短期比特币持有人实现了$ 11.6B的利润，这表明市场上有潜在的停顿或本地顶级。

比特币（BTC）的价格最近达到了新历史最高$ 111,800，但Bullish势头可能会放慢速度，因为GlassNode的OnChain数据揭示了短期持有人（STHS）的巨额利润。

Short-term Bitcoin (BTC) holders have realized a staggering $11.6 billion in profit over the past 30 days, suggesting a potential pause or local top in the market. Technical indicators show cooling momentum as retail investor sentiment falls to a 90-day low and liquidity data points to price volatility.

短期比特币（BTC）持有人在过去30天内已经意识到了惊人的116亿美元利润，这表明市场上有潜在的停顿或本地顶级。技术指标表现出冷却动力，因为散户投资者情绪下降到90天低，流动性数据点到价格波动。

Onchain data from Glassnode reveals significant profit-taking by short-term holders (STHs), often considered traders rather than long-term investors, which may signal a ‘breather’ for the market.

来自GlassNode的OnChain数据揭示了短期持有人（STH）的巨额利润，通常被视为交易者而不是长期投资者，这可能标志着市场的“呼吸”。

STHs realized a whopping $11.6 billion in profits over the last 30 days, following Bitcoin’s sharp rebound to push past the STH cost-basis of $93,000. The profit-taking peaked at $747 million daily, a rapid increase from the $1.2 billion realized in the last 30-day period.

在比特币的急剧反弹以超越了STH的成本基础93,000美元之后，STH在过去30天内实现了116亿美元的利润。这笔盈利每天达到7.47亿美元，比过去30天的12亿美元迅速增加。

The massive profit-taking is evident in the astronomical spike in the STH Realized Profit/Loss Ratio. Currently, profits massively outweigh losses, with only 8% of trading days in the last 18 years seeing this ratio at a higher level.

在STH实现的损益比中，天文数字中的巨额利润很明显。目前，利润大于亏损，在过去18年中，只有8％的交易天数看到该比率较高。

This level of profit-taking is typically observed during bullish trends but often precedes local market tops. Excessive profit-taking can overwhelm new demand, creating overhead supply resistance and halting Bitcoin’s upward trajectory.

通常在看涨趋势期间观察到这种利润水平，但通常是当地市场顶级。过多的盈利可能会使新需求不堪重负，产生间接费用阻力并停止比特币的向上轨迹。

Crypto analyst Axel Adler Jr noted that Bitcoin’s 30-day price momentum has already slowed by 38%, currently sitting at 19%. Adler described it as a “technical cooldown” after the recent peak. The Bitcoin researcher suggested the market needs a ‘breather’ before potentially resuming its rally.

加密分析师Axel Adler JR指出，比特币的30天价格势头已经减慢了38％，目前为19％。阿德勒（Adler）将其描述为最近高峰后的“技术冷却”。比特币的研究人员建议，在可能恢复集会之前，市场需要“呼吸器”。

Similarly, analysis from Hyblock Capital advised caution as the previous three months outlined Bitcoin consistently targeting short liquidity zones above current prices, driving its recent highs.

同样，Hyblock Capital的分析提出了谨慎的态度，因为前三个月概述了比特币的始终针对以上价格高于当前价格的短流动性区，这推动了其最近的高点。

However, retail sentiment is at a 90-day low, with only 31.59% of retail accounts holding long positions. Meanwhile, open interest is at a 90-day high, and combined order books sit in the 91st percentile, signaling high liquidity and potential volatility.

但是，零售情绪为90天的低点，只有31.59％的零售帐户持有较长的头寸。同时，开放兴趣处于90天高的订单书中，位于第91个百分位数，这表明流动性高和潜在的波动性。