比特币矿工的交易量份额最近急剧下降：这对 BTC 意味着什么

链上数据显示，近期比特币矿工数量急剧下降。这对于该资产可能意味着什么。

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.

链上分析公司 IntoTheBlock 的最新数据显示，比特币矿工的交易量份额最近急剧下降。这对于该资产可能意味着什么。

What Is Bitcoin Miners’ Volume Share?

比特币矿工的交易量份额是多少？

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.

“矿工交易量份额”是一个链上指标，用于跟踪与矿工相关的转账所弥补的比特币交易总量（即参与网络转账的 BTC 数量）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.

矿工通过求解复杂的方程来验证交易块并将其添加到区块链中，在比特币网络中发挥着至关重要的作用。作为对他们努力的回报，他们将获得一部分新铸造的比特币和交易费作为奖励。

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.

由于矿工必须将赚取的比特币转移到交易所或其他钱包来出售或用于其他目的，因此他们在网络上的活动很容易被识别。通过跟踪这些移动，分析师可以衡量矿工移动的代币数量，并使用这些数据来了解矿工的行为。

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.

一般来说，当矿工转移大量代币时，可能是因为他们正在兑现收入或转移代币以利用市场机会，例如牛市反弹期间的获利了结事件。

Bitcoin Miners’ Volume Share Has Been Falling

比特币矿商的交易量份额一直在下降

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

下面是 IntoTheBlock 分享的图表，显示了过去十年比特币矿工交易量份额的趋势。

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.

该图表显示，去年 BTC 第一季度上涨时，该指标的价值曾一度突破 20% 大关。这表明矿工正在区块链上进行大量交易，可能是为了利用挤兑带来的获利回吐机会。

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，自这个峰值以来，该指标的价值一直在下降。去年年底，当比特币见证了新的牛市反弹时，出现了暂时的偏差，这再次表明矿工正在寻求套现。抛售仅持续短暂可能表明矿工已经没有硬币可供出售。然而，对该趋势的另一种潜在解释可能是，整个网络活动的增加迫使矿工的交易量份额缩小。

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.

从图表中可以看出，这种模式在过去的牛市中也出现过，这增加了这样一个事实的可信度：新的资本流入可能会导致交易量上升，而这些时期往往会发生这种情况。为了趋势。

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.

但同样明显的是，该指标的峰值在每个周期中都在降低。这背后的原因可能是，矿工获得的区块补贴作为解决区块的补偿并弥补了他们大部分收入，在“减半”事件期间每个周期都会减半。

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.

矿工收入减少自然意味着他们在网络上转移的资本也较少，这会体现在他们在交易量中所占的份额。

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.

比特币矿商的交易量份额现已跌破 5% 大关，这意味着它已低于 2017 年周期的底部。尽管如此，它仍未达到 2021 年牛市期间的低点。

BTC Price Drops 2%

BTC 价格下跌 2%

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

过去一天，比特币的跌幅又扩大了 2%，价格跌至 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.

损失发生之际，更广泛的加密货币市场下跌了 1%，大多数加密货币交易都出现亏损。目前加密货币总市值为 4.1 万亿美元。