顾名思义，该指标衡量了与矿工和集中式交换相关的钱包之间的净流。
The latest on-chain data from CryptoQuant shows that Bitcoin Net Flow from Miners to Exchanges has increased.
来自加密量的最新链链数据表明，从矿工到交换的比特币净流量有所增加。
According to IT Tech, a writer for CryptoQuant, recent trends in the Flow from Miners to Exchanges vs Flow from Exchanges to Miners metric indicate that miners are making net token deposits to the platform.
据CryptoQuant的作者IT Tech称，从矿工到交换与从交易所到矿工指标的交流的流量的最新趋势表明，矿工正在向平台纳入代币存款。
This indicator measures, as the name suggests, the net flow between wallets associated with miners and centralized exchanges. When the value of this metric is positive, it indicates that miners are making net token deposits to the platform. Typically, these chain validators transfer to exchanges when they want to sell, so trends like this can have a bearish impact on asset prices.
顾名思义，该指标衡量了与矿工和集中式交换相关的钱包之间的净流。当该指标的价值为正时，它表明矿工正在将净令牌存入到平台上。通常，这些连锁验证者在想出售时转移到交易所，因此这样的趋势会对资产价格产生看跌的影响。
Sales Trends During the Rally and Price DropAs shown in the chart above, this indicator has recorded significant positive values since its rally in the last few months of 2024.
自2024年最近几个月的集会以来，该指标在上图中显示的集会和价格下降期间的销售趋势。
Although there were some net outflows during this period, the scale of the outflows was much smaller compared to the inflows. Given that the deposits were initiated when the rally was underway, it seems that the motivation behind them was to take profits.Miners' Response to Current Market DynamicsRecently, even though the bullish momentum has decreased and the price of Bitcoin (BTC) has declined, inflows from miners have continued. This group may now simply be doing panic selling, fearing a bear market.Miners are entities that routinely participate in distribution, as they have fixed operational costs in the form of electricity bills that they have to pay. Usually, these sales are not on a scale that cannot be absorbed by the market, so Bitcoin (BTC) does not tend to be affected much by them.ConclusionWith market conditions constantly changing, it will be interesting to see what steps Bitcoin (BTC) miners will take next and whether or not their potential sale will affect the asset. Bitcoin (BTC) price is currently hovering around $83,400, up almost 6% in the last seven days.
尽管在此期间有一些净流出，但与流入相比，流出的规模要小得多。鉴于在集会进行时开始了沉积物，似乎他们背后的动机是获利。矿工对当前市场动态的反应，即使看涨的势头也有所下降，比特币（BTC）的价格（BTC）的价格也下降，但矿工的流入仍在继续。现在，该集团可能只是在做恐慌的销售，担心熊市。麦费赛是通常参与分销的实体，因为他们以必须支付的电费的固定运营成本。通常，这些销售不会受到市场无法吸收的规模，因此比特币（BTC）不会受到他们的影响。结论与市场条件不断变化会很有趣的是，看看比特币（BTC）矿工接下来要采取哪些步骤，以及他们的潜在销售是否会影响资产。比特币（BTC）的价格目前徘徊在83,400美元左右，最近七天增长了近6％。
