三月崩溃后比特币长期持有人恢复积累

比特币的长期持有人在投资者情绪的明显转变中恢复了积累

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).

最近几周，比特币（BTC）的价格一直在巨大的动荡中，导致许多人密切关注市场的发展方式。链上分析平台玻璃节玻璃节的一份新报告阐明了这种湍流的关键方面 - 长期持有人（LTHS）累积比特币的回归。

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.

正如报告所强调的那样，“ BTC：长期持有人净位置变化”度量标准今年首次呈阳性。市场上的这种转变很大，因为它意味着，尽管市场低迷，但长期投资者仍在快速逐步扫除可用的比特币。

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，在持续抛售期间，比特币的价格从90,000美元以上的价格下降到约80,000美元。尽管这个价格点对普通交易者来说似乎很高，但它引发了在更高级别进入的短期投资者中清算的链条反应。然而，尽管进行了陡峭的纠正，但长期持有人以链上的数据定义为那些持有硬币至少150天或更长时间的持有人，但将低于$ 90,000的水平视为购买机会，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.

换句话说，硬币正在进入很长一段时间没有花费BTC的钱包中，这在2025年开始后，净净位置变化后是一种显着的逆转。这标志着这些“ Hodlers”在2025年的第一次净累积。GlassNode的长期持有人净位置变化指标，由于长期投资者在低迷中积累了长期投资者，它以红色，“绿色”的方式翻转。

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.

链上的数据表明，在过去一个月中，这种转换为Green的翻转已经使长期持有人增加了其净比特币持有量超过167,000 BTC。这种著名的涌入价值将近140亿美元。简而言之，经验丰富的持有人队列开始抢购便宜的BTC，而短期情绪最为黯淡。

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.

考虑到过去两个星期的比特币价格经历了什么，这种从红色抛售到绿色累积的反转时间令人震惊。该数据表明，比特币崩溃的很大一部分是由于短期持有人之间的恐慌销量引起的。

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.

这种行为与2024年8月至9月之间过去的市场周期保持一致，在价格下跌期间，长期持有人积极积累。在2024年8月达到580,000 BTC的峰值之后，到2024年9月，它们的总持股量下降到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的长期持有人指标并不是唯一一个指向大型持有人的正币情绪的指标。经过数周的不确定性，比特币交易所交易基金（ETF）再次开始看到净流入。 3月17日，现货比特币ETF共同吸引了约2.746亿美元，是28天内最大的单日流入，并明显发出了新的投资者利息信号。

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，一波新的资本浪潮，大约2.09亿美元投入了比特币基金。实际上，这三天的连胜代表了自2月18日以来的首次持续积极流入，这一时期在此期间，比特币基金连续经历了几天的流出。