到2026年，机构的比特币流入可能达到4269亿美元

该金额等于420万BTC或总供应量的20％。这一预测是由于资产经理，主权财富基金和上市公司的需求不断增长。

A new Bitwise report predicts that institutional Bitcoin (BTC) inflows could reach an impressive volume of 4.2 million coins by 2026. This prediction is based on an analysis of recent trends in asset managers, sovereign wealth funds, and public companies investing in Bitcoin.

一份新的位报告预测，到2026年，机构的比特币（BTC）流入量可能达到420万个硬币。这一预测基于对资产经理，主权财富基金以及投资比特币投资的最新趋势的分析。

The report, titled "Institutions Are Buying Bitcoin—A Lot Of It," provides a snapshot of the shifting landscape of Bitcoin ownership. It reveals that major financial entities have been incrementally increasing their Bitcoin holdings since the Bitcoin halving 2024. This halving reduced the block reward to 3.125 BTC, cutting the annual issuance to about 164,250 BTC.

该报告标题为“机构正在购买比特币（其中很多），提供了比特币所有权不断变化的景观的快照。它表明，自比特币减少了2024年以来，主要金融实体一直在逐步增加其比特币持有量。这种减半将块奖励降低到3.125 BTC，将年度发行减少到约164,250 BTC。

As a result, BTC supply is now more limited, while institutional interest seems to be growing at an even faster pace. If institutions manage to accumulate the projected volume, it will place significant pressure on the remaining BTC supply. This development could reshape BTC ownership distribution in the coming year.

结果，BTC供应现在更加有限，而机构的利益似乎以更快的速度增长。如果机构设法积累了预计的量，它将对剩余的BTC供应施加重大压力。这种开发可以在来年重塑BTC的所有权分配。

BlackRock and Strategy Lead in Institutional Bitcoin Holdings

机构比特币持有的贝莱德和战略领导

Among the institutions holding large Bitcoin positions, BlackRock's IBIT ETF fund now manages $71 billion in BTC. This figure is a testament to the strong demand for the flagship cryptocurrency through exchange-traded products.

在拥有大型比特币头寸的机构中，贝莱德的IBIT ETF基金现在在BTC中管理着710亿美元。这个数字证明了通过交易所交易产品对旗舰加密货币的强烈需求。

Strategy is another top institutional holder, currently managing 576,230 BTC, valued at $63.7 billion, or 2.74% of the total BTC supply.

策略是另一个最高机构持有人，目前管理576,230 BTC，价值637亿美元，占BTC总供应总额的2.74％。

The Bitwise report also lists several public companies that have recently started adding BTC to their balance sheets. Among them are Metaplanet, which has been gradually increasing its Bitcoin exposure in recent months.

Bitwise报告还列出了几家最近开始将BTC添加到资产负债表中的上市公司。其中包括Metaplanet，近几个月来一直在逐渐增加其比特币暴露。

Both public companies and asset managers are not the only ones entering the crypto space. The Texas Teacher Retirement System has placed $500 million into Bitcoin ETFs, showcasing involvement at the U.S. state level.

上市公司和资产经理并不是唯一进入加密空间的人。德克萨斯州教师退休系统已向比特币ETF投入了5亿美元，展示了美国州一级的参与。

Sovereign wealth funds Bitcoin activity is also expanding. Norges Bank and the Abu Dhabi Investment Authority have included Bitcoin in their investment strategies. These entities now appear alongside firms like Fidelity and Morgan Stanley, which joined the crypto space post-2024 halving.

主权财富基金比特币活动也在扩大。 Norges Bank和Abu Dhabi投资管理局将比特币包括在其投资策略中。这些实体现在与Fidelity和Morgan Stanley等公司一起出现，后者加入了2024年后的Crypto Space。

BTC Supply Pressure Intensifies as Institutions Accumulate

随着机构的积累，BTC的供应压力加剧了

The Bitcoin halving 2024 had a significant impact on the number of new coins entering circulation. With supply now limited, institutional Bitcoin inflows could create a structural imbalance.

