<p>比特币（[BTC]）在 2025 年 10 月从 126,000 美元的峰值回落，引发了矿工财库行为的显著变化。随着价格的回落，上市矿业公司开始加速将比特币转移到交易所。</p>
<p>与此同时，随着哈希价格跌破每 PH/s 30 美元，挖矿盈利能力急剧收紧，行业利润空间受到压缩。与此同时，减半后的奖励仍为每个区块 3.125 BTC，每天大约产生 450 BTC 的新供应。随着运营成本上升，矿工们越来越多地清算储备以维持现金流。</p>
<p>自 2025 年 10 月以来，上市矿工已售出超过 15,000 BTC。主要交易包括 Cango 处置的 4,451 BTC，以及 Bitdeer、Riot Platforms 和 Core Scientific 的大额销售。因此，矿工的总余额现在接近 1,780,305 BTC。</p>
<p>这一变化具有结构性影响。矿工是新比特币供应的主要来源。当财库持有量下降时，额外的币进入流通，暂时扩大了卖方流动性，并加大了市场的下行压力。</p>
<h2>CleanSpark 信号矿工财库转变</h2>
<p>当审视 CleanSpark 在 2 月份的财库活动时，最近一波矿工分配变得更加清晰。随着挖矿行业盈利能力的收紧，该公司转向立即变现新生产。</p>
<p>在整个行业中，Glassnode 报告的 30 天净头寸变化约为-490 BTC，表明矿工们集体出售的币超过了他们的生产。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/glassnode-studio_btc-miner-net-position-change-1-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/glassnode-studio_btc-miner-net-position-change-1-scaled.png"/></p>
<p>来源：Glassnode</p>
<p>在这种环境下，CleanSpark 的策略反映了向流动性的转变，显然通过其大量销售挖掘的比特币以产生现金流，符合更广泛的市场趋势。</p>
<p>该公司在 2 月份挖掘了 568 BTC，但售出了 553 BTC，产生了大约 3660 万美元的收益。这几乎是全部清算，而与 1 月份形成对比，当时 CleanSpark 从 573 个挖掘的比特币中售出了 159 个——保留了更大比例的生产。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/ddb58b4b-a9ab-422c-9aab-2aa087a8021d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/ddb58b4b-a9ab-422c-9aab-2aa087a8021d.png"/></p>
<p>来源：CleanSpark</p>
<p>与此同时，总持有量从 13,513 BTC 下降到 13,363 BTC，显示出财库逐渐减少的信号。与此同时，运营能力扩大到大约 50 EH/s，提高了生产规模和资本需求。</p>
<p>这些信号共同指向矿工们越来越多地将新发行的比特币转化为流动性，强化了远离长期积累的更广泛转变。</p>
<h2>当前矿工销售回响过去的清算阶段</h2>
<p>目前，比特币矿工的行为越来越像之前周期末期的清算模式。矿工头寸指数（MPI）在发布时接近-0.38，表明相对于年度平均水平，流出量减少。</p>
<p>在之前的熊市中，清算显得更加激烈。在 2018 年和 2022 年，矿工头寸指数（MPI）飙升至 2 以上，甚至达到 3.5——反映出在主要反弹之前矿工的强烈销售。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/Bitcoin-Miners-Position-Index-MPI-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/Bitcoin-Miners-Position-Index-MPI-scaled.png"/></p>
<p>来源：CryptoQuant</p>
<p>与此同时，结构性信号也开始发生变化。</p>
<p>哈希带指标在 2 月底发出买入信号，因为 30 天哈希率移动平均线突破了 60 天的水平。类似的交叉出现在 2019 年和 2022 年的深度回调之后，均在强劲市场反弹之前。</p>
<p>然而，当前周期可能具有新的动态。企业矿工越来越依赖对冲策略和多元化收入来源。因此，销售压力现在更加可控，暗示着逐渐过渡，而不是之前周期中出现的剧烈清算。</p>
<hr/>
<h2>最终总结</h2>
<ul>
<li><em>比特币（[BTC]）矿工清算正在增加卖方供应，随着盈利能力下降，在当前市场修正中增加了压力。</em></li>
<li><em>比特币矿工的行为越来越像周期末期的清算阶段，其中受控分配和结构性信号在历史上通常预示着市场稳定。</em></li>
</ul>

