三月崩潰後比特幣長期持有人恢復積累

比特幣的長期持有人在投資者情緒的明顯轉變中恢復了積累

Bitcoin (BTC) price has been subject to immense turbulence in recent weeks, leading many to keep a close eye on how the market is unfolding. A new report from on-chain analytics platform Glassnode sheds light on a crucial aspect of this turbulence—the return of Bitcoin accumulation by long-term holders (LTHs).

最近幾週，比特幣（BTC）的價格一直在巨大的動盪中，導致許多人密切關注市場的發展方式。鏈上分析平台玻璃節玻璃節的一份新報告闡明了這種湍流的關鍵方面 - 長期持有人（LTHS）累積比特幣的回歸。

As the report highlights, the “BTC: Long-term holder net position change” metric has flipped positive for the first time this year. This shift in the market is significant as it implies that, despite the market downturn, long-term investors are mopping up available Bitcoin at a rapid pace.

正如報告所強調的那樣，“ BTC：長期持有人淨位置變化”度量標準今年首次呈陽性。市場上的這種轉變很大，因為它意味著，儘管市場低迷，但長期投資者仍在快速逐步掃除可用的比特幣。

Earlier this month, Bitcoin experienced a sharp price decline from above $90,000 to around $80,000 during a period of sustained sell-off. While this price point may seem high to the average trader, it triggered a chain reaction of liquidations among short-term investors who entered at higher levels. However, despite the steep correction, long-term holders, defined by on-chain data as those holding coins for at least 150 days or more, saw the sub-$90,000 levels as a buying opportunity rather than a reason to capitulate.

本月初，在持續拋售期間，比特幣的價格從90,000美元以上的價格下降到約80,000美元。儘管這個價格點對普通交易者來說似乎很高，但它引發了在更高級別進入的短期投資者中清算的鏈條反應。然而，儘管進行了陡峭的糾正，但長期持有人以鏈上的數據定義為那些持有硬幣至少150天或更長時間的持有人，但將低於$ 90,000的水平視為購買機會，而不是屈服的理由。

In other words, coins are moving into wallets that haven’t spent their BTC in a long time, which is a notable reversal after starting 2025 with a negative net position change. This marks the first net accumulation by these “HODLers” in 2025. Glassnode’s Long-Term Holder Net Position Change metric, which had been in the red, flipped “green” as long-term investors aggressively accumulated through the downturn.

換句話說，硬幣正在進入很長一段時間沒有花費BTC的錢包中，這在2025年開始後，淨淨位置變化後是一種顯著的逆轉。這標誌著這些“ Hodlers”在2025年的第一次淨累積。GlassNode的長期持有人淨位置變化指標，由於長期投資者在低迷中積累了長期投資者，它以紅色，“綠色”的方式翻轉。

On-chain data shows that this flip to green has seen long-term holders increase their net Bitcoin holdings by more than 167,000 BTC in the past month. This notable influx is valued at nearly $14 billion. In short, the cohort of seasoned holders began scooping up cheap BTC while short-term sentiment was at its bleakest.

鏈上的數據表明，在過去一個月中，這種轉換為Green的翻轉已經使長期持有人增加了其淨比特幣持有量超過167,000 BTC。這種著名的湧入價值將近140億美元。簡而言之，經驗豐富的持有人隊列開始搶購便宜的BTC，而短期情緒最為黯淡。

The timing of this flip from red selloff to green accumulation among long-term holders is striking, considering what the Bitcoin price went through in the past two weeks. This data suggests that a large part of the Bitcoin crash was caused by panic-selling among short-term holders.

考慮到過去兩個星期的比特幣價格經歷了什麼，這種從紅色拋售到綠色累積的反轉時間令人震驚。該數據表明，比特幣崩潰的很大一部分是由於短期持有人之間的恐慌銷量引起的。

This behavior aligns with past market cycles between August and September 2024, where long-term holders accumulated aggressively during a price dip. After reaching a peak of 580,000 BTC in August 2024, their total holdings decreased to 413,000 BTC by September 2024.

這種行為與2024年8月至9月之間過去的市場週期保持一致，在價格下跌期間，長期持有人積極積累。在2024年8月達到580,000 BTC的峰值之後，到2024年9月，它們的總持股量下降到413,000 BTC。

Interestingly, Glassnode’s long-term holder metric isn’t the only one pointing to positive Bitcoin sentiment among large holders. After weeks of uncertainty, Bitcoin exchange-traded funds (ETFs) have started seeing net inflows again. On March 17, spot Bitcoin ETFs collectively drew in about $274.6 million, the largest single-day inflow in 28 days and a clear signal of renewed investor interest.

有趣的是，GlassNode的長期持有人指標並不是唯一一個指向大型持有人的正幣情緒的指標。經過數週的不確定性，比特幣交易所交易基金（ETF）再次開始看到淨流入。 3月17日，現貨比特幣ETF共同吸引了約2.746億美元，是28天內最大的單日流入，並明顯發出了新的投資者利息信號。

The very next day brought another wave of fresh capital, with roughly $209 million pouring into Bitcoin funds. In fact, this three-day streak represents the first sustained run of positive inflows since February 18, a period during which Bitcoin funds have experienced consecutive days of outflows.

第二天，一波新的資本浪潮，大約2.09億美元投入了比特幣基金。實際上，這三天的連勝代表了自2月18日以來的首次持續積極流入，這一時期在此期間，比特幣基金連續經歷了幾天的流出。