比特幣減半前礦工拋售激增

在減半事件之前，礦商大幅拋售其持有的比特幣（BTC），比特幣持有量跌至 12 個月低點。這種拋售反映在「礦工到交易所流量」指標的飆升上，顯示從礦工發送到交易所的 BTC 有所增加。儘管區塊獎勵減少，但交易費用的礦工收入百分比卻有所上升，在撰寫本文時達到 15%。

Miners' Exodus: Sell-Offs Surge Ahead of Bitcoin Halving

礦工出走：比特幣減半前拋售激增

As the highly anticipated Bitcoin halving event recently concluded, data from IntoTheBlock reveals a significant decline in miners' Bitcoin holdings, reaching a 12-month low. This substantial drop in miners' BTC reserves suggests that they have been actively selling off their coins in the lead-up to the halving.

隨著備受期待的比特幣減半最近結束，IntoTheBlock 的數據顯示，礦工的比特幣持有量大幅下降，達到 12 個月低點。礦工比特幣儲備的大幅下降表明，他們在減半之前一直在積極拋售比特幣。

Observable Trends in Miner Behavior

礦工行為的可觀察趨勢

The substantial spike in the Miner to Exchange Flow metric, which measures the amount of BTC flowing from miners to exchanges, provides evidence of the surge in coin sell-offs by BTC miners. This metric's rise indicates that miners are selling more BTC than they are mining, often interpreted as a bearish sentiment towards Bitcoin's price.

礦工到交易所流量指標（衡量從礦工流向交易所的 BTC 數量）的大幅飆升提供了 BTC 礦工拋售硬幣激增的證據。該指標的上升表明礦工出售的比特幣多於開採的比特幣，這通常被解讀為對比特幣價格的看跌情緒。

According to CryptoQuant's data, on April 19, BTC miners transferred a staggering 366 BTC to crypto exchanges, valued at approximately $23.45 million based on current market prices. This represents a substantial 128% increase from the 126 BTC sent to exchanges by miners on April 18.

根據 CryptoQuant 的數據，4 月 19 日，BTC 礦工向加密貨幣交易所轉移了驚人的 366 BTC，根據當前市場價格計算，價值約為 2,345 萬美元。這比 4 月 18 日礦工發送到交易所的 126 BTC 大幅增加了 128%。

As of this writing, the total amount of BTC held in affiliated miners' wallets has dropped to 1.81 million BTC, indicating a significant reduction in their overall holdings.

截至本文撰寫時，關聯礦工錢包中持有的 BTC 總量已降至 181 萬 BTC，顯示其整體持有量大幅減少。

Transaction Fees Surge: Miners' New Revenue Stream

交易費用飆漲：礦工的新收入來源

Despite the reduction in block rewards due to the halving, Bitcoin miners are finding solace in the surge in transaction fees. As Bitcoin network users eagerly mint fungible tokens following the introduction of the Runes Protocol, fees paid by users to include transactions in blocks have skyrocketed. The Runes Protocol, created by Bitcoin Ordinals inventor Casey Rodmarmor, offers a more efficient method for creating new tokens on the Bitcoin network.

儘管減半導致區塊獎勵減少，但比特幣礦工仍在交易費用飆升中找到安慰。隨著符文協議的推出，比特幣網路用戶急切地鑄造可替代代幣，用戶為將交易包含在區塊中而支付的費用猛增。 Runes 協議由比特幣序數發明者 Casey Rodmarmor 創建，提供了一種在比特幣網路上創建新代幣的更有效方法。

Data from Bitcoin block explorer mempool.space reveals that the halving block, Block 840,000, garnered an impressive 40.7 BTC, equivalent to over $2.5 million, in transaction fees as users clamored to "etch" new tokens onto the network.

比特幣區塊瀏覽器mempool.space 的數據顯示，隨著用戶強烈要求將新代幣「蝕刻」到網路上，減半區塊（即第840,000 個區塊）獲得了令人印象深刻的40.7 BTC （相當於超過250 萬美元）的交易費用。

Data Analysis: Miners' Revenue and Market Dynamics

數據分析：礦工收入與市場動態

Messari's data indicates that the percentage of miner revenue derived from fees has risen significantly due to the surge in transaction fees. At the time of publication, this percentage stood at 15%, reflecting a remarkable 50% increase in the past 24 hours alone, according to the on-chain data provider.

Messari的數據表明，由於交易費用的激增，來自費用的礦工收入比例大幅上升。據鏈上數據提供商稱，截至發稿時，這一比例為 15%，僅在過去 24 小時內就增加了 50%。

Currently, BTC is valued at $64,262, showing a modest 3% price increase over the past 24 hours, as reported by CoinMarketCap. However, the decline in daily trading volume by 8% during this period raises concerns about a potential price retraction in the short term as exhaustion sets in.

根據 CoinMarketCap 報道，目前 BTC 的估值為 64,262 美元，過去 24 小時內價格小幅上漲 3%。然而，在此期間日交易量下降了 8%，引發了人們對短期內價格可能因耗盡而回落的擔憂。

Conclusion

結論

The significant sell-offs by Bitcoin miners ahead of the halving, coupled with the surge in transaction fees, paint a complex picture for the cryptocurrency market. While miners may have sought to capitalize on the anticipation surrounding the halving, the increase in fees provides a new source of revenue, mitigating the impact of the reduced block rewards. However, the divergence between rising prices and declining trading volume suggests a potential period of price consolidation or even a correction in the near future. As the market dynamics continue to evolve, it remains crucial for investors to exercise caution and monitor developments closely.

比特幣礦商在減半前的大幅拋售，加上交易費用的飆升，為加密貨幣市場描繪了一幅複雜的圖景。雖然礦工可能試圖利用減半的預期，但費用的增加提供了新的收入來源，減輕了區塊獎勵減少的影響。然而，價格上漲與交易量下降之間的背離表明，價格可能會在不久的將來盤整，甚至出現回調。隨著市場動態的不斷發展，投資者保持謹慎並密切關注事態發展仍然至關重要。