比特幣[BTC]礦工非常平靜

隨著每日獎勵獎勵現在減少到3.125 BTC，通常預計礦工將出售持股以支付成本。

Bitcoin (BTC) miners, usually quick to react to price shifts, are acting unusually calm post-halving, according to on-chain data.

根據鍊鍊數據，比特幣（BTC）礦工通常會對價格轉移做出迅速反應，在隔離後表現出異常平靜的速度。

With daily block rewards now reduced to 3.125 BTC, miners would typically be expected to sell holdings to cover costs, leading to selling pressure and lower reserves.

隨著每日獎勵獎勵現在減少到3.125 BTC，通常預計礦工將出售持股以支付成本，從而導致銷售壓力和較低的儲量。

However, on-chain data tells a different story. Reserves remain stable, and selling pressure is minimal, defying expectations. This stillness signals strong miner confidence—a belief that Bitcoin’s next major price move is still ahead and likely upward.

但是，鍊鍊數據講述了一個不同的故事。儲量保持穩定，銷售壓力很小，無視期望。這種靜止性標誌著強烈的礦工信心 - 一種信念，即比特幣的下一個主要價格轉移仍在領先並可能上升。

Why do miners usually sell, and why are they holding now?

礦工為什麼通常會出售，現在為什麼要拿著？

Mining isn’t cheap. Between electricity, hardware maintenance, and staffing costs, miners frequently sell their BTC to stay afloat.

採礦並不便宜。在電力，硬件維護和人員配備成本之間，礦工經常出售其BTC以保持生存。

This pushes down on prices during periods of market strength, and historically, miner wallets often see outflows when cashing in at high prices.

這在市場實力期間降低了價格，從歷史上看，礦工錢包以高價兌現時經常會看到流出。

This cycle stands out as different. The post-halving squeeze has not led to the expected mass selling from miners. Instead, they are accumulating more coins and selling less.

這個循環脫穎而出。備受期間的擠壓並沒有導致礦工的預期銷售。取而代之的是，他們積累了更多的硬幣，銷售較少。

This shift suggests a strategic behavior change. Miners may be waiting for significantly higher prices before selling; current levels do not seem like attractive exit points to them.

這種轉變表明戰略行為改變。礦工在銷售之前可能會等待更高的價格；當前水平似乎並不是吸引他們的出口點。

Bitcoin miner reserve data shows stability

比特幣礦工儲備數據顯示穩定性

The data from CryptoQuant showed a strikingly steady trend. From 1,808,315 BTC on the 25th of December 2024, to 1,808,674 BTC on the 3rd of May 2025, reserves changed by less than 0.02%.

來自加密素養的數據顯示出驚人的穩定趨勢。從2024年12月25日的1,808,315 BTC到2025年5月3日的1,808,674 BTC，儲備金的變化不到0.02％。

This suggests miners aren’t actively distributing coins into the market, despite economic incentives to do so.

這表明，儘管經濟動機要這樣做，但礦工並沒有積極地將硬幣分配到市場上。

In past cycles, such stability has preceded major price advances, indicating that miners are in no rush to exit and instead may be front-running the next bullish leg.

在過去的周期中，這種穩定性在重大價格進步之前，表明礦工們不急於退出，而是可能是下一個看漲的腿。

The Puell Multiple stood at a moderate level today. This indicator compares daily mining revenue in USD to the 365-day average. Readings above 2 often coincide with market tops and heavy miner selling.

今天的Puell多次站在中等水平。該指標將美元的每日採礦收入與365天的平均水平進行比較。上面的讀數2通常與市場上衣和重型礦工銷售一致。

Today’s mid-range value showed that miners are neither under stress nor overly euphoric. It’s another sign they’re content to wait.

當今的中距離價值表明，礦工既不承受壓力也不過於欣喜。這是他們滿足於等待的另一個跡象。

Historically, when the Puell Multiple is calm and reserves are steady, the market has room to grow before hitting a peak.

從歷史上看，當Puell多重倍數平靜並且儲備金穩定時，市場在達到頂峰之前就有生長的空間。

As of now, Bitcoin miners are acting more like long-term investors than forced sellers. As long as they hold, Bitcoin’s upside remains intact.

截至目前，比特幣礦工的行為更像是長期投資者，而不是強迫賣家。只要它們持有，比特幣的上行空間仍然完好無損。