比特币长期持有人NUPL返回到0.69

链上的数据显示，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。

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.

玻璃节链的链上数据表明，比特币长期持有人（LTHS）的净未实现的盈利/损失（NUPL）返回到0.69。该水平是在4月初出现的，当时比特币价格仍在85,000美元范围内。

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.

尽管价格仍然相对平坦，但该指标目前仍在绘制急剧下降。这归因于将新买家推广到长期持有人群体中，这已经削弱了其成员中未实现的收益。

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

比特币LTH nupl仍然是积极的，因为普通持有人仍在获利

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.

根据GlassNode的说法，过去一年的比特币LTH NUPL保持在零水平上。这意味着，加密货币的长期持有人平均在这一时期一直在获利。

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.

对于那些不熟悉的人，NUPL指标衡量了比特币投资者整体持有的未实现的利润和未实现的损失之间的差异。该指标的正值表明持有人的利润超过损失。

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，在当前主题的背景下，整个网络的nupl并不相关，而是仅相关的一个部分：长期持有人（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天以上以来一直坚持硬币的BTC投资者。众所周知，该群体是市场趋势的关键指标，因为它们不太可能受到短期价格波动的影响。

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

这家链分析公司分享了一个图表，该图显示了过去一年比特币LTH NUPL的趋势。

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.

正如数据所示，LTH NUPL在2024年底进行了巨大的运行，当时加密货币指出了强大的牛跑，将指示器推向了极端水平。今年的市场低迷导致了该度量的凉爽。

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，随着最近的价格恢复的运行，该指标再次指出了逆转，但即使在其顶峰，它也无法从早期的公牛运行中触及高位。

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.

自比特币LTH NUPL的最新高峰以来，它的一个有趣趋势随之而来。尽管硬币的价值仅在此窗口中移动，但该指标还是观察到了急剧的回溯。

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.

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。

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?

是什么使霍德勒的盈利能力是相同的，尽管价格明显更高？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.

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。

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.

现在，这个五个月的临界值包括从2024年12月开始的买家，当时比特币价格高达120,000美元。将这些顶级买家晋升为该集团的成员中未实现的收益。