貝萊德現在僅位於薩托島中北部，是最大的比特幣持有人，持有超過binance或MicroStrategy

貝萊德（Blackrock）擁有超過621,000 BTC的管理，現在位於薩托島（Satoshi Nakamoto）以下，是最大的比特幣持有人。

As Bitcoin (BTC) continues to slip further into the grip of institutions, one asset manager has gone from newcomer to near-mythical status.

隨著比特幣（BTC）繼續進一步進入機構的控制，一位資產經理已經從新來者轉變為幾乎是神話般的地位。

According to data from BitBo, BlackRock‘s iShares Bitcoin Trust (or simply known by its ticker IBIT) debuted in January 2024 and quickly amassed over 621,000 BTC by May 26.

根據Bitbo的數據，BlackRock的Ishares Bitcoin Trust（或僅由其股票iBIT聞名）於2024年1月首次亮相，並於5月26日在5月26日之前迅速積累了621,000 BTC。

The trust is now a dominant institutional vehicle for BTC exposure, and its holdings represent roughly 2.96% of Bitcoin’s total capped supply of 21 million coins. At current prices, that portion of BTC is valued at around $64.5 billion.

該信託現在是BTC暴露的主要機構，其持股量約佔比特幣總限制2100萬枚硬幣的2.96％。以目前的價格，BTC的一部分價值約為645億美元。

However, when factoring in estimates that suggest up to 20% of all Bitcoin may be lost or inaccessible due to forgotten keys or lost wallets, BlackRock’s stake could represent well over 3.5% of the effective circulating supply. This would bring the asset manager’s Bitcoin holdings closer to Satoshi Nakamoto’s legendary 1.1 million BTC trove, which is typically estimated to be around 5% of the total capped supply.

但是，由於估計的估計表明，由於被遺忘的鑰匙或丟失的錢包，所有比特幣的20％可能會丟失或無法訪問時，BlackRock的股份可能佔有效循環供應的3.5％以上。這將使資產經理的比特幣持有量更接近Nakamoto的傳奇110萬BTC Trove，通常估計約佔總封頂供應量的5％。

For comparison, Michael Saylor’s Strategy (NASDAQ:STONK) is currently estimated to hold 580,250 BTC, and crypto exchange Binance is believed to have 534,471 BTC, according to data from Coinglass.

為了進行比較，根據Coinglass的數據，邁克爾·塞勒（Michael Saylor）的戰略（NASDAQ：Stonk）目前估計為580,250 BTC，而Crypto Exchange Binance據信具有534,471 BTC。

This pace of accumulation is not merely a statistical footnote; it signals a deeper structural shift in the role of Bitcoin in global portfolios. BlackRock now holds more BTC than longstanding corporate holders such as Strategy or Binance. The trend is a testament to Bitcoin’s increasing presence as a core allocation in diverse institutional investment strategies.

這種積累的速度不僅是統計腳註。它表明比特幣在全球投資組合中的作用有更深的結構轉變。現在，貝萊德（Blackrock）持有BTC，而不是長期以來的企業持有人，例如戰略或二元。趨勢證明了比特幣作為各種機構投資策略中核心分配的越來越多的存在。

Asymmetric upside

不對稱上升空間

In a recent commentary to crypto.news, MEXC chief operating officer Tracy Jin said the sharp pivot by many corporations to integrate BTC into their long-term investment strategies “is fundamentally reshaping Bitcoin’s market dynamics.”

MEXC首席運營官Tracy Jin在最近對Crypto.news的評論中說，許多公司的尖銳樞紐將BTC整合到其長期投資策略中“從根本上講，BTC從根本上重塑了比特幣的市場動態”。

“What was once a retail-driven market and highly cyclical asset has become a cornerstone in institutional finance. This investor behaviour dynamics highlights that most institutions are less focused on short-term market volatility and have eyes on Bitcoin’s potential asymmetric upside and long-term value proposition.”

“曾經是零售驅動的市場和高度週期性資產已成為機構融資的基石。這種投資者的行為動態強調，大多數機構較少專注於短期市場波動，並註視著比特幣潛在的不對稱上升和長期價值主張和長期價值主張。”

The data supports this shift: U.S.-based spot Bitcoin ETFs saw $2.75 billion in inflows last week as Bitcoin broke past its January all-time high of $109,000. That figure marks more than a 4-fold increase from the $608 million recorded the previous week.

