比特币矿工的持有量已降至历史最低水平，但其持有的比特币货币价值却创下了历史新高。根据IntotheBlock的数据，近期矿工持有的比特币减少至190万枚，这是自2010年3月以来的最低水平。
Bitcoin miners’ holdings have fallen to their lowest levels in history, but their monetary value has reached an all-time high. According to IntotheBlock, the number of bitcoins held by miners has recently decreased to 1.9 million, the lowest level since March 2010.
比特币持有量的下降不仅仅是因为抛售压力，还反映了矿工对当前商业环境的战略调整。由于运营成本高企，如电力、硬件维护和员工工资，矿工们不得不出售比特币以维持业务。此外，矿工们试图通过将加密货币兑换为法定货币或稳定币，以减少比特币价格波动带来的风险。
The decline in Bitcoin holdings is due not only to sales pressures, but also to strategic adjustments by miners to the current business environment. Because of high operating costs, such as electricity, hardware maintenance, and employee wages, miners have to sell bitcoins to maintain their operations.
矿工持有量对市场流动性和比特币价格稳定性有着重大影响。一般来说，持有大量比特币的矿工可以在市场价格波动时起到稳定作用，例如在价格飙升时出售比特币，或在价格下跌时减少出售。然而，目前矿工持有量的下降表明，他们暂时无法履行这一职责。
Miners’ holdings have a significant impact on market liquidity and bitcoin price stability. Generally speaking, miners holding large amounts of bitcoins can play a stabilizing role in market price fluctuations, such as selling bitcoins when prices soar or reducing sales when prices fall.
近期交易费用的飙升增加了矿工的补偿总额。尽管比特币持有量下降，但矿工持有的法定货币价值接近历史高点，这表明他们仍保持盈利。矿工钱包中的比特币流出相对稳定，显示出平衡的销售策略。矿工们似乎没有面临变现巨大压力，也没有大量囤积比特币。这种稳定性意味着矿工预计比特币价格不会大幅下跌，也不会面临出售压力。因此，这可以被视为市场的看涨信号，因为如果需求增加且市场稳定，价格可能会上涨。
The recent surge in transaction costs has increased the total compensation of miners. Despite the decline in Bitcoin holdings, the legal monetary value held by miners is close to historical highs, indicating that they remain profitable.
另一方面，长期持有者、早期矿工和ETF经理最近正在出售大量比特币。BeInCrypto 19日(当地时间)报道称，随着加密货币市场短期稳定性的担忧加剧，过去两周内，长期持有者已出售价值12亿美元的比特币。这种大规模抛售增加了市场压力。
On the other hand, long-term holders, early miners, and ETF managers have recently been selling large amounts of bitcoins. BeInCrypto (local time) reported on 19 that, as concerns about the short-term stability of the crypto-currency market have intensified, long-term holders have sold $1.2 billion in bitcoins over the past two weeks.
区块链分析公司CryptoQuant首席执行官朱基永表示，这些资金应通过场外交易吸收，否则经纪人可能会将比特币存入交易所，对市场产生更大影响。早期比特币矿工在比特币价格在6万至7万美元之间交易时，已实现约5.5亿美元的利润，增加了比特币价格的下行压力。
The block chain analysis company CryptoQuant stated that the funds should be absorbed through off-site transactions, otherwise the broker might put bitcoin on the exchange, with a greater impact on the market. The early bitcoin miners, when they traded between $60,000 and $70,000 in bitcoin, had achieved about $550 million in profits and increased downward pressure on bitcoin prices.
链上分析显示，矿工的抛售与近期比特币减半有关。在这个过程中，实力较弱的矿工被驱逐，导致比特币抛售暂时增加。然而，随着弱势矿工的退出，市场在经历暂时下跌后可能会反弹。链上分析师威利·吴认为，只有期货市场的未平仓合约被清空，牛市才能恢复。他强调，“只有在额外清算完成后，看涨活动才能恢复。”
The chain analysis shows that the miner's sale was associated with the recent halving of bitcoin. In this process, weaker miners were deported, resulting in a temporary increase in bitcoin sales. However, with the withdrawal of vulnerable miners, the market may rebound after a temporary fall. The chain analyst Willy Wu argued that the cow market could recover only if the futures market was emptied.
根据基于人工智能的分析平台Spot on Chain的分析，比特币ETF的持续净流出正在加剧市场困难。截至6月18日，比特币ETF净流出达到1.52亿美元，连续第四天净流出总额为7.14亿美元。灰度和富达基金出现大规模资金流出，悲观情绪加深。
According to the analysis of the artificial intelligence-based analytical platform Spot on Chain, the continued net outflow of the Bitcoin ETF is exacerbating market difficulties. As of 18 June, the net outflow of the Bitcoin ETF reached $152 million, with a total net outflow of $714 million for the fourth consecutive day.
数据公司IntotheBlock的分析师指出，尽管今年早些时候对Ordinals和Loons的兴奋导致比特币交易量激增，但新参与者的涌入却很少。IntotheBlock分析师表示：“通常情况下，加密货币牛市是由广泛的比特币狂热引发的。”然而，尽管比特币最初上涨，散户投资者却缺乏增长。”
Data company IntotheBlock analysts point out that although the excitement over Ordinals and Loons earlier this year led to a surge in bitcoin transactions, the influx of new players was low. IntotheBlock analysts say that “usually, the crypto-currency cow market is triggered by widespread bitcoin fanaticism.” However, despite the initial increase in bitcoins, there is a lack of growth among the diaspora investors.”
比特币新增用户数量已降至多年来的最低水平，甚至低于2018年熊市期间。这引发了有关当前市场动态可持续性的重要问题。由于长期持有者、早期矿工和持续的ETF净流出，比特币可能会经历长期回调。返回搜狐，查看更多
The number of new users of Bitcoin has fallen to its lowest level in many years, even below the state of Bear City in 2018. This raises important questions about the sustainability of current market dynamics. Bitcoin may experience long-term feedback due to the net outflow of long-term holders, early miners and ongoing ETFs.
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