<p>市場目前確實在考驗投資者的耐心。</p>
<p>比特幣 [BTC] 仍然交易在其 $126,000 峯值下方約 30%，這使得許多持有者處於虧損狀態。例如，短期持有者的成本基礎約為 $102,000。因此，短期持有者大約面臨 12% 的未實現損失。</p>
<p>礦業方面的情況也沒有好到哪裏去。</p>
<p>根據 Glassnode 的數據，總礦工收入從十月中旬的 562 BTC 降至現在的 502 BTC，下降了 11%。這清楚地表明礦工們感受到壓力，因為收入和盈利能力受到影響。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.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/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png"/></p>
<p>來源：Glassnode</p>
<p>值得注意的是，這一下降發生在挖礦難度創下新高的情況下。</p>
<p>在十一月初，比特幣挖礦難度躍升至創紀錄的 159 萬億，這意味着礦工現在需要更多的算力和電力才能獲得相同的獎勵。基本上，他們的工作變得更加艱難，但收入卻減少了。</p>
<p>這對盈利能力造成了嚴重壓力。</p>
<p>再加上市場尚未完全轉向風險偏好，BTC 的 $90,000 支撐位仍然不穩，這就引發了一個問題——隨着收入下降和挖礦難度創下新高，礦工是否正被迫走向清算？</p>
<h2>在市場不確定性中，比特幣礦工面臨壓力</h2>
<p>看起來現在仍然太早去判斷底部。</p>
<p>機構資本在比特幣中尚未完全到位。BTC ETF 的資金流動非常波動，資金每天都在進出。例如，最近的數據突顯出淨流出達 8000 萬美元。</p>
<p>歷史上，在之前的牛市中，BTC 的大幅波動依賴於持續的 ETF 流入。沒有這種支持，跌破 $90,000 仍然是一個真實的可能性。而且，看起來礦工的耐心已經開始消耗殆盡。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.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/2025/12/glassnode-studio_btc-miner-net-position-change.png"/></p>
<p>來源：Glassnode</p>
<p>在十一月底，比特幣礦工的淨頭寸變化仍然處於負值，達到 -3,555 BTC。這與 BTC 跌至約 $80,000 相對應。有趣的是，似乎又出現了類似的模式。</p>
<p>附圖顯示，該指標已再次轉為負值，淨流出為 -487 BTC——這表明一些礦工可能開始清算。這可能對礦工錢包中持有的 30 天 BTC 供應造成壓力。</p>
<p>從本質上講，另一波礦工分配可能正在暗中醖釀。隨着市場波動性仍然很高，樂觀的 BTC 競標保持謹慎，全面的比特幣礦工清算不能被排除。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>比特幣礦工收入在兩個月內下降了 11%，這表明在挖礦難度創下新高的情況下盈利能力面臨壓力。</em></li>
<li><em>礦工的淨頭寸變化表明一些礦工開始清算。</em></li>
</ul>
<hr/>

<p>比特幣礦工的收入下降了 11%，而挖礦難度達到了歷史最高水平，導致盈利壓力加大。礦工的淨頭寸變化顯示出投降的跡象，因為市場波動性仍然很高，機構資本尚未穩定。在這些挑戰中，礦工全面投降的潛力正在增加</p>