COIN

BITF

<p>比特币矿工在盈利能力下降的情况下，越来越多地清算他们的储备，自 2025 年 10 月以来，上市矿业公司已出售超过 15,000 BTC。CleanSpark 最近的策略反映了这一趋势，几乎将所有挖掘的 BTC 出售以维持现金流。矿工头寸指数显示出流出减少，类似于之前周期中晚期抛售的模式。然而，目前的动态显示出由于企业矿工依赖对冲策略，卖出行为更加受控。这种矿工行为的转变给市场施加了压力，但也可能标志着一种渐进的过渡，而非剧烈的抛售</p>

<p>Bitcoin’s [BTC] retreat from the $126,000 peak in October 2025 triggered a notable shift in miner treasury behavior. As prices cooled down, public mining companies began accelerating transfers of BTC to exchanges.</p>
<div class="lb-trans"><p>比特币（[BTC]）在 2025 年 10 月从 126,000 美元的峰值回落，引发了矿工财库行为的显著变化。随着价格的回落，上市矿业公司开始加速将比特币转移到交易所。</p>
</div><p>At the same time, mining profitability tightened sharply as hashprice dropped below $30 per PH/s, compressing margins across the industry. Meanwhile, the post-halving reward remains 3.125 BTC per block, producing roughly 450 BTC of new supply daily. As operational costs rise, miners have been increasingly liquidating reserves to maintain cash flows.</p>
<div class="lb-trans"><p>与此同时，随着哈希价格跌破每 PH/s 30 美元，挖矿盈利能力急剧收紧，行业利润空间受到压缩。与此同时，减半后的奖励仍为每个区块 3.125 BTC，每天大约产生 450 BTC 的新供应。随着运营成本上升，矿工们越来越多地清算储备以维持现金流。</p>
</div><p>Since October 2025, publicly listed miners have sold more than 15,000 BTC. Major transactions include Cango’s 4,451 BTC disposal, alongside large sales from Bitdeer, Riot Platforms, and Core Scientific. As a result, the total miner balance now stands near 1,780,305 BTC.</p>
<div class="lb-trans"><p>自 2025 年 10 月以来，上市矿工已售出超过 15,000 BTC。主要交易包括 Cango 处置的 4,451 BTC，以及 Bitdeer、Riot Platforms 和 Core Scientific 的大额销售。因此，矿工的总余额现在接近 1,780,305 BTC。</p>
</div><p>This shift carries structural implications. Miners represent the primary source of new Bitcoin supply. When treasury holdings decline, additional coins enter circulation, temporarily expanding sell-side liquidity and reinforcing downward pressure across the market.</p>
<div class="lb-trans"><p>这一变化具有结构性影响。矿工是新比特币供应的主要来源。当财库持有量下降时，额外的币进入流通，暂时扩大了卖方流动性，并加大了市场的下行压力。</p>
</div><h2>CleanSpark signals miner treasury shift</h2>
<div class="lb-trans"><h2>CleanSpark 信号矿工财库转变</h2>
</div><p>The recent wave of miner distribution became clearer when examining CleanSpark’s treasury activity in February. As profitability tightened across the mining sector, the company shifted towards immediate monetization of new production.</p>
<div class="lb-trans"><p>当审视 CleanSpark 在 2 月份的财库活动时，最近一波矿工分配变得更加清晰。随着挖矿行业盈利能力的收紧，该公司转向立即变现新生产。</p>
</div><p>Across the sector, Glassnode reported a 30-day net position change of about -490 BTC, indicating miners have been collectively selling more coins than they produce.</p>
<div class="lb-trans"><p>在整个行业中，Glassnode 报告的 30 天净头寸变化约为-490 BTC，表明矿工们集体出售的币超过了他们的生产。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/glassnode-studio_btc-miner-net-position-change-1-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/03/glassnode-studio_btc-miner-net-position-change-1-scaled.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>Within this environment, CleanSpark’s strategy mirrors the shift towards liquidity, as evidenced by their significant sales of mined BTC to generate cash flow amidst broader market trends.</p>
<div class="lb-trans"><p>在这种环境下，CleanSpark 的策略反映了向流动性的转变，显然通过其大量销售挖掘的比特币以产生现金流，符合更广泛的市场趋势。</p>
</div><p>The company mined 568 BTC in February, yet sold 553 BTC, generating roughly $36.6 million in proceeds. This near-total liquidation was in contrast with January, when CleanSpark sold 159 BTC out of 573 mined – Retaining a larger portion of production.</p>
<div class="lb-trans"><p>该公司在 2 月份挖掘了 568 BTC，但售出了 553 BTC，产生了大约 3660 万美元的收益。这几乎是全部清算，而与 1 月份形成对比，当时 CleanSpark 从 573 个挖掘的比特币中售出了 159 个——保留了更大比例的生产。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/ddb58b4b-a9ab-422c-9aab-2aa087a8021d.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/03/ddb58b4b-a9ab-422c-9aab-2aa087a8021d.png"/></p>
