現在，比特幣循環供應的份額越來越集中在機構參與者手中

Gemini和Glassnode的一份新報告顯示，現在比特幣循環供應量越來越集中在主要的機構參與者和集中實體的手中。

A new report from Gemini and Glassnode has found that a growing share of Bitcoin’s circulating supply is becoming concentrated in the hands of major institutional players and centralized entities.

Gemini和GlassNode的一份新報告發現，越來越多的比特幣循環供應集中在主要的機構參與者和集中實體的手中。

According to the findings, over 30% of Bitcoin’s supply is now controlled by just 216 centralized holders across six key categories: crypto exchanges, ETFs and funds, publicly traded companies, privately held firms, DeFi protocols, and government bodies.

根據調查結果，比特幣供應量的30％以上的供應量現在僅受六個關鍵類別的216個集中式持有人的控制：加密交易所，ETF和資金，公開交易的公司，私人擁有的公司，Defi協議和政府機構。

These entities collectively hold about 6.1 million BTC, which is valued at roughly $668 billion. This figure represents an almost tenfold increase in institutional Bitcoin ownership over the past decade.

這些實體共同擁有約610萬BTC，價值約為6680億美元。這個數字代表了過去十年來機構比特幣所有權的十倍增加。

Among these groups, centralized exchanges, led by Binance, account for the largest single share, with more than 3 million BTC in their custody. Meanwhile, publicly traded firms, such as Strategy (formerly MicroStrategy) and others, comprise the most numerous corporate Bitcoin holders.

在這些群體中，由Binance領導的集中式交流是最大的單一份額，其監護權超過300萬BTC。同時，公開交易的公司，例如戰略（以前是Microstrategy）等，是眾多的公司比特幣持有人。

The report highlighted a concentration trend among the entities in many categories, with just the top three players controlling between 65% and 90% of their total holdings. This dynamic is most apparent among ETFs, public companies, and DeFi-related firms, where early movers continue to dominate.

該報告強調了許多類別的實體之間的集中趨勢，其中排名前三名的參與者控制了其總持股量的65％至90％。在ETF，上市公司和與Defi相關的公司中，這種動態最為明顯，在那裡，早期搬運工繼續占主導地位。

Another major trend identified in the report is the structural migration of Bitcoin out of exchange wallets and into institutional-grade custody solutions, particularly ETFs.

報告中確定的另一個主要趨勢是，比特幣從交換錢包中遷移到機構級別的監護權解決方案，尤其是ETF中。

Over the past year, BTC balances on centralized exchanges have gradually declined, a development some observers initially mistook for signs of a supply squeeze.

在過去的一年中，集中式交流的BTC餘額逐漸下降，一些觀察者最初誤認為供應擠壓的跡象。

However, much of this Bitcoin has moved into ETFs and regulated funds, especially US-based spot BTC ETFs.

但是，這些比特幣的大部分都進​​入了ETF和受監管的資金，尤其是基於美國的BTC ETF。

The emergence of Bitcoin ETFs has significantly advanced institutional adoption. Since their launch in 2024, these products have recorded some of the strongest inflows seen for any financial product in the past decade, accumulating over 1 million BTC.

比特幣ETF的出現已經大大採用了製度。自2024年推出以來，這些產品記錄了過去十年中任何金融產品最強勁的流入，積累了超過100萬BTC。

Notably, BlackRock’s iShares Bitcoin Trust (IBIT) now holds the second-largest Bitcoin balance after the stash attributed to Satoshi Nakamoto.

值得注意的是，貝萊德（Blackrock）的iShares比特幣信託（IBIT）現在擁有僅次於薩蒂什（Satoshi Nakamoto）的藏匿處的第二大比特幣平衡。

What does this mean for the market?

這對市場意味著什麼？

As institutional capital deepens its presence, Bitcoin’s market behavior is shifting. The report noted that the bellwether crypto’s realized volatility across all time frames has steadily declined since 2018.

隨著機構資本的加劇，比特幣的市場行為正在發生變化。該報告指出，自2018年以來，領頭羊加密貨幣在所有時間範圍內的波動一直在穩步下降。

Moreover, the launch of US spot ETFs has further reinforced this stability, with consistent inflows providing a reliable source of liquidity.

此外，美國ETF的推出進一步增強了這種穩定性，一致的流入提供了可靠的流動性。

As a result, Bitcoin is now entering a new maturity phase, with its trading volumes increasingly occurring through centralized exchanges, ETFs, and regulated derivatives markets rather than directly on-chain.

結果，比特幣現在正在進入一個新的成熟階段，其交易量越來越多地通過集中的交流，ETF和受監管的衍生品市場而不是直接鏈上進行。

This evolution signals a market becoming more aligned with traditional financial infrastructure.

這種演變標誌著一個與傳統金融基礎設施越來越一致的市場。

Moreover, the Glassnode and Gemini report suggests this pattern reflects a more profound shift in how large financial institutions and government bodies view Bitcoin.

此外，GlassNode和Gemini報告表明，這種模式反映了大型金融機構和政府機構看待比特幣的更深刻變化。

According to the report, BTC is increasingly being viewed as a strategic store of value, especially given its dramatic rise in price from under $1,000 to over $100,000 in the past ten years. Mentioned in this article

根據該報告，BTC越來越被視為一種戰略價值存儲，尤其是考慮到過去十年中其價格從1,000美元以下的$ 1,000上漲到超過100,000美元。在本文中提到