比特币（BTC）长期持有人（LTH）净未实现的盈利/损失（NUPL）已恢复到0.69，与BTC仍为$ 85,000时相同

在X上的新帖子中，链上分析公司GlassNode谈到了比特币长期持有人净未实现的盈利/损失（NUPL）的趋势。

On-chain data shows that the profit margin of the Bitcoin long-term holders is currently the same as when BTC was still $85,000. Here’s what’s behind this.

链上的数据表明，比特币长期持有人的利润率与BTC仍为85,000美元时相同。这是背后的原因。

Bitcoin LTH NUPL Has Returned To 0.69

比特币LTH NUPL返回到0.69

比特币LTH NUPL返回到0.69

In a new post on X, the on-chain analytics firm Glassnode shed light on the trend in the Net Unrealized Profit/Loss (NUPL) for the Bitcoin long-term holders.

在X上的新帖子中，链分析公司的玻璃节揭示了比特币长期持有人净未实现的盈利/损失（NUPL）的趋势。

The NUPL is an indicator that measures the difference between the unrealized profit and unrealized loss held by the Bitcoin investors as a whole. When the value of this metric is positive, it means the holders are carrying more profit than loss. On the other hand, it being less than zero suggests that the average address is underwater.

NUPL是一个指标，该指标可以衡量比特币投资者整体持有的未实现的利润与未实现的损失之间的差异。当该指标的价值为正时，这意味着持有者携带的利润更多而不是损失。另一方面，它的平均地址在水下。

In the current context, the overall network's NUPL isn't the focus, but rather that of a specific group: the long-term holders (LTHs). The LTHs are defined as the Bitcoin investors who have been holding onto their coins since more than 155 days ago.

在当前情况下，整个网络的NUPL不是重点，而是特定群体的重点：长期持有人（LTHS）。 LTHS被定义为比特币投资者，这些投资者自155天以上以来一直坚持自己的硬币。

Now, here is the chart that shows the trend in the Bitcoin NUPL for the LTHs over the past year:

现在，这是显示过去一年中LTH的比特币NUPL趋势的图表：

As the post explains, the Bitcoin LTH NUPL has stayed above the zero level for the past year, which indicates that the HODLers of the market have stayed in the green throughout this period.

正如帖子所解释的那样，比特币LTH NUPL在过去一年中一直保持在零水平的高度，这表明整个时期的市场杂物都保持在绿色状态。

But naturally, as the BTC price has shown some volatile moves in this timeframe, the indicator's value has also seen some fluctuations. From the chart, it's clear that the bull run at the end of 2024 took the indicator into an extreme territory, but the market downturn this year resulted in a cooling off for the metric.

但是自然而然地，由于BTC价格在此时间范围内显示出一些挥发性的动作，因此指标的价值也发生了一些波动。从图表来看，很明显，公牛在2024年底运行，将指标带入了一个极端的领域，但是今年的市场下跌导致了该指标的冷却。

With the recent price recovery, the indicator saw another reversal, but even at its peak, it couldn't come close to touching the high from the earlier bull run.

随着最近的价格恢复，该指标发生了另一种逆转，但即使在其顶峰，它也无法接近较早的公牛跑步。

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

自比特币LTH NUPL的最新高峰以来，它的一个有趣趋势又随之而来;尽管硬币的价值仅在此窗口中移动，但该指标还是进行了急剧的回答。

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. So, 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?

该指标现在位于0.69，与4月初的水平相同，当时加密货币仍在交易约85,000美元。那么，尽管价格明显更高，但如今，霍德勒的盈利能力是相同的？即使价格偏向，该度量最新下降的原因是什么？

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. This five-month cutoff now includes the buyers from December 2024.

这些问题的答案在于LTH小组的代表。如前所述，该队列包括在过去155天内购买比特币的投资者。现在，这个五个月的临界值包括从2024年12月开始的买家。

In other words, the promotion of these top buyers into the group has diluted the unrealized gain among its members.

换句话说，将这些顶级买家晋升为该集团已经稀释了其成员中未实现的收益。