比特幣（BTC）LTH以增長的速度積累資產

比特幣的長期持有人或LTHS似乎對資產的信心越來越有信心 - 自2023年2月25日以來，即使沒有增強信心，就會表現出穩定的趨勢。

Bitcoin’s long-term holders (LTHs) appear to be displaying an increasing level of confidence in the asset, indicated by the steady, if not growing, trends in accumulation since February 25.

比特幣的長期持有人（LTHS）似乎表現出對資產的信心，自2月25日以來的穩定趨勢（即使不增長）表明。

As of Thursday, LTHs have been adding to their positions, with the 30-day accumulation rate nearly reaching 6%—a noticeable shift in what seems like a now-getting-clearer picture of sentiment.

截至週四，LTHS一直在增加他們的位置，30天的積累率幾乎達到6％，這似乎是一種現已發現的人們對情感的觀點。

And what’s even more interesting about the current state of Bitcoin’s LTHs is that their daily accumulation rate seems almost robust. Since February, the daily accumulation pace has been averaging around 7%. For long-term holders, this signals something almost like an insatiable appetite for Bitcoin.

而且，比特幣LTHS的當前狀態更有趣的是，它們的日常累積率似乎幾乎強勁。自2月以來，每天的積累速度的平均值約為7％。對於長期持有人來說，這幾乎像對比特幣的食慾一樣。

At the same time, the proportion of Bitcoin supply in the hands of long-term holders versus short-term holders is undergoing a sizable shift. This measure, which not long ago hit a trough in early February, has been climbing steadily since then. As of March 14, it’s been ascending even faster, at a compounded 0.42% per day on average. If those holds keep holding, this ratio is on pace to touch its 2025 target of 5.53 once again. That would be a nice rebound from its current level of 3.53 and continue to highlight what a long-term tuned-in audience Bitcoin now has.

同時，長期持有人與短期持有人手中的比特幣供應比例正在發生相當大的轉變。從那以後，這種措施不久前就在2月初陷入了低谷。截至3月14日，它的上升速度甚至更快，平均每天復利0.42％。如果這些保持保持穩定，則該比率持續到觸摸其2025目標的5.53目標。從目前的3.53級別來看，這將是一個不錯的反彈，並繼續強調了長期調整的受眾比特幣現在所擁有的。

U.S. Spot Bitcoin ETFs See Significant Inflows

美國現場比特幣ETF看到大量流入

The increased interest in Bitcoin is not just limited to individual investors, as increased optimism extends to institutional investors.

對比特幣的興趣增加不僅限於個人投資者，因為增強的樂觀情緒擴展到機構投資者。

Over the past week, U.S. spot Bitcoin exchange-traded funds (ETFs) have experienced net inflows.

在過去的一周中，美國現貨比特幣交易所交易基金（ETF）經歷了淨流入。

On March 24, U.S. spot Bitcoin ETFs saw a net inflow of $84.17 million, continuing a streak of seven consecutive days with actual inflows, according to data from CCData.

根據CCDATA的數據，3月24日，美國現貨比特幣ETF的淨流入淨流入為8417萬美元，連續七天連續七天，實際流入。

These inflows signal an increasing confidence in Bitcoin as an asset class, with institutional investors leading the way.

這些流入表明，作為資產類別，對比特幣的信心越來越多，機構投資者領先。

The most substantial net inflow received in a single day came from Fidelity’s Bitcoin ETF (FBTC), which pulled in $82.85 million just on March 24. Fidelity has established a well-deserved reputation for being a significant institutional player in the adoption of Bitcoin. It is hard to imagine how we could fare better with an ETF on Bitcoin than with one from a company such as Fidelity, which oversees an ETF on Bitcoin that is not attracting much interest.

