使用鏈上指標掌握比特幣交易：NUL 和 NUP 見解

透過淨未實現損失（NUL）和淨未實現利潤（NUP）指標可以了解比特幣的價格變動。這些指標揭示了比特幣投資者持有的未實現損失和利潤總額，使交易者能夠識別市場趨勢。透過仔細檢查 NUL 和 NUP 水平，投資者可以確定比特幣的價值是否可能會上漲或下跌，從而提供對潛在買入或賣出機會的見解。

Understanding On-Chain Metrics: A Comprehensive Guide to Trading Bitcoin Using Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP)

了解鏈上指標：使用淨未實現損失（NUL）和淨未實現利潤（NUP）交易比特幣的綜合指南

Introduction

介紹

In the ever-evolving realm of cryptocurrency trading, harnessing data-driven insights is paramount for navigating market dynamics and making informed investment decisions. Among the plethora of on-chain metrics available, Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP) stand out as indispensable tools for traders seeking to gauge market sentiment and identify potential trading opportunities in the Bitcoin market. This article delves into the intricacies of these metrics and provides a comprehensive guide to their practical application in Bitcoin trading.

在不斷發展的加密貨幣交易領域，利用數據驅動的見解對於駕馭市場動態和做出明智的投資決策至關重要。在眾多可用的鏈上指標中，淨未實現損失（NUL）和淨未實現利潤（NUP）對於尋求衡量市場情緒和識別比特幣市場潛在交易機會的交易者來說是不可或缺的工具。本文深入研究了這些指標的複雜性，並為其在比特幣交易中的實際應用提供了全面的指南。

Delving into NUL and NUP

深入研究 NUL 和 NUP

At the core of NUL and NUP lies the concept of unrealized gains and losses. In the Bitcoin ecosystem, every transaction leaves an imprint, revealing the last traded price of each coin. Comparing this last traded price to the current spot price allows us to determine the current unrealized profit or loss status of each coin.

NUL 和 NUP 的核心是未實現損益的概念。在比特幣生態系統中，每筆交易都會留下印記，揭示每種貨幣的最後交易價格。透過將最後交易價格與當前現貨價格進行比較，我們可以確定每種代幣當前未實現的獲利或虧損狀態。

NUL captures the aggregate unrealized losses of all Bitcoin investors. It measures the total difference between the spot price and the last transaction price of coins currently held at a loss. Conversely, NUP tracks the aggregate unrealized gains, representing the total difference between the spot price and the last transaction price of coins currently held at a profit.

NUL 記錄了所有比特幣投資者的未實現損失總額。它衡量當前虧損的幣的現貨價格與最後交易價格之間的總差額。相反，NUP 追蹤未實現收益總額，代表現貨價格與當前持有利潤的代幣最後交易價格之間的總差額。

The Significance of NUL and NUP

NUL和NUP的意義

NUL and NUP provide valuable insights into the overall market sentiment and the distribution of profits and losses among Bitcoin investors. Historically, these metrics have exhibited consistent patterns that can guide trading strategies.

NUL 和 NUP 為整體市場情緒以及比特幣投資者的利潤和損失分配提供了寶貴的見解。從歷史上看，這些指標表現出一致的模式，可以指導交易策略。

NUL: A Bear Market Indicator

NUL：熊市指標

NUL has garnered attention as a potential indicator of bear market lows. When the NUL metric breaches the 0.5 threshold, it often aligns with significant market downtrends. This suggests that a large proportion of Bitcoin investors are incurring unrealized losses, potentially creating a buying opportunity for traders seeking value.

NUL 作為熊市低點的潛在指標而受到關注。當 NUL 指標突破 0.5 閾值時，它通常與顯著的市場下降趨勢一致。這表明很大一部分比特幣投資者正在遭受未實現的損失，這可能為尋求價值的交易者創造買入機會。

NUP: A Market Peak Indicator

NUP：市場高峰指標

NUP, on the other hand, has shown a tendency to spike above the 0.7 level during market peaks. This indicates substantial unrealized profits among investors, signaling a potential opportunity for strategic selling to capitalize on price appreciation.

