贝莱德现在仅位于萨托岛中北部，是最大的比特币持有人，持有超过binance或MicroStrategy

贝莱德（Blackrock）拥有超过621,000 BTC的管理，现在位于萨托岛（Satoshi Nakamoto）以下，是最大的比特币持有人。

As Bitcoin (BTC) continues to slip further into the grip of institutions, one asset manager has gone from newcomer to near-mythical status.

随着比特币（BTC）继续进一步进入机构的控制，一位资产经理已经从新来者转变为几乎是神话般的地位。

According to data from BitBo, BlackRock‘s iShares Bitcoin Trust (or simply known by its ticker IBIT) debuted in January 2024 and quickly amassed over 621,000 BTC by May 26.

根据Bitbo的数据，BlackRock的Ishares Bitcoin Trust（或仅由其股票iBIT闻名）于2024年1月首次亮相，并于5月26日在5月26日之前迅速积累了621,000 BTC。

The trust is now a dominant institutional vehicle for BTC exposure, and its holdings represent roughly 2.96% of Bitcoin’s total capped supply of 21 million coins. At current prices, that portion of BTC is valued at around $64.5 billion.

该信托现在是BTC暴露的主要机构，其持股量约占比特币总限制2100万枚硬币的2.96％。以目前的价格，BTC的一部分价值约为645亿美元。

However, when factoring in estimates that suggest up to 20% of all Bitcoin may be lost or inaccessible due to forgotten keys or lost wallets, BlackRock’s stake could represent well over 3.5% of the effective circulating supply. This would bring the asset manager’s Bitcoin holdings closer to Satoshi Nakamoto’s legendary 1.1 million BTC trove, which is typically estimated to be around 5% of the total capped supply.

但是，由于估计的估计表明，由于被遗忘的钥匙或丢失的钱包，所有比特币的20％可能会丢失或无法访问时，BlackRock的股份可能占有效循环供应的3.5％以上。这将使资产经理的比特币持有量更接近Nakamoto的传奇110万BTC Trove，通常估计约占总封顶供应量的5％。

For comparison, Michael Saylor’s Strategy (NASDAQ:STONK) is currently estimated to hold 580,250 BTC, and crypto exchange Binance is believed to have 534,471 BTC, according to data from Coinglass.

为了进行比较，根据Coinglass的数据，迈克尔·塞勒（Michael Saylor）的战略（NASDAQ：Stonk）目前估计为580,250 BTC，而Crypto Exchange Binance据信具有534,471 BTC。

This pace of accumulation is not merely a statistical footnote; it signals a deeper structural shift in the role of Bitcoin in global portfolios. BlackRock now holds more BTC than longstanding corporate holders such as Strategy or Binance. The trend is a testament to Bitcoin’s increasing presence as a core allocation in diverse institutional investment strategies.

这种积累的速度不仅是统计脚注。它表明比特币在全球投资组合中的作用有更深的结构转变。现在，贝莱德（Blackrock）持有BTC，而不是长期以来的企业持有人，例如战略或二元。趋势证明了比特币作为各种机构投资策略中核心分配的越来越多的存在。

Asymmetric upside

不对称上升空间

In a recent commentary to crypto.news, MEXC chief operating officer Tracy Jin said the sharp pivot by many corporations to integrate BTC into their long-term investment strategies “is fundamentally reshaping Bitcoin’s market dynamics.”

MEXC首席运营官Tracy Jin在最近对Crypto.news的评论中说，许多公司的尖锐枢纽将BTC整合到其长期投资策略中“从根本上讲，BTC从根本上重塑了比特币的市场动态”。

“What was once a retail-driven market and highly cyclical asset has become a cornerstone in institutional finance. This investor behaviour dynamics highlights that most institutions are less focused on short-term market volatility and have eyes on Bitcoin’s potential asymmetric upside and long-term value proposition.”

“曾经是零售驱动的市场和高度周期性资产已成为机构融资的基石。这种投资者的行为动态强调，大多数机构较少专注于短期市场波动，并注视着比特币潜在的不对称上升和长期价值主张和长期价值主张。”

The data supports this shift: U.S.-based spot Bitcoin ETFs saw $2.75 billion in inflows last week as Bitcoin broke past its January all-time high of $109,000. That figure marks more than a 4-fold increase from the $608 million recorded the previous week.

