比特币短期持有者现在获得的利润少得多

数据显示，比特币短期持有者的已实现利润有所下降，这表明他们获取收益的欲望可能正在减弱。

Data shows that Bitcoin short-term holders have seen a decrease in their realized profit, a sign that their appetite for harvesting gains may be diminishing.

数据显示，比特币短期持有者的已实现利润有所下降，这表明他们获取收益的欲望可能正在减弱。

The realized profit of short-term holders has fallen by 32%, signaling a lack of investor desire to lock in profits at current levels, essentially anticipating further growth. This development is potentially not the only positive one for Bitcoin recently.

短期持有者的已实现利润下降了 32%，表明投资者缺乏将利润锁定在当前水平的意愿，主要是预期进一步增长。这一发展可能并不是比特币最近唯一的积极因素。

As explained by CryptoQuant author Axel Adler Jr in a post on X, the BTC short-term holders have been realizing much lower amounts of profits recently. The “short-term holders” (STHs) here refer to the Bitcoin investors who bought their coins within the past 155 days.

正如 CryptoQuant 作者 Axel Adler Jr 在 X 上的一篇文章中所解释的那样，BTC 短期持有者最近实现的利润要低得多。这里的“短期持有者”（STH）是指在过去 155 天内购买比特币的比特币投资者。

Statistically, the longer an investor holds their coins, the less likely they become to sell them. As the STHs are the new entrants in the market, they are unlikely to hold for too long. Because of this weak resolve, the investors of this cohort tend to easily panic sell whenever something notable happens in the sector, like a rally or crash. Naturally, the recent run towards the all-time high (ATH) also saw these fickle-minded holders selling.

据统计，投资者持有代币的时间越长，出售代币的可能性就越小。由于STH是市场的新进入者，它们不太可能持有太久。由于这种决心薄弱，每当该行业发生重大事件（例如上涨或崩盘）时，这一群体的投资者往往很容易恐慌性抛售。当然，最近的历史高点 (ATH) 也导致了这些善变的持有者抛售。

The chart below shows the trend in the “Realized Profit and Loss” indicator for this group, which tells us about the net amount of profit or loss that they have been harvesting recently.

下图显示了该群体的“已实现损益”指标的趋势，该指标告诉我们他们最近收获的净损益金额。

As is visible in the graph, the Bitcoin STH Realized Profit and Loss metric spiked to highly positive levels when the rally towards the ATH price occurred. More particularly, the indicator’s value hit the 42% mark at the peak of this profit-taking spree.

如图所示，当 ATH 价格上涨时，比特币 STH 已实现损益指标飙升至高度正值。更具体地说，该指标的价值在这次获利回吐的高峰期达到了 42%。

Since then, as the cryptocurrency price has struggled, the indicator’s value has dropped to just the 10%. As the analyst notes, this realized profit showcases the net profit or loss that an investor has realized when they sell their BTC holdings.

此后，随着加密货币价格的低迷，该指标的价值已跌至仅 10%。正如分析师指出的那样，这一已实现利润显示了投资者在出售其持有的 BTC 时已实现的净利润或亏损。

This measure is calculated by multiplying the realized loss or profit with the age of the coin being sold, and then dividing the product by the total realized cap.

该衡量标准的计算方法是将已实现的损失或利润乘以所出售代币的年龄，然后将乘积除以已实现的总上限。

Another interesting observation that the analyst makes is that the Realized Cap of the investors holding for less than a month has been on the rise. The “Realized Cap” here basically refers to the total amount of capital that the investors have used to purchase the asset, as determined by data available on the blockchain.

分析师的另一个有趣的观察是，持有不到一个月的投资者的已实现上限一直在上升。这里的“已实现上限”基本上是指投资者用于购买资产的资本总额，由区块链上的可用数据确定。

As the chart below shows, this metric had earlier been declining for these young investors, even among the STHs, suggesting that fresh interest in the asset had been waning. However, this trend seems to have changed recently.

如下图所示，对于这些年轻投资者来说，这一指标早些时候一直在下降，甚至在 STH 中也是如此，这表明对该资产的新兴趣一直在减弱。不过，这种趋势最近似乎有所改变。

BTC Price At the time of writing, Bitcoin is trading at around $69,200, down over 1% in the past seven days.

BTC 价格 截至撰写本文时，比特币交易价格约为 69,200 美元，过去 7 天下跌超过 1%。