Glassnode 数据显示，比特币的长期持有者发出潜在转折点的信号

Glassnode 的数据表明长期比特币持有者之间可能发生转变。他们是否达到了一个转折点？这些坚定的持有者是比特币市场的支柱，尽管市场波动，但他们仍表现出坚定不移的承诺。他们的行为可能预示着一个关键时刻即将到来。

Are Long-Term Bitcoin Holders Reaching a Turning Point?

长期比特币持有者是否已达到转折点？

Data from blockchain analytics firm Glassnode suggests that Bitcoin may be approaching a critical juncture. Long-term holders (LTHs), who have held their coins for over 155 days, are showing signs of a shift in their behavior.

区块链分析公司 Glassnode 的数据表明，比特币可能正接近一个关键时刻。持有代币超过 155 天的长期持有者 (LTH) 正显示出行为转变的迹象。

Who Are Bitcoin's Long-Term Holders?

谁是比特币的长期持有者？

LTHs are the backbone of Bitcoin's market. They are unwavering believers who have weathered the ups and downs of the crypto world. Unlike short-term holders (STHs) who are more susceptible to market volatility, LTHs have demonstrated a steadfast commitment to holding their coins.

LTH 是比特币市场的支柱。他们是坚定不移的信徒，经历了加密世界的风风雨雨。与更容易受到市场波动影响的短期持有者 (STH) 不同，LTH 表现出了持有其代币的坚定承诺。

What Does the Glassnode Report Reveal?

Glassnode 报告揭示了什么？

Glassnode's "LTH Market Inflation Rate" metric tracks the annual inflow and outflow of Bitcoin from LTHs relative to the daily issuance by miners. When the indicator is below 0%, it suggests that LTHs are accumulating Bitcoin; when it is above 0%, it indicates that they are distributing or not buying enough to offset miner issuance.

Glassnode 的“LTH 市场通胀率”指标追踪 LTH 中比特币的年度流入和流出相对于矿工每日发行量的情况。当该指标低于0%时，表明LTH正在积累比特币；当它高于 0% 时，表明他们正在分配或购买的数量不足以抵消矿工的发行量。

What Does the Rising LTH Market Inflation Rate Tell Us?

LTH市场通胀率上升告诉我们什么？

Currently, the LTH Market Inflation Rate is rising, indicating that LTHs are entering the early stages of a distribution cycle. This suggests that the supply-demand balance is shifting, with LTHs potentially taking profits after a prolonged period of accumulation.

目前，LTH市场通胀率正在上升，表明LTH正进入分配周期的早期阶段。这表明供需平衡正在发生变化，长期积累后，LTH 可能会获利了结。

What Impact Will This Have on Bitcoin's Price?

这将对比特币的价格产生什么影响？

Historically, market movements have been influenced by LTH distribution. If LTHs continue to distribute their coins, it could put downward pressure on Bitcoin's price. However, the market may also find a new equilibrium as supply and demand adjust.

从历史上看，市场走势一直受到 LTH 分布的影响。如果 LTH 继续分发他们的代币，可能会给比特币的价格带来下行压力。不过，随着供需调整，市场也可能找到新的平衡。

Where Is Bitcoin Headed Next?

比特币下一步将走向何方？

Bitcoin has recently retraced from its recent high, pulling back to around $63,800. The market is closely watching the performance of Bitcoin as it seeks a new equilibrium. The outcome of the current distribution cycle will likely play a significant role in determining Bitcoin's next price move.

比特币最近从近期高点回落，回落至 63,800 美元左右。市场正在密切关注比特币的表现，以寻求新的平衡。当前分配周期的结果可能会在决定比特币下一步价格走势方面发挥重要作用。

Is Bitcoin Approaching a New Crest?

比特币正在接近新的顶峰吗？

The question remains: will Bitcoin find a new crest after this distribution cycle? While the market remains uncertain, LTH behavior and the supply-demand dynamics will be key factors to watch in the coming weeks and months.

问题仍然是：在这个分配周期之后，比特币会找到新的顶峰吗？尽管市场仍存在不确定性，但 LTH 行为和供需动态将是未来几周和几个月值得关注的关键因素。