STH-MVRV 比率跌至 1.0 以下，比特币短期持有者纷纷投降

8 月 5 日，比特币突然跌破 50,000 美元，导致加密货币市场的许多头寸被清算。这种突然的下降，级联成

Bitcoin’s downturn earlier in the month, which saw the pioneer cryptocurrency’s price briefly crash below $50,000, was largely driven by an overreaction from short-term holders, a recent report has shown.

最近的一份报告显示，本月早些时候，比特币的低迷导致了这种先驱加密货币的价格短暂跌破 50,000 美元，这主要是由于短期持有者的过度反应造成的。

According to the report from Glassnode, a leading blockchain analysis and intelligence firm, short-term holders were quick to capitulate and liquidate their positions in the face of the initial market dip. This trend, the report said, played a significant role in amplifying the downturn.

根据领先的区块链分析和情报公司 Glassnode 的报告，面对最初的市场下跌，短期持有者很快就投降并清算了头寸。报告称，这一趋势在加剧经济衰退方面发挥了重要作用。

Short-term holders are typically defined as those investors who hold onto their cryptocurrency assets for a relatively brief period, often around a month or so. As such, they are quickly prone to capitulating during periods of price corrections. This trend has particularly been evident in the latest Bitcoin price correction/consolidation, which has lasted far longer than many investors expected.

短期持有者通常被定义为那些在相对较短的时间内（通常约为一个月左右）持有加密货币资产的投资者。因此，在价格调整期间，他们很快就会屈服。这种趋势在最近的比特币价格调整/整合中尤其明显，其持续时间远远超出许多投资者的预期。

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As highlighted in Glassnode’s latest on-chain report, a key metric that took a hit was the STH-MVRV (Market Value to Realized Value) ratio, which fell below the critical equilibrium value of 1.0.

正如 Glassnode 最新的链上报告所强调的那样，受到打击的一个关键指标是 STH-MVRV（市场价值与实现价值）比率，该比率跌破了 1.0 的临界均衡值。

When the STH-MVRV ratio dips below 1.0, it suggests that, on average, new investors are holding their Bitcoin at a loss rather than a profit. These unrealized losses, often referred to as paper losses, occur when the market value of an asset is lower than the price at which it was acquired, but the asset has not yet been sold. This is different from realized losses, which arise from completed trades.

当 STH-MVRV 比率低于 1.0 时，表明新投资者平均持有比特币是亏损的，而不是盈利的。这些未实现的损失，通常称为账面损失，发生在资产的市场价值低于收购价格但资产尚未出售时。这与已完成交易产生的已实现损失不同。

While periods of brief unrealized loss are common during bull markets, they tend to put selling pressure on the price of Bitcoin. This is because sustained periods of STH-MVRV trading below 1.0 often lead to a higher likelihood of panic and capitulation among short-term holders. Notably, this phenomenon contributed to the Bitcoin crash earlier in the month.

虽然短暂的未实现损失在牛市期间很常见，但它们往往会给比特币的价格带来抛售压力。这是因为 STH-MVRV 交易持续低于 1.0 往往会导致短期持有者出现恐慌和投降的可能性更高。值得注意的是，这种现象导致了本月早些时候的比特币崩盘。

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Furthermore, Glassnode’s report showed this correlation and selling pressure might already be materializing, with the STH-SOPR (Spent Output Profit Ratio) also trading below 1.0. The STH-SOPR ratio measures the profitability of spent outputs, indicating whether assets are being sold at a profit or loss.

此外，Glassnode 的报告显示，这种相关性和抛售压力可能已经成为现实，STH-SOPR（支出产出利润率）也低于 1.0。 STH-SOPR 比率衡量已用产出的盈利能力，表明资产出售是否盈利或亏损。

What this essentially means is that many short-term investors are more taking realized losses than profit. This follows the claim that many short-term holders have been overreacting to the price corrections.

这本质上意味着许多短期投资者更多地接受已实现的损失而不是利润。此前有说法称，许多短期持有者对价格调整反应过度。

While short-term holders have carried most of the losses across the recent downturn, long-term holders remain strong. At the time of writing, Bitcoin is trading at $59,540 and is down by 2.15% in the past 24 hours.

虽然短期持有者在最近的经济低迷中承担了大部分损失，但长期持有者仍然强劲。截至撰写本文时，比特币交易价格为 59,540 美元，在过去 24 小时内下跌了 2.15%。