现在，比特币循环供应的30％以上仅集中在216个集中实体的手中

根据最新的区块链数据

According to the latest blockchain data from Gemini and Glassnode, over 30% of Bitcoin’s (BTC) circulating supply is now concentrated in the hands of just 216 centralized entities.

根据Gemini和GlassNode的最新区块链数据，比特币（BTC）循环供应的30％以上仅集中在216个集中式实体手中。

This trend, which has been steadily unfolding over the past decade, marks a significant shift away from the decentralized vision of Bitcoin’s early days. Back then, the founders envisioned millions of individuals holding and using Bitcoin directly. However, as the cryptocurrency has gained mainstream acceptance and institutional interest has soared, we're now seeing a scenario where a smaller number of large institutions are accumulating and controlling increasingly larger portions of the total supply.

在过去的十年中，这种趋势一直在稳步发展，标志着比特币早期的分散视野的重大转变。当时，创始人设想了数百万个人直接持有和使用比特币。但是，随着加密货币已经获得了主流的接受和机构的兴趣，我们现在看到了一种场景，较少数量的大型机构正在积累并控制越来越多的总供应。

A decade ago, centralized exchanges collectively held just under 600,000 BTC for their users. Today the total amount of Bitcoin held across major institutional and custodial entities has surged to an estimated 6,145,207 BTC, a 924% increase over the past ten years.

十年前，集中式交易所集体持有不到60万BTC的用户。如今，在主要机构和托管实体中持有的比特币总数已飙升至估计6,145,207 BTC，在过去十年中增长了924％。

This centralization occurs as Bitcoin’s spot price continues to climb. Since early 2015, Bitcoin has risen from below $1,000 to now trading above $107,000, reinforcing its growing appeal as a strategic asset among large institutional players.

随着比特币的现货价格继续上涨，这种集中化发生。自2015年初以来，比特币已从1,000美元以下到现在的交易额超过107,000美元，从而增强了其作为大型机构参与者的战略资产的吸引力。

The data, which is still being updated regularly, spans 216 entities across six key categories: centralized exchanges, ETFs and funds, public companies, private companies, DeFi contracts, and governments. While the dataset is not exhaustive, it captures the most influential actors now collectively controlling nearly one-third of Bitcoin’s supply.

该数据仍在定期进行更新，跨越了六个关键类别的216个实体：集中式交流，ETF和资金，上市公司，私人公司，DEFI合同和政府。尽管数据集并不详尽，但它捕获了目前最有影响力的演员，总体控制了比特币供应量的三分之一。

The chart below shows this evolution visually. Exchanges (shown in orange) remain the dominant custodians of Bitcoin holdings, followed by ETFs and funds (yellow), with noticeable growth in holdings by private companies (blue) and governments (green) over the past two years. Public companies and DeFi contracts represent smaller but steadily growing segments of institutional Bitcoin ownership.

下图在视觉上显示了此进化。交易所（以橙色显示）仍然是比特币持有的主要保管人，其次是ETF和资金（黄色），在过去两年中，私营公司（蓝色）和政府（绿色）的持股量显着增长。上市公司和DEFI合同代表了机构比特币所有权的较小但稳步增长的部分。

Several factors appear to be driving this trend in centralized Bitcoin adoption.

在采用集中式比特币中，似乎有几个因素推动了这种趋势。

First, the rise of regulated Bitcoin ETFs and funds in major markets like the US and Europe has enabled a broader class of institutional investors to gain exposure to BTC without managing private keys directly, which has contributed to the significant growth in custodial balances.

首先，在美国和欧洲等主要市场中受监管的比特币ETF和资金的兴起，使更广泛的机构投资者能够在不直接管理私钥的情况下获得BTC的敞口，这为保管均衡的显着增长做出了巨大的增长。

Second, as Bitcoin matures as an asset class, public and private companies are increasingly adding BTC to their treasuries, both as a hedge against fiat debasement and as a long-term strategic reserve. Notable examples include MicroStrategy, Tesla, and a growing number of smaller firms.

其次，随着比特币作为资产类别的成熟，公共和私人公司越来越多地将BTC添加到其国库中，既是对菲亚特贬低的对冲，又是长期战略储备。值得注意的例子包括微观，特斯拉和越来越多的较小公司。

Third, government holdings, once negligible, have begun to climb. While still small in absolute terms, several governments now report seized BTC balances or have quietly added Bitcoin to their reserves.

第三，政府持有曾经可以忽略不计，开始攀升。虽然在绝对方面仍然很小，但现在有几个政府报告抓住了BTC的余额或在其储备中悄悄增加了比特币。

But this deepening institutional embrace comes with trade-offs. On one hand, greater participation by regulated entities enhances Bitcoin’s legitimacy and liquidity. On the other, it also increases custodial risk and undermines one of Bitcoin’s core principles: decentralized ownership.

但是这种加深的机构拥抱是由权衡取舍。一方面，受管制实体的更多参与增强了比特币的合法性和流动性。另一方面，它还增加了监护风险，并破坏了比特币的核心原则之一：分散的所有权。

As exchanges and custodians aggregate ever larger portions of the total supply, systemic risks emerge. A significant security breach or regulatory action targeting a handful of these entities could trigger outsized impacts on the broader Bitcoin market.

随着交易所和保管人汇总了总供应量的大部分，因此出现了全身风险。针对少数这些实体的重大安全违规或监管行动可能会引发对更广泛的比特币市场的巨大影响。

For now, the trajectory is clear. Institutions continue to accumulate Bitcoin, and the network’s original ideal of wide, sovereign individual ownership is giving way, at least in part, to a more centralized custody model.

目前，轨迹很明显。机构继续积累比特币，该网络的最初主权个人所有权的原始理想至少在某种程度上使其成为一个更具集中式的监护模型。