比特幣（BTC）礦工在市場中的作用似乎比ETF或機構資金更強大

根據Alphractal的數據分析，礦工在比特幣市場中的作用似乎比目前的ETF或機構基金要強。

Miners' role in the Bitcoin market appears to be stronger than that of ETFs or institutional funds at this time. At least this is what the “Miners' Flows” applicable in the platform Alphractal suggest. The platform estimates the number of transactions from the miners' addresses.

礦工在比特幣市場中的作用似乎比此時的ETF或機構資金更強大。至少這是平台字母表中適用的“礦工流”建議。該平台估計了礦工地址的交易數量。

Indeed, miners are essential nodes of the Bitcoin networks. They have the potential to significantly shape the cryptocurrency’s supply and liquidity.

確實，礦工是比特幣網絡的重要節點。他們有可能顯著塑造加密貨幣的供應和流動性。

Miners are almost special in that they are the only participants who influence the number of BTC in circulation. They increase when there are frequent sales so as to minimize the expenses as much as possible. On the flip side, miners prefer to exchange many BTC during periods of high prices because this way they can maximize the returns in the market. These transactions speak of ‘cold feet’, which means that miners are selling their stakes resulting to increased pressure in the market.

礦工幾乎是特別的，因為他們是影響流通量中BTC數量的唯一參與者。當銷售經常銷售時，它們會增加，以最大程度地減少支出。另一方面，礦工更喜歡在高價期間交換許多BTC，因為這樣他們可以最大限度地提高市場收益。這些交易說“冷腳”，這意味著礦工正在出售其賭注，導致市場壓力增加。

Consequently, reduced volume of miners’ flows can mean that there is less selling going on in the market. This is the case because miners have already sold their large portions during the early stage of mining. Therefore, it can decrease selling pressure with the help of the decline of miner activity. This may even lead to stabilizing of price or accumulation in the market.

因此，減少的礦工流量可能意味著市場上的銷售量較小。就是這樣，因為礦工在採礦的早期階段已經出售了大部分。因此，它可以藉助礦工活動的下降來降低銷售壓力。這甚至可能導致市場上的價格穩定。

To analyze the available supply of BTC, knowledge of Miner Flow is essential to gather proper information about how the supply is flowing in between. The indicator provides information about the market situation and may point to changes in the market. It therefore helps traders and investors to know when the selling pressure is increasing or decreasing by monitoring the actions of the miners.

要分析BTC的可用供應，礦工流量的知識對於收集有關供應方式的正確信息至關重要。該指標提供有關市場狀況的信息，並可能指出市場變化。因此，它可以幫助交易者和投資者通過監視礦工的行動來了解何時銷售壓力增加或減少。

Such behavior of miners is understandable given the existing market conditions. Even when they are actively selling could mean that it is in the high-price territory. On the other hand, when miners convey the message that they are selling less, there is always a possibility of stability within the market. This means that the Miners’ Flows indicator is effective in determining the relative supply and demand of Bitcoin.

鑑於現有的市場狀況，礦工的這種行為是可以理解的。即使他們積極銷售也可能意味著它位於高價領土上。另一方面，當礦工傳達出銷售較少的信息時，市場上總是有穩定的可能性。這意味著礦工的流量指標有效地確定比特幣的相對供求。

While ETFs or institutional investors are somewhat associated with the Bitcoin network, miners are more accurately connected to it. It regulates the entrance of new coins into circulation and can also affect the floatation of the asset. Consequently, their activities impact the prices in BTC more straightforward than most other players in the market.

儘管ETF或機構投資者與比特幣網絡有些相關，但礦工與其更準確地聯繫在一起。它調節新硬幣進入循環，也可能影響資產的浮動。因此，與市場上大多數其他參與者相比，它們的活動影響BTC的價格更為直接。

Thus, the given paper underlines the importance of studying Bitcoin miners’ trajectories in order to make forecasts regarding the market. Miner’s Flows prove to be informative in identifying situations and times that can lead to changes in price.. This makes it an especially handy tool for anyone who intends to invest in volatile Bitcoin market.

因此，給定的論文強調了研究比特幣礦工軌跡以對市場進行預測的重要性。礦工的流量被證明在確定可能導致價格變化的情況和時間方面具有豐富的信息。這使其成為任何打算投資於波動性比特幣市場的人特別方便的工具。