比特币矿商的抛售看起来接近耗尽，标志着市场压力即将逆转

Bitcoin miners are starting to show the strain that often appears near a market washout, but one key part of the usual reset is still missing. The biggest operators are still selling enough BTC to keep a fresh supply flowing into the market. Bitcoin miners are moving toward a classic washout point, while the selling phase still hangs over the market Bitcoin miners are closer to exhaustion than they were a few weeks ago , which has put a familiar bear-market milestone back on the table. The pressure inside the mining business has been intense. In its Q1 2026 mining report , CoinShares showed hashprice sliding from roughly $63 per PH/s/day in July 2025 to around $28 to $30 by early March 2026, a brutal compression in miner revenue that pushed a large slice of the global fleet toward unprofitability. CoinShares estimated that roughly 15% to 20% of global miners were operating at a loss at that revenue level, which gives the current cycle a clear economic trigger rather than a vague sentiment narrative. Why this matters: miners are one of Bitcoin’s most important steady sources of supply. When they are forced to sell more of what they mine, or dip into reserves, that can keep weighing on price even when sentiment starts to improve. That pressure has started to show up in network conditions. The Bitcoin difficulty chart from CoinWarz shows difficulty down 4.19% over the past 30 days and 6.27% over the past 90 days, with another adjustment projected for April 18, 2026. Difficulty declines usually signal that weaker operators are getting pushed out, machines are coming offline, and the strongest miners are getting more breathing room. That kind of reset often appears near the late stages of a miner capitulation phase, which is why the current setup has drawn so much attention. Capitulation starts with stress. The more consequential shift arrives when miners stop selling large chunks of their treasuries to fund operations, debt service, and expansion. That second step carri