<p>比特幣（[BTC]）在 2025 年 10 月從 126,000 美元的峯值回落，引發了礦工財庫行為的顯著變化。隨着價格的回落，上市礦業公司開始加速將比特幣轉移到交易所。</p>
<p>與此同時，隨着哈希價格跌破每 PH/s 30 美元，挖礦盈利能力急劇收緊，行業利潤空間受到壓縮。與此同時，減半後的獎勵仍為每個區塊 3.125 BTC，每天大約產生 450 BTC 的新供應。隨着運營成本上升，礦工們越來越多地清算儲備以維持現金流。</p>
<p>自 2025 年 10 月以來，上市礦工已售出超過 15,000 BTC。主要交易包括 Cango 處置的 4,451 BTC，以及 Bitdeer、Riot Platforms 和 Core Scientific 的大額銷售。因此，礦工的總餘額現在接近 1,780,305 BTC。</p>
<p>這一變化具有結構性影響。礦工是新比特幣供應的主要來源。當財庫持有量下降時，額外的幣進入流通，暫時擴大了賣方流動性，並加大了市場的下行壓力。</p>
<h2>CleanSpark 信號礦工財庫轉變</h2>
<p>當審視 CleanSpark 在 2 月份的財庫活動時，最近一波礦工分配變得更加清晰。隨着挖礦行業盈利能力的收緊，該公司轉向立即變現新生產。</p>
<p>在整個行業中，Glassnode 報告的 30 天淨頭寸變化約為-490 BTC，表明礦工們集體出售的幣超過了他們的生產。</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>來源：Glassnode</p>
<p>在這種環境下，CleanSpark 的策略反映了向流動性的轉變，顯然通過其大量銷售挖掘的比特幣以產生現金流，符合更廣泛的市場趨勢。</p>
<p>該公司在 2 月份挖掘了 568 BTC，但售出了 553 BTC，產生了大約 3660 萬美元的收益。這幾乎是全部清算，而與 1 月份形成對比，當時 CleanSpark 從 573 個挖掘的比特幣中售出了 159 個——保留了更大比例的生產。</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>來源：CleanSpark</p>
<p>與此同時，總持有量從 13,513 BTC 下降到 13,363 BTC，顯示出財庫逐漸減少的信號。與此同時，運營能力擴大到大約 50 EH/s，提高了生產規模和資本需求。</p>
<p>這些信號共同指向礦工們越來越多地將新發行的比特幣轉化為流動性，強化了遠離長期積累的更廣泛轉變。</p>
<h2>當前礦工銷售迴響過去的清算階段</h2>
<p>目前，比特幣礦工的行為越來越像之前週期末期的清算模式。礦工頭寸指數（MPI）在發佈時接近-0.38，表明相對於年度平均水平，流出量減少。</p>
<p>在之前的熊市中，清算顯得更加激烈。在 2018 年和 2022 年，礦工頭寸指數（MPI）飆升至 2 以上，甚至達到 3.5——反映出在主要反彈之前礦工的強烈銷售。</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>來源：CryptoQuant</p>
<p>與此同時，結構性信號也開始發生變化。</p>
<p>哈希帶指標在 2 月底發出買入信號，因為 30 天哈希率移動平均線突破了 60 天的水平。類似的交叉出現在 2019 年和 2022 年的深度回調之後，均在強勁市場反彈之前。</p>
<p>然而，當前週期可能具有新的動態。企業礦工越來越依賴對沖策略和多元化收入來源。因此，銷售壓力現在更加可控，暗示着逐漸過渡，而不是之前週期中出現的劇烈清算。</p>
<hr/>
<h2>最終總結</h2>
<ul>
<li><em>比特幣（[BTC]）礦工清算正在增加賣方供應，隨着盈利能力下降，在當前市場修正中增加了壓力。</em></li>
<li><em>比特幣礦工的行為越來越像週期末期的清算階段，其中受控分配和結構性信號在歷史上通常預示着市場穩定。</em></li>
</ul>

