比特币矿工的抛售冷却 - 这对市场意味着什么？

来自加密分析公司Alphractal的新数据表明，比特币矿工在一年多以来表现出最强的保持行为迹象。

Bitcoin (BTC) miners are displaying their strongest signs of holding behavior in over a year, according to crypto analytics firm Alphractal.

根据Crypto Analytics公司Alphractal的说法，比特币（BTC）矿工在一年以上显示其保持行为的最强迹象。

Their proprietary indicator, which tracks miner activity to detect changes in selling pressure, has reached its lowest levels since early 2024. This suggests that miners are becoming increasingly reluctant to sell their BTC reserves.

他们的专有指标跟踪矿工活动以检测销售压力的变化，自2024年初以来已达到其最低水平。这表明矿工越来越不愿意出售其BTC储备。

The indicator compares recent 30-day Bitcoin outflows from miner wallets to average reserve levels. A decrease in this ratio typically indicates growing confidence among miners and is often seen as a bullish signal for price stability or upward momentum.

该指标将最近30天的比特币从矿工钱包流出到平均储备水平。该比率的下降通常表明矿工的信心越来越大，通常被视为价格稳定或向上势头的看涨信号。

However, Alphractal notes that this calm may be temporary. A substantial shift in Bitcoin’s price could reignite selling interest, especially if opportunities for profit-taking arise.

但是，字形指出，这种平静可能是暂时的。比特币价格的实质转变可能会重新点燃销售利息，尤其是在出现利润的机会时。

Despite BTC’s recent return above $103,000, futures market activity hasn’t quite kept pace. Open interest in Bitcoin derivatives stands at $61.3 billion—lower than past benchmarks, which reached around $68 billion at similar price levels.

尽管BTC最近的回报率超过103,000美元，但期货市场活动并未完全保持步伐。对比特币衍生产品的开放兴趣为613亿美元，比过去的基准要低，该基准的价格高于680亿美元。

Analysts say this gap is due to a prolonged wave of liquidations and a more cautious approach among market participants, including less leverage from institutional players.

分析人士说，这一差距是由于清算的长时间浪潮以及市场参与者的更加谨慎的方法，包括机构参与者的杠杆率较小。

Moreover, Alphractal’s whale trend indicator shows a decrease in large long positions, which could signal that some deep-pocketed investors are exiting or preparing for a possible correction.

此外，字形的鲸鱼趋势指标显示出长长的长位置的下降，这可能表明某些货运的投资者正在退出或为可能的纠正做准备。

If this downtrend continues, the market might experience a phase of sideways movement or even a short-term pullback.

如果这种下降趋势继续下去，市场可能会经历侧向运动的阶段，甚至短期回落。