ChainCatcher 消息，CryptoQuant 分析师 Axel 在社交媒体上发文表示，当前比特币短期持有者（STH）的市场价值对实现价值（Market Value to Realized Value，简称 MVRV）指标为 1.09。 预计第一波显著抛售压力将在 1.25 左右出现（目标价≈11.8 万美元），更强的抛售压力可能出现在 1.35（≈12.8 万美元）。按照目前的平均日增长率，STHMVRV 可能在 6 月初达到 1.25，并在月底达到 1.35。

ChainCatcher 消息，CryptoQuant 分析师 Axel 在社交媒体上发文表示，当前比特币短期持有者（STH）的市场价值对实现价值（Market Value to Realized Value，简称 MVRV）指标为 1.09。预计第一波显著抛售压力将在 1.25 左右出现（目标价≈11.8 万美元），更强的抛售压力可能出现在 1.35（≈12.8 万美元）。按照目前的平均日增长率，STHMVRV 可能在 6 月初达到 1.25，并在月底达到 1.35。

分析师：指标显示 BTC 将在升至 11.8 万美元时遭遇短期持有者的明显抛压

According to ChainCatcher, <Axel> from CryptoQuant posted on social media that the Market Value to Realized Value (MVRV) indicator for short-term Bitcoin holders (STH) is currently 1.09. The first significant selling pressure is expected to appear around 1.25 (target price ≈ $118,000), with stronger selling pressure potentially occurring at 1.35 (≈ $128,000). Based on the current average daily growth rate, the STH MVRV may reach 1.25 in early June and 1.35 by the end of the month.

According to ChainCatcher, Axel, an analyst at CryptoQuant, posted on social media that the Market Value to Realized Value (MVRV) indicator for short-term Bitcoin holders (STH) is currently 1.09.The first significant selling pressure is expected to appear around 1.25 (target price ≈ $118,000), with stronger selling pressure potentially occurring at 1.35 (≈ $128,000). Based on the current average daily growth rate, the STHMVRV may reach 1.25 in early June and 1.35 by the end of the month.

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Author | Shisi Jun

1. Introduction
In the blink of an eye, I've been working in the wallet industry for four years. Many people think the wallet landscape in 2025 is already solidified, but that's not the case—it's been turbulent beneath the surface. This year:

· Coinbase launched its new CDP wallet, built on TEE technology;

· Binance's MPC wallet introduces key sharding and hosting to the TEE environment;

· Bitget just released its social login feature last week, hosted on a TEE basis;

· ...