隨著機構持有的收支，比特幣下降到108,000美元以下

比特幣在周三的110,300美元的盤中高價2％後，略高於107,000美元。

Bitcoin (BTC) price dropped slightly in the past 24 hours, trading just above $107,000 after a modest 2% dip from intraday highs of $110,300 hit on Wednesday.

在過去的24小時內，比特幣（BTC）的價格略有下跌，在周三的110,300美元額為110,300美元的價格下跌2％後，交易價格略高於107,000美元。

While some might see this as a short-term blip, the bigger picture is unfolding with interesting implications. A recent report from Gemini and Glassnode highlighted a striking trend: centralized entities are increasingly taking hold of the Bitcoin network.

雖然有些人可能將其視為短期碎片，但更大的圖景正在展現出有趣的含義。 Gemini和GlassNode的最新報告強調了一個驚人的趨勢：集中實體越來越多地掌握了比特幣網絡。

Institutions Are Grasping Bitcoin

機構正在抓住比特幣

As pointed out by the report, centralized entities—exchanges, ETFs, public companies, and even governments—now hold 30.9% of the total circulating Bitcoin supply.

正如該報告所指出的那樣，現在的集中式實體（交換，ETF，上市公司甚至政府）佔循環比特幣供應總額的30.9％。

This is a significant shift from previous years, where decentralized entities like miners and small-scale investors typically controlled a larger portion of the network.

這是與往年的重大轉變，那裡的分散實體（如礦工和小型投資者）通常控制著大部分網絡。

Moreover, over 75% of Bitcoin’s adjusted transfer volume now flows through centralized exchanges, U.S. spot ETFs, and regulated derivatives platforms.

此外，現在比特幣調整後的傳輸量超過75％，現在通過集中式交換，美國ETF和受監管的衍生品平台流動。

This signals a structural change in the market. Institutions are no longer just entering; they’re anchoring Bitcoin’s liquidity and flow, potentially setting the stage for sustained price stability and a potential continuation of the bull market.

這標誌著市場的結構變化。機構不再僅僅進入；他們正在錨定比特幣的流動性和流動，有可能為持續價格穩定和潛在的牛市延續奠定基礎。

The macroeconomic scene also provides context for this narrative. Softer-than-expected U.S. inflation in May—just a 0.1% increase in the Consumer Price Index (CPI)—has rekindled hopes for Federal Reserve rate cuts later in the year.

宏觀經濟場景也為這種敘述提供了背景。 5月的美國通貨膨脹率較高，即消費者價格指數（CPI）增加了0.1％，這對美聯儲在今年晚些時候降低的希望重新點燃了希望。

Some analysts believe that, combined with institutional demand and the anticipation of Fed action, Bitcoin could still be on track for a $200,000 price target by year-end.

一些分析人士認為，結合機構需求和對美聯儲行動的預期，比特幣仍可以按年底達到200,000美元的目標目標。

This would depend on how the remaining macroeconomic variables play out, especially regarding U.S. interest rates and the potential impact on risk appetite among institutional investors.

這將取決於其餘的宏觀經濟變量如何發揮作用，尤其是在美國利率以及機構投資者對風險食慾的潛在影響。