比特币减半2024对进入循环的新硬币数量有重大影响。由于供应有限，机构的比特币流入可能会造成结构性失衡。

The Bitwise report calculates that if 4.2 million BTC enters institutional wallets by 2026, liquid supply will tighten further. Currently, about 19.8 million BTC is liquid, and if institutions manage to accumulate the projected volume, it will leave about 15.6 million BTC in liquid supply.

位报告计算出，如果420万BTC到2026年进入机构钱包，液体供应将进一步收紧。目前，大约1,980万BTC是流动性的，如果机构设法累积了预计的数量，则将留下约1560万BTC的液体供应。

In May 2025, Bitcoin reached a new all-time high, which the report attributes to the interplay of rising institutional demand and limited supply. The report includes charts from Swan Bitcoin visualizing future allocation estimates to institutions, breaking down Bitcoin holdings by country, corporation, and institutional buyer.

2025年5月，比特币达到了新的历史最高水平，该报告归因于机构需求不断上升和供应有限的相互作用。该报告包括天鹅比特币的图表，可视化机构的未来分配估算，按国家，公司和机构购买者分解比特币持有量。

According to the report, El Salvador currently holds 6,133 BTC, valued at about $521 million. The United States holds 198,012 BTC, valued at $16.8 billion. Despite its trading ban, China holds 190,000 BTC, valued at $16.1 billion. These figures are based on data published alongside the Bitwise report and visualized by Swan Bitcoin.

根据该报告，埃尔·萨尔瓦多目前持有6,133 BTC，价值约5.21亿美元。美国持有198,012 BTC，价值168亿美元。尽管禁令贸易禁令，但中国持有190,000 BTC，价值161亿美元。这些数字基于与位报告一起发布的数据，并由天鹅比特币可视化。

Bitcoin ETF Growth Raises Scrutiny and Exposure Risk

比特币ETF增长会引起审查和暴露风险

While the report by Bitwise confirms strong institutional Bitcoin inflows, it also highlights some key risks. A sudden reversal by large institutional holders may have a substantial impact on the BTC market due to their massive positions.

尽管Bitwise的报告证实了强大的机构比特币流入，但它也突出了一些关键风险。大型机构持有人突然逆转可能会对BTC市场产生重大影响。

The report mentions that institutions' high exposure could translate into market volatility during sell-offs, especially considering the scale of institutional investments.

该报告提到，机构的高暴露量可能会转化为抛售期间市场波动，尤其是考虑到机构投资的规模。

Moreover, the growth of Bitcoin ETFs has drawn more attention from regulators. The U.S. Securities and Exchange Commission (SEC) continues to review the operations of these funds and the overall market integrity. The report notes this ongoing SEC activity as a factor that may influence future Bitcoin ETF inflows.

此外，比特币ETF的生长吸引了监管机构的更多关注。美国证券交易委员会（SEC）继续审查这些资金的运营和整体市场完整性。该报告指出，这种正在进行的SEC活动是可能影响未来比特币ETF流入的因素。

At the same time, macroeconomic conditions appear to be stable. The U.S. Federal Reserve has not yet announced any plans for cutting interest rates, and interest rates are expected to hold steady in June 2025. These monetary policies may affect the flows of funds into risk assets, including Bitcoin.

同时，宏观经济状况似乎是稳定的。美国美联储尚未宣布任何降低利率的计划，预计利率将在2025年6月保持稳定。这些货币政策可能会影响资金流入包括比特币在内的风险资产。

The report concludes by emphasizing the significant shifts occurring in the cryptocurrency landscape. As institutions increasingly allocate funds to Bitcoin, the dynamics of BTC ownership and liquidity are changing, presenting both opportunities and challenges for market participants.

该报告结束时强调了加密货币景观中发生的重大转变。随着机构越来越多地将资金分配给比特币，BTC所有权和流动性的动态正在发生变化，为市场参与者带来了机会和挑战。

The data on institutional Bitcoin holdings is provided by Bitwise and Swan.

Bitwise和Swan提供了机构比特币持有的数据。