比特币（BTC）矿工在市场中的作用似乎比ETF或机构资金更强大

根据Alphractal的数据分析，矿工在比特币市场中的作用似乎比目前的ETF或机构基金要强。

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.

矿工在比特币市场中的作用似乎比此时的ETF或机构资金更强大。至少这是平台字母表中适用的“矿工流”建议。该平台估计了矿工地址的交易数量。

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

确实，矿工是比特币网络的重要节点。他们有可能显着塑造加密货币的供应和流动性。

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.

矿工几乎是特别的，因为他们是影响流通量中BTC数量的唯一参与者。当销售经常销售时，它们会增加，以最大程度地减少支出。另一方面，矿工更喜欢在高价期间交换许多BTC，因为这样他们可以最大限度地提高市场收益。这些交易说“冷脚”，这意味着矿工正在出售其赌注，导致市场压力增加。

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，减少的矿工流量可能意味着市场上的销售量较小。就是这样，因为矿工在采矿的早期阶段已经出售了大部分。因此，它可以借助矿工活动的下降来降低销售压力。这甚至可能导致市场上的价格稳定。

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的可用供应，矿工流量的知识对于收集有关供应方式的正确信息至关重要。该指标提供有关市场状况的信息，并可能指出市场变化。因此，它可以帮助交易者和投资者通过监视矿工的行动来了解何时销售压力增加或减少。

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.

鉴于现有的市场状况，矿工的这种行为是可以理解的。即使他们积极销售也可能意味着它位于高价领土上。另一方面，当矿工传达出销售较少的信息时，市场上总是有稳定的可能性。这意味着矿工的流量指标有效地确定比特币的相对供求。

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.

尽管ETF或机构投资者与比特币网络有些相关，但矿工与其更准确地联系在一起。它调节新硬币进入循环，也可能影响资产的浮动。因此，与市场上大多数其他参与者相比，它们的活动影响BTC的价格更为直接。

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，给定的论文强调了研究比特币矿工轨迹以对市场进行预测的重要性。矿工的流量被证明在确定可能导致价格变化的情况和时间方面具有丰富的信息。这使其成为任何打算投资于波动性比特币市场的人特别方便的工具。