比特币供应的几乎三分之一由集中式国债持有

包括政府，交易所交易的资金和上市公司在内的集中式国债，现在控制了比特币供应量的30.9％（BTC）

Almost a third of the Bitcoin (BTC) supply is held and controlled by centralized treasuries, and early adopters are holding a disproportionate share, according to recent research by Gemini and Glassnode.

根据Gemini和Glassnode的最新研究，几乎三分之一的比特币（BTC）供应由集中式国库持有和控制，早期采用者的份额不成比例。

Centralized treasuries, including governments, exchange-traded funds (ETFs) and public companies, now control 30.9% of the circulating supply of Bitcoin, “signaling a growing shift toward institutional-grade infrastructure,” researchers noted in a report on Wednesday.

研究人员在周三的一份报告中指出，包括政府，交易所贸易资金（ETF）在内的集中式国债现在控制了比特币循环供应的30.9％，“表明向机构级基础设施的转变越来越大。”

The total Bitcoin held across major institutional and custodial entities has surged to 6.1 million BTC, which is worth around $668 billion at current prices, representing an increase of 924% in the supply held by these entities over the past decade, they reported.

他们报道，在过去的十年中，这些实体持有的供应量增加了924％，在主要机构和托管实体中持有的比特币总数增加到6680亿美元。

But the chart includes centralized exchanges that hold around half of that figure, and these assets may be held for individual customers and retail investors.

但是该图表包括持有该数字一半左右的集中交易所，这些资产可以为个人客户和散户投资者提供。

The report also observed that across all institutional categories, the top three entities control between 65% and 90% of total holdings, “signaling that early adopters continue to shape institutional market structure.”

该报告还观察到，在所有机构类别中，前三个实体控制着总持股的65％至90％，“表明早期采用者继续塑造机构市场结构。”

This concentration is most apparent in DeFi, public companies, ETFs and funds, it noted.

它指出，这种集中度最为明显。

“In contrast, private company holdings appear more distributed, reflecting a broader base of engagement,” the researchers stated.

研究人员说：“相比之下，私人公司持有量似乎更加分布，这反映了更广泛的参与基础。”

Earlier this month, Cointelegraph reported that 61 publicly listed companies hold over 3% of the total Bitcoin supply.

本月初，Cointelegraph报告说，有61家上市公司占比特币供应总额的3％以上。

Sovereign treasuries can influence markets

主权国库会影响市场

The research also found that sovereign treasury wallets “show infrequent movement and little correlation with Bitcoin’s price cycles.” However, they hold enough of the asset to impact markets when coins are moved or sold.

研究还发现，主权国库钱包“表现出很少的运动，与比特币的价格周期几乎没有相关性”。但是，当硬币被移动或出售时，它们持有足够的资产来影响市场。

It cited the government treasuries of the United States, China, Germany and the United Kingdom, where most BTC is acquired through legal enforcement actions rather than market participation.

它引用了美国，中国，德国和英国的政府国债，那里的大多数BTC都是通过法律执法行动而不是市场参与获得的。

Transformation to institutional maturity

转变为机构成熟

The report concluded that with almost a third of Bitcoin’s circulating supply now held in centralized treasuries, “the market has undergone a structural transformation toward institutional maturity.”

该报告得出的结论是，现在几乎三分之一的比特币循环供应在集中的国库中举行，“市场已经实现了机构成熟的结构性转型。”

“Although Bitcoin remains a risk-on asset, its integration into traditional finance has made price action more reliable and less driven by speculative extremes,” they said.

他们说：“尽管比特币仍然是一种风险资产，但其整合到传统的财务上，使价格行动更加可靠，并且受到投机性极端的驱动。”