比特幣長期持有人NUPL返回到0.69

鏈上的數據顯示，比特幣長期持有人的利潤率與BTC仍為85,000美元時相同。這是背後的原因。

On-chain data from Glassnode shows that the Net Unrealized Profit/Loss (NUPL) for Bitcoin long-term holders (LTHs) has returned to 0.69. This level was last seen in early April, when the Bitcoin price was still in the $85,000 range.

玻璃節鏈的鏈上數據表明，比特幣長期持有人（LTHS）的淨未實現的盈利/損失（NUPL）返回到0.69。該水平是在4月初出現的，當時比特幣價格仍在85,000美元範圍內。

The indicator is currently charting a steeper decline despite the price remaining relatively flat. This is being attributed to the promotion of new buyers into the long-term holder group, which has diluted the unrealized gain among its members.

儘管價格仍然相對平坦，但該指標目前仍在繪製急劇下降。這歸因於將新買家推廣到長期持有人群體中，這已經削弱了其成員中未實現的收益。

Bitcoin LTH NUPL Remains Positive As Average Holder Is Still In Profit

比特幣LTH nupl仍然是積極的，因為普通持有人仍在獲利

According to Glassnode, the Bitcoin LTH NUPL has remained above the zero level for the past year. This means that the long-term holders of the cryptocurrency have, on average, been in profit throughout this period.

根據GlassNode的說法，過去一年的比特幣LTH NUPL保持在零水平上。這意味著，加密貨幣的長期持有人平均在這一時期一直在獲利。

For those unfamiliar, the NUPL indicator measures the difference between the unrealized profit and unrealized loss held by Bitcoin investors as a whole. A positive value for this metric indicates that the holders are carrying more profit than loss.

對於那些不熟悉的人，NUPL指標衡量了比特幣投資者整體持有的未實現的利潤和未實現的損失之間的差異。該指標的正值表明持有人的利潤超過損失。

However, in the context of this current topic, the NUPL of the entire network isn't relevant, but rather that of just one segment of it: the long-term holders (LTHs).

但是，在當前主題的背景下，整個網絡的nupl並不相關，而是僅相關的一個部分：長期持有人（LTHS）。

The LTHs refer to the BTC investors who have been holding onto their coins since more than 155 days ago. This group is known to be a key indicator of market trends, as they are less likely to be influenced by short-term price fluctuations.

LTHS是指自155天以上以來一直堅持硬幣的BTC投資者。眾所周知，該群體是市場趨勢的關鍵指標，因為它們不太可能受到短期價格波動的影響。

The on-chain analytics firm shared a graph that shows the trend in the Bitcoin LTH NUPL over the past year.

這家鏈分析公司分享了一個圖表，該圖顯示了過去一年比特幣LTH NUPL的趨勢。

As the data shows, the LTH NUPL had a huge run at the end of 2024, when the cryptocurrency noted a strong bull run, pushing the indicator into an extreme level. The market downturn this year resulted in a cool-down for the metric.

正如數據所示，LTH NUPL在2024年底進行了巨大的運行，當時加密貨幣指出了強大的牛跑，將指示器推向了極端水平。今年的市場低迷導致了該度量的涼爽。

However, with the recent price recovery run, the indicator again noted a reversal, but even at its peak, it couldn't come close to touching the high from the earlier bull run.

但是，隨著最近的價格恢復的運行，該指標再次指出了逆轉，但即使在其頂峰，它也無法從早期的公牛運行中觸及高位。

An interesting trend has followed since this latest peak in the Bitcoin LTH NUPL. The indicator has observed a sharp retrace, despite the fact that the coin's value has only been moving flat in this window.

自比特幣LTH NUPL的最新高峰以來，它的一個有趣趨勢隨之而來。儘管硬幣的價值僅在此窗口中移動，但該指標還是觀察到了急劇的回溯。

The metric is now sitting at 0.69, which is the same level as back at the start of April, when the cryptocurrency was still just trading around $85,000.

該指標現在位於0.69，與4月初的水平相同，當時加密貨幣仍在交易約85,000美元。

What's making it so that HODLer profitability is the same today despite the price being notably higher? And what's the reason for the latest decline in the metric even though the price has been going sideways?

是什麼使霍德勒的盈利能力是相同的，儘管價格明顯更高？即使價格偏向，該度量最新下降的原因是什麼？

The answer to these questions lies in what the LTH group represents. As mentioned earlier, this cohort includes investors who purchased their Bitcoin within the past 155 days.

這些問題的答案在於LTH小組的代表。如前所述，該隊列包括在過去155天內購買比特幣的投資者。

This five-month cutoff now includes the buyers from December 2024, when the Bitcoin price hit a high of over $120,000. The promotion of these top buyers into the group has diluted the unrealized gain among its members.

現在，這個五個月的臨界值包括從2024年12月開始的買家，當時比特幣價格高達120,000美元。將這些頂級買家晉升為該集團的成員中未實現的收益。