一天中收到的最重要的淨流入來自Fidelity的比特幣ETF（FBTC），該比特幣ETF（FBTC）僅在3月24日賺了8285萬美元。富達在採用比特幣方面是一名重要的機構球員，因此確立了當之無愧的聲譽。很難想像，比特幣的ETF比與Fidelity這樣的公司的ETF的表現更好。

The sequence of reassuring inflows indicates that Bitcoin is being warmly welcomed and not just tentatively embraced by the new category of institutional investor. We seem to be partaking of a Bitcoin oasis here, with no mirage in sight, unlike what we saw, for example, in early 2018 when we came off a similarly optimistic spell. Longer-term holders, presumably the same kind of people or organizations who were holding in 2018, are still holding; in fact, they’re accumulating in their currently unreported vaults. The only reported accumulators appear to be the new cohort of ETF buyers.

放心的流入序列表明，比特幣受到了熱烈歡迎，而不僅僅是新的機構投資者暫時接受的。我們似乎在這裡聚集了一個比特幣的綠洲，看不到幻影，與我們所看到的不同，例如，在2018年初，當我們脫離了類似樂觀的咒語時。長期持有人，大概是在2018年持有的相同類型的人或組織，仍在持有；實際上，他們積累了目前未報告的保險庫。唯一報告的蓄能器似乎是ETF購買者的新隊列。

Growing Confidence Among Bitcoin’s Long-Term Holders

比特幣的長期持有人的信心越來越大

The data regarding Bitcoin’s LTHs is part of a much larger trend that shows LTHs are not only sticking around but also seem to be in an accumulation mode.

有關比特幣LTHS的數據是更大趨勢的一部分，該趨勢表明LTH不僅粘住了，而且似乎處於累積模式。

As noted by Glassnode, LTHs, who purchase Bitcoin with a multiyear time horizon, have been largely unfazed by the price ups and downs that affect the much-hated short-term market. Maybe the LTHs know something we don’t.

正如GlassNode所指出的那樣，LTHS以多年的時間範圍購買比特幣，在很大程度上對影響備受討厭的短期市場的價格上漲並不為人所知。也許LTHS知道我們不知道的東西。

LTHs have been steadily adding to their positions since February 23, and this signals that they are not being swayed by short-term volatility.

自2月23日以來，LTHS一直在穩步增加自己的位置，這表明他們並沒有被短期波動所震撼。

Accumulation for them is, of course, not just a matter of increasing the quantity of Bitcoin that they hold; it is also a sign of confidence in the notion that this asset has a long-term path of appreciation ahead. In terms of the current market dynamics, these LTHs see this moment in time as an opportunity to add to their holdings at price points that are comparatively lower than the peaks endured in that ill-fated year of 2021.

當然，他們積累的不僅僅是增加其持有的比特幣數量的問題；這也是對這一資產具有長期欣賞之路的觀念的信心。就當前的市場動態而言，這些lths將這一刻視為一個機會，以相對較低的價格低於2021年命運不佳的山峰的價格增加其股份。

The metric of LTH accumulation is very important to watch. It is very telling of the current market sentiment. When accumulation is flat or decreasing, it shows that the holders are not confident enough in the current market to continue buying. Conversely, when accumulation is happening at a nice rate (like it is right now), it shows that there is a decent amount of confidence in the market. What’s more is that now, at this very moment, we have the accumulation rate increasing at about 7% per day. That is quite significant.

LTH積累的度量非常重要。這是當前市場情緒的說明。當積累平坦或減少時，這表明持有人在當前市場上不夠自信，無法繼續購買。相反，當積累以良好的速度發生（就像現在一樣）時，它表明市場對市場充滿信心。更重要的是，現在，在這一刻，我們的累積率每天約為7％。這是非常重要的。

Implications for the Bitcoin Market

對比特幣市場的影響

Examining the larger Bitcoin market, what seems to be emerging is a clear overall optimism. The picture painted by Bitcoin’s LTHs and by the

研究較大的比特幣市場，似乎正在出現的事情顯然是一個整體樂觀的情緒。比特幣的lths和