比特币长期持有者最近一直在分配

链上数据显示，比特币长期持有者最近参与了大规模抛售，这一迹象可能对比特币价格而言并不理想。

Bitcoin’s Long-Term Holders Have Been Distributing Heavily - What Does It Mean for BTC Price?

比特币的长期持有者一直在大量分配——这对比特币价格意味着什么？

Bitcoin’s long-term holders have just shown their heaviest profit-taking event of the ongoing cycle, as highlighted by on-chain analyst Checkmate in a new post on X.

正如链上分析师 Checkmate 在 X 上的一篇新文章中强调的那样，比特币的长期持有者刚刚展示了当前周期中最严重的获利了结事件。

Bitcoin LTHs Have Been Moving Their Coins Recently

比特币 LTH 最近一直在转移他们的硬币

As on-chain analyst Checkmate explained in a recent post on X, the Bitcoin long-term holders (LTHs) have just shown their heaviest profit-taking event of the ongoing cycle.

正如链上分析师 Checkmate 在 X 最近的一篇文章中所解释的那样，比特币长期持有者 (LTH) 刚刚展示了当前周期中最严重的获利回吐事件。

The “long-term holders” (LTHs) are defined as those BTC investors who have been holding onto their coins for more than 155 days. This cohort is one of the two main divisions of the sector based on their holding time, with the other group being the “short-term holders” (STHs).

“长期持有者”（LTH）被定义为持有比特币超过 155 天的 BTC 投资者。根据持有时间，该群体是该行业的两个主要类别之一，另一类是“短期持有者”(STH)。

Statistically, the longer an investor holds onto their coins, the less likely they become to sell them at any point. As such, the LTHs can be considered to include the diamond hands of the market, while the STHs consist of the weak hands.

据统计，投资者持有代币的时间越长，他们在任何时候出售代币的可能性就越小。因此，LTH 可以被认为包括市场的钻石手，而 STH 则包括弱手。

Although the LTHs don’t sell too often, it would appear that the latest price rally has been too good a profit-taking opportunity for even these HODLers to miss out on.

尽管 LTH 出售的频率并不高，但最近的价格上涨似乎是一个绝佳的获利了结机会，即使是这些 HODLers 也不容错过。

There are several ways to track the behavior of this cohort, with one such being the amount of supply that they are ‘spending.’ Here is a chart shared by the analyst that shows the trend in both the 30-day and cumulative value of this Bitcoin metric since November 2023.

有多种方法可以跟踪该群体的行为，其中一种就是他们“花费”的供应量。下面是分析师分享的图表，显示了自 2023 年 11 月以来该比特币指标的 30 天和累计价值的趋势。

As the graph shows, the Bitcoin LTHs have seen their 30-day spent supply spiking to high levels recently. In total, these investors have shifted around $60 billion worth of tokens during the past month.

如图所示，比特币 LTH 的 30 天消耗供应量最近飙升至高水平。过去一个月，这些投资者总共转移了价值约 600 亿美元的代币。

Usually, whenever these investors decide to break their dormancy, it’s for selling purposes, so all this movement is likely to correlate to a selloff from the group.

通常，每当这些投资者决定打破休眠状态时，都是为了抛售，因此所有这些变动都可能与该集团的抛售有关。

Naturally, with this spike in the 30-day spent supply, the cumulative value of the spent supply has also shot up. In the context of the current chart, this latter metric is tracking the cumulative value of the amount of distribution that the LTHs have been doing since November 2023.

当然，随着 30 天已用供应量的激增，已用供应量的累计价值也猛增。在当前图表的背景下，后一个指标正在跟踪 LTH 自 2023 年 11 月以来一直在进行的分配量的累积值。

The reason Checkmate has picked this month as the cutoff is that BTC found the bottom of its last bear market in that month following the FTX crash. In other words, the month serves as the start for the ‘current’ cycle of the asset.

Checkmate 选择本月作为截止点的原因是 BTC 在 FTX 崩盘后的那个月找到了上一次熊市的底部。换句话说，该月是资产“当前”周期的开始。

At present, the indicator is sitting at $273 billion. This means that the LTH distribution from the past month has made up for about 21% of the entire supply spent since the start of the cycle.

目前，该指标为 2730 亿美元。这意味着上个月的 LTH 分配已占周期开始以来总供应量的 21% 左右。

From the chart, it’s apparent that these diamond hands had also participated in a massive selloff in the first quarter of the year and it was perhaps this selling that forced Bitcoin into a phase of consolidation.

从图表中可以明显看出，这些钻石手也参与了今年第一季度的大规模抛售，也许正是这种抛售迫使比特币进入了整合阶段。

Given this trend, it would be interesting to see whether the recent selling would have a similar effect on BTC or if demand this time around is high enough to overcome this obstacle.

鉴于这种趋势，看看最近的抛售是否会对比特币产生类似的影响，或者这一次的需求是否足以克服这一障碍，将会很有趣。

BTC Price

比特币价格

At the time of writing, Bitcoin’s price is around $95,500, which shows an increase of more than 8% over the last week.

截至撰写本文时，比特币价格约为 95,500 美元，较上周上涨超过 8%。