比特幣長期持有者淨部位變化近期呈正值

數據顯示，最近的崩盤並沒有動搖比特幣的長期持有者，因為他們只是進一步增加了供應量。

Recent data has shown that despite the recent crash in the cryptocurrency market, long-term holders of Bitcoin have continued to increase their supply. This is evident from the positive trend in the “Net Position Change” indicator for Bitcoin LTHs (Long-Term Holders).

最新數據顯示，儘管近期加密貨幣市場崩盤，但比特幣的長期持有者仍在繼續增加供應。從比特幣 LTH（長期持有者）的「淨部位變化」指標的正面趨勢可以明顯看出這一點。

The LTH cohort comprises investors who have held onto their coins for more than 155 days. Together with the “short-term holders” (STHs), this group forms one of the two main divisions of the BTC market based on holding time.

LTH 群體由持有代幣超過 155 天的投資者組成。根據持有時間，該群體與「短期持有者」（STH）一起構成了 BTC 市場的兩個主要部分之一。

Statistically, the longer an investor holds onto their coins, the less likely they become to sell or transfer them at any point. Hence, LTHs represent the stubborn side of the sector.

根據統計，投資者持有代幣的時間越長，他們在任何時候出售或轉讓代幣的可能性就越小。因此，LTH 代表了該行業頑固的一面。

While STHs react easily to happenings in the market, LTHs tend to hold tight, regardless of whether there is a rally or a crash. As Bitcoin has witnessed a plunge recently, the former cohort could be expected to have panicked once more, while the LTHs would have remained stalwart.

雖然 STH 很容易對市場發生的事情做出反應，但 LTH 往往會保持堅挺，無論是上漲還是崩盤。由於比特幣最近暴跌，預計前一批人可能會再次陷入恐慌，而 LTH 則將保持堅定。

One way to keep track of the behavior of any cohort is through the “Net Position Change” indicator, which tells us about the net amount of BTC entering into or exiting the combined balance of the group.

追蹤任何群組行為的一種方法是透過「淨頭寸變化」指標，該指標告訴我們進入或退出該群組組合並餘額的 BTC 淨額。

Here is a chart that shows the trend in this metric for the Bitcoin LTHs over the last few months:

下面的圖表顯示了過去幾個月比特幣 LTH 的這一指標的趨勢：

From the graph, we can observe that the Bitcoin LTH Net Position Change has maintained notable positive levels through the recent bearish price action. This means that the total holdings of the group have been increasing in value.

從圖中我們可以觀察到，透過最近的看跌價格走勢，比特幣 LTH 淨頭寸變化保持了顯著的正水平。這意味著該集團的總持股價值一直在增加。

In this latest inflows, the LTHs have seen their supply go up by 184,500 BTC, which is valued at over $10.8 billion at the current exchange rate. However, something to keep in mind is that this recent increase doesn’t necessarily indicate that these HODLers have been buying in the present.

在最新的資金流入中，LTH 的供應量增加了 184,500 BTC，以當前匯率計算，價值超過 108 億美元。然而，需要記住的是，最近的成長並不一定表明這些持有者目前一直在購買。

This is because the indicator has a 155-day delay attached since coins are only included in the cohort after they have aged up for this period. Thus, the recent increase would mean these coins were bought five months ago and now they have matured enough to become a part of the group.

這是因為該指標有 155 天的延遲，因為代幣只有在這段時間內老化後才會包含在隊列中。因此，最近的成長意味著這些代幣是五個月前購買的，現在它們已經足夠成熟，可以成為該集團的一部分。

The same rule doesn’t apply to selling, though, as coins see their age instantly reset back to zero as soon as they are transferred across the blockchain, thus kicking them out of the cohort.

然而，同樣的規則並不適用於銷售，因為一旦透過區塊鏈轉移，代幣的年齡就會立即重置為零，從而將它們踢出隊列。

While the recent LTH positive Net Position Change doesn’t directly imply that accumulation is happening right now, it’s still naturally a bullish sign as it means HODLing crash hasn’t broken the conviction.

雖然最近 LTH 的正淨頭寸變化並不直接意味著目前正在發生積累，但這仍然自然是一個看漲信號，因為這意味著 HODLing 崩盤並未打破這一信念。

At the time of writing, Bitcoin is trading at a price of $58,900. The cryptocurrency has seen a decrease of almost 7% in its value over the past week.

截至撰寫本文時，比特幣的交易價格為 58,900 美元。過去一周，加密貨幣的價值下跌了近 7%。