Odaily星球日报讯 Glassnode 在 X 平台发文表示：“比特币的短期持有者（STH）成本模型对于衡量新投资者的情绪至关重要。从历史上看，该模型追踪牛市周期中的市场低点，并区分牛市和熊市。目前 BTC 价格比 STH 成本价（88,135 美元）高出约 7%。如果价格稳定在该水平以下，则可能预示着新投资者的情绪正在减弱——这通常是市场趋势的转折点。”

Glassnode：BTC价格高于短期持有者成本价约7%，若低于该水平表示新投资者情绪减弱

Odaily Odaily News Glassnode published an article on the X platform saying: &quot;Bitcoin&#39;s short-term holder (STH) cost model is critical to gauging the sentiment of new investors. Historically, the model tracks market lows in bull cycles and distinguishes between bull and bear markets. The current BTC price is about 7% higher than the STH cost price ($88,135). If the price stabilizes below this level, it may indicate that the sentiment of new investors is weakening-this is usually a turning point in market trends.&quot;

Glassnode: BTC price is about 7% higher than the cost price of short-term holders. If it is lower than this level, it means that the sentiment of new investors is weakening.

Odaily reported that glassnode posted on X platform that the BTC futures open interest (OI) shows a decline in speculative momentum. The medium-term trend line (30-day SMA) has reached its peak and is now slightly declining, while the short-term trend line (7-day SMA) has fallen below it. This indicates that traders have closed their positions to cope with the uncertain market conditions.

Glassnode: Bitcoin futures open interest data shows speculative momentum is declining

Odaily reports that CoinDesk market analyst Omkar Godbole says the Bitcoin (BTC) market currently looks like an iceberg, with the surface showing the dominance of sellers and a clear bearish sentiment. However, beneath the surface, buyers are quietly waiting for opportunities to buy Bitcoin at low prices and may provide support for the price. According to Hyblock Capital data, the trend of quote levels (i.e., market prices) on major spot and perpetual futures exchanges has shifted from an upward to a downward trend, indicating that more traders are willing to sell at market prices. A similar pattern is shown in the order book depth from 0% to 1%. Order book depth represents the total value of buy and sell orders at specific price levels (such as 1%, 2%, 5%), indicating the market's ability to absorb large orders. Hyblock Capital states that "there was an upward trend in quote levels, but now it has turned downward, indicating increased selling pressure, and market makers usually operate in this position. The movement in the 1% area is similar to that of market makers." Furthermore, given Bitcoin's recent price volatility, the dominance of sellers at quote levels is not surprising. Bitcoin has fallen from over $102,000 to $94,000, mainly due to renewed concerns about U.S. inflation. On Thursday, the price briefly dropped to $92,500. However, the noteworthy point is that the market depth from 2% to 5% has continued to rise, indicating that buy orders have increased relative to sell orders at price levels further away from the market price. In other words, buyers are waiting to enter the market at these price levels. Hyblock added, "Between 1%-2% and 2%-5%, we see an increase in demand (buy orders gradually outnumber sell orders)."

Analyst: Bitcoin's order book depth continues to rise far from the market price, and buyers are waiting to enter the market

The current mainstream CEX and DEX funding rates indicate that the market is generally bearish.