使用链上指标掌握比特币交易：NUL 和 NUP 见解

通过净未实现损失（NUL）和净未实现利润（NUP）指标可以了解比特币的价格变动。这些指标揭示了比特币投资者持有的未实现损失和利润总额，使交易者能够识别市场趋势。通过仔细检查 NUL 和 NUP 水平，投资者可以确定比特币的价值是否可能上涨或下跌，从而提供对潜在买入或卖出机会的见解。

Understanding On-Chain Metrics: A Comprehensive Guide to Trading Bitcoin Using Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP)

了解链上指标：使用净未实现损失（NUL）和净未实现利润（NUP）交易比特币的综合指南

Introduction

介绍

In the ever-evolving realm of cryptocurrency trading, harnessing data-driven insights is paramount for navigating market dynamics and making informed investment decisions. Among the plethora of on-chain metrics available, Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP) stand out as indispensable tools for traders seeking to gauge market sentiment and identify potential trading opportunities in the Bitcoin market. This article delves into the intricacies of these metrics and provides a comprehensive guide to their practical application in Bitcoin trading.

在不断发展的加密货币交易领域，利用数据驱动的见解对于驾驭市场动态和做出明智的投资决策至关重要。在众多可用的链上指标中，净未实现损失（NUL）和净未实现利润（NUP）对于寻求衡量市场情绪和识别比特币市场潜在交易机会的交易者来说是不可或缺的工具。本文深入研究了这些指标的复杂性，并为其在比特币交易中的实际应用提供了全面的指南。

Delving into NUL and NUP

深入研究 NUL 和 NUP

At the core of NUL and NUP lies the concept of unrealized gains and losses. In the Bitcoin ecosystem, every transaction leaves an imprint, revealing the last traded price of each coin. Comparing this last traded price to the current spot price allows us to determine the current unrealized profit or loss status of each coin.

NUL 和 NUP 的核心是未实现损益的概念。在比特币生态系统中，每笔交易都会留下印记，揭示每种货币的最后交易价格。通过将最后交易价格与当前现货价格进行比较，我们可以确定每种代币当前未实现的盈利或亏损状态。

NUL captures the aggregate unrealized losses of all Bitcoin investors. It measures the total difference between the spot price and the last transaction price of coins currently held at a loss. Conversely, NUP tracks the aggregate unrealized gains, representing the total difference between the spot price and the last transaction price of coins currently held at a profit.

NUL 记录了所有比特币投资者的未实现损失总额。它衡量当前亏损的币的现货价格与最后交易价格之间的总差额。相反，NUP 跟踪未实现收益总额，代表现货价格与当前持有利润的代币最后交易价格之间的总差额。

The Significance of NUL and NUP

NUL和NUP的意义

NUL and NUP provide valuable insights into the overall market sentiment and the distribution of profits and losses among Bitcoin investors. Historically, these metrics have exhibited consistent patterns that can guide trading strategies.

NUL 和 NUP 为整体市场情绪以及比特币投资者的利润和损失分配提供了宝贵的见解。从历史上看，这些指标表现出一致的模式，可以指导交易策略。

NUL: A Bear Market Indicator

NUL：熊市指标

NUL has garnered attention as a potential indicator of bear market lows. When the NUL metric breaches the 0.5 threshold, it often aligns with significant market downtrends. This suggests that a large proportion of Bitcoin investors are incurring unrealized losses, potentially creating a buying opportunity for traders seeking value.

NUL 作为熊市低点的潜在指标而受到关注。当 NUL 指标突破 0.5 阈值时，它通常与显着的市场下降趋势一致。这表明很大一部分比特币投资者正在遭受未实现的损失，这可能为寻求价值的交易者创造买入机会。

NUP: A Market Peak Indicator

NUP：市场峰值指标

NUP, on the other hand, has shown a tendency to spike above the 0.7 level during market peaks. This indicates substantial unrealized profits among investors, signaling a potential opportunity for strategic selling to capitalize on price appreciation.

