比特币（BTC）长期持有人（LTHS）在售出6个月后返回购买

比特币的长期持有人（LTHS）在2024年10月下旬开始了长时间的销售之后，开始再次购买。

Long-term holders (LTHs) of Bitcoin (BTC) have started buying again after a prolonged period of selling that began in late October 2024.

在2024年10月下旬开始长期销售后，比特币（BTC）的长期持有人（LTHS）已经开始购买。

According to data from Glassnode, the LTH Net Position Change indicator, which measures the 30-day total change in the sum of LTH hodlers’ net positions, has finally turned positive.

根据GlassNode的数据，LTH净位置变化指标量衡量了LTH Hodlers的净位置总和的30天总变化，最终变成了正变。

The last time the indicator showed net buying over 30 days was on April 6—the first time in six months.

该指标上次显示净购买超过30天的是4月6日，这是六个月来的第一次。

This shift in mood among LTHs, who are defined as entities holding coins for at least 153 days or more, could be setting the stage for a market upturn.

LTHS之间情绪转变的定义为持有硬币至少153天或更长时间的实体，可能为市场上升奠定了基础。

The change in behavior comes after a steep price decline that saw Bitcoin fall almost 32% from its November highs.

行为的变化是在价格下降幅度下降后，比特币比11月的高点下降了几乎32％。

Earlier Periods Saw Massive LTH Selling

较早的时期看到了巨大的勒索

During the previous periods of selling, the LTH metric showed deep red bars, indicating sustained sell-offs. By early December, the 30-day total reached a historic low of -827,750 BTC.

在过去的销售期间，第LTH指标显示深红色的条，表明持续抛售。到12月初，总计30天的历史低点为-827,750 BTC。

This massive distribution was largely blamed for dragging BTC down to sub-$75K levels. However, recent price action tells a different story.

这种大规模的分布在很大程度上归咎于将BTC拖到低于$ 75K的水平。但是，最近的价格动作讲述了一个不同的故事。

Since the beginning of this renewed accumulation, Bitcoin has rebounded by 12%, currently trading near $83,615.

自从重新累积的积累开始以来，比特币的反弹增长了12％，目前的交易价格接近83,615美元。

Moreover, the uptick in LTH buying coincides with a rise in Bitcoin’s realized cap, which has now surpassed $18 billion—its highest reading since September 2024.

此外，LTH购买的增长恰逢比特币实现的上限上升，现在已经超过了180亿美元，这是自2024年9月以来的最高读数。

This reading, the value of coins last moved at the time of writing, often came before wider market upswings.

这篇阅读，硬币的价值上次在写作时移动，通常是在更广泛的市场上升之前。

Also, futures market funding rates have turned positive (0.0037%), suggesting more traders are betting on higher prices.

此外，期货市场融资率已经转变为正（0.0037％），这表明越来越多的贸易商押注更高的价格。

While the return of LTH buying is a positive development, analysts remain measured in their optimism.

尽管LTH购买的回归是积极的发展，但分析师仍在乐观范围内衡量。

In past cycles, such as mid-2023, net position changes above +250,000 BTC served as strong indicators of incoming bull runs.

在过去的周期（例如2023年中期）中，净位置的变化高于+250,000 BTC，是传入牛的强大指标。

The current buying level, while welcome, is still relatively low and needs to grow consistently to show a lasting turnaround.

当前的购买水平虽然受欢迎，但仍然相对较低，需要持续发展以表现出持久的周转。