分析师说

研究与经纪公司Bernstein的分析师说

Bitcoin could soon break new highs as corporate accumulation and renewed exchange-traded fund (ETF) inflows drive a “supply squeeze,” analysts at research and brokerage firm Bernstein said in a note to clients on Monday.

研究和经纪公司伯恩斯坦（Bernstein）的分析师在周一在向客户的一份通知中表示，比特币可能很快就会破坏新的高点，而企业的积累和新的交易所交易基金（ETF）的流入驱动了“供应压缩”。

Short-term correlations between Bitcoin and assets like gold or the Nasdaq are misleading, and that factors such as retail selling exhaustion, corporate treasury accumulation, and strong ETF inflows offer a clearer signal for Bitcoin’s trajectory, analysts, led by Gautam Chhugani, argued.

比特币与黄金或纳斯达克等资产之间的短期相关性是误导性的，诸如零售销售精疲力尽，公司财政部积累和强大的ETF流入等因素为比特币的轨迹提供了更清晰的信号，该轨迹，分析师，由乔塔姆·乔加尼（Gautam Chugani）领导的分析师。

Last week, SoftBank, Tether, Bitfinex, and Cantor Fitzgerald announced the launch of Twenty One Capital, a Bitcoin corporate treasury venture starting with 42,000 BTC. The venture will be backed by $900 million from SoftBank, $1.5 billion from Tether, and $600 million from Bitfinex, with plans to merge with Cantor Equity Partners through a SPAC and raise an additional $585 million at closing.

上周，软银，系绳，Bitfinex和Cantor Fitzgerald宣布，二十一首资本（一个比特币公司的财政企业都从42,000 BTC开始。该合资企业将获得Softbank的9亿美元，Tether的15亿美元和Bitfinex的6亿美元支持，并计划通过SPAC与Cantor Equity Partners合并，并在关闭时额外筹集了5.85亿美元。

Bernstein compared Twenty One Capital’s strategy to that of Strategy, which raised $22 billion in 2024 and $8.6 billion so far in 2025 to aggressively build its Bitcoin holdings. However, Twenty One’s key advantage is its backing, particularly Tether, which earned $13 billion in 2024 from its $148 billion USDT supply.

伯恩斯坦将二十一首资本的战略与战略的战略进行了比较，该战略在2024年筹集了220亿美元，到目前为止，2025年筹集了86亿美元，以积极建立其比特币持有量。但是，二十一个关键优势是它的支持，尤其是系带，该收益在2024年的1480亿美元供应中赚了130亿美元。

Corporate accumulation is becoming increasingly competitive, the analysts noted, with around 80 companies now holding approximately 700,000 BTC, representing 3.4% of Bitcoin’s total supply.

分析师指出，公司的积累越来越具竞争力，现在约有80家公司拥有约70万BTC，占比特币总供应量的3.4％。

Meanwhile, after a two-month lull following Bitcoin’s 31% drop from its all-time high above $109,000 on Inauguration Day to a low near $75,000, US spot Bitcoin ETF inflows turned positive again. Over $3 billion was added last week—the highest in five months and the second-largest inflow on record. Bitcoin was recently trading at around $95,295.

同时，在比特币在就职典礼那天的历史高于109,000美元以上的31％下降到接近75,000美元的低于$ 75,000之后，在比特币的31％下降后，美国现货比特币ETF流入再次变成正面。上周增加了超过30亿美元，这是五个月以来最高的，是记录下的第二大流入。比特币最近的交易约为95,295美元。

ETFs now hold over 5.5% of the total Bitcoin supply, equivalent to around $110 billion in assets under management. Of that, nearly 33% is held by institutional investors—up from about 20% in September—with 48% of the institutional AUM held by investment advisors and 31% by hedge funds.

现在，ETF持有总比特币供应量的5.5％，相当于管理资产约为1,100亿美元。其中，机构投资者持有近33％的人（9月约20％），其中48％的投资顾问持有的机构AUM和对冲基金31％。

Bernstein pointed out that between ETF holdings and corporate treasuries, nearly 9% of Bitcoin’s total supply is now locked up—a sevenfold increase since January 2024.

伯恩斯坦（Bernstein）指出，在ETF控股和公司国库中，比特币总供应量的近9％现在被锁定了 - 自2024年1月以来，比特币的总供应量增加了7倍。

Separately, President Trump’s recent executive order establishing a US Strategic Bitcoin Reserve could further accelerate sovereign adoption of Bitcoin.

另外，特朗普总统最近建立美国战略比特币储备的行政命令可以进一步加速对比特币的主权采用。

Chhugani noted that while current momentum from corporations and institutions alone could push Bitcoin to new highs in 2025, any significant Bitcoin purchases by the US government are not priced in and could trigger a global shift in sovereign accumulation strategies.

Chhugani指出，尽管目前来自公司和机构的目前势头可能会在2025年将比特币推向新高点，但美国政府的任何大量比特币购买都没有定价，并且可能会引发主权积累策略的全球转变。