比特币减半引发 50 亿美元矿商清算，市场为长期低迷做好准备

预计比特币矿工将在即将到来的减半事件后五天内清算价值约 50 亿美元的比特币。这种大量的库存抛售预计将抑制加密货币市场，并导致比特币长期横盘交易。额外供应的涌入可能导致每日销售额高达 1.04 亿美元，这可能会扭转推动比特币减半前反弹的供需动态。

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

比特币减半：矿工准备释放 50 亿美元清算，引发市场长期平静

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.

随着备受期待的比特币减半事件的临近，加密货币市场面临的威胁迫在眉睫。根据 10X Research 的综合分析，比特币矿商准备在减半后抛售价值 50 亿美元的 BTC，这可能会引发为期六个月的市场停滞。

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 研究主管马库斯·蒂伦 (Markus Thielen) 认为，即将到来的清算是可能影响未来几个月市场走势的主要因素。在 4 月 13 日发布的一份详细研究报告中，Thielen 解释说，为了应对减半事件，矿商已经积累了大量比特币库存，其中最大的矿商 Marathon 持有的比特币库存特别大。

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.

减半预计将在大约五天内发生，预计这些矿工将开始抛售比特币储备，以避免收入急剧下降。蒂伦预测，这种抛售压力可能会在四到六个月的时间内逐渐持续，对比特币价格施加下行压力，并可能引发一段时间的横盘交易。

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.

供应激增可能会对市场产生重大影响，有可能扭转供需失衡的局面，这种失衡推动了比特币在减半前的上涨。 Thielen 估计，仅 Marathon 每天就可以出售 14-15 BTC，相当于每日清算价值高达 1.04 亿美元。如果其他矿商效仿，每日抛售总量可能会大幅升级，进一步打压市场。

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.

虽然历史上减半与由于新比特币供应减少而导致的价格上涨有关，但蒂伦​​警告说，这次减半的影响可能会延迟。他指出，山寨币市场通常会在减半后经历活动激增，但可能要到大约六个月后才会出现类似的反弹。

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.

蒂伦的分析表明，即将到来的比特币减半可能会对加密货币市场产生深远影响，随着矿商清算其持有的比特币，可能会引发一段时期的长期停滞。这一发展凸显了了解重大市场事件潜在后果的重要性以及投资者相应调整策略的必要性。