比特币（BTC）LTH以增长的速度积累资产

比特币的长期持有人或LTHS似乎对资产的信心越来越有信心 - 自2023年2月25日以来，即使没有增强信心，就会表现出稳定的趋势。

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.

比特币的长期持有人（LTHS）似乎表现出对资产的信心，自2月25日以来的稳定趋势（即使不增长）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.

截至周四，LTHS一直在增加他们的位置，30天的积累率几乎达到6％，这似乎是一种现已发现的人们对情感的观点。

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，比特币LTHS的当前状态更有趣的是，它们的日常累积率似乎几乎强劲。自2月以来，每天的积累速度的平均值约为7％。对于长期持有人来说，这几乎像对比特币的食欲一样。

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.

同时，长期持有人与短期持有人手中的比特币供应比例正在发生相当大的转变。从那以后，这种措施不久前就在2月初陷入了低谷。截至3月14日，它的上升速度甚至更快，平均每天复利0.42％。如果这些保持保持稳定，则该比率持续到触摸其2025目标的5.53目标。从目前的3.53级别来看，这将是一个不错的反弹，并继续强调了长期调整的受众比特币现在所拥有的。

U.S. Spot Bitcoin ETFs See Significant Inflows

美国现场比特币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.

对比特币的兴趣增加不仅限于个人投资者，因为增强的乐观情绪扩展到机构投资者。

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

在过去的一周中，美国现货比特币交易所交易基金（ETF）经历了净流入。

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.

根据CCDATA的数据，3月24日，美国现货比特币ETF的净流入净流入为8417万美元，连续七天连续七天，实际流入。

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

这些流入表明，作为资产类别，对比特币的信心越来越多，机构投资者领先。

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净流入来自Fidelity的比特币ETF（FBTC），该比特币ETF（FBTC）仅在3月24日赚了8285万美元。富达在采用比特币方面是一名重要的机构球员，因此确立了当之无愧的声誉。很难想象，比特币的ETF比与Fidelity这样的公司的ETF的表现更好。

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，比特币受到了热烈欢迎，而不仅仅是新的机构投资者暂时接受的。我们似乎在这里聚集了一个比特币的绿洲，看不到幻影，与我们所看到的不同，例如，在2018年初，当我们脱离了类似乐观的咒语时。长期持有人，大概是在2018年持有的相同类型的人或组织，仍在持有；实际上，他们积累了目前未报告的保险库。唯一报告的蓄能器似乎是ETF购买者的新队列。

Growing Confidence Among Bitcoin’s Long-Term Holders

比特币的长期持有人的信心越来越大

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.

有关比特币LTHS的数据是更大趋势的一部分，该趋势表明LTH不仅粘住了，而且似乎处于累积模式。

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所指出的那样，LTHS以多年的时间范围购买比特币，在很大程度上对影响备受讨厌的短期市场的价格上涨并不为人所知。也许LTHS知道我们不知道的东西。

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日以来，LTHS一直在稳步增加自己的位置，这表明他们并没有被短期波动所震撼。

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.

当然，他们积累的不仅仅是增加其持有的比特币数量的问题；这也是对这一资产具有长期欣赏之路的观念的信心。就当前的市场动态而言，这些lths将这一刻视为一个机会，以相对较低的价格低于2021年命运不佳的山峰的价格增加其股份。

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积累的度量非常重要。这是当前市场情绪的说明。当积累平坦或减少时，这表明持有人在当前市场上不够自信，无法继续购买。相反，当积累以良好的速度发生（就像现在一样）时，它表明市场对市场充满信心。更重要的是，现在，在这一刻，我们的累积率每天约为7％。这是非常重要的。

Implications for the Bitcoin Market

对比特币市场的影响

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

研究较大的比特币市场，似乎正在出现的事情显然是一个整体乐观的情绪。比特币的lths和