比特幣、國債崛起：解讀機構湧入

即使在市場波動的情況下，企業比特幣國債仍在增長。貝萊德 (BlackRock) 的比特幣 ETF 資產管理規模達到 100B 美元。這對數字黃金的未來意味著什麼？

Bitcoin, Treasuries, Rise: Decoding the Institutional Influx

比特幣、國債崛起：解讀機構湧入

The world of Bitcoin is getting a serious makeover, thanks to some heavy hitters making big moves. Corporate treasuries are loading up on BTC, and BlackRock's Bitcoin ETF is making history. Let's break down what's happening and why it matters.

由於一些重量級人物採取了重大舉措，比特幣世界正在發生重大轉變。企業金庫正在大量買入比特幣，貝萊德的比特幣 ETF 正在創造歷史。讓我們來分析一下正在發生的事情以及為什麼它很重要。

Corporate Bitcoin Holdings: A Bullish Signal

企業比特幣持有量：看漲信號

Hold up, did you know that the number of public companies holding Bitcoin jumped by almost 40% in just three months? Yeah, from July to September 2025, 48 new companies joined the Bitcoin brigade. Bitwise reports that these corporate stashes now hold over 1 million BTC, worth a cool $117 billion. That's like 4.87% of all the Bitcoin out there!

等等，你知道持有比特幣的上市公司數量在短短三個月內猛增了近 40% 嗎？是的，從 2025 年 7 月到 9 月，有 48 家新公司加入了比特幣大軍。 Bitwise 報告稱，這些公司目前持有超過 100 萬枚 BTC，價值 1170 億美元。這相當於所有比特幣的 4.87%！

Rachel Lucas, an analyst at BTC Markets, nails it: major players are doubling down, not backing out. These companies aren't just chasing quick profits; they're in it for the long haul.

BTC Markets 分析師雷切爾·盧卡斯 (Rachel Lucas) 指出：主要參與者正在加倍努力，而不是後退。這些公司不僅追求快速利潤，而且還追求快速利潤。他們將長期投入其中。

BlackRock's $100 Billion Bitcoin Bonanza

貝萊德 1000 億美元的比特幣財富

Speaking of big moves, BlackRock CEO Larry Fink just announced that their spot Bitcoin ETF, IBIT, has blown past $100 billion in assets under management (AUM). In less than two years, folks! Fink says they're doubling down on digital assets as part of a strategy to innovate investment vehicles.

談到重大舉措，貝萊德首席執行官 Larry Fink 剛剛宣布，他們的現貨比特幣 ETF IBIT 的管理資產 (AUM) 已突破 1000 億美元。不到兩年，各位！芬克表示，他們正在加倍投資數字資產，作為創新投資工具戰略的一部分。

BlackRock currently holds a whopping 804,944 BTC, representing 3.833% of the total Bitcoin supply. They're not just dabbling; they're diving in headfirst.

貝萊德目前持有 804,944 枚 BTC，佔比特幣總供應量的 3.833%。他們不只是涉足，而是涉獵。他們正在一頭扎進去。

Why Aren't Prices Skyrocketing? The Market Paradox

為何物價沒有飛漲？市場悖論

Okay, so companies are buying Bitcoin left and right, but the price is still bouncing around like a rubber ball. What gives? Lucas points out a few reasons.

好吧，公司左右購買比特幣，但價格仍然像橡皮球一樣上下波動。什麼給？盧卡斯指出了幾個原因。

• OTC Accumulation: Companies usually buy Bitcoin over-the-counter (OTC) to avoid messing with spot prices. It's a sneaky way to scoop up BTC without causing a frenzy.
• Opposing Market Forces: While companies are buying, other players are selling, taking profits, or using derivatives to amplify price swings.
• Macro Mayhem: Events like trade tensions between the U.S. and China can trigger market sell-offs, dragging Bitcoin down with them.

The Long Game: A Weaker Correlation?

長期博弈：相關性較弱？

Edward Carroll, head of markets at MHC Digital Group, believes that this fundamental market imbalance will eventually boost Bitcoin's price in the medium to long term. He thinks Bitcoin's demand will grow steadily, gradually decoupling it from general market sentiment.

MHC Digital Group 市場主管愛德華·卡羅爾 (Edward Carroll) 認為，這種根本性的市場失衡最終將在中長期內推高比特幣的價格。他認為比特幣的需求將穩步增長，逐漸與總體市場情緒脫鉤。

The Future is Tokenized (Apparently)

未來是代幣化的（顯然）

Larry Fink is all-in on tokenization. He envisions everything from real estate to stocks and bonds being tokenized, bringing traditional assets into the digital finance world. He sees it as a key trend for the future, attracting younger investors who are already crypto-savvy.

拉里·芬克 (Larry Fink) 全力投入代幣化。他設想從房地產到股票和債券的一切都將被代幣化，將傳統資產帶入數字金融世界。他認為這是未來的一個關鍵趨勢，吸引了已經精通加密貨幣的年輕投資者。

Final Thoughts: Buckle Up, Buttercup

最後的想法：係好安全帶，毛茛

So, what's the takeaway? Bitcoin is becoming a serious asset in the eyes of major institutions. Sure, there are bumps in the road, but the long-term trend is clear: Bitcoin is here to stay, and it's only going to get bigger. Whether you're a seasoned crypto veteran or just dipping your toes in, now's the time to pay attention. The game is changing, and Bitcoin is leading the charge.

那麼，要點是什麼？比特幣正在成為主要機構眼中的重要資產。當然，前進的道路上會遇到坎坷，但長期趨勢是明確的：比特幣將繼續存在，而且只會變得更大。無論您是經驗豐富的加密貨幣老手還是剛剛涉足加密領域，現在都是時候關注了。遊戲正在發生變化，比特幣正在引領潮流。