Bitcoin Miners在ATH命中后一直在出售BTC，但尚未影响价格

在过去的一个月中，比特币取得了巨大的收益

Over the past month, Bitcoin (BTC) has made significant gains, hitting a new all-time high of $111,000 on the charts. As Bitcoin climbed to its ATH, miners’ profit margins also rose significantly. These gains have elevated miners’ profit margins to 40% above its annual average.

在过去的一个月中，比特币（BTC）取得了巨大的收益，在图表上达到了111,000美元的历史最高点。随着比特币攀升至其ATH，矿工的利润率也显着上升。这些收益将矿工的利润率提高到其年平均水平的40％。

Rising profitability often means profit taking, as observed by Cryptoquant analyst Axel Adler. According to his analysis, since the cryptocurrency hit $110,000, miners have stepped up their activities on exchanges.

正如加密分析师阿克塞尔·阿德勒（Axel Adler）所观察到的那样，提高的盈利能力通常意味着获利。根据他的分析，自加密货币达到110,000美元以来，矿工已经加强了他们在交流方面的活动。

Thus, Bitcoin miners’ inflows have doubled from an average of 25 BTC to 50 BTC per day. This hinted at a 100% hike in the amount of Bitcoin being sent into exchanges. Such a huge increase is a sign of significant selling pressure from miners.

因此，比特币矿工的流入从平均25 BTC增加到每天50 BTC。这暗示了将比特币发送到交易所的数量100％。如此巨大的增长是矿工销售压力的迹象。

Although miner-to-exchange inflows have risen significantly too, it’s yet to hit historical tops.

尽管矿工到交换的流入也大大增加了，但它尚未达到历史上衣。

In previous cycles, miners’ flow to exchanges have climbed to a peak of around 100 BTC. Therefore, based on historical patterns, current rates sit approximately 100% below its historical peaks.

在以前的周期中，矿工流向交流的流量已攀升至约100 BTC的峰值。因此，基于历史模式，当前利率比其历史峰值低约100％。

Thus, although miners have been selling, they are not selling as much.

因此，尽管矿工一直在销售，但他们的销售量不多。

On the contrary, it seems miners are strategically selling to finance operations while they continue to accumulate most of the newly mined BTC. This is true because Bitcoin’s miner supply ratio has sustainably declined to 0.090.

相反，似乎矿工在继续积累了大多数新开采的BTC的同时，从战略上卖出了资金运营。确实如此，因为比特币的矿工供应率已可持续下降到0.090。

It suggested that miners have been selling less of the mined BTC, reflecting strong confidence in the market’s prospects. Simply put, they may be expecting BTC’s price to register more gains.

它表明，矿工的销售量较少，而开采的BTC则反映了对市场前景的强烈信心。简而言之，他们可能期望BTC的价格会登记更多的收益。

This trend can be further confirmed by the fact that Bitcoin’s Puell Multiple sat at around 1.4 at press time – A reading that usually appears during a healthy bull market.

可以通过以下事实来进一步确认这种趋势，即比特币的Puell多次在发稿时大约1.4次 - 通常在健康的牛市中出现的阅读。

No major miner sell pressure yet and Puell multiple at this range usually appears in mid-cycles and not tops or bottoms. Until this metric surges to a high of 4, that’s when miners will turn to aggressive selling.

尚无主要矿工出售压力，并且在此范围内的PUELL多重次数通常出现在中期，而不是顶部或底部。直到这个指标飙升至4个高点之前，矿工将转向积极的销售。

Any impact on BTC?

对BTC有任何影响吗？

While miners have been selling, this selling activity from the group is not extreme.

虽然矿工一直在销售，但该集团的这种销售活动并不是极端的。

In the market, strategic selling is a simple part of the operation. Right now, it would seem that miners are not panic selling in a way that could negatively affect price action.

在市场上，战略销售是运营的简单组成部分。目前，矿工似乎并没有以可能对价格行动产生负面影响的方式恐慌出售。

Importantly, the market is comfortably absorbing the selling pressure. We can see this as Bitcoin’s exchange netflows have remained mostly negative since BTC hit an ATH.

重要的是，市场正在舒适地吸收销售压力。我们可以将其视为自BTC击中ATH以来，比特币的Exchange Netflows仍然是负面的。

Since reaching a new high, exchanges have recorded only 1 day of positive netflows, which was five days ago. This indicated that although selling has indeed accelerated, we’re still a long way from peak volumes and the market is comfortably absorbing the extra supply.

自从达到新的高位以来，交流只记录了五天前的正面Netflows的1天。这表明尽管销售确实加速了，但我们距离峰值量还有很长的路要走，市场正在舒适地吸收额外的供应。

Simply put, even with miners selling, BTC remains In a healthy phase and it’s yet to reach its historical peaks. If the selling accelerates, that’s when we will see the impact on price.

简而言之，即使矿工出售，BTC仍然处于健康阶段，它尚未达到其历史高峰。如果销售加速，那就是我们将看到对价格的影响。

Therefore, even with prevailing market conditions, BTC could still recover from its recent retrace and reclaim $111k. However, if the miner exchange flow accelerates further, while buyers take a step back, we could see a pullback on the charts.

因此，即使在盛行的市场状况下，BTC仍然可以从其最近的回溯和111k $ 111k中恢复。但是，如果矿工交换流程进一步加速，那么买家退后一步，我们可以看到图表上的回调。