https://s.coinank.com/_nuxt/CHyZQZek.js

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1 关注短期持有者持有比特币占比，可以帮助你判断市场情绪、投机程度及潜在的价格转折点。 </p>',16)]))):(f(),h("div",E,o[1]||(o[1]=[y('<h2 class="fz16 fw600 text-[var(--main-text-color)] mb15"> What is the Proportion of Bitcoin Held by Short-Term Holders? </h2><p class="fz14 fw400 lh32 text-[var(--sub-text-color)] mb40"><strong>The proportion of Bitcoin held by short-term holders</strong> refers to the percentage of Bitcoin&#39;s total circulating supply owned by short-term holders (STH). These holders are typically defined as investors who have held Bitcoin for a shorter period (e.g., less than 6 months or 155 days, depending on the analysis tool), and they are more likely to trade or cash out during market fluctuations. </p><h2 class="fz16 fw600 text-[var(--main-text-color)] mb15">How It&#39;s Defined and Calculated</h2><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"><strong>Short-Term Holders (STH):</strong> Identified using on-chain data by analyzing Bitcoin&#39;s UTXOs (unspent transaction outputs) and tracking the last time each coin moved. Coins moved within a set threshold (e.g., 155 days) are classified as belonging to short-term holders. </p><p class="fz14 fw400 lh32 text-[var(--sub-text-color)] mb40"><strong>Proportion Calculation:</strong> The total Bitcoin held by short-term holders is divided by the current circulating supply, expressed as a percentage. For example, if the circulating supply is 19 million BTC and short-term holders own 1.9 million BTC, the proportion is 10%. </p><h2 class="fz16 fw600 text-[var(--main-text-color)] mb15">Why It Matters</h2><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"><strong>Market Activity Indicator:</strong> A high STH proportion often signals active trading, new capital inflows, or increased speculation. </p><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"><strong>Sell Pressure Risk:</strong> Short-term holders are more prone to sell during price swings, so a rising proportion may indicate growing short-term sell pressure, especially at high prices. </p><p class="fz14 fw400 lh32 text-[var(--sub-text-color)] mb40"><strong>Cycle Signals:</strong> In bull markets, the STH proportion tends to rise as new investors enter; in bear markets, it may drop as speculators exit. </p><h2 class="fz16 fw600 text-[var(--main-text-color)] mb15">Relation to Other Indicators</h2><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"><strong>MVRV Ratio:</strong> A high STH proportion alongside a high MVRV may suggest an overheated market. </p><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"><strong>RHODL Ratio:</strong> An increase in STH holdings boosts short-term RHODL bands (e.g., 1-week), potentially triggering a red-band signal. </p><p class="fz14 fw400 lh32 text-[var(--sub-text-color)] mb40"><strong>Long-Term Holder Contrast:</strong> The STH proportion inversely correlates with the long-term holder (LTH) proportion, with their combined total nearing 100% (excluding lost Bitcoin). </p><h2 class="fz16 fw600 text-[var(--main-text-color)] mb15">How to Use It</h2><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"> A sharp rise in the STH proportion at bull market peaks may hint at an impending correction, signaling a time to sell or reduce exposure. A decline during bear market lows could indicate speculators leaving, offering a buying opportunity for long-term investors. </p><p class="fz14 fw400 lh32 text-[var(--sub-text-color)]"> Tracking the proportion of Bitcoin held by short-term holders helps you assess market sentiment, speculative activity, and potential price turning points. </p>',16)])))]))}};export{ct as default};