资产，从而减慢了硬币的需求。

Alphractal noted that this is "a classic sign" that the bull cycle might be nearing its final stages. 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.

Alphractal指出，这是一个“经典信号”，即公牛周期可能正在接近最后阶段。这家链分析公司还强调，短期持有人目前实现的价格为94,500美元，是最终的支持水平，阻止了该投资者集团去水下。

Conversely, the Long-Term Holder realized price is currently around $33,000, which suggests a clear behavioral divergence between long-term and short-term investors. Ultimately, Alpractal noted that the Bitcoin price still managed to reach new all-time highs in 2021 despite the STH distribution.

相反，长期持有人实现的价格目前约为33,000美元，这表明长期和短期投资者之间的行为差​​异明显。最终，Alpractal指出，尽管STH分配了，但比特币价格仍然在2021年达到了新的高潮。

Therefore, 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.

因此，市场情报平台认为，即使宏观上的链信号和减半周期模式表明，BTC价格仍然有一些上行移动的空间，这表明可以在2025年10月之后进行重大校正。