比特幣減半引發 50 億美元礦商清算，市場為長期低迷做好準備

預計比特幣礦工將在即將到來的減半事件後五天內清算價值約 50 億美元的比特幣。這種大量的庫存拋售預計將抑制加密貨幣市場，並導致比特幣長期橫盤交易。額外供應的湧入可能導致每日銷售額高達 1.04 億美元，這可能會扭轉推動比特幣減半前反彈的供需動態。

Bitcoin Halving: Miners Poised to Unleash $5 Billion Liquidation, Triggering Extended Market Lull

比特幣減半：礦工準備釋放 50 億美元清算，引發市場長期平靜

A looming threat to the cryptocurrency market has emerged on the horizon as the highly anticipated Bitcoin halving event approaches. According to a comprehensive analysis by 10X Research, Bitcoin miners are poised to unload a substantial $5 billion worth of BTC in the wake of the halving, potentially triggering a six-month period of market stagnation.

隨著備受期待的比特幣減半事件的臨近，加密貨幣市場面臨的威脅迫在眉睫。根據 10X Research 的綜合分析，比特幣礦商準備在減半後拋售價值 50 億美元的 BTC，這可能會引發為期六個月的市場停滯。

Markus Thielen, head of research at 10X Research, has identified this impending liquidation as a major factor likely to shape the market's trajectory in the coming months. In a detailed research note published on April 13, Thielen explained that miners have accumulated significant Bitcoin inventories in anticipation of the halving event, with the largest miner, Marathon, holding a particularly sizable cache.

10X Research 研究主管 Markus Thielen 認為，即將到來的清算是可能影響未來幾個月市場趨勢的主要因素。在 4 月 13 日發布的詳細研究報告中，Thielen 解釋說，為了應對減半事件，礦商已經累積了大量比特幣庫存，其中最大的礦商 Marathon 持有的比特幣庫存特別大。

After the halving, which is scheduled to occur in approximately five days, these miners are expected to begin offloading their BTC reserves to avoid a sharp decline in revenue. Thielen predicts that this selling pressure will likely continue gradually over a four-to-six-month period, exerting downward pressure on the price of Bitcoin and potentially triggering a period of sideways trading.

減半預計將在大約五天內發生，預計這些礦工將開始拋售比特幣儲備，以避免收入急劇下降。蒂倫預測，這種拋售壓力可能會在四到六個月的時間內逐漸持續，對比特幣價格施加下行壓力，並可能引發一段時間的橫盤交易。

This surge in supply could have a significant impact on the market, potentially reversing the supply/demand imbalance that has fueled Bitcoin's rally in the lead-up to the halving. Thielen estimates that Marathon alone could sell between 14-15 BTC per day, amounting to a daily liquidation value of up to $104 million. If other miners follow suit, the total daily selloff could escalate significantly, further weighing on the market.

供應激增可能對市場產生重大影響，並有可能扭轉供需失衡的局面，這種失衡推動了比特幣在減半前的上漲。 Thielen 估計，光是 Marathon 每天就可以出售 14-15 BTC，相當於每日清算價值高達 1.04 億美元。如果其他礦商效仿，每日拋售總量可能會大幅升級，進一步打壓市場。

While the halving has historically been associated with price rallies due to the reduction in new Bitcoin supply, Thielen warns that this effect may be delayed this time around. He notes that altcoin markets, which typically experience a surge in activity following the halving, may not see a similar rally until approximately six months later.

雖然歷史上減半與由於新比特幣供應減少而導致的價格上漲有關，但蒂倫警告說，這次減半的影響可能會延遲。他指出，山寨幣市場通常會在減半後經歷活動激增，但可能要到大約六個月後才會出現類似的反彈。

Thielen's analysis suggests that the upcoming Bitcoin halving could have a profound impact on the cryptocurrency market, potentially triggering a period of extended stagnation as miners liquidate their BTC holdings. This development highlights the importance of understanding the potential consequences of major market events and the need for investors to adjust their strategies accordingly.

蒂倫的分析表明，即將到來的比特幣減半可能會對加密貨幣市場產生深遠影響，隨著礦商清算其持有的比特幣，可能會引發一段時期的長期停滯。這一發展凸顯了了解重大市場事件潛在後果的重要性以及投資者相應調整策略的必要性。