比特幣供應的幾乎三分之一由集中式國債持有

包括政府，交易所交易的資金和上市公司在內的集中式國債，現在控制了比特幣供應量的30.9％（BTC）

Almost a third of the Bitcoin (BTC) supply is held and controlled by centralized treasuries, and early adopters are holding a disproportionate share, according to recent research by Gemini and Glassnode.

根據Gemini和Glassnode的最新研究，幾乎三分之一的比特幣（BTC）供應由集中式國庫持有和控制，早期採用者的份額不成比例。

Centralized treasuries, including governments, exchange-traded funds (ETFs) and public companies, now control 30.9% of the circulating supply of Bitcoin, “signaling a growing shift toward institutional-grade infrastructure,” researchers noted in a report on Wednesday.

研究人員在周三的一份報告中指出，包括政府，交易所貿易資金（ETF）在內的集中式國債現在控制了比特幣循環供應的30.9％，“表明向機構級基礎設施的轉變越來越大。”

The total Bitcoin held across major institutional and custodial entities has surged to 6.1 million BTC, which is worth around $668 billion at current prices, representing an increase of 924% in the supply held by these entities over the past decade, they reported.

他們報導，在過去的十年中，這些實體持有的供應量增加了924％，在主要機構和託管實體中持有的比特幣總數增加到6680億美元。

But the chart includes centralized exchanges that hold around half of that figure, and these assets may be held for individual customers and retail investors.

但是該圖表包括持有該數字一半左右的集中交易所，這些資產可以為個人客戶和散戶投資者提供。

The report also observed that across all institutional categories, the top three entities control between 65% and 90% of total holdings, “signaling that early adopters continue to shape institutional market structure.”

該報告還觀察到，在所有機構類別中，前三個實體控制著總持股的65％至90％，“表明早期採用者繼續塑造機構市場結構。”

This concentration is most apparent in DeFi, public companies, ETFs and funds, it noted.

它指出，這種集中度最為明顯。

“In contrast, private company holdings appear more distributed, reflecting a broader base of engagement,” the researchers stated.

研究人員說：“相比之下，私人公司持有量似乎更加分佈，這反映了更廣泛的參與基礎。”

Earlier this month, Cointelegraph reported that 61 publicly listed companies hold over 3% of the total Bitcoin supply.

本月初，Cointelegraph報告說，有61家上市公司佔比特幣供應總額的3％以上。

Sovereign treasuries can influence markets

主權國庫會影響市場

The research also found that sovereign treasury wallets “show infrequent movement and little correlation with Bitcoin’s price cycles.” However, they hold enough of the asset to impact markets when coins are moved or sold.

研究還發現，主權國庫錢包“表現出很少的運動，與比特幣的價格週期幾乎沒有相關性”。但是，當硬幣被移動或出售時，它們持有足夠的資產來影響市場。

It cited the government treasuries of the United States, China, Germany and the United Kingdom, where most BTC is acquired through legal enforcement actions rather than market participation.

它引用了美國，中國，德國和英國的政府國債，那裡的大多數BTC都是通過法律執法行動而不是市場參與獲得的。

Transformation to institutional maturity

轉變為機構成熟

The report concluded that with almost a third of Bitcoin’s circulating supply now held in centralized treasuries, “the market has undergone a structural transformation toward institutional maturity.”

該報告得出的結論是，現在幾乎三分之一的比特幣循環供應在集中的國庫中舉行，“市場已經實現了機構成熟的結構性轉型。”

“Although Bitcoin remains a risk-on asset, its integration into traditional finance has made price action more reliable and less driven by speculative extremes,” they said.

他們說：“儘管比特幣仍然是一種風險資產，但其整合到傳統的財務上，使價格行動更加可靠，並且受到投機性極端的驅動。”