分析師說

研究與經紀公司Bernstein的分析師說

Bitcoin could soon break new highs as corporate accumulation and renewed exchange-traded fund (ETF) inflows drive a “supply squeeze,” analysts at research and brokerage firm Bernstein said in a note to clients on Monday.

研究和經紀公司伯恩斯坦（Bernstein）的分析師在周一在向客戶的一份通知中表示，比特幣可能很快就會破壞新的高點，而企業的積累和新的交易所交易基金（ETF）的流入驅動了“供應壓縮”。

Short-term correlations between Bitcoin and assets like gold or the Nasdaq are misleading, and that factors such as retail selling exhaustion, corporate treasury accumulation, and strong ETF inflows offer a clearer signal for Bitcoin’s trajectory, analysts, led by Gautam Chhugani, argued.

比特幣與黃金或納斯達克等資產之間的短期相關性是誤導性的，諸如零售銷售精疲力盡，公司財政部積累和強大的ETF流入等因素為比特幣的軌跡提供了更清晰的信號，該軌跡，分析師，由喬塔姆·喬加尼（Gautam Chugani）領導的分析師。

Last week, SoftBank, Tether, Bitfinex, and Cantor Fitzgerald announced the launch of Twenty One Capital, a Bitcoin corporate treasury venture starting with 42,000 BTC. The venture will be backed by $900 million from SoftBank, $1.5 billion from Tether, and $600 million from Bitfinex, with plans to merge with Cantor Equity Partners through a SPAC and raise an additional $585 million at closing.

上週，軟銀，繫繩，Bitfinex和Cantor Fitzgerald宣布，二十一首資本（一個比特幣公司的財政企業都從42,000 BTC開始。該合資企業將獲得Softbank的9億美元，Tether的15億美元和Bitfinex的6億美元支持，併計劃通過SPAC與Cantor Equity Partners合併，並在關閉時額外籌集了5.85億美元。

Bernstein compared Twenty One Capital’s strategy to that of Strategy, which raised $22 billion in 2024 and $8.6 billion so far in 2025 to aggressively build its Bitcoin holdings. However, Twenty One’s key advantage is its backing, particularly Tether, which earned $13 billion in 2024 from its $148 billion USDT supply.

伯恩斯坦將二十一首資本的戰略與戰略的戰略進行了比較，該戰略在2024年籌集了220億美元，到目前為止，2025年籌集了86億美元，以積極建立其比特幣持有量。但是，二十一個關鍵優勢是它的支持，尤其是繫帶，該收益在2024年的1480億美元供應中賺了130億美元。

Corporate accumulation is becoming increasingly competitive, the analysts noted, with around 80 companies now holding approximately 700,000 BTC, representing 3.4% of Bitcoin’s total supply.

分析師指出，公司的積累越來越具競爭力，現在約有80家公司擁有約70萬BTC，佔比特幣總供應量的3.4％。

Meanwhile, after a two-month lull following Bitcoin’s 31% drop from its all-time high above $109,000 on Inauguration Day to a low near $75,000, US spot Bitcoin ETF inflows turned positive again. Over $3 billion was added last week—the highest in five months and the second-largest inflow on record. Bitcoin was recently trading at around $95,295.

同時，在比特幣在就職典禮那天的歷史高於109,000美元以上的31％下降到接近75,000美元的低於$ 75,000之後，在比特幣的31％下降後，美國現貨比特幣ETF流入再次變成正面。上週增加了超過30億美元，這是五個月以來最高的，是記錄下的第二大流入。比特幣最近的交易約為95,295美元。

ETFs now hold over 5.5% of the total Bitcoin supply, equivalent to around $110 billion in assets under management. Of that, nearly 33% is held by institutional investors—up from about 20% in September—with 48% of the institutional AUM held by investment advisors and 31% by hedge funds.

現在，ETF持有總比特幣供應量的5.5％，相當於管理資產約為1,100億美元。其中，機構投資者持有近33％的人（9月約20％），其中48％的投資顧問持有的機構AUM和對沖基金31％。

Bernstein pointed out that between ETF holdings and corporate treasuries, nearly 9% of Bitcoin’s total supply is now locked up—a sevenfold increase since January 2024.

伯恩斯坦（Bernstein）指出，在ETF控股和公司國庫中，比特幣總供應量的近9％現在被鎖定了 - 自2024年1月以來，比特幣的總供應量增加了7倍。

Separately, President Trump’s recent executive order establishing a US Strategic Bitcoin Reserve could further accelerate sovereign adoption of Bitcoin.

另外，特朗普總統最近建立美國戰略比特幣儲備的行政命令可以進一步加速對比特幣的主權採用。

Chhugani noted that while current momentum from corporations and institutions alone could push Bitcoin to new highs in 2025, any significant Bitcoin purchases by the US government are not priced in and could trigger a global shift in sovereign accumulation strategies.

Chhugani指出，儘管目前來自公司和機構的目前勢頭可能會在2025年將比特幣推向新高點，但美國政府的任何大量比特幣購買都沒有定價，並且可能會引發主權積累策略的全球轉變。