全球政府持有463,741 BTC，约占比特币总供应的2.3％

该数字反映了从2024年7月的529,591 BTC下降，强调了政府参与加密货币的动态性质。

As of April 2025, governments worldwide hold 463,741 BTC, valued at approximately $42.9 billion, according to CoinGecko’s research. This figure represents a decline from 529,591 BTC in July 2024, highlighting the dynamic nature of government involvement in cryptocurrencies.

根据Coingecko的研​​究，截至2025年4月，全球政府持有463,741 BTC，价值约429亿美元。这个数字是从2024年7月的529,591 BTC下降，强调了政府参与加密货币的动态性质。

Meanwhile, a separate CoinGecko report focusing on GeckoTerminal data reveals that over 50% of the nearly 7 million cryptocurrencies listed since 2021 have failed, with 3.7 million projects no longer trading.

同时，一份针对壁虎数据的单独的Coingecko报告表明，自2021年以来列出的近700万个加密货币中，超过50％失败了，有370万个项目不再交易。

These developments showcase both the strategic role of governments in the crypto space and the volatile, high-risk nature of the broader cryptocurrency market.

这些事态发展既展示了政府在加密货币领域的战略作用，又展示了更广泛的加密货币市场的挥发性高风险性质。

How Governments Are Accumulating Bitcoin

政府如何累积比特币

Governments acquire Bitcoin through various means, including seizures from illicit activities, direct purchases, sustainable mining endeavors, and donations. Their strategies and motivations differ widely.

政府通过各种手段获取比特币，包括非法活动，直接购买，可持续采矿和捐赠。他们的策略和动机差异很大。

The United States remains the largest holder, with 198,012 BTC, valued at $18.3 billion. This stash is primarily derived from seizures related to the Silk Road darknet market and the Bitfinex and Shapeshift hacks.

美国仍然是最大的持有人，拥有198,012 BTC，价值183亿美元。该储藏板主要来自与丝绸之路Darknet市场以及Bitfinex和ShapeShift Hacks有关的癫痫发作。

However, recent liquidations and President Trump’s March 2025 executive order to establish a “Digital Fort Knox” indicate a shift toward viewing Bitcoin as a strategic reserve asset.

但是，最近的清算和特朗普总统2025年3月的行政命令建立“数字诺克斯”，这表明将比特币视为战略储备资产的转变。

China, despite its crypto trading ban, holds 194,000 BTC, valued at $17.6 billion. This accumulation stems from the 2019 PlusToken Ponzi scheme, and the Chinese government’s plans for these coins remain undisclosed.

尽管中国的加密货币贸易禁令，但持有194,000 BTC，价值176亿美元。这种积累源于2019年的庞普语计划，中国政府对这些硬币的计划仍未公开。

The United Kingdom holds 61,000 BTC, valued at $5.6 billion, which were acquired through crime-related seizures. The government is currently debating whether to liquidate these coins or repurpose them for public finance.

英国拥有61,000 BTC，价值56亿美元，是通过与犯罪有关的癫痫发作获得的。政府目前正在辩论是清算这些硬币还是将其重新利用为公共财政。

In contrast to larger nations, smaller countries like Bhutan and El Salvador are actively engaging in smaller-scale but consistent bitcoin accumulation.

与较大的国家相比，不丹和萨尔瓦多等较小国家正在积极参与较小但一致的比特币积累。

Bhutan’s 8,594 BTC, valued at $795.4 million, are being mined using sustainable hydroelectric power, showcasing a unique approach to government-led crypto accumulation.

不丹的8,594个BTC，价值7.954亿美元，正在使用可持续的水力发电进行开采，展示了一种独特的政府领导的加密货币积累的方法。

El Salvador, having already integrated bitcoin into its legal tender system, continues its experiment with purchasing 1 BTC daily, bringing its total to 6,135 BTC, valued at $567.8 million.

