比特幣的比賽正在轉移。大公司正在競爭資金和日常投資者。

企業庫庫今年到目前為止已獲得157,000 BTC。今天的價格大約是160億美元。

The race for Bitcoin is shifting. While funds and everyday investors have chipped away at the cryptocurrency, big companies are changing the game.

比特幣的比賽正在轉移。儘管資金和日常投資者在加密貨幣方面卻消失了，但大公司正在改變遊戲。

Corporate treasuries have grabbed 157,000 BTC so far this year. That’s roughly $16 billion at today’s prices. Meanwhile, exchange-traded funds have picked up 49,000 BTC—about $5 billion. Governments chipped in with 19,000 BTC. Individual holders, though, have sold off a net 247,000 BTC.

企業庫庫今年到目前為止已獲得157,000 BTC。今天的價格大約是160億美元。同時，交易所交易的資金已獲得49,000 BTC，約有50億美元。政府與19,000 BTC一起籌集了成員。但是，個別持有人已賣出了247,000 BTC的淨淨。

Firms: Biggest Buyers, One Stellar Figure

公司：最大的買家，一個出色的人物

According to research from River, firms make up the biggest chunk of new Bitcoin demand. One name stands out: Michael Saylor’s Strategy firm. It alone is behind nearly 80% of corporate buying this year.

根據River的研究，公司構成了新的比特幣需求中最大的一部分。一個名字脫穎而出：邁克爾·塞勒（Michael Saylor）的戰略公司。僅此而已，今年將近80％的公司購買。

That many coins are hard to come by since miners only put out about 450 BTC a day. When one company snaps up more than that over weeks, supply gets tight fast.

由於礦工每天只出售約450 BTC，因此很難獲得許多硬幣。當一家公司搶購比幾週的時間更多時，供應會變得緊張。

ETFs, State Treasuries Follow

ETF，國家國債

Next come funds and state treasuries. ETFs have added another 49,000 Bitcoin this year. That’s a big number, but still far below firms’ haul.

接下來是資金和國家國庫。 ETF今年又增加了49,000個比特幣。這是一個很大的數字，但仍然遠低於公司的運輸。

Governments have also moved, with around 19,000 BTC added to public reserves this year. It’s a sign that public bodies see Bitcoin as more than just a trend.

政府也搬家了，今年將大約19,000 BTC增加到公共儲備中。這表明公共機構將比特幣視為一種趨勢。

Which Business Sectors Are Buying Bitcoin Most?

哪些業務部門最購買比特幣？

The wave of corporate buying isn’t all finance giants. River says that finance and investment groups make up nearly 36% of business purchases. Tech firms come next at close to 17%, then consultants at over 16%.

公司購買的浪潮並不是所有的財務巨頭。里弗說，金融和投資集團佔企業購買的近36％。技術公司接近17％，然後以16％的速度顧問。

Other buyers include real estate, non-profits, consumer and industrial groups, plus healthcare, energy, agriculture, and transport companies.

其他買家包括房地產，非營利組織，消費者和工業團體，以及醫療保健，能源，農業和運輸公司。

Newcomers in 2025 include video platform Rumble and Hong Kong builder Ming Shing.

2025年的新移民包括Video Platform Rumble和香港建造者明格。

Bitcoin: A Tale Of Supply, Demand, And Deflation

比特幣：供應，需求和通縮的故事

The company says the strong buying activity is putting serious pressure on Bitcoin supply.

該公司表示，強大的購買活動對比特幣供應施加了巨大壓力。

CryptoQuant CEO Ki Young Ju says this strain is causing a –2.3% annual deflation rate for the cryptocurrency. He adds that corporate hoarding is outpacing miner output, in effect “halving” supply.

加密首席執行官Ki Young Ju說，這種菌株的加密貨幣年度縮水率為–2.3％。他補充說，公司ho積在礦工產量上，實際上是“減半”的供應。

Author Adam Livingston also noted the idea of a synthetic cut in coin creation. He feels that if these trends hold, price floors could lift higher than before.

作者亞當·利文斯頓（Adam Livingston）還指出了硬幣創作中合成的裁員的想法。他覺得，如果這些趨勢成立，價格地板可能會比以前更高。

Some Recent Large Bitcoin Buys

最近購買的一些大型比特幣

Some recent moves have attracted attention. Strategy bought 13,390 BTC for $1.34 billion in one transaction.

最近的一些舉動引起了人們的關注。策略以13.4億美元的一項交易購買了13,390 BTC。

Metaplanet has added 1,241 BTC to its treasury, pushing it past El Salvador’s stash as of May 12.

Metaplanet已在其財政部增加了1,241 BTC，截至5月12日，它將其推到了薩爾瓦多的藏匿處。

Bitwise reports that at least 12 public firms bought Bitcoin for the first time in Q1 2025, tacking on over 95,000 BTC to their holdings.

Bitwise報導說，至少有12家公共公司在2025年第1季度首次購買了比特幣，持有超過95,000 BTC的股份。

This surge in buying activity increased the total Bitcoin held by public companies by 16%.

購買活動的激增使上市公司持有的比特幣總數增加了16％。

What Comes Next For Bitcoin?

比特幣接下來會發生什麼？

Corporate appetite has rewired the Bitcoin market this year. It’s no longer just hobbyists or traders who are chasing quick gains.

企業的胃口今年重新佈置了比特幣市場。不再是追逐快速收益的業餘愛好者或商人。

Big players are treating Bitcoin like cash on their balance sheets. This creates a tighter market. If they slow their buys, miners may flood supply back in.

大型玩家正在將比特幣當作現金來對待資產負債表。這會創造一個更嚴格的市場。如果他們放慢了自己的購買，礦工可能會氾濫成災。

For now, though, it’s clear: businesses are in the driver’s seat. Stay tuned for more updates.

但是，目前很明顯：企業在駕駛員座位上。請繼續關注更多更新。