比特币[BTC]矿工非常平静

随着每日奖励奖励现在减少到3.125 BTC，通常预计矿工将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.

根据链链数据，比特币（BTC）矿工通常会对价格转移做出迅速反应，在隔离后表现出异常平静的速度。

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.

随着每日奖励奖励现在减少到3.125 BTC，通常预计矿工将出售持股以支付成本，从而导致销售压力和较低的储量。

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，链链数据讲述了一个不同的故事。储量保持稳定，销售压力很小，无视期望。这种静止性标志着强烈的矿工信心 - 一种信念，即比特币的下一个主要价格转移仍在领先并可能上升。

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

矿工为什么通常会出售，现在为什么要拿着？

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

采矿并不便宜。在电力，硬件维护和人员配备成本之间，矿工经常出售其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.

这在市场实力期间降低了价格，从历史上看，矿工钱包以高价兑现时经常会看到流出。

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.

这个循环脱颖而出。备受期间的挤压并没有导致矿工的预期销售。取而代之的是，他们积累了更多的硬币，销售较少。

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.

这种转变表明战略行为改变。矿工在销售之前可能会等待更高的价格；当前水平似乎并不是吸引他们的出口点。

Bitcoin miner reserve data shows stability

比特币矿工储备数据显示稳定性

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%.

来自加密素养的数据显示出惊人的稳定趋势。从2024年12月25日的1,808,315 BTC到2025年5月3日的1,808,674 BTC，储备金的变化不到0.02％。

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

这表明，尽管经济动机要这样做，但矿工并没有积极地将硬币分配到市场上。

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.

在过去的周期中，这种稳定性在重大价格进步之前，表明矿工们不急于退出，而是可能是下一个看涨的腿。

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。该指标将美元的每日采矿收入与365天的平均水平进行比较。上面的读数2通常与市场上衣和重型矿工销售一致。

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

当今的中距离价值表明，矿工既不承受压力也不过于欣喜。这是他们满足于等待的另一个迹象。

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

从历史上看，当Puell多重倍数平静并且储备金稳定时，市场在达到顶峰之前就有生长的空间。

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，比特币矿工的行为更像是长期投资者，而不是强迫卖家。只要它们持有，比特币的上行空间仍然完好无损。