在矿工销售和机构需求的推动下，美国比特币市场在减半期间保持稳定

在减半事件之前，人们观察到比特币（BTC）矿工出售了他们的储备。美国推出现货交易所交易基金（ETF）可能分散了潜在的抛售压力，防止价格大幅下跌。 CryptoQuant 数据显示，3 月份从矿工到交易所的每日 BTC 转移量大幅下降，这表明之前有为了基础设施升级而出售或抵押的情况。

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

在矿工抢先抛售和机构需求涌入的推动下，比特币市场在减半事件中保持稳定

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 日备受期待的比特币减半事件发生后，市场观察人士对加密货币的弹性表示赞赏，尽管其奖励结构发生了根本性变化，但它避免了价格大幅下跌。领先的加密货币交易所 Bitfinex 表示，这种弹性可归因于矿工的战略行动以及现货交易所交易基金 (ETF) 的稳定影响。

Miners' Preemptive Selling Cushions Market Impact

矿商抢先抛售缓冲垫市场影响

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.

在减半之前，负责保护比特币网络并生成新币的矿工开始逐步出售其储备。 CryptoQuant 的数据显示，3 月份，矿工向交易所发送的比特币日均数量下降了 70% 以上，从 2 月份的 1,300 BTC 降至 374 BTC。这种主动撤资策略有效地分散了减半事件通常伴随的潜在抛售压力。

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 假设矿工参与这些销售可能是为了升级他们的设备或抵押他们的资产来为基础设施改善提供资金。通过提前抛售，矿商能够避免减半后的集中抛售，这可能会对价格造成下行压力。

Halving Dynamics and Miner Revenue

减半动态和矿工收入

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.

每四年发生一次的减半事件会使矿工的区块奖励减少 50%。在最近的减半中，每个开采区块的奖励已减少至 3.125 BTC，按当前价格计算，相当于约 208,000 美元。从历史上看，这种削减促使矿商增加销售活动，以在收入削减生效之前实现收入最大化。

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.

抛售压力的增加可能导致短期市场波动和价格下跌。然而，Bitfinex 指出，随着市场动态调整和矿商寻求替代收入来源，这种影响通常是暂时的。减半后通常会上涨价格并扩大采矿业务，以补偿奖励的减少。

Institutional Demand Stabilizes Market

机构需求稳定市场

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.

除了矿商抢先抛售之外，Bitfinex还将市场的稳定归因于美国机构对比特币现货ETF不断增长的需求。这些 ETF 允许投资者在不持有基础资产的情况下获得比特币敞口，吸引了大量资金流入，仅上周就达到 1.92 亿美元。

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.

比特币 ETF 的大规模流入有可能影响市场情绪和定价。它们提供了一个独立于传统供需框架的需求来源。 Bitfinex 认为，ETF 需求和供应受限的结合可能会推动比特币价格进一步升值。

ETF Inflows Outpacing Supply

ETF 流入量超过供应量

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.

一月份比特币 ETF 的推出对市场产生了重大影响。自推出以来，ETF 发行人购买的比特币数量已经超过了通过挖矿创造的新比特币数量。 Bitfinex 估计，减半后，比特币每天向市场的供应量将约为 3000 万美元。

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.

相比之下，ETF 的日均净流入超过 1.5 亿美元，令预期供应量相形见绌。这表明 ETF 需求将继续吸收新创建的比特币的很大一部分，从而进一步收紧供应并可能提振价格。

Conclusion

结论

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.

由于矿商的战略行动以及机构需求通过比特币现货 ETF 涌入，近期比特币减半对市场的影响没有预期那么明显。矿商的抢先抛售分散了抛售压力，而ETF则通过吸收大量新增供应提供了稳定力量。随着需求继续超过供应，市场价格将持续上涨，巩固比特币作为有价值资产类别的地位。