另一方面，NUP 在市场高峰期间表现出飙升至 0.7 以上水平的趋势。这表明投资者存在大量未实现利润，预示着利用价格升值进行战略出售的潜在机会。

Current Market Observations

当前市场观察

Recent market observations provide intriguing insights into the behavior of NUL and NUP. With Bitcoin reaching unprecedented all-time highs, NUL has remained close to zero, indicating minimal unrealized losses among investors. This aligns with market sentiment, as soaring prices typically result in widespread profitability. Conversely, NUP's proximity to the 0.7 threshold during peak periods underscores the importance of strategic selling to maximize gains.

最近的市场观察为 NUL 和 NUP 的行为提供了有趣的见解。随着比特币达到前所未有的历史新高，NUL 仍接近于零，这表明投资者的未实现损失极小。这与市场情绪相符，因为价格飙升通常会带来广泛的盈利能力。相反，NUP 在高峰期接近 0.7 阈值，凸显了战略性抛售以实现收益最大化的重要性。

Practical Application: A Comprehensive Strategy

实际应用：综合策略

To effectively utilize NUL and NUP in Bitcoin trading, traders must possess a deep understanding of their dynamics within the Bitcoin ecosystem. By analyzing these metrics in conjunction with other market indicators, traders can formulate a comprehensive strategy that leverages both technical and fundamental insights.

为了在比特币交易中有效利用 NUL 和 NUP，交易者必须深入了解它们在比特币生态系统中的动态。通过结合其他市场指标分析这些指标，交易者可以制定利用技术和基本面见解的全面策略。

Leveraging NUL for Buying Opportunities

利用 NUL 寻找购买机会

Monitoring the historical trajectory of NUL can provide valuable clues for identifying potential buying opportunities. When the metric surpasses the 0.5 threshold, it may signal a bear market low, offering an opportune time to accumulate Bitcoin holdings at potentially favorable prices.

监控 NUL 的历史轨迹可以为识别潜在的购买机会提供有价值的线索。当该指标超过 0.5 阈值时，可能预示着熊市低点，从而提供了以潜在有利价格积累比特币持有量的良机。

Utilizing NUP for Selling Decisions

利用 NUP 进行销售决策

Conversely, observing NUP's behavior can assist traders in determining optimal selling points. When the metric approaches or exceeds the 0.7 level, it suggests a market peak, indicating that a portion of Bitcoin holdings may be strategically sold to lock in profits.

相反，观察 NUP 的行为可以帮助交易者确定最佳卖点。当该指标接近或超过 0.7 水平时，表明市场已见顶，表明可能会战略性地出售部分比特币以锁定利润。

The Power of On-Chain Indicators

链上指标的力量

NUL and NUP, as on-chain metrics, offer unique insights into the inner workings of the Bitcoin ecosystem. By harnessing these metrics, traders can gain a comprehensive understanding of market sentiment, identify potential trading opportunities, and make informed decisions.

NUL 和 NUP 作为链上指标，提供了对比特币生态系统内部运作的独特见解。通过利用这些指标，交易者可以全面了解市场情绪，识别潜在的交易机会，并做出明智的决策。

Conclusion

结论

In the dynamic landscape of Bitcoin trading, mastering the art of on-chain analysis is crucial for navigating market fluctuations and achieving success. Net Unrealized Loss (NUL) and Net Unrealized Profit (NUP) are powerful metrics that provide valuable insights into market sentiment and investor behavior. By incorporating these metrics into a comprehensive trading strategy, traders can enhance their decision-making prowess and maximize their potential returns in the Bitcoin market.

在比特币交易的动态格局中，掌握链上分析的艺术对于驾驭市场波动并取得成功至关重要。未实现净损失 (NUL) 和未实现净利润 (NUP) 是强大的指标，可为市场情绪和投资者行为提供有价值的见解。通过将这些指标纳入全面的交易策略，交易者可以增强他们的决策能力并最大限度地提高他们在比特币市场的潜在回报。