另一方面，NUP 在市場高峰期間表現出飆升至 0.7 以上水準的趨勢。這顯示投資者存在大量未實現利潤，預示著利用價格升值進行策略性出售的潛在機會。

Current Market Observations

當前市場觀察

Recent market observations provide intriguing insights into the behavior of NUL and NUP. With Bitcoin reaching unprecedented all-time highs, NUL has remained close to zero, indicating minimal unrealized losses among investors. This aligns with market sentiment, as soaring prices typically result in widespread profitability. Conversely, NUP's proximity to the 0.7 threshold during peak periods underscores the importance of strategic selling to maximize gains.

最近的市場觀察為 NUL 和 NUP 的行為提供了有趣的見解。隨著比特幣達到前所未有的歷史新高，NUL 仍接近零，這表明投資者的未實現損失極小。這與市場情緒相符，因為價格飆升通常會帶來廣泛的獲利能力。相反，NUP 在高峰期接近 0.7 閾值，凸顯了策略性拋售以實現收益最大化的重要性。

Practical Application: A Comprehensive Strategy

實際應用：綜合策略

To effectively utilize NUL and NUP in Bitcoin trading, traders must possess a deep understanding of their dynamics within the Bitcoin ecosystem. By analyzing these metrics in conjunction with other market indicators, traders can formulate a comprehensive strategy that leverages both technical and fundamental insights.

為了在比特幣交易中有效利用 NUL 和 NUP，交易者必須深入了解它們在比特幣生態系統中的動態。透過結合其他市場指標來分析這些指標，交易者可以製定利用技術和基本面見解的全面策略。

Leveraging NUL for Buying Opportunities

利用 NUL 尋找購買機會

Monitoring the historical trajectory of NUL can provide valuable clues for identifying potential buying opportunities. When the metric surpasses the 0.5 threshold, it may signal a bear market low, offering an opportune time to accumulate Bitcoin holdings at potentially favorable prices.

監控 NUL 的歷史軌跡可以為識別潛在的購買機會提供有價值的線索。當該指標超過 0.5 閾值時，可能預示著熊市低點，從而提供了以潛在有利價格累積比特幣持有量的良機。

Utilizing NUP for Selling Decisions

利用 NUP 進行銷售決策

Conversely, observing NUP's behavior can assist traders in determining optimal selling points. When the metric approaches or exceeds the 0.7 level, it suggests a market peak, indicating that a portion of Bitcoin holdings may be strategically sold to lock in profits.

相反，觀察 NUP 的行為可以幫助交易者確定最佳賣點。當該指標接近或超過 0.7 水平時，表明市場已見頂，表明可能會策略性地出售部分比特幣以鎖定利潤。

The Power of On-Chain Indicators

鏈上指標的力量

NUL and NUP, as on-chain metrics, offer unique insights into the inner workings of the Bitcoin ecosystem. By harnessing these metrics, traders can gain a comprehensive understanding of market sentiment, identify potential trading opportunities, and make informed decisions.

NUL 和 NUP 作為鏈上指標，提供了對比特幣生態系統內部運作的獨特見解。透過利用這些指標，交易者可以全面了解市場情緒，識別潛在的交易機會，並做出明智的決策。

Conclusion

結論

In the dynamic landscape of Bitcoin trading, mastering the art of on-chain analysis is crucial for navigating market fluctuations and achieving success. Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP) are powerful metrics that provide valuable insights into market sentiment and investor behavior. By incorporating these metrics into a comprehensive trading strategy, traders can enhance their decision-making prowess and maximize their potential returns in the Bitcoin market.

在比特幣交易的動態格局中，掌握鏈上分析的藝術對於駕馭市場波動並取得成功至關重要。未實現淨損失 (NUL) 和未實現淨利潤 (NUP) 是強大的指標，可為市場情緒和投資者行為提供有價值的見解。透過將這些指標納入全面的交易策略，交易者可以增強他們的決策能力並最大限度地提高他們在比特幣市場的潛在回報。