現在，比特幣循環供應的30％以上僅集中在216個集中實體的手中

根據最新的區塊鏈數據

According to the latest blockchain data from Gemini and Glassnode, over 30% of Bitcoin’s (BTC) circulating supply is now concentrated in the hands of just 216 centralized entities.

根據Gemini和GlassNode的最新區塊鏈數據，比特幣（BTC）循環供應的30％以上僅集中在216個集中式實體手中。

This trend, which has been steadily unfolding over the past decade, marks a significant shift away from the decentralized vision of Bitcoin’s early days. Back then, the founders envisioned millions of individuals holding and using Bitcoin directly. However, as the cryptocurrency has gained mainstream acceptance and institutional interest has soared, we're now seeing a scenario where a smaller number of large institutions are accumulating and controlling increasingly larger portions of the total supply.

在過去的十年中，這種趨勢一直在穩步發展，標誌著比特幣早期的分散視野的重大轉變。當時，創始人設想了數百萬個人直接持有和使用比特幣。但是，隨著加密貨幣已經獲得了主流的接受和機構的興趣，我們現在看到了一種場景，較少數量的大型機構正在積累並控制越來越多的總供應。

A decade ago, centralized exchanges collectively held just under 600,000 BTC for their users. Today the total amount of Bitcoin held across major institutional and custodial entities has surged to an estimated 6,145,207 BTC, a 924% increase over the past ten years.

十年前，集中式交易所集體持有不到60萬BTC的用戶。如今，在主要機構和託管實體中持有的比特幣總數已飆升至估計6,145,207 BTC，在過去十年中增長了924％。

This centralization occurs as Bitcoin’s spot price continues to climb. Since early 2015, Bitcoin has risen from below $1,000 to now trading above $107,000, reinforcing its growing appeal as a strategic asset among large institutional players.

隨著比特幣的現貨價格繼續上漲，這種集中化發生。自2015年初以來，比特幣已從1,000美元以下到現在的交易額超過107,000美元，從而增強了其作為大型機構參與者的戰略資產的吸引力。

The data, which is still being updated regularly, spans 216 entities across six key categories: centralized exchanges, ETFs and funds, public companies, private companies, DeFi contracts, and governments. While the dataset is not exhaustive, it captures the most influential actors now collectively controlling nearly one-third of Bitcoin’s supply.

該數據仍在定期進行更新，跨越了六個關鍵類別的216個實體：集中式交流，ETF和資金，上市公司，私人公司，DEFI合同和政府。儘管數據集並不詳盡，但它捕獲了目前最有影響力的演員，總體控制了比特幣供應量的三分之一。

The chart below shows this evolution visually. Exchanges (shown in orange) remain the dominant custodians of Bitcoin holdings, followed by ETFs and funds (yellow), with noticeable growth in holdings by private companies (blue) and governments (green) over the past two years. Public companies and DeFi contracts represent smaller but steadily growing segments of institutional Bitcoin ownership.

下圖在視覺上顯示了此進化。交易所（以橙色顯示）仍然是比特幣持有的主要保管人，其次是ETF和資金（黃色），在過去兩年中，私營公司（藍色）和政府（綠色）的持股量顯著增長。上市公司和DEFI合同代表了機構比特幣所有權的較小但穩步增長的部分。

Several factors appear to be driving this trend in centralized Bitcoin adoption.

在採用集中式比特幣中，似乎有幾個因素推動了這種趨勢。

First, the rise of regulated Bitcoin ETFs and funds in major markets like the US and Europe has enabled a broader class of institutional investors to gain exposure to BTC without managing private keys directly, which has contributed to the significant growth in custodial balances.

首先，在美國和歐洲等主要市場中受監管的比特幣ETF和資金的興起，使更廣泛的機構投資者能夠在不直接管理私鑰的情況下獲得BTC的敞口，這為保管均衡的顯著增長做出了巨大的增長。

Second, as Bitcoin matures as an asset class, public and private companies are increasingly adding BTC to their treasuries, both as a hedge against fiat debasement and as a long-term strategic reserve. Notable examples include MicroStrategy, Tesla, and a growing number of smaller firms.

其次，隨著比特幣作為資產類別的成熟，公共和私人公司越來越多地將BTC添加到其國庫中，既是對菲亞特貶低的對沖，又是長期戰略儲備。值得注意的例子包括微觀，特斯拉和越來越多的較小公司。

Third, government holdings, once negligible, have begun to climb. While still small in absolute terms, several governments now report seized BTC balances or have quietly added Bitcoin to their reserves.

第三，政府持有曾經可以忽略不計，開始攀升。雖然在絕對方面仍然很小，但現在有幾個政府報告抓住了BTC的餘額或在其儲備中悄悄增加了比特幣。

But this deepening institutional embrace comes with trade-offs. On one hand, greater participation by regulated entities enhances Bitcoin’s legitimacy and liquidity. On the other, it also increases custodial risk and undermines one of Bitcoin’s core principles: decentralized ownership.

但是這種加深的機構擁抱是由權衡取捨。一方面，受管制實體的更多參與增強了比特幣的合法性和流動性。另一方面，它還增加了監護風險，並破壞了比特幣的核心原則之一：分散的所有權。

As exchanges and custodians aggregate ever larger portions of the total supply, systemic risks emerge. A significant security breach or regulatory action targeting a handful of these entities could trigger outsized impacts on the broader Bitcoin market.

隨著交易所和保管人匯總了總供應量的大部分，因此出現了全身風險。針對少數這些實體的重大安全違規或監管行動可能會引發對更廣泛的比特幣市場的巨大影響。

For now, the trajectory is clear. Institutions continue to accumulate Bitcoin, and the network’s original ideal of wide, sovereign individual ownership is giving way, at least in part, to a more centralized custody model.

目前，軌跡很明顯。機構繼續積累比特幣，該網絡的最初主權個人所有權的原始理想至少在某種程度上使其成為一個更具集中式的監護模型。