According to a chart published by GlassNode, the unrealized profit-to-loss ratio (NUPL) for bitcoin short-term holders has entered the loss range, indicating that buyers are under pressure recently. From historical data, capitulation-style selling by short-term holders (STHs) often signals a market reset and usually sets the stage for a new round of asset accumulation.
据glassnode发布图表称,比特币短期持有者未实现盈亏比(NUPL)已进入亏损区间,这表明近期买家面临压力。 从历史数据来看,短期持有者(STH)的投降式抛售事件往往标志着市场进入重置阶段,通常也为新一轮的资产囤积奠定基础。
According to the long-term holder net unrealized profit/loss (NUPL) metric, Bitcoin has entered the euphoria phase. Quinten François, co-founder of WeRate, wrote in an X post on December 7 that this could extend bitcoin's rally until the end of 2025: "Bitcoin is entering an excitement phase. There are at most 12 months before the peak of the cycle."