The radius of the observable universe is generally taken to be ~45 billion light years. However, we see distant galaxies as they were many millions of years in the past, so there are two ways I can interpret this radius value:
1) Light that is reaching Earth for the first time today was emitted by ancient galaxies that were initially a lot closer, but are now estimated to be 45 billion light years away from us.
2) Light that is reaching Earth for the first time today was emitted by ancient galaxies that were initially 45 billion light years away, and are now a lot further.
Which interpretation, if they're not both wrong, is correct?