儘管利息和投資提高了領先的公司的興趣和投資，比特幣（BTC）的價格在第一季度下跌了12％

第1季度顯示加密貨幣行業迅速下降，比特幣的價格急劇下跌了12％。儘管領先公司的興趣和投資增加了，但這標誌著過去七年中比特幣最差的第1季度表現。

The first quarter of 2025 saw a surprising divergence in the crypto sector. While Q1 usually shows positive performance, this time it opened with a 12% price drop for Bitcoin, marking the worst Q1 performance for the flagship cryptocurrency in the last seven years.

2025年第一季度在加密貨幣領域看到了令人驚訝的分歧。儘管Q1通常表現出積極的表現，但這次是比特幣的價格下降了12％，這標誌著過去七年來旗艦加密貨幣最差的Q1性能。

However, despite the Bitcoin price drop, major companies continued to show interest in the crypto market. Between January and March, companies acquired an astounding 91,781 BTC. The largest customer was Strategy, formerly known as MicroStrategy, which added 81,785 BTC to its reserves. Now, Strategy holds 528,185 BTC, worth $45.6 billion. Tether also made a shocking move by acquiring 8,888 BTC, increasing its stash to 92,646 BTC. This is a surprising move for a stablecoin issuer, which is usually more focused on risk minimization as an alternative to direct crypto exposure.

但是，儘管比特幣價格下跌，大型公司仍在對加密貨幣市場表現出興趣。在一月和三月之間，公司獲得了令人震驚的91,781 BTC。最大的客戶是戰略，以前稱為MicroStrategy，其儲備金增加了81,785 BTC。現在，戰略持有528,185 BTC，價值456億美元。系特特（Tether）還通過收購8,888 BTC，將其藏匿處提高到92,646 BTC，做出了令人震驚的舉動。對於Stablecoin發行人來說，這是一個令人驚訝的舉動，通常更專注於風險最小化，作為直接加密暴露的替代方法。

But while institutional activity remained strong, Long Term Holders began selling their BTC holdings at an unexpected rate. CryptoQuant reported this transaction to be approximately 178,000 BTC during Q1. These large-scale sell-offs delivered immense supply to the market, countering the bullish demand from corporations. This dynamic put negative pressure on prices and used to be a major driver of the Bitcoin price drop witnessed throughout the period.

但是，儘管機構活動仍然很強大，但長期持有人開始以意想不到的速度出售其BTC持股。 CryptoQuant報告說，這項交易在第1季度約為178,000 BTC。這些大規模的拋售向市場提供了巨大的供應，反對公司的看漲需求。這種動態造成了負面壓力，並曾經是整個期間看到的比特幣價格下跌的主要驅動力。

Additionally, the market experienced outflows of approximately $4.8 billion from Bitcoin ETFs in the first quarter. These outflows weakened the momentum and signaled a shift in market confidence. The pullback from ETFs further caused hesitation among retail and institutional investors, regardless of ongoing corporate Bitcoin purchases. The mixed pressure from Long Term Sellers and ETF outflows disrupted Bitcoin’s rally and exposed vulnerabilities in the current market structure, highlighting that company movement alone cannot guarantee sustained price growth.

此外，第一季度的市場經歷了大約48億美元的外流。這些流出削弱了勢頭，並表明了市場信心的變化。 ETF的回調進一步引起了零售和機構投資者的猶豫，無論持續的公司比特幣購買如何。長期賣方和ETF的混合壓力流出了破壞比特幣的集會和當前市場結構中暴露的漏洞，這強調了僅公司運動就無法保證持續的價格增長。

However, despite the bearish Q1, numerous major companies persevered with their Bitcoin acquisition strategies in Q2. For instance, Marathon Digital, a leading crypto-mining firm, introduced a $2 billion stock sale to buy Bitcoin. Similarly, the electronics retailer GameStop published a $1.5 billion convertible note strategy to invest in BTC. These actions show sustained company interest in crypto assets and trust that the Bitcoin price drop is temporary rather than a sign of a deeper reversal in trend.

然而，儘管看跌了第一季度，但許多大型公司在第二季度堅持其比特幣採集策略。例如，領先的加密貨幣公司Marathon Digital推出了20億美元的股票銷售來購買比特幣。同樣，電子零售商GameStop發布了15億美元的可轉換票據策略，以投資於BTC。這些行動表明了公司對加密資產的持續興趣，並相信比特幣價格下跌是暫時的，而不是趨勢更深逆轉的跡象。

These upcoming purchases are significant as they may also rebalance the market in Q2. With new corporate funds flowing in and the manageable stabilization of Long Term Holder activity, prices can recover. These tendencies also reaffirm the institutional belief in Bitcoin’s long-term utility and its integration into normal finance.

這些即將進行的購買非常重要，因為它們也可能在第二季度重新平衡市場。隨著新的公司資金流入以及長期持有人活動的可管理穩定，價格可以恢復。這些趨勢還重申了對比特幣長期效用及其融入正常金融的製度信念。

As companies continue to align their techniques with emerging crypto-market trends, the second quarter may witness a shift in momentum, providing renewed hope to investors and analysts watching closely.

隨著公司繼續將技術與新興的加密市場趨勢保持一致，第二季度可能會發生動力的轉變，為投資者和分析師密切關注的希望提供了新的希望。

Q1 served as a reminder that the crypto market is driven by more than one factor that can contradict each other. On the one hand, a strong company’s Bitcoin purchases can increase confidence in the market. On the other hand, Long Term Holders exiting their positions and ETF outflows can quickly counterbalance optimism. The coexistence of these developments shows that Bitcoin remains a maturing asset, yet it is nonetheless subject to rapid shifts influenced by both institutional and individual sentiments. As Q2 progresses, buyers must observe how the opposing trends unfold. Will the inflow of new corporate capital outweigh the caution of Long Term Holders?

第1季度提醒人們，加密貨幣市場是由一個以上可能相互矛盾的因素驅動的。一方面，強大的公司的比特幣購買可以增加對市場的信心。另一方面，長期持有人退出其位置和ETF流出可以迅速平衡樂觀。這些事態發展的共存表明比特幣仍然是一項成熟的資產，但仍會受到製度和個人情緒影響的快速轉變。隨著第二季度的進展，買家必須觀察相對趨勢的發展。新公司資本的流入會超過長期持有人的謹慎嗎？