比特幣礦工的交易量份額最近急劇下降：這對比特幣意味著什麼

鏈上數據顯示，近期比特幣礦工數量急遽下降。這對於該資產可能意味著什麼。

Fresh data from on-chain analytics firm IntoTheBlock shows that the volume share of Bitcoin miners has observed a steep drop recently. Here’s what this could mean for the asset.

鏈上分析公司 IntoTheBlock 的最新數據顯示，比特幣礦工的交易量份額最近急劇下降。這對於該資產可能意味著什麼。

What Is Bitcoin Miners’ Volume Share?

比特幣礦工的交易量份額是多少？

The “Miners’ Volume Share” is an on-chain indicator that keeps track of the percentage of the total Bitcoin transaction volume (i.e., the amount of BTC becoming involved in transfers on the network) that miner-associated transfers are making up for.

「礦工交易量份額」是一個鏈上指標，用於追蹤與礦工相關的轉帳所彌補的比特幣交易總量（即參與網路轉帳的 BTC 數量）的百分比。

Miners play a crucial role in the Bitcoin network by solving complex equations to validate blocks of transactions and add them to the blockchain. In return for their efforts, they’re rewarded with a portion of the newly minted BTC and transaction fees.

礦工透過求解複雜的方程式來驗證交易區塊並將其添加到區塊鏈中，在比特幣網路中發揮至關重要的作用。作為他們努力的回報，他們將獲得一部分新鑄造的比特幣和交易費作為獎勵。

Since miners have to move around the BTC they earn to exchanges or other wallets to sell them or use them for other purposes, their activity on the network is easily identifiable. By keeping track of these movements, analysts can gauge the volume of coins being moved by miners and use this data to understand the miners’ behavior.

由於礦工必須將賺取的比特幣轉移到交易所或其他錢包來出售或用於其他目的，因此他們在網路上的活動很容易被識別。透過追蹤這些移動，分析師可以衡量礦工移動的代幣數量，並使用這些數據來了解礦工的行為。

Generally, when miners are moving a large volume of coins, it could be because they’re cashing out their earnings or shifting coins around to take advantage of an opportunity in the market, such as a profit-taking event during a bull rally.

一般來說，當礦工轉移大量代幣時，可能是因為他們正在兌現收入或轉移代幣以利用市場機會，例如牛市反彈期間的獲利了結事件。

Bitcoin Miners’ Volume Share Has Been Falling

比特幣礦商的交易量份額一直在下降

Below is a chart shared by IntoTheBlock that shows the trend in the Bitcoin Miners’ Volume Share over the past decade.

以下是 IntoTheBlock 分享的圖表，顯示了過去十年比特幣礦工交易量份額的趨勢。

The chart shows that the indicator’s value briefly rose beyond the 20% mark last year when BTC observed its Q1 rally. This suggests the miners were moving around large amounts on the blockchain, potentially to take advantage of the profit-taking opportunity that the run offered.

圖表顯示，去年 BTC 第一季上漲時，該指標的價值一度突破 20% 大關。這表明礦工正在區塊鏈上進行大量交易，可能是為了利用擠兌帶來的獲利回吐機會。

Since this peak, though, the indicator’s value has been going down. There was a temporary deviation towards the end of last year when BTC witnessed its new bull rally, which once again implied the miners were looking to cash in. The selloff lasting only briefly could suggest the miners ran out of coins to sell. Another potential interpretation of the trend, however, could be that it’s rather an increase in activity across the network that has forced Miners’ Volume Share to shrink.

然而，自這個高峰以來，該指標的價值一直在下降。去年年底，當比特幣見證了新的牛市反彈時，出現了暫時的偏差，這再次表明礦工正在尋求套現。然而，對該趨勢的另一種潛在解釋可能是，整個網路活動的增加迫使礦工的交易量份額縮小。

From the chart, it’s visible that the pattern has been observed in past bull markets as well, which adds credence to the fact that it may be the transaction volume uplift caused by the fresh capital inflows that tend to take place in such periods that are responsible for the trend.

從圖表中可以看出，這種模式在過去的牛市中也出現過，這增加了這樣一個事實的可信度：新的資本流入可能會導致交易量上升，而這些時期往往會發生這種情況。

It’s also apparent, though, that the metric’s peak has been getting lower with each cycle. The reason behind this may be that the block subsidy, which miners receive as compensation for solving blocks and makes up for the bulk of their income, gets halved each cycle during an event known as the Halving.

但同樣明顯的是，該指標的峰值在每個週期中都在降低。這背後的原因可能是，礦工獲得的區塊補貼作為解決區塊的補償並彌補了他們大部分收入，在「減半」事件期間每個週期都會減半。

Miners earning less naturally means that they also have a lower amount of capital to shift around on the network, which would show up on their share of the transaction volume.

礦工收入減少自然意味著他們在網路上轉移的資本也較少，這會體現在他們在交易量中所佔的份額。

Bitcoin Miners’ Volume Share has now plunged under the 5% mark, meaning that it has fallen lower than the bottom of the 2017 cycle. Though, it’s still yet to reach the same low as during the 2021 bull market.

比特幣礦商的交易量份額現已跌破 5% 大關，這意味著它已低於 2017 年周期的底部。儘管如此，它仍未達到 2021 年牛市期間的低點。

BTC Price Drops 2%

BTC 價格下跌 2%

Bitcoin has extended its losses by another 2% in the past day as its price has dropped to the $93,700 level.

過去一天，比特幣的跌幅又擴大了 2%，價格跌至 93,700 美元的水平。

The losses come as the broader cryptocurrency market has observed a 1% loss, with most coins trading in the red. The total crypto market cap now stands at $4.1 trillion.

損失發生之際，更廣泛的加密貨幣市場下跌了 1%，大多數加密貨幣交易都出現虧損。目前加密貨幣總市值為 4.1 兆美元。