报告发现，现在的集中库控制比特币循环供应的30.9％

这包括近年来采用比特币作为战略储备资产的政府的股份，交易所交易的资金和上市公司。

Centralized treasuries now hold 30.9% of Bitcoin's circulating supply and President Trump's executive order to establish a working group for a Strategic Bitcoin Reserve has given official government to Bitcoin adoption at the sovereign level, according to a new report by Gemini and Glassnode.

根据Gemini和GlassNode的一份新报告，集中式国债现在持有比特币循环供应的30.9％，特朗普总统的行政命令为战略性比特币储备建立工作组，使官方政府在主权水平上采用比特币。

The analysis, titled "Bitcoin: A Tale of Centralization and Decremental Volatility," delves into the integration of Bitcoin into traditional financial systems and the role of institutional investors in shaping the cryptocurrency's market dynamics.

该分析标题为“比特币：集中化和减少波动的故事”，研究了比特币整合到传统金融系统中，以及机构投资者在塑造加密货币市场动态方面的作用。

Over recent years, corporate treasuries have increasingly allocated a portion of their reserves to Bitcoin as part of long-term holding strategies. Concurrently, institutional investors have continued to launch new products, such as exchange-traded funds (ETFs) and regulated derivatives platforms, that track Bitcoin's price movements and provide liquid exposure to the cryptocurrency.

近年来，作为长期持有策略的一部分，公司国库越来越多地将其一部分储量分配给了比特币。同时，机构投资者继续推出新产品，例如交易所贸易资金（ETF）和受监管的衍生品平台，这些平台跟踪了比特币的价格变动，并提供了对加密货币的流动性。

"This shift in institutional demand has changed the structure of Bitcoin's on-chain economy and altered the competitive landscape within the ecosystem," the report stated.

报告说：“机构需求的这种转变改变了比特币的链链经济的结构，并改变了生态系统内的竞争格局。”

Indeed, centralized platforms have captured the majority of Bitcoin's trading activity. The report found that, when adjusting for internal exchange transfers, centralized exchanges, U.S. spot cryptocurrency ETFs, and regulated derivatives platforms now process more than 75% of Bitcoin's adjusted transfer volume. This is a substantial increase from previous years when on-chain activity comprised a larger portion of total volume.

确实，集中式平台捕获了大多数比特币的交易活动。该报告发现，在调整内部交换转移，集中式交换时，美国现场加密货币ETF和受监管的衍生品平台现在处理比特币调整后的传输量的75％以上。与往年相比，当链活动占总体积的较大部分时，这是大幅度的增长。

This shift toward centralized infrastructure has occurred in tandem with reduced price volatility across all timeframes.

朝着集中基础设施的转变是随着所有时间表的价格波动的降低而发生的。

"Annualized realized volatility has declined consistently since 2018 as adoption has broadened, particularly among sovereign entities and regulated financial institutions," the report noted. "This reduced volatility suggests that institutional participation has provided stabilizing effects on Bitcoin markets."

报告指出：“自2018年以来，随着采用率的扩大，尤其是在主权实体和受监管的金融机构中，年度实现的波动率一直在下降。” “这种降低的波动性表明，机构参与对比特币市场提供了稳定的影响。”

While Bitcoin remains a risk-on asset, its integration into traditional finance has created more consistent price action with less influence from speculative extremes.

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，却创造了更一致的价格行动，而投机性极端的影响较小。

Large-scale holders usually invest for the long term and avoid making quick, reactive trades like retail investors. This contributes to smoother price movements and reduced susceptibility to sudden market swings.

大规模持有人通常会长期投资，并避免进行诸如散户投资者之类的快速，反应性交易。这有助于更顺利的价格变动，并降低了对突然市场波动的敏感性。

"The president's executive order has brought attention to the potential impacts of sovereign allocators on Bitcoin markets," the report added.

报告补充说：“总统的行政命令引起了主权分配者对比特币市场的潜在影响。”

According to the analysis, for every $1 invested by sovereign allocators like the Strategic Bitcoin Reserve, up to $25 of short-term market capitalization growth could be unlocked. The multiplier effect is realized through supply dynamics as well as market psychology.

根据该分析，对于诸如战略比特币储备等主权分配者所投资的1美元，可以解锁短期市值增长的25美元。乘数效应是通过供应动态和市场心理学实现的。

This is because institutional purchases, being significant, will compel other market stakeholders to make additional purchases in an effort to front-run institutional purchases.

这是因为机构购买非常重要，将迫使其他市场利益相关者进行额外购买，以努力进行前进的机构购买。

Long-term structural value creation is less upbeat yet also optimistic, with approximately $1.70 of value creation for every dollar of sovereign investment. This implies that while the short-term market response may be exaggerated, long-term price appreciation requires higher mainstream usage and utility creation, rather than speculative demand.

长期的结构价值创造较不乐观，但也乐观，每一美元的主权投资的价值创造约为1.70美元。这意味着，尽管短期市场响应可能会被夸大，但长期价格赞赏需要更高的主流用法和实用性创造，而不是投机性需求。

The degree of Bitcoin ownership by centralized players is a threat to the decentralization values that initially drove the creation of cryptocurrency. However, institutional adoption also brings legitimacy and infrastructure development, which could support broader Bitcoin integration into mainstream financial systems.

集中式参与者拥有比特币所有权的程度是对最初推动加密货币创造的权力下放价值观的威胁。但是，机构采用也带来了合法性和基础设施发展，这可以支持更广泛的比特币整合到主流金融系统中。

The report concludes that the sustained involvement of institutional investors will be pivotal in determining the efficiency and stability of Bitcoin markets in the long run. As such, understanding the interplay between institutional and on-chain activity is crucial for comprehending Bitcoin's price trends and broader market dynamics.

该报告得出的结论是，从长远来看，机构投资者的持续参与将在确定比特币市场的效率和稳定性方面至关重要。因此，了解机构和链上活动之间的相互作用对于理解比特币的价格趋势和更广泛的市场动态至关重要。