報告發現，現在的集中庫控制比特幣循環供應的30.9％

這包括近年來採用比特幣作為戰略儲備資產的政府的股份，交易所交易的資金和上市公司。

Centralized treasuries now hold 30.9% of Bitcoin's circulating supply and President Trump's executive order to establish a working group for a Strategic Bitcoin Reserve has given official government to Bitcoin adoption at the sovereign level, according to a new report by Gemini and Glassnode.

根據Gemini和GlassNode的一份新報告，集中式國債現在持有比特幣循環供應的30.9％，特朗普總統的行政命令為戰略性比特幣儲備建立工作組，使官方政府在主權水平上採用比特幣。

The analysis, titled "Bitcoin: A Tale of Centralization and Decremental Volatility," delves into the integration of Bitcoin into traditional financial systems and the role of institutional investors in shaping the cryptocurrency's market dynamics.

該分析標題為“比特幣：集中化和減少波動的故事”，研究了比特幣整合到傳統金融系統中，以及機構投資者在塑造加密貨幣市場動態方面的作用。

Over recent years, corporate treasuries have increasingly allocated a portion of their reserves to Bitcoin as part of long-term holding strategies. Concurrently, institutional investors have continued to launch new products, such as exchange-traded funds (ETFs) and regulated derivatives platforms, that track Bitcoin's price movements and provide liquid exposure to the cryptocurrency.

近年來，作為長期持有策略的一部分，公司國庫越來越多地將其一部分儲量分配給了比特幣。同時，機構投資者繼續推出新產品，例如交易所貿易資金（ETF）和受監管的衍生品平台，這些平台跟踪了比特幣的價格變動，並提供了對加密貨幣的流動性。

"This shift in institutional demand has changed the structure of Bitcoin's on-chain economy and altered the competitive landscape within the ecosystem," the report stated.

報告說：“機構需求的這種轉變改變了比特幣的鍊鍊經濟的結構，並改變了生態系統內的競爭格局。”

Indeed, centralized platforms have captured the majority of Bitcoin's trading activity. The report found that, when adjusting for internal exchange transfers, centralized exchanges, U.S. spot cryptocurrency ETFs, and regulated derivatives platforms now process more than 75% of Bitcoin's adjusted transfer volume. This is a substantial increase from previous years when on-chain activity comprised a larger portion of total volume.

確實，集中式平台捕獲了大多數比特幣的交易活動。該報告發現，在調整內部交換轉移，集中式交換時，美國現場加密貨幣ETF和受監管的衍生品平台現在處理比特幣調整後的傳輸量的75％以上。與往年相比，當鏈活動佔總體積的較大部分時，這是大幅度的增長。

This shift toward centralized infrastructure has occurred in tandem with reduced price volatility across all timeframes.

朝著集中基礎設施的轉變是隨著所有時間表的價格波動的降低而發生的。

"Annualized realized volatility has declined consistently since 2018 as adoption has broadened, particularly among sovereign entities and regulated financial institutions," the report noted. "This reduced volatility suggests that institutional participation has provided stabilizing effects on Bitcoin markets."

報告指出：“自2018年以來，隨著採用率的擴大，尤其是在主權實體和受監管的金融機構中，年度實現的波動率一直在下降。” “這種降低的波動性表明，機構參與對比特幣市場提供了穩定的影響。”

While Bitcoin remains a risk-on asset, its integration into traditional finance has created more consistent price action with less influence from speculative extremes.

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，卻創造了更一致的價格行動，而投機性極端的影響較小。

Large-scale holders usually invest for the long term and avoid making quick, reactive trades like retail investors. This contributes to smoother price movements and reduced susceptibility to sudden market swings.

大規模持有人通常會長期投資，並避免進行諸如散戶投資者之類的快速，反應性交易。這有助於更順利的價格變動，並降低了對突然市場波動的敏感性。

"The president's executive order has brought attention to the potential impacts of sovereign allocators on Bitcoin markets," the report added.

報告補充說：“總統的行政命令引起了主權分配者對比特幣市場的潛在影響。”

According to the analysis, for every $1 invested by sovereign allocators like the Strategic Bitcoin Reserve, up to $25 of short-term market capitalization growth could be unlocked. The multiplier effect is realized through supply dynamics as well as market psychology.

根據該分析，對於諸如戰略比特幣儲備等主權分配者所投資的1美元，可以解鎖短期市值增長的25美元。乘數效應是通過供應動態和市場心理學實現的。

This is because institutional purchases, being significant, will compel other market stakeholders to make additional purchases in an effort to front-run institutional purchases.

這是因為機構購買非常重要，將迫使其他市場利益相關者進行額外購買，以努力進行前進的機構購買。

Long-term structural value creation is less upbeat yet also optimistic, with approximately $1.70 of value creation for every dollar of sovereign investment. This implies that while the short-term market response may be exaggerated, long-term price appreciation requires higher mainstream usage and utility creation, rather than speculative demand.

長期的結構價值創造較不樂觀，但也樂觀，每一美元的主權投資的價值創造約為1.70美元。這意味著，儘管短期市場響應可能會被誇大，但長期價格讚賞需要更高的主流用法和實用性創造，而不是投機性需求。

The degree of Bitcoin ownership by centralized players is a threat to the decentralization values that initially drove the creation of cryptocurrency. However, institutional adoption also brings legitimacy and infrastructure development, which could support broader Bitcoin integration into mainstream financial systems.

集中式參與者擁有比特幣所有權的程度是對最初推動加密貨幣創造的權力下放價值觀的威脅。但是，機構採用也帶來了合法性和基礎設施發展，這可以支持更廣泛的比特幣整合到主流金融系統中。

The report concludes that the sustained involvement of institutional investors will be pivotal in determining the efficiency and stability of Bitcoin markets in the long run. As such, understanding the interplay between institutional and on-chain activity is crucial for comprehending Bitcoin's price trends and broader market dynamics.

該報告得出的結論是，從長遠來看，機構投資者的持續參與將在確定比特幣市場的效率和穩定性方面至關重要。因此，了解機構和鏈上活動之間的相互作用對於理解比特幣的價格趨勢和更廣泛的市場動態至關重要。