比特币减半前矿工抛售激增

在减半事件之前，矿商大幅抛售其持有的比特币（BTC），比特币持有量跌至 12 个月低点。这种抛售反映在“矿工到交易所流量”指标的飙升上，表明从矿工发送到交易所的 BTC 有所增加。尽管区块奖励减少，但来自交易费用的矿工收入百分比却有所上升，在撰写本文时达到 15%。

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

矿工出走：比特币减半前抛售激增

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.

随着备受期待的比特币减半事件最近结束，IntoTheBlock 的数据显示，矿工的比特币持有量大幅下降，达到 12 个月低点。矿工比特币储备的大幅下降表明，他们在减半之前一直在积极抛售比特币。

Observable Trends in Miner Behavior

矿工行为的可观察趋势

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.

矿工到交易所流量指标（衡量从矿工流向交易所的 BTC 数量）的大幅飙升提供了 BTC 矿工抛售硬币激增的证据。该指标的上升表明矿工出售的比特币多于开采的比特币，这通常被解读为对比特币价格的看跌情绪。

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.

根据 CryptoQuant 的数据，4 月 19 日，BTC 矿工向加密货币交易所转移了惊人的 366 BTC，根据当前市场价格计算，价值约为 2345 万美元。这比 4 月 18 日矿工发送到交易所的 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.

截至本文撰写时，关联矿工钱包中持有的 BTC 总量已降至 181 万 BTC，表明其总体持有量大幅减少。

Transaction Fees Surge: Miners' New Revenue Stream

交易费用飙升：矿工的新收入来源

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.

尽管减半导致区块奖励减少，但比特币矿工仍在交易费用飙升中找到安慰。随着符文协议的推出，比特币网络用户急切地铸造可替代代币，用户为将交易包含在区块中而支付的费用猛增。 Runes 协议由比特币序数发明者 Casey Rodmarmor 创建，提供了一种在比特币网络上创建新代币的更有效方法。

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.

比特币区块浏览器 mempool.space 的数据显示，随着用户强烈要求将新代币“蚀刻”到网络上，减半区块（即第 840,000 个区块）获得了令人印象深刻的 40.7 BTC（相当于超过 250 万美元）的交易费用。

Data Analysis: Miners' Revenue and Market Dynamics

数据分析：矿工收入与市场动态

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的数据表明，由于交易费用的激增，来自费用的矿工收入比例大幅上升。据链上数据提供商称，截至发稿时，这一比例为 15%，仅在过去 24 小时内就增加了 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.

据 CoinMarketCap 报道，目前 BTC 的估值为 64,262 美元，过去 24 小时内价格小幅上涨 3%。然而，在此期间日交易量下降了 8%，引发了人们对短期内价格可能因耗尽而回落的担忧。

Conclusion

结论

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.

比特币矿商在减半前的大幅抛售，加上交易费用的飙升，为加密货币市场描绘了一幅复杂的图景。虽然矿工可能试图利用减半的预期，但费用的增加提供了新的收入来源，减轻了区块奖励减少的影响。然而，价格上涨与交易量下降之间的背离表明，价格可能会在不久的将来盘整，甚至出现回调。随着市场动态的不断发展，投资者保持谨慎并密切关注事态发展仍然至关重要。