> For the complete documentation index, see [llms.txt](https://glossary.bshare.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://glossary.bshare.io/metrics/chang-qi-duan-qi-chi-you-zhe-gong-ying-zhuang-kuang-longshortterm-holder-supply/chang-qi-duan-qi-chi-you-zhe-gong-ying-supply-held-by-long-and-shortterm-holders.md).

# 長期／短期持有者供應｜Supply Held by Long and Short-Term Holders

## 指標概念 

我們對鏈上用戶群組進行分類的一種方法是基於長期持有人 （LTH）和短期持有人 （STH）的概念，這些分類基於觀察到的消費行為和比特幣運動的統計模式。 

考慮 LTH 和 STH 供應的架構如下： 

* 長期持有人在幾個月到幾年的時間裡保留他們的硬幣。我們考慮 155 天持有期的近似值，在此之後，進入休眠後的代幣變得越來越不可能被使用。 
* 短期持有人是較新的市場進入者、活躍的交易者和弱手，他們更可能因為市場波動而退出原先持有的部位；在統計上，小於 155 天的比特幣更有可能被重新使用，因此被認為是供應中更具流動性和活躍的部分。 

下圖顯示了 LTH（藍色）和 STH（橙色）持有供應的轉變，這具有週期性且通常和牛市和熊市週期相關。

![圖片來源：glassnode](https://lh6.googleusercontent.com/MezuzJZBJuTC_wiQ_ZahLS-9QHuPDpAV00jUJaqBXbephyF03EKiSqZVtWOUkakOevtMPmxE_2_OMMmluH27x_Xn9TObQg7MFnVXA4rmjTd2HSchlFnRngqzRKFN6wHlMqJNGRBT)

## **指標如何衡量、計算？**

根據之前的歷史支出分析，一枚硬幣在休眠 155 天后在統計上變得不太可能被移動，該數據點用作區分長期持有人和短期持有人的域值。 

為了提高可視化效果，使用平滑曲線對 LTH-STH 的權重進行建模，這種平滑可確保生成的指標不會受到與少數 HODLers 突然跨越臨界值相關的投影影響，中點為 155 天，過渡寬度為 10天。 

為了更好地反映 HODLer 的行為，交易所持有的供應不包括在長期／短期持有人供應中。因此，長期供應、短期供應和交易所餘額之和等於流通供應。


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