Bitcoin Miners在ATH命中後一直在出售BTC，但尚未影響價格

在過去的一個月中，比特幣取得了巨大的收益

Over the past month, Bitcoin (BTC) has made significant gains, hitting a new all-time high of $111,000 on the charts. As Bitcoin climbed to its ATH, miners’ profit margins also rose significantly. These gains have elevated miners’ profit margins to 40% above its annual average.

在過去的一個月中，比特幣（BTC）取得了巨大的收益，在圖表上達到了111,000美元的歷史最高點。隨著比特幣攀升至其ATH，礦工的利潤率也顯著上升。這些收益將礦工的利潤率提高到其年平均水平的40％。

Rising profitability often means profit taking, as observed by Cryptoquant analyst Axel Adler. According to his analysis, since the cryptocurrency hit $110,000, miners have stepped up their activities on exchanges.

正如加密分析師阿克塞爾·阿德勒（Axel Adler）所觀察到的那樣，提高的盈利能力通常意味著獲利。根據他的分析，自加密貨幣達到110,000美元以來，礦工已經加強了他們在交流方面的活動。

Thus, Bitcoin miners’ inflows have doubled from an average of 25 BTC to 50 BTC per day. This hinted at a 100% hike in the amount of Bitcoin being sent into exchanges. Such a huge increase is a sign of significant selling pressure from miners.

因此，比特幣礦工的流入從平均25 BTC增加到每天50 BTC。這暗示了將比特幣發送到交易所的數量100％。如此巨大的增長是礦工銷售壓力的跡象。

Although miner-to-exchange inflows have risen significantly too, it’s yet to hit historical tops.

儘管礦工到交換的流入也大大增加了，但它尚未達到歷史上衣。

In previous cycles, miners’ flow to exchanges have climbed to a peak of around 100 BTC. Therefore, based on historical patterns, current rates sit approximately 100% below its historical peaks.

在以前的周期中，礦工流向交流的流量已攀升至約100 BTC的峰值。因此，基於歷史模式，當前利率比其歷史峰值低約100％。

Thus, although miners have been selling, they are not selling as much.

因此，儘管礦工一直在銷售，但他們的銷售量不多。

On the contrary, it seems miners are strategically selling to finance operations while they continue to accumulate most of the newly mined BTC. This is true because Bitcoin’s miner supply ratio has sustainably declined to 0.090.

相反，似乎礦工在繼續積累了大多數新開采的BTC的同時，從戰略上賣出了資金運營。確實如此，因為比特幣的礦工供應率已可持續下降到0.090。

It suggested that miners have been selling less of the mined BTC, reflecting strong confidence in the market’s prospects. Simply put, they may be expecting BTC’s price to register more gains.

它表明，礦工的銷售量較少，而開采的BTC則反映了對市場前景的強烈信心。簡而言之，他們可能期望BTC的價格會登記更多的收益。

This trend can be further confirmed by the fact that Bitcoin’s Puell Multiple sat at around 1.4 at press time – A reading that usually appears during a healthy bull market.

可以通過以下事實來進一步確認這種趨勢，即比特幣的Puell多次在發稿時大約1.4次 - 通常在健康的牛市中出現的閱讀。

No major miner sell pressure yet and Puell multiple at this range usually appears in mid-cycles and not tops or bottoms. Until this metric surges to a high of 4, that’s when miners will turn to aggressive selling.

尚無主要礦工出售壓力，並且在此範圍內的PUELL多重次數通常出現在中期，而不是頂部或底部。直到這個指標飆升至4個高點之前，礦工將轉向積極的銷售。

Any impact on BTC?

對BTC有任何影響嗎？

While miners have been selling, this selling activity from the group is not extreme.

雖然礦工一直在銷售，但該集團的這種銷售活動並不是極端的。

In the market, strategic selling is a simple part of the operation. Right now, it would seem that miners are not panic selling in a way that could negatively affect price action.

在市場上，戰略銷售是運營的簡單組成部分。目前，礦工似乎並沒有以可能對價格行動產生負面影響的方式恐慌出售。

Importantly, the market is comfortably absorbing the selling pressure. We can see this as Bitcoin’s exchange netflows have remained mostly negative since BTC hit an ATH.

重要的是，市場正在舒適地吸收銷售壓力。我們可以將其視為自BTC擊中ATH以來，比特幣的Exchange Netflows仍然是負面的。

Since reaching a new high, exchanges have recorded only 1 day of positive netflows, which was five days ago. This indicated that although selling has indeed accelerated, we’re still a long way from peak volumes and the market is comfortably absorbing the extra supply.

自從達到新的高位以來，交流只記錄了五天前的正面Netflows的1天。這表明儘管銷售確實加速了，但我們距離峰值量還有很長的路要走，市場正在舒適地吸收額外的供應。

Simply put, even with miners selling, BTC remains In a healthy phase and it’s yet to reach its historical peaks. If the selling accelerates, that’s when we will see the impact on price.

簡而言之，即使礦工出售，BTC仍然處於健康階段，它尚未達到其歷史高峰。如果銷售加速，那就是我們將看到對價格的影響。

Therefore, even with prevailing market conditions, BTC could still recover from its recent retrace and reclaim $111k. However, if the miner exchange flow accelerates further, while buyers take a step back, we could see a pullback on the charts.

因此，即使在盛行的市場狀況下，BTC仍然可以從其最近的回溯和111k $ 111k中恢復。但是，如果礦工交換流程進一步加速，那麼買家退後一步，我們可以看到圖表上的回調。