比特币矿工储备触及多年低点

比特币矿工储备低是一个看涨指标。持有较少比特币的矿工表示，他们可能已经出售了大量比特币来支付采矿费用，从而降低了直接的抛售压力。

Data from IntoTheBlock shows a gradual drop in BTC miner reserves. At the beginning of the year, miner reserves sat at 1.95 million BTC. This has since dropped to 1.90 million coins, the lowest level recorded in 14 years.

IntoTheBlock 的数据显示，BTC 矿商储备逐渐下降。今年年初，矿商储备量为 195 万比特币。此后，这一数字已降至 190 万枚，为 14 年来的最低水平。

However, despite the drop in miner reserves, the fiat value of their holdings has remained high, reaching a record peak of $135 billion. This indicates that miners are prioritizing short-term profitability, evidenced by their high selling activity, which is currently at its highest level since March.

然而，尽管矿商储备金下降，但其持有的法币价值仍然很高，达到 1350 亿美元的历史新高。这表明矿商正在优先考虑短期盈利能力，其高抛售活动就证明了这一点，目前抛售活动处于 3 月份以来的最高水平。

According to QuintenFrancois, an analyst at X, the miner behavior is reminiscent of the last halving cycle, with the analysis suggesting that Bitcoin could potentially break the current pattern after 150 days.

X 分析师 QuintenFrancois 表示，矿工的行为让人想起上一次减半周期，分析表明比特币有可能在 150 天后打破当前格局。

The high miner selling activity is largely attributed to the need to cover mining expenses, especially after the halving event, which reduces mining rewards by half.

矿工的高抛售活动很大程度上归因于需要支付挖矿费用，特别是在减半事件之后，挖矿奖励减少了一半。

Meanwhile, as Bitcoin continues to trade rangebound and miner reserves hit multi-year lows, some analysts believe that an uptrend may be imminent.

与此同时，随着比特币继续区间波动且矿商储备触及多年低点，一些分析师认为上升趋势可能即将到来。

According to Michael van de Poppe, BTC has bottomed at the $63K-$65K range, and the only trend expected is an uptrend.

Michael van de Poppe 表示，BTC 已触底于 6.3 万美元至 6.5 万美元区间，唯一预期的趋势是上升趋势。

The bullish outlook was also shared by Dann Crypto Trades, who observed that Bitcoin’s spot premium has returned to healthy levels.

Dann Crypto Trades 也认同看涨前景，他观察到比特币的现货溢价已恢复到健康水平。

The spot premium indicates the price difference between BTC traded on the spot market and futures markets. A positive spot premium signifies a higher immediate demand for Bitcoin in the spot market.

现货溢价表示现货市场交易的 BTC 与期货市场交易的 BTC 之间的价格差异。正的现货溢价意味着现货市场对比特币的直接需求更高。