數據支持這一轉變：上週，由於比特幣超過其一月份的109,000美元，比特幣破產了，因此總部位於美國的比特幣ETF的流入量為27.5億美元。這個數字標誌著上週記錄的6.08億美元增加了4倍以上。

However, with sovereign debt burdens in the U.S. and Japan flashing red and bond yields climbing to multi-decade highs, traditional safe-haven assets are losing their appeal. As Jin explained, the change “is not a flight from risk — it’s a flight from the old model of risk.”

但是，隨著美國和日本的主權債務負擔，紅色閃爍，債券收益率攀升到多年的高點，傳統的避風港資產正在失去吸引力。正如Jin所解釋的那樣，這一變化“不是從風險中飛行，而是從舊風險模式飛行的飛行。”

“Bond yields in the U.S. and Japan are surging, sovereign debt burdens are flashing red, and even the last remaining AAA credit badge is gone. For decades, Treasurys were the safe haven during turbulent times. Today, capital is running from them.”

“美國和日本的債券收益率正在飆升，主權債務負擔閃爍紅色，即使是最後剩下的AAA信用徽章也消失了。幾十年來，財政部在動盪時期都是避風港。今天，資本從中逃脫了。”

$140,000 by the end of summer

到夏季結束時$ 140,000

The rise of regulated Bitcoin products appears to be encouraging capital allocators, who may be beginning to view BTC less as a speculative fringe asset and more as a potentially neutral, transparent, and increasingly liquid store of value.

受監管的比特幣產品的興起似乎是令人鼓舞的資本分配者，他們可能開始將BTC較少視為投機性邊緣資產，而更多地看作是潛在的中性，透明且越來越多的價值存儲。

Unlike previous bull markets, often fueled by retail hype and meme-driven enthusiasm, the current rally seems to be supported by longer-term positioning and more measured institutional inflows.

與以前的牛市不同，通常是由零售炒作和模因驅動的熱情推動的，目前的集會似乎得到了長期定位和製度流入量更高的人的支持。

“Institutional momentum tends to be very self-reinforcing, and as more corporations announce Bitcoin allocations, others are incentivised to follow suit to remain competitive. With Bitcoin ETFs recording a $25 billion weekly trading volume and $2.75 billion inflows last week, institutional momentum remains resilient despite the macroeconomic headwinds.”

“機構勢頭往往是非常自我強化的，隨著越來越多的公司宣布比特幣分配，其他公司被激勵以效仿以保持競爭力。比特幣ETFS每週的交易量為250億美元，上周有27.5億美元的流入，儘管有宏觀的型號，但儘管有巨型的勢頭，儘管制度勢頭仍然具有誘因。

This institutional wave is not without volatility, however. Analysts caution that while the bullish structure remains intact, Bitcoin must defend key support zones.

但是，這種機構波並非沒有波動性。分析師警告說，儘管看漲結構保持完整，但比特幣必須捍衛關鍵支持區。

Jin sees the $94,000 level as a critical downside threshold, where significant sell orders could emerge if the price dips too low. Conversely, a sustained break above the $112,000 resistance could pave the way for a continuation of the bull market, potentially propelling BTC towards the $140,000 zone by the end of summer. In her view, dips are now seen as “strategic entry points rather than capitulation signs,” a huge contrast to previous cycles.

金將94,000美元的水平視為一個關鍵的下行閾值，如果價格下降得太低，可能會出現大量的賣出訂單。相反，超過112,000美元的抵抗力的持續中斷可能為牛市的延續鋪平了道路，可能會在夏季結束時推動BTC向140,000美元的區域推動。在她看來，下降現在被視為“戰略入口點，而不是投降標誌”，這與以前的周期形成了鮮明的對比。

As Bitcoin’s narrative shifts from rebellion to resilience, BlackRock’s growing presence in the market signals the rapid blurring of the line between traditional finance and crypto. While Nakamoto’s holdings remain untouched and symbolic, BlackRock’s wallet is very real and getting heavier.

隨著比特幣的敘事從叛亂轉變為韌性，貝萊德在市場中日益增長的存在表明傳統金融與加密貨幣之間的界限迅速模糊。雖然Nakamoto的持有量保持不變和象徵性，但BlackRock的錢包非常真實，而且越來越重。