比特币长期持有者供应再次上升

链上数据显示，长期比特币持有者最近的主导地位有所增强，表明持有比特币的信念有所上升。

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.

最近的链上数据凸显了长期比特币持有者的主导地位的上升，表明投资者对加密货币的持有信念有所增强。

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.

根据 CryptoQuant 作者 Axel Adler Jr 在 X 上发布的新帖子，长期持有者 (LTH) 持有的供应量在过去几周一直在增加。

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).

在比特币市场中，LTH 被定义为持有比特币超过 155 天的投资者。 BTC市场上的两类主要持有者是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.

从历史上看，LTH 被认为是强有力的持有者，即使在重大市场波动（例如反弹或崩盘）期间，他们也不太可能出售其代币。另一方面，STH 往往对市场事件做出更快的反应。

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

下图显示了过去几年这两个群体的供应主导地位如何变化。

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.

如图所示，今年早些时候，比特币 LTH 在总供应量中所占的份额大幅下降，在本月初市场崩盘时达到了 78% 的低点。

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，此后该指标急剧反弹，其价值超过 80%。这导致STH的供应主导地位缩小至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 供应量的增加并不一定表明存在任何“购买”活动。 LTH 不会从 STH 获取代币；相反，STH 成员在持有代币 155 天后会晋升为 LTH 群体，这会增加 LTH 的供应量。

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供应量的增加并不直接表明市场正在积累，而是表明几个月前购买的投资者有继续持有LTH的意愿。这可能是比特币价格的看涨信号。

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.

虽然如上所述，LTH“买入”有 155 天的延迟，但卖出却并非如此。如果这些钻石手决定将其代币转移到区块链上，那么 LTH 持有的代币的年龄将立即重置为零，并且代币将成为 STH 供应的一部分。

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.

该图表还显示，在最近的一次抛售之前，LTH 在今年早些时候参与了另一次抛售。这种分布发生在价格达到历史高点 (ATH) 时，表明涨势太强劲，即使这些持有者也无法袖手旁观。

BTC Price

比特币价格

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

比特币已经回吐了近期的部分复苏，其价格跌至 61,800 美元。