比特币长期持有者净头寸变化近期呈正值

数据显示，最近的崩盘并没有动摇比特币的长期持有者，因为他们只是进一步增加了供应量。

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).

最新数据显示，尽管近期加密货币市场崩盘，但比特币的长期持有者仍在继续增加供应。从比特币 LTH（长期持有者）的“净头寸变化”指标的积极趋势可以明显看出这一点。

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 群体由持有代币超过 155 天的投资者组成。根据持有时间，该群体与“短期持有者”（STH）一起构成了 BTC 市场的两个主要部分之一。

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.

据统计，投资者持有代币的时间越长，他们在任何时候出售或转让代币的可能性就越小。因此，LTH 代表了该行业顽固的一面。

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.

虽然 STH 很容易对市场发生的事情做出反应，但 LTH 往往会保持坚挺，无论是上涨还是崩盘。由于比特币最近暴跌，预计前一批人可能会再次陷入恐慌，而 LTH 则将保持坚定。

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.

跟踪任何群组行为的一种方法是通过“净头寸变化”指标，该指标告诉我们进入或退出该群组合并余额的 BTC 净额。

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

下面的图表显示了过去几个月比特币 LTH 的这一指标的趋势：

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.

从图中我们可以观察到，通过最近的看跌价格走势，比特币 LTH 净头寸变化保持了显着的正水平。这意味着该集团的总持股价值一直在增加。

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.

在最新的资金流入中，LTH 的供应量增加了 184,500 BTC，按当前汇率计算，其价值超过 108 亿美元。然而，需要记住的是，最近的增长并不一定表明这些持有者目前一直在购买。

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.

这是因为该指标有 155 天的延迟，因为代币只有在这段时间内老化后才会包含在队列中。因此，最近的增长意味着这些代币是五个月前购买的，现在它们已经足够成熟，可以成为该集团的一部分。

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，同样的规则并不适用于销售，因为一旦通过区块链转移，代币的年龄就会立即重置为零，从而将它们踢出队列。

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.

虽然最近 LTH 的正净头寸变化并不直接意味着目前正在发生积累，但这仍然自然是一个看涨信号，因为这意味着 HODLing 崩盘并未打破这一信念。

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.

截至撰写本文时，比特币的交易价格为 58,900 美元。过去一周，加密货币的价值下跌了近 7%。