<p>The market is really testing investor patience right now.</p>
<div class="lb-trans"><p>市場目前確實在考驗投資者的耐心。</p>
</div><p>Bitcoin [BTC] is still trading about 30% below its $126k peak, leaving a lot of holders underwater. For example, the STH cost basis is around $102k. So, short-term holders are seeing roughly 12% in unrealized losses.</p>
<div class="lb-trans"><p>比特幣 [BTC] 仍然交易在其 $126,000 峯值下方約 30%，這使得許多持有者處於虧損狀態。例如，短期持有者的成本基礎約為 $102,000。因此，短期持有者大約面臨 12% 的未實現損失。</p>
</div><p>The mining side isn’t doing much better either.</p>
<div class="lb-trans"><p>礦業方面的情況也沒有好到哪裏去。</p>
</div><p>According to Glassnode, total miner revenue dropped from 562 BTC in mid-October to 502 BTC now – An 11% decline. That’s a clear sign miners are feeling the squeeze as revenue and profitability take a hit.</p>
<div class="lb-trans"><p>根據 Glassnode 的數據，總礦工收入從十月中旬的 562 BTC 降至現在的 502 BTC，下降了 11%。這清楚地表明礦工們感受到壓力，因為收入和盈利能力受到影響。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>來源：Glassnode</p>
</div><p>Notably, this drop is happening even as mining difficulty hits new highs.</p>
<div class="lb-trans"><p>值得注意的是，這一下降發生在挖礦難度創下新高的情況下。</p>
</div><p>In early November, Bitcoin mining difficulty jumped to a record 159 trillion, meaning miners now need more hashing power and electricity just to earn the same rewards. Basically, they’re working harder but making less.</p>
<div class="lb-trans"><p>在十一月初，比特幣挖礦難度躍升至創紀錄的 159 萬億，這意味着礦工現在需要更多的算力和電力才能獲得相同的獎勵。基本上，他們的工作變得更加艱難，但收入卻減少了。</p>
</div><p>That’s putting some serious pressure on profitability.</p>
<div class="lb-trans"><p>這對盈利能力造成了嚴重壓力。</p>
</div><p>Add in the fact that the market hasn’t fully turned risk-on yet, with BTC’s $90k floor still shaky, it begs the question – Are miners being pushed towards capitulation as revenue drops and difficulty hits record highs?</p>
<div class="lb-trans"><p>再加上市場尚未完全轉向風險偏好，BTC 的 $90,000 支撐位仍然不穩，這就引發了一個問題——隨着收入下降和挖礦難度創下新高，礦工是否正被迫走向清算？</p>
</div><h2>Bitcoin miners under pressure amid market uncertainty</h2>
<div class="lb-trans"><h2>在市場不確定性中，比特幣礦工面臨壓力</h2>
</div><p>Looks like it’s still too early to call a bottom.</p>
<div class="lb-trans"><p>看起來現在仍然太早去判斷底部。</p>
</div><p>Institutional capital in Bitcoin hasn’t fully arrived yet. BTC ETFs have been showing highly volatile flows, with money moving in and out day-to-day. The most recent data, for example, highlighted $80 million in net outflows.</p>
<div class="lb-trans"><p>機構資本在比特幣中尚未完全到位。BTC ETF 的資金流動非常波動，資金每天都在進出。例如，最近的數據突顯出淨流出達 8000 萬美元。</p>
</div><p>Historically, during previous bull rallies, BTC’s big moves have relied on consistent ETF inflows. Without that support, a drop below $90k remains a real possibility. And, it looks like miner patience is already wearing thin right now.</p>
<div class="lb-trans"><p>歷史上，在之前的牛市中，BTC 的大幅波動依賴於持續的 ETF 流入。沒有這種支持，跌破 $90,000 仍然是一個真實的可能性。而且，看起來礦工的耐心已經開始消耗殆盡。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>來源：Glassnode</p>
</div><p>Back in late November, Bitcoin miners’ net position change stayed in the red, hitting –3,555 BTC. This corresponded with BTC dropping to around $80k. Interestingly, a similar pattern seems to be emerging again.</p>
<div class="lb-trans"><p>在十一月底，比特幣礦工的淨頭寸變化仍然處於負值，達到 -3,555 BTC。這與 BTC 跌至約 $80,000 相對應。有趣的是，似乎又出現了類似的模式。</p>
</div><p>The attached chart revealed that the metric has flipped back to red, with –487 BTC in net outflows – A sign that some miners may be starting to capitulate. This may be putting pressure on the 30-day BTC supply held in miner wallets.</p>
<div class="lb-trans"><p>附圖顯示，該指標已再次轉為負值，淨流出為 -487 BTC——這表明一些礦工可能開始清算。這可能對礦工錢包中持有的 30 天 BTC 供應造成壓力。</p>
</div><p>In essence, another wave of miner distribution could be brewing under the surface. With market volatility still high and bullish BTC bids remaining cautious, a full-blown Bitcoin miner capitulation can’t be ruled out.</p>
<div class="lb-trans"><p>從本質上講，另一波礦工分配可能正在暗中醖釀。隨着市場波動性仍然很高，樂觀的 BTC 競標保持謹慎，全面的比特幣礦工清算不能被排除。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</h2>
</div><ul>
<li><em>Bitcoin miner revenue has dropped 11% in two months, signaling stress in profitability as mining difficulty hits record highs.</em></li>
<li><em>Miners’ net position changes indicated that some are starting to capitulate.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>比特幣礦工收入在兩個月內下降了 11%，這表明在挖礦難度創下新高的情況下盈利能力面臨壓力。</em></li>
<li><em>礦工的淨頭寸變化表明一些礦工開始清算。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

比特幣礦工的收入下降了 11%——接下來會是投降嗎？