埃尔·萨尔瓦多（El Salvador）已经将比特币整合到其法定招标系统中，继续进行实验，每天购买1 BTC，总计达到6,135 BTC，价值5.678亿美元。

On the other hand, Ukraine, which received significant bitcoin donations during the ongoing conflict, has liquidated most of its 256 BTC to fund military and humanitarian efforts.

另一方面，在正在进行的冲突中获得了大量比特币捐赠的乌克兰已经清算了其256个BTC的大部分，以资助军事和人道主义努力。

Government Liquidations Impact Bitcoin Price

政府清算影响比特币价格

The mid-2024 sale of 46,359 BTC by Germany for fiat currency at prevailing market rates had a substantial impact, triggering a 15.7% drop in the bitcoin price within a single day.

2024年中期，德国以菲亚特货币为正常的市场利率出售了46,359 BTC，产生了重大影响，在一天之内触发了比特币价格下跌15.7％。

This liquidation was attributed to budget constraints and legal mandates to convert seized assets into fiat. It highlights how governments' actions can influence bitcoin's value.

该清算归因于预算限制和法律授权，以将被没收的资产转换为菲亚特。它强调了政府的行动如何影响比特币的价值。

While selling a portion of its bitcoin stash, Germany plans to retain a portion for long-term use, striking a balance between immediate fiscal needs and holding a strategic asset.

在出售其比特币藏匿处的一部分时，德国计划保留一部分长期使用，在立即财政需求和持有战略资产之间取得平衡。

The German government's decision to liquidate its bitcoin holdings was a significant event that had immediate consequences for the cryptocurrency market.

德国政府决定清算其比特币持有的决定是一项重大事件，对加密货币市场产生了直接的影响。

The interplay between government bitcoin holdings and the high failure rate of other cryptocurrencies signals a broader shift in the macroeconomic landscape.

政府比特币控股与其他加密货币的高失败率之间的相互作用表明宏观经济景观发生了更大的转变。

Over 50% Of Nearly 7 Million Cryptocurrencies Listed On GeckoTerminal Since 2021 Have Failed

自2021年以来，在壁虎上列出的近700万次加密货币中，超过50％。

CoinGecko’s analysis of GeckoTerminal data reveals that 52.7% of the nearly 7 million cryptocurrencies listed since 2021 have failed, with 3.7 million projects no longer trading.

Coingecko对Geckoterminal数据的分析表明，自2021年以来列出的近700万个加密货币中，有52.7％失败了，有370万个项目不再交易。

The first quarter of 2025 alone saw 1.8 million failures, rendering 49.7% of all project collapses between 2021 and 2025.

仅2025年的第一季度，就有180万次失败，在2021年至2025年之间，所有项目的49.7％崩溃了。

This surge in failures coincides with market turbulence following Donald Trump’s January 2025 inauguration, which may have exacerbated volatility and contributed to the downfall of several crypto projects.

唐纳德·特朗普（Donald Trump）2025年1月就职典礼后，这种失败的激增与市场动荡相吻合，这可能加剧了波动性，并导致了几个加密项目的倒台。

The explosion of new projects, particularly in 2024, fueled this trend. That year saw 3 million new cryptocurrencies launched, triple the number launched in 2023.

新项目的爆炸激增，特别是在2024年，这加剧了这一趋势。那一年，推出了300万个新的加密货币，这是2023年推出的数字。

This surge was driven by platforms like pump.fun, which simplified token creation and led to a flood of meme coins and speculative projects.

这次激增是由诸如pump.fun之类的平台驱动的，该平台简化了令牌创建，并导致了大量的模因硬币和投机项目。

However, 1.4 million projects failed in 2024, collecting 37.7% of the total failures over the five-year period. In contrast, failures between 2021 and 2023 were significantly lower, comprising just 12.6% of the total.

但是，2024年有140万个项目失败，收集了五年内总失败的37.7％。相比之下，2021年至2023年之间的故障显着降低，仅占总数的12.6％。

The high failure rate among these tokens can be attributed to several factors. Many projects

这些令牌之间的高失败率可以归因于几个因素。许多项目