比特币的比赛正在转移。大公司正在竞争资金和日常投资者。

企业库库今年到目前为止已获得157,000 BTC。今天的价格大约是160亿美元。

The race for Bitcoin is shifting. While funds and everyday investors have chipped away at the cryptocurrency, big companies are changing the game.

比特币的比赛正在转移。尽管资金和日常投资者在加密货币方面却消失了，但大公司正在改变游戏。

Corporate treasuries have grabbed 157,000 BTC so far this year. That’s roughly $16 billion at today’s prices. Meanwhile, exchange-traded funds have picked up 49,000 BTC—about $5 billion. Governments chipped in with 19,000 BTC. Individual holders, though, have sold off a net 247,000 BTC.

企业库库今年到目前为止已获得157,000 BTC。今天的价格大约是160亿美元。同时，交易所交易的资金已获得49,000 BTC，约有50亿美元。政府与19,000 BTC一起筹集了成员。但是，个别持有人已卖出了247,000 BTC的净净。

Firms: Biggest Buyers, One Stellar Figure

公司：最大的买家，一个出色的人物

According to research from River, firms make up the biggest chunk of new Bitcoin demand. One name stands out: Michael Saylor’s Strategy firm. It alone is behind nearly 80% of corporate buying this year.

根据River的研究，公司构成了新的比特币需求中最大的一部分。一个名字脱颖而出：迈克尔·塞勒（Michael Saylor）的战略公司。仅此而已，今年将近80％的公司购买。

That many coins are hard to come by since miners only put out about 450 BTC a day. When one company snaps up more than that over weeks, supply gets tight fast.

由于矿工每天只出售约450 BTC，因此很难获得许多硬币。当一家公司抢购比几周的时间更多时，供应会变得紧张。

ETFs, State Treasuries Follow

ETF，国家国债

Next come funds and state treasuries. ETFs have added another 49,000 Bitcoin this year. That’s a big number, but still far below firms’ haul.

接下来是资金和国家国库。 ETF今年又增加了49,000个比特币。这是一个很大的数字，但仍然远低于公司的运输。

Governments have also moved, with around 19,000 BTC added to public reserves this year. It’s a sign that public bodies see Bitcoin as more than just a trend.

政府也搬家了，今年将大约19,000 BTC增加到公共储备中。这表明公共机构将比特币视为一种趋势。

Which Business Sectors Are Buying Bitcoin Most?

哪些业务部门最购买比特币？

The wave of corporate buying isn’t all finance giants. River says that finance and investment groups make up nearly 36% of business purchases. Tech firms come next at close to 17%, then consultants at over 16%.

公司购买的浪潮并不是所有的财务巨头。里弗说，金融和投资集团占企业购买的近36％。技术公司接近17％，然后以16％的速度顾问。

Other buyers include real estate, non-profits, consumer and industrial groups, plus healthcare, energy, agriculture, and transport companies.

其他买家包括房地产，非营利组织，消费者和工业团体，以及医疗保健，能源，农业和运输公司。

Newcomers in 2025 include video platform Rumble and Hong Kong builder Ming Shing.

2025年的新移民包括Video Platform Rumble和香港建造者明格。

Bitcoin: A Tale Of Supply, Demand, And Deflation

比特币：供应，需求和通缩的故事

The company says the strong buying activity is putting serious pressure on Bitcoin supply.

该公司表示，强大的购买活动对比特币供应施加了巨大压力。

CryptoQuant CEO Ki Young Ju says this strain is causing a –2.3% annual deflation rate for the cryptocurrency. He adds that corporate hoarding is outpacing miner output, in effect “halving” supply.

加密首席执行官Ki Young Ju说，这种菌株的加密货币年度缩水率为–2.3％。他补充说，公司ho积在矿工产量上，实际上是“减半”的供应。

Author Adam Livingston also noted the idea of a synthetic cut in coin creation. He feels that if these trends hold, price floors could lift higher than before.

作者亚当·利文斯顿（Adam Livingston）还指出了硬币创作中合成的裁员的想法。他觉得，如果这些趋势成立，价格地板可能会比以前更高。

Some Recent Large Bitcoin Buys

最近购买的一些大型比特币

Some recent moves have attracted attention. Strategy bought 13,390 BTC for $1.34 billion in one transaction.

最近的一些举动引起了人们的关注。策略以13.4亿美元的一项交易购买了13,390 BTC。

Metaplanet has added 1,241 BTC to its treasury, pushing it past El Salvador’s stash as of May 12.

Metaplanet已在其财政部增加了1,241 BTC，截至5月12日，它将其推到了萨尔瓦多的藏匿处。

Bitwise reports that at least 12 public firms bought Bitcoin for the first time in Q1 2025, tacking on over 95,000 BTC to their holdings.

Bitwise报道说，至少有12家公共公司在2025年第1季度首次购买了比特币，持有超过95,000 BTC的股份。

This surge in buying activity increased the total Bitcoin held by public companies by 16%.

购买活动的激增使上市公司持有的比特币总数增加了16％。

What Comes Next For Bitcoin?

比特币接下来会发生什么？

Corporate appetite has rewired the Bitcoin market this year. It’s no longer just hobbyists or traders who are chasing quick gains.

企业的胃口今年重新布置了比特币市场。不再是追逐快速收益的业余爱好者或商人。

Big players are treating Bitcoin like cash on their balance sheets. This creates a tighter market. If they slow their buys, miners may flood supply back in.

大型玩家正在将比特币当作现金来对待资产负债表。这会创造一个更严格的市场。如果他们放慢了自己的购买，矿工可能会泛滥成灾。

For now, though, it’s clear: businesses are in the driver’s seat. Stay tuned for more updates.

但是，目前很明显：企业在驾驶员座位上。请继续关注更多更新。