随着机构持有的收支，比特币下降到108,000美元以下

比特币在周三的110,300美元的盘中高价2％后，略高于107,000美元。

Bitcoin (BTC) price dropped slightly in the past 24 hours, trading just above $107,000 after a modest 2% dip from intraday highs of $110,300 hit on Wednesday.

在过去的24小时内，比特币（BTC）的价格略有下跌，在周三的110,300美元额为110,300美元的价格下跌2％后，交易价格略高于107,000美元。

While some might see this as a short-term blip, the bigger picture is unfolding with interesting implications. A recent report from Gemini and Glassnode highlighted a striking trend: centralized entities are increasingly taking hold of the Bitcoin network.

虽然有些人可能将其视为短期碎片，但更大的图景正在展现出有趣的含义。 Gemini和GlassNode的最新报告强调了一个惊人的趋势：集中实体越来越多地掌握了比特币网络。

Institutions Are Grasping Bitcoin

机构正在抓住比特币

As pointed out by the report, centralized entities—exchanges, ETFs, public companies, and even governments—now hold 30.9% of the total circulating Bitcoin supply.

正如该报告所指出的那样，现在的集中式实体（交换，ETF，上市公司甚至政府）占循环比特币供应总额的30.9％。

This is a significant shift from previous years, where decentralized entities like miners and small-scale investors typically controlled a larger portion of the network.

这是与往年的重大转变，那里的分散实体（如矿工和小型投资者）通常控制着大部分网络。

Moreover, over 75% of Bitcoin’s adjusted transfer volume now flows through centralized exchanges, U.S. spot ETFs, and regulated derivatives platforms.

此外，现在比特币调整后的传输量超过75％，现在通过集中式交换，美国ETF和受监管的衍生品平台流动。

This signals a structural change in the market. Institutions are no longer just entering; they’re anchoring Bitcoin’s liquidity and flow, potentially setting the stage for sustained price stability and a potential continuation of the bull market.

这标志着市场的结构变化。机构不再仅仅进入；他们正在锚定比特币的流动性和流动，有可能为持续价格稳定和潜在的牛市延续奠定基础。

The macroeconomic scene also provides context for this narrative. Softer-than-expected U.S. inflation in May—just a 0.1% increase in the Consumer Price Index (CPI)—has rekindled hopes for Federal Reserve rate cuts later in the year.

宏观经济场景也为这种叙述提供了背景。 5月的美国通货膨胀率较高，即消费者价格指数（CPI）增加了0.1％，这对美联储在今年晚些时候降低的希望重新点燃了希望。

Some analysts believe that, combined with institutional demand and the anticipation of Fed action, Bitcoin could still be on track for a $200,000 price target by year-end.

一些分析人士认为，结合机构需求和对美联储行动的预期，比特币仍可以按年底达到200,000美元的目标目标。

This would depend on how the remaining macroeconomic variables play out, especially regarding U.S. interest rates and the potential impact on risk appetite among institutional investors.

这将取决于其余的宏观经济变量如何发挥作用，尤其是在美国利率以及机构投资者对风险食欲的潜在影响。