COIN

BITF

<p>比特幣礦工在盈利能力下降的情況下，越來越多地清算他們的儲備，自 2025 年 10 月以來，上市礦業公司已出售超過 15,000 BTC。CleanSpark 最近的策略反映了這一趨勢，幾乎將所有挖掘的 BTC 出售以維持現金流。礦工頭寸指數顯示出流出減少，類似於之前週期中晚期拋售的模式。然而，目前的動態顯示出由於企業礦工依賴對沖策略，賣出行為更加受控。這種礦工行為的轉變給市場施加了壓力，但也可能標誌着一種漸進的過渡，而非劇烈的拋售</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>比特幣（[BTC]）在 2025 年 10 月從 126,000 美元的峯值回落，引發了礦工財庫行為的顯著變化。隨着價格的回落，上市礦業公司開始加速將比特幣轉移到交易所。</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>與此同時，隨着哈希價格跌破每 PH/s 30 美元，挖礦盈利能力急劇收緊，行業利潤空間受到壓縮。與此同時，減半後的獎勵仍為每個區塊 3.125 BTC，每天大約產生 450 BTC 的新供應。隨着運營成本上升，礦工們越來越多地清算儲備以維持現金流。</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 月以來，上市礦工已售出超過 15,000 BTC。主要交易包括 Cango 處置的 4,451 BTC，以及 Bitdeer、Riot Platforms 和 Core Scientific 的大額銷售。因此，礦工的總餘額現在接近 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>這一變化具有結構性影響。礦工是新比特幣供應的主要來源。當財庫持有量下降時，額外的幣進入流通，暫時擴大了賣方流動性，並加大了市場的下行壓力。</p>
</div><h2>CleanSpark signals miner treasury shift</h2>
<div class="lb-trans"><h2>CleanSpark 信號礦工財庫轉變</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>當審視 CleanSpark 在 2 月份的財庫活動時，最近一波礦工分配變得更加清晰。隨着挖礦行業盈利能力的收緊，該公司轉向立即變現新生產。</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>在整個行業中，Glassnode 報告的 30 天淨頭寸變化約為-490 BTC，表明礦工們集體出售的幣超過了他們的生產。</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>來源：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>在這種環境下，CleanSpark 的策略反映了向流動性的轉變，顯然通過其大量銷售挖掘的比特幣以產生現金流，符合更廣泛的市場趨勢。</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>該公司在 2 月份挖掘了 568 BTC，但售出了 553 BTC，產生了大約 3660 萬美元的收益。這幾乎是全部清算，而與 1 月份形成對比，當時 CleanSpark 從 573 個挖掘的比特幣中售出了 159 個——保留了更大比例的生產。</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>來源：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>與此同時，總持有量從 13,513 BTC 下降到 13,363 BTC，顯示出財庫逐漸減少的信號。與此同時，運營能力擴大到大約 50 EH/s，提高了生產規模和資本需求。</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>這些信號共同指向礦工們越來越多地將新發行的比特幣轉化為流動性，強化了遠離長期積累的更廣泛轉變。</p>
</div><h2>Current miner selling echoes past capitulation phases</h2>
<div class="lb-trans"><h2>當前礦工銷售迴響過去的清算階段</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，比特幣礦工的行為越來越像之前週期末期的清算模式。礦工頭寸指數（MPI）在發佈時接近-0.38，表明相對於年度平均水平，流出量減少。</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，清算顯得更加激烈。在 2018 年和 2022 年，礦工頭寸指數（MPI）飆升至 2 以上，甚至達到 3.5——反映出在主要反彈之前礦工的強烈銷售。</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>來源：CryptoQuant</p>
</div><p>Meanwhile, structural signals are beginning to shift too.</p>
<div class="lb-trans"><p>與此同時，結構性信號也開始發生變化。</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>哈希帶指標在 2 月底發出買入信號，因為 30 天哈希率移動平均線突破了 60 天的水平。類似的交叉出現在 2019 年和 2022 年的深度回調之後，均在強勁市場反彈之前。</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，當前週期可能具有新的動態。企業礦工越來越依賴對沖策略和多元化收入來源。因此，銷售壓力現在更加可控，暗示着逐漸過渡，而不是之前週期中出現的劇烈清算。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Summary</h2>
<div class="lb-trans"><h2>最終總結</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>比特幣（[BTC]）礦工清算正在增加賣方供應，隨着盈利能力下降，在當前市場修正中增加了壓力。</em></li>
<li><em>比特幣礦工的行為越來越像週期末期的清算階段，其中受控分配和結構性信號在歷史上通常預示着市場穩定。</em></li>
</ul>
</div>

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

- 比特幣礦工在利潤下降時加速出售，已售超過 15,000 BTC。  
- CleanSpark 2 月售出 553 BTC，顯示向流動性轉變。  
- 礦工行為類似於早期的崩盤階段，暗示市場有可能穩定。

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CleanSpark 和比特幣礦工的拋售狂潮——礦工持幣時代是否即將結束？