<p>Source: CleanSpark</p>
<div class="lb-trans"><p>来源：CleanSpark</p>
</div><p>At the same time, total holdings declined from 13,513 BTC to 13,363 BTC, signaling a gradual treasury drawdown. Meanwhile, operational capacity expanded to roughly 50 EH/s, raising both production scale and capital requirements.</p>
<div class="lb-trans"><p>与此同时，总持有量从 13,513 BTC 下降到 13,363 BTC，显示出财库逐渐减少的信号。与此同时，运营能力扩大到大约 50 EH/s，提高了生产规模和资本需求。</p>
</div><p>Together, these signals pointed to miners increasingly converting new issuance into liquidity, reinforcing the broader shift away from long-term accumulation.</p>
<div class="lb-trans"><p>这些信号共同指向矿工们越来越多地将新发行的比特币转化为流动性，强化了远离长期积累的更广泛转变。</p>
</div><h2>Current miner selling echoes past capitulation phases</h2>
<div class="lb-trans"><h2>当前矿工销售回响过去的清算阶段</h2>
</div><p>Right now, Bitcoin miner behavior increasingly resembles late-stage capitulation patterns seen in previous cycles. The Miner Position Index (MPI) sat near -0.38 at press time, signaling reduced outflows relative to the yearly average.</p>
<div class="lb-trans"><p>目前，比特币矿工的行为越来越像之前周期末期的清算模式。矿工头寸指数（MPI）在发布时接近-0.38，表明相对于年度平均水平，流出量减少。</p>
</div><p>In previous bear markets, capitulation appeared far more aggressive. During 2018 and 2022, the Miner Position Index (MPI) surged above 2 and even 3.5 – Reflecting intense miner selling before major recoveries.</p>
<div class="lb-trans"><p>在之前的熊市中，清算显得更加激烈。在 2018 年和 2022 年，矿工头寸指数（MPI）飙升至 2 以上，甚至达到 3.5——反映出在主要反弹之前矿工的强烈销售。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/03/Bitcoin-Miners-Position-Index-MPI-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/03/Bitcoin-Miners-Position-Index-MPI-scaled.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>Meanwhile, structural signals are beginning to shift too.</p>
<div class="lb-trans"><p>与此同时，结构性信号也开始发生变化。</p>
</div><p>The Hash Ribbon indicators flashed a buy signal in late February, as the 30-day hash rate moving average crossed above the 60-day. Similar crossovers followed deep drawdowns in 2019 and 2022, both preceding strong market rebounds.</p>
<div class="lb-trans"><p>哈希带指标在 2 月底发出买入信号，因为 30 天哈希率移动平均线突破了 60 天的水平。类似的交叉出现在 2019 年和 2022 年的深度回调之后，均在强劲市场反弹之前。</p>
</div><p>However, the current cycle might just have new dynamics. Corporate miners are increasingly relying on hedging strategies and diversified revenue streams. As a result, the selling pressure is now more controlled, hinting at a gradual transition rather than the violent capitulation seen in previous cycles.</p>
<div class="lb-trans"><p>然而，当前周期可能具有新的动态。企业矿工越来越依赖对冲策略和多元化收入来源。因此，销售压力现在更加可控，暗示着逐渐过渡，而不是之前周期中出现的剧烈清算。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Summary</h2>
<div class="lb-trans"><h2>最终总结</h2>
</div><ul>
<li><em>Bitcoin [BTC] miner liquidations are increasing sell-side supply as profitability declines, adding pressure during the current market correction.</em></li>
<li><em>Bitcoinminer behavior increasingly resembles late-cycle capitulation phases, where controlled distribution and structural signals historically precede market stabilization.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>比特币（[BTC]）矿工清算正在增加卖方供应，随着盈利能力下降，在当前市场修正中增加了压力。</em></li>
<li><em>比特币矿工的行为越来越像周期末期的清算阶段，其中受控分配和结构性信号在历史上通常预示着市场稳定。</em></li>
</ul>
</div>

CleanSpark and Bitcoin miners’ selling spree – Is the miner HODL era ending?

- 比特币矿工在利润下降时加速出售，已售超过 15,000 BTC。  
- CleanSpark 2 月售出 553 BTC，显示向流动性转变。  
- 矿工行为类似于早期的崩盘阶段，暗示市场有可能稳定。

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CleanSpark 和比特币矿工的抛售狂潮——矿工持币时代是否即将结束？