比特币矿工仍在抛售其持有的比特币，哈希丝带显示投​​降尚未结束

自减半效应开始以来，比特币矿商一直在积极出售其持有的比特币。正如链上数据所示，抛售压力的大小

Bitcoin miners have been actively selling their holdings since the halving effect kicked in. As the on-chain data suggests, the amount of selling pressure coming from Bitcoin miners is not descending, and at the current pace, there will be very little BTC left to sell.

自减半效应开始以来，比特币矿商一直在积极抛售其持有的比特币。正如链上数据所示，来自比特币矿商的抛售压力并没有下降，按照目前的速度，剩下的比特币将所剩无几。卖。

The halving event usually results in a period of miner capitulation because it halves the block reward for miners. This occurs when mining loses money, forcing miners to liquidate their Bitcoin holdings to pay for running expenses.

减半事件通常会导致矿工投降一段时间，因为它使矿工的区块奖励减半。当采矿业亏损时就会发生这种情况，迫使矿工清算其持有的比特币以支付运营费用。

The market is enduring a prolonged phase of miner capitulation, as evidenced by on-chain data from several analytics platforms. The Bitcoin hash ribbons, an indicator of miner surrender and recovery stages, still indicate stress.

多个分析平台的链上数据证明，市场正在经历长期的矿工投降阶段。比特币哈希带是矿工投降和恢复阶段的指标，仍然表明压力。

This extended phase is clear from the hash ribbons chart, which shows a significant period of miner capitulation that has not yet been resolved. The persistent selling pressure has blocked Bitcoin's price recovery from reaching its previous highs.

从哈希带图表中可以清楚地看到这一延长的阶段，该图表显示了尚未解决的矿工投降的重要时期。持续的抛售压力阻碍了比特币价格回升至之前的高点。

The miners' unceasing selling is one of the primary reasons behind Bitcoin's inability to break above significant resistance levels. As it approaches the 200 EMA, Bitcoin is having trouble staying above the 50 EMA and 100 EMA. The relative strength index (RSI) at 43.10 indicates that BTC is not in an overbought or oversold condition. However, the ongoing selling pressure from miners has kept the market moving in a bearish direction.

矿商不断抛售是比特币无法突破重要阻力位的主要原因之一。当比特币接近 200 EMA 时，它很难保持在 50 EMA 和 100 EMA 上方。相对强弱指数（RSI）为43.10，表明BTC并未处于超买或超卖状态。然而，矿商持续的抛售压力使市场继续看跌。

Funding rates on major exchanges like Binance, OKX and Bybit indicate varying levels of long and short interest in Bitcoin. These rates help gauge the sentiment of traders and possible price movements. A neutral attitude toward trading is indicated by the relatively even-handed funding rate for Bitcoin.

Binance、OKX 和 Bybit 等主要交易所的资金费率表明了比特币多头和空头兴趣的不同水平。这些汇率有助于衡量交易者的情绪和可能的价格变动。比特币相对公平的资金费率表明了对交易的中立态度。

The market is still significantly impacted by miners' sales. Several factors could influence the conclusion of this capitulation stage. If there were a substantial increase in the price of Bitcoin that would once again make mining profitable, miners might not have to sell their holdings.

市场仍然受到矿商销售的显着影响。有几个因素可能会影响这个投降阶段的结束。如果比特币价格大幅上涨，采矿业再次盈利，矿工可能不必出售其持有的比特币。