比特幣長期持有者供應再次上升

鏈上數據顯示，長期比特幣持有者最近的主導地位有所增強，顯示持有比特幣的信念上升。

Recent on-chain data has highlighted a rise in the dominance of long-term Bitcoin holders, indicating an increase in HODLing conviction among investors in the cryptocurrency.

最近的鏈上數據凸顯了長期比特幣持有者的主導地位的上升，顯示投資者對加密貨幣的持有信念有所增強。

According to a new post on X by CryptoQuant author Axel Adler Jr, the supply held by long-term holders (LTHs) has been increasing over the past few weeks.

根據 CryptoQuant 作者 Axel Adler Jr 在 X 上發布的新帖子，長期持有者 (LTH) 持有的供應量在過去幾週一直在增加。

In the Bitcoin market, LTHs are defined as investors who have been holding their coins for more than 155 days. The two main categories of holders in the BTC market are LTHs and short-term holders (STHs).

在比特幣市場中，LTH 被定義為持有比特幣超過 155 天的投資者。 BTC市場上的兩大類大持有者是LTH和短期持有者（STH）。

Historically, LTHs have been known to be strong HODLers who are less likely to sell their coins even during major market movements, such as rallies or crashes. STHs, on the other hand, tend to react more quickly to market events.

從歷史上看，LTH 被認為是強大的持有者，即使在重大市場波動（例如反彈或崩盤）期間，他們也不太可能出售其代幣。另一方面，STH 往往對市場事件做出更快的反應。

The following chart shows how the supply dominance of these two groups has changed over the past several years.

下圖顯示了過去幾年這兩個群體的供應主導地位如何變化。

As you can see in the graph, the Bitcoin LTHs saw their share of the total supply decrease significantly earlier this year, reaching a low of 78% around the time of the market crash at the beginning of this month.

如圖所示，今年早些時候，比特幣 LTH 在總供應量中所佔的份額大幅下降，在本月初市場崩盤時達到了 78% 的低點。

However, the metric has bounced back sharply since then, with its value crossing above 80%. This has caused the STH supply dominance to shrink to below 20%.

然而，此後該指標急劇反彈，其價值超過 80%。這導致STH的供應主導地位縮小至20%以下。

It's important to note that an increase in the LTH supply does not necessarily indicate any "buying" activity. LTHs do not acquire coins from STHs; instead, STH members are promoted to the LTH group after holding their coins for 155 days, which adds to the LTH supply.

值得注意的是，LTH 供應量的增加並不一定表示有任何「購買」活動。 LTH 不會從 STH 取得代幣；相反，STH 成員在持有代幣 155 天後會晉升為 LTH 群體，這會增加 LTH 的供應量。

Therefore, the recent increase in the LTH supply is not directly indicative of accumulation in the market, but rather suggests a willingness among investors who purchased a few months ago to continue HODLing. This could be a bullish sign for the Bitcoin price.

因此，近期LTH供應量的增加並不直接表明市場正在積累，而是表明幾個月前購買的投資者有繼續持有LTH的意願。這可能是比特幣價格的看漲訊號。

While there is a 155-day delay in LTH "buying" as described above, the same is not true for selling. The age of the coins held by LTHs resets to zero immediately if these diamond hands decide to move their coins on the blockchain, and the tokens become part of the STH supply.

雖然如上所述，LTH「買入」有 155 天的延遲，但賣出卻並非如此。如果這些鑽石手決定將其代幣轉移到區塊鏈上，那麼 LTH 持有的代幣的年齡將立即重置為零，並且代幣將成為 STH 供應的一部分。

The chart also shows that the LTHs participated in another sell-off earlier this year before the recent one. This distribution occurred as the price reached its all-time high (ATH), suggesting that the rally was too strong even for these HODLers to sit out.

該圖表還顯示，在最近的一次拋售之前，LTH 在今年早些時候參與了另一次拋售。這種分佈發生在價格達到歷史高點 (ATH) 時，表示漲勢太強勁，即使這些持有者也無法袖手旁觀。

BTC Price

比特幣價格

Bitcoin has retraced a portion of its recent recovery, with its price dropping to $61,800.

比特幣已經回吐了近期的部分復甦，價格跌至 61,800 美元。