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# 長期持有者－花費成本利潤比｜LTH-SOPR

## 指標概念

LTH－SOPR是只包含長期持有者，也就是持幣超過155日以上的UTXO的SOPR值，可以用來評估較為資深、有智慧的投資人行為和交易狀況的指標，與短期持有者相比，他們對比特幣市場有更多的了解和經驗；根據統計，超過155日的UTXO不太可能被消耗，因此通常會被認為是屬於非流動性循環供應，長期持有者通常不太對市場波動作出反應，並且對於持有比特幣資產有更高的基本信念。 

在155天的過程中，市場波動和價格通常會朝著高於或是低於創建UTXO的價革方向波動，因此當LTH花費手中比特幣部位時，通常會實現可觀的利潤或是可觀的損失，與標準 SOPR 指標和其他變體指標（aSOPR 和 STH-SOPR）不同，它們通常在 1.0 附近振盪，**LTH-SOPR 通常達到相對較大 (> 2.0) 和較小值的值(<0.8)**。 因此，**LTH-SOPR 更適合用於觀察長期宏觀週期振盪，指標值代表長期持有者實現的總損益倍數。**

![ˊ圖片來源:Glassnode](https://lh5.googleusercontent.com/w3i9sQ8Xax-RgRHE_Q6yFrz6WCjuaCa1d2gnGRVRIvUlhYA-e8k1g9U-D1lewgNbqKskWFzXeuYgkyM4-dBBgJ2NRyo0BFs8bIi3or-ogKqK4JREWP9CdRpsKiqiA0HSnC-yhdjB)

## 指標如何衡量、計算？

LTH－SOPR與SOPR計算的公式相同，但只包含超過155日的交易資料。

![](/files/gT2QJS2LJFPRfee32HDj)


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