数据支持这一转变：上周，由于比特币超过其一月份的109,000美元，比特币破产了，因此总部位于美国的比特币ETF的流入量为27.5亿美元。这个数字标志着上周记录的6.08亿美元增加了4倍以上。

However, with sovereign debt burdens in the U.S. and Japan flashing red and bond yields climbing to multi-decade highs, traditional safe-haven assets are losing their appeal. As Jin explained, the change “is not a flight from risk — it’s a flight from the old model of risk.”

但是，随着美国和日本的主权债务负担，红色闪烁，债券收益率攀升到多年的高点，传统的避风港资产正在失去吸引力。正如Jin所解释的那样，这一变化“不是从风险中飞行，而是从旧风险模式飞行的飞行。”

“Bond yields in the U.S. and Japan are surging, sovereign debt burdens are flashing red, and even the last remaining AAA credit badge is gone. For decades, Treasurys were the safe haven during turbulent times. Today, capital is running from them.”

“美国和日本的债券收益率正在飙升，主权债务负担闪烁红色，即使是最后剩下的AAA信用徽章也消失了。几十年来，财政部在动荡时期都是避风港。今天，资本从中逃脱了。”

$140,000 by the end of summer

到夏季结束时$ 140,000

The rise of regulated Bitcoin products appears to be encouraging capital allocators, who may be beginning to view BTC less as a speculative fringe asset and more as a potentially neutral, transparent, and increasingly liquid store of value.

受监管的比特币产品的兴起似乎是令人鼓舞的资本分配者，他们可能开始将BTC较少视为投机性边缘资产，而更多地看作是潜在的中性，透明且越来越多的价值存储。

Unlike previous bull markets, often fueled by retail hype and meme-driven enthusiasm, the current rally seems to be supported by longer-term positioning and more measured institutional inflows.

与以前的牛市不同，通常是由零售炒作和模因驱动的热情推动的，目前的集会似乎得到了长期定位和制度流入量更高的人的支持。

“Institutional momentum tends to be very self-reinforcing, and as more corporations announce Bitcoin allocations, others are incentivised to follow suit to remain competitive. With Bitcoin ETFs recording a $25 billion weekly trading volume and $2.75 billion inflows last week, institutional momentum remains resilient despite the macroeconomic headwinds.”

“机构势头往往是非常自我强化的，随着越来越多的公司宣布比特币分配，其他公司被激励以效仿以保持竞争力。比特币ETFS每周的交易量为250亿美元，上周有27.5亿美元的流入，尽管有宏观的型号，但尽管有巨型的势头，尽管制度势头仍然具有诱因。

This institutional wave is not without volatility, however. Analysts caution that while the bullish structure remains intact, Bitcoin must defend key support zones.

但是，这种机构波并非没有波动性。分析师警告说，尽管看涨结构保持完整，但比特币必须捍卫关键支持区。

Jin sees the $94,000 level as a critical downside threshold, where significant sell orders could emerge if the price dips too low. Conversely, a sustained break above the $112,000 resistance could pave the way for a continuation of the bull market, potentially propelling BTC towards the $140,000 zone by the end of summer. In her view, dips are now seen as “strategic entry points rather than capitulation signs,” a huge contrast to previous cycles.

金将94,000美元的水平视为一个关键的下行阈值，如果价格下降得太低，可能会出现大量的卖出订单。相反，超过112,000美元的抵抗力的持续中断可能为牛市的延续铺平了道路，可能会在夏季结束时推动BTC向140,000美元的区域推动。在她看来，下降现在被视为“战略入口点，而不是投降标志”，这与以前的周期形成了鲜明的对比。

As Bitcoin’s narrative shifts from rebellion to resilience, BlackRock’s growing presence in the market signals the rapid blurring of the line between traditional finance and crypto. While Nakamoto’s holdings remain untouched and symbolic, BlackRock’s wallet is very real and getting heavier.

随着比特币的叙事从叛乱转变为韧性，贝莱德在市场中日益增长的存在表明传统金融与加密货币之间的界限迅速模糊。虽然Nakamoto的持有量保持不变和象征性，但BlackRock的钱包非常真实，而且越来越重。