在礦工銷售和機構需求的推動下，美國比特幣市場在減半期間保持穩定

在減半事件之前，人們觀察到比特幣（BTC）礦工出售了他們的儲備。美國推出現貨交易所交易基金（ETF）可能分散了潛在的拋售壓力，防止價格大幅下跌。 CryptoQuant 數據顯示，3 月從礦工到交易所的每日 BTC 轉移量大幅下降，這表明先前有為了基礎設施升級而出售或抵押的情況。

Bitcoin Market Maintains Stability Amidst Halving Event, Fueled by Preemptive Miner Sales and Influx of Institutional Demand

在礦工搶先拋售和機構需求湧入的推動下，比特幣市場在減半事件中保持穩定

In the wake of the highly anticipated Bitcoin halving event on April 20th, market observers have lauded the resilience of the cryptocurrency, which has avoided a significant price dip despite a fundamental change in its reward structure. This resilience, according to Bitfinex, a leading crypto exchange, can be attributed to strategic actions by miners and the stabilizing influence of spot exchange-traded funds (ETFs).

4 月 20 日備受期待的比特幣減半事件發生後，市場觀察家對加密貨幣的彈性表示讚賞，儘管其獎勵結構發生了根本性變化，但它避免了價格大幅下跌。領先的加密貨幣交易所 Bitfinex 表示，這種彈性可歸因於礦工的策略行動以及現貨交易所交易基金 (ETF) 的穩定影響。

Miners' Preemptive Selling Cushions Market Impact

礦商搶先拋售緩衝墊市場影響

Ahead of the halving, miners, responsible for securing the Bitcoin network and generating new coins, embarked on a gradual process of selling their reserves. Data from CryptoQuant reveals that in March, the daily average amount of Bitcoin sent by miners to exchanges dropped by over 70%, from 1,300 BTC in February to 374 BTC. This proactive divestment strategy effectively spread out the potential selling pressure that typically accompanies halving events.

在減半之前，負責保護比特幣網路並產生新幣的礦工開始逐步出售其儲備。 CryptoQuant 的數據顯示，3 月份，礦工向交易所發送的比特幣日均數量下降了 70% 以上，從 2 月份的 1,300 BTC 降至 374 BTC。這種主動撤資策略有效地分散了減半事件通常伴隨的潛在拋售壓力。

Bitfinex postulates that miners likely engaged in these sales to upgrade their equipment or collateralize their holdings to fund infrastructure improvements. By selling in advance, miners were able to avoid a concentrated sell-off post-halving, which would have potentially exerted downward pressure on the price.

Bitfinex 假設礦工參與這些銷售可能是為了升級他們的設備或抵押他們的資產來為基礎設施改善提供資金。透過提前拋售，礦商能夠避免減半後的集中拋售，這可能會對價格造成下行壓力。

Halving Dynamics and Miner Revenue

減半動態和礦工收入

Halving events, occurring every four years, reduce the block reward for miners by 50%. In this latest halving, the reward has been reduced to 3.125 BTC per block mined, equivalent to approximately $208,000 at current prices. Historically, such reductions have prompted miners to increase their selling activity to maximize earnings before the revenue cut takes effect.

每四年發生一次的減半事件會使礦工的區塊獎勵減少 50%。在最近的減半中，每個開採區塊的獎勵已減少至 3.125 BTC，以當前價格計算，相當於約 208,000 美元。從歷史上看，這種削減促使礦商增加銷售活動，以在收入削減生效之前實現收入最大化。

This increased selling pressure can lead to short-term market volatility and price declines. However, Bitfinex notes that this effect is often temporary, as market dynamics adjust and miners seek alternative revenue sources. Rising prices and expanding mining operations typically follow halvings to compensate for the reduced rewards.

拋售壓力的增加可能導致短期市場波動和價格下跌。然而，Bitfinex 指出，隨著市場動態調整和礦商尋求替代收入來源，這種影響通常是暫時的。減半後通常會上漲價格並擴大採礦業務，以補償獎勵的減少。

Institutional Demand Stabilizes Market

機構需求穩定市場

In addition to the preemptive selling by miners, Bitfinex attributes the market's stability to the growing institutional demand for Bitcoin spot ETFs in the United States. These ETFs, which allow investors to gain exposure to Bitcoin without holding the underlying asset, have attracted significant inflows, reaching $192 million last week alone.

除了礦商搶先拋售之外，Bitfinex也將市場的穩定歸因於美國機構對比特幣現貨ETF不斷增長的需求。這些 ETF 允許投資者在不持有基礎資產的情況下獲得比特幣敞口，吸引了大量資金流入，僅上週就達到 1.92 億美元。

The large-scale flows into Bitcoin ETFs have the potential to influence market sentiment and pricing. They provide a detached demand source from the traditional supply-demand framework. Bitfinex believes that the combination of ETF demand and constrained supply could drive further price appreciation for Bitcoin.

比特幣 ETF 的大規模流入有可能影響市場情緒和定價。它們提供了一個獨立於傳統供需框架的需求來源。 Bitfinex 認為，ETF 需求和供應受限的結合可能會推動比特幣價格進一步升值。

ETF Inflows Outpacing Supply

ETF 流入量超過供應量

The launch of Bitcoin ETFs in January has significantly impacted the market. Since their inception, the amount of Bitcoin purchased by ETF issuers has outpaced the creation of new Bitcoin through mining. Bitfinex estimates that post-halving, the daily supply of Bitcoin to the market will be approximately $30 million.

一月份比特幣 ETF 的推出對市場產生了重大影響。自推出以來，ETF 發行人購買的比特幣數量已經超過了透過挖礦創造的新比特幣數量。 Bitfinex 估計，減半後，比特幣每天向市場的供應量將約為 3,000 萬美元。

In contrast, the average daily net inflows into ETFs exceed $150 million, dwarfing the expected supply. This suggests that the ETF demand will continue to absorb a significant portion of newly created Bitcoin, further tightening supply and potentially buoying prices.

相較之下，ETF 的日均淨流入超過 1.5 億美元，令預期供應量相形見絀。這表明 ETF 需求將繼續吸收新創建的比特幣的很大一部分，從而進一步收緊供應並可能提振價格。

Conclusion

結論

The recent Bitcoin halving has had a less pronounced impact on the market than anticipated, thanks to strategic actions by miners and the influx of institutional demand through Bitcoin spot ETFs. Miners' preemptive selling spread out the selling pressure, while ETFs have provided a stabilizing force by absorbing a substantial amount of the new supply. As demand continues to outpace supply, the market is poised for continued price appreciation, solidifying Bitcoin's position as a valuable asset class.

由於礦商的策略行動以及機構需求透過比特幣現貨 ETF 湧入，近期比特幣減半對市場的影響沒有預期那麼明顯。礦商的搶先拋售分散了拋售壓力，而ETF則透過吸收大量新增供應提供了穩定力量。隨著需求繼續超過供應，市場價格將持續上漲，鞏固比特幣作為有價值資產類別的地位。