令人印象深刻的郊游后，比特币（BTC）的价格似乎处于凉爽的时期

在过去一周的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

The price of Bitcoin has cooled off slightly after an impressive outing in the past week, now sitting just 4% away from its recent all-time high. This weekend’s performance somewhat looks like the typical movement of the crypto market at the end of the week in 2025.

在过去一周的出现令人印象深刻的郊游之后，比特币的价格略有降低，现在距离最近的历史最高水平仅4％。这个周末的表演看起来像是2025年本周末加密市场的典型运动。

However, the latest on-chain observation shows that a group of investors might be responsible for the sluggishness of the Bitcoin price over the past day. These recent signs point to the possibility of the bull cycle entering its final stages.

但是，最新的链链观察表明，一群投资者可能是对过去一天比特币价格呆滞的原因。这些最近的迹象表明，公牛周期进入其最后阶段的可能性。

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 the social media platform X, investment data firm Alphractal revealed that the Bitcoin short-term holders (STH) are starting to distribute their coins. The short-term holders are known to be the most reactive group of investors, as seen with the BTC investors shaving off their holdings following the recent increase in the Bitcoin price.

在社交媒体平台X上的新帖子中，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。众所周知，短期持有人是最具反应性的投资者群体，在最近的比特币价格上涨之后，BTC投资者可以剃光其持股。

This on-chain revelation 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. As shown in the chart below, this metric has been dwindling over the past few weeks, signaling ongoing distribution by short-term investors.

这种链上的启示是基于短期持有人指标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总数。如下图所示，在过去的几周中，该指标一直在逐渐减少，这表明短期投资者正在持续发行。

From a historical perspective, when the supply held by STH witnesses an abrupt decline, the price of Bitcoin is likely near major cycle tops. In essence, the reactive investors unload their assets as the price increases, slowing down the coin’s demand. Alphractal noted that this is “a classic sign” that the bull cycle might be close to its final stages.

从历史的角度来看，当STH目击者的供应突然下降时，比特币的价格可能接近主要周期的顶部。从本质上讲，随着价格上涨，反应式投资者将其资产卸载，从而减慢了硬币的需求。 Alphractal指出，这是一个“经典信号”，即公牛周期可能接近其最后阶段。

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. On the other hand, the Long-Term Holder realized price stands at around $33,000, suggesting a behavioral divergence between long-term and short-term investors.

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。另一方面，长期持有人意识到价格约为33,000美元，这表明长期和短期投资者之间的行为差​​异。

In the end, Alpractal noted that the Bitcoin price still managed to reach new all-time highs in 2021 despite the STH distribution. Hence, 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.

最后，Alpractal指出，尽管STH分配，比特币价格仍然在2021年达到了新的高潮。因此，市场情报平台认为，尽管宏观上的链信号和减半周期模式表明，BTC价格仍然有空间的上行移动空间，这表明可以在2025年10月之后进行重大校正。

As of this writing, the price of BTC is just slighly down at $108,600. According to data from CoinGecko, this is a 0.4% decrease in the last 24 hours.

截至撰写本文时，BTC的价格下跌了108,600美元。根据Coingecko的数据，在过去24小时内下降了0.4％。