比特幣（BTC）的價格在2025年初飆升，這是由機構採用和市場樂觀的推動

比特幣（BTC）在2025年初出現了強勁的價格興起，這是由於機構採用，市場樂觀和2024年減半事件的長期以來的效果的結合。

Bitcoin (BTC) has seen a strong price resurgence in early 2025, fuelled by a combination of institutional adoption, market optimism, and the long-anticipated effects of the 2024 halving event.

比特幣（BTC）在2025年初出現了強勁的價格興起，這是由於機構採用，市場樂觀和2024年減半事件的長期以來的效果的結合。

As confidence returns to the broader cryptocurrency market, Bitcoin continues to reassert its dominance as the leading digital asset.

隨著信心返回更廣泛的加密貨幣市場，比特幣繼續重新確立其作為領先的數字資產的主導地位。

Halving Impact Starts to Unfold

減半的影響開始展開

Bitcoin’s most recent halving took place in April 2024, reducing miner rewards from 6.25 BTC to 3.125 BTC. Historically, halving events have led to reduced supply pressure on the market, often followed by price appreciation as demand holds or increases. In 2025, analysts and on-chain data suggest this trend is playing out again.

比特幣的最新減半發生在2024年4月，將礦工的獎勵從6.25 BTC降低到3.125 BTC。從歷史上看，將事件減半導致市場上的供應壓力減輕，隨著需求的持續或增加，價格升值。在2025年，分析師和鏈上數據表明，這種趨勢再次發揮了作用。

The supply shock, coupled with rising long-term holding behaviour, has driven increased scarcity, contributing to upward price pressure.

供應衝擊，加上長期持有行為的上升，導致稀缺性增加，導致價格壓力。

This analysis compares Bitcoin's price action (in blue) with changes in the total realised cap (in orange). The realised cap measures the last time coins were moved on-chain, providing insights into long-term holding behaviour. As shown above, periods of sustained price rallies coincide with a decrease in the realised price, indicating that coins are being held for longer periods. This aligns with the narrative of increasing scarcity impacting price trends.

該分析將比特幣的價格動作（以藍色為單位）與已實現的帽子（橙色）的變化進行了比較。已實現的上限衡量了最後一次硬幣在鏈上移動，從而提供了對長期保持行為的見解。如上所示，持續價格集會的時期與已實現價格的下降相吻合，表明硬幣被持有更長的時間。這符合增加稀缺性影響價格趨勢的敘述。

This observation is further supported by the analysis of coins last touched on-chain, showcasing a decreasing velocity of coins in recent times.

對硬幣上次接觸鏈的分析，進一步支持了這一觀察結果，最近顯示了硬幣速度的降低。

Chart: Glassnode

圖表：玻璃節

Institutional Interest and Spot ETFs

機構興趣和現貨ETF

Another major factor behind the price surge is the growth in institutional investment, particularly following the approval of Bitcoin spot exchange-traded funds (ETFs) in key global markets.

價格上漲的另一個主要因素是機構投資的增長，尤其是在全球主要市場中比特幣現貨交易所交易基金（ETF）批准之後。

These regulated investment products have opened access to a broader pool of capital, especially from pension funds, asset managers, and traditional investors who previously avoided direct crypto exposure.

這些受監管的投資產品已經開放了更廣泛的資本庫，尤其是從養老基金，資產經理和傳統投資者那裡，這些投資者以前避免了直接加密貨幣。

Major financial institutions have continued accumulating Bitcoin, and the visibility of these holdings has further validated BTC’s role as a mainstream financial asset.

主要的金融機構繼續積累比特幣，這些持股的可見性進一步驗證了BTC作為主流金融資產的作用。

Macroeconomic Factors and Market Sentiment

宏觀經濟因素和市場情緒

The broader economic environment has also played a role in Bitcoin’s renewed momentum.

更廣泛的經濟環境也在比特幣的新勢頭中發揮了作用。

Amid ongoing concerns about currency debasement, inflation, and central bank policy, investors are turning to Bitcoin as a store of value and a hedge against traditional market volatility.

由於對貨幣貶值，通貨膨脹和中央銀行政策的持續擔憂，投資者將比特幣作為價值存儲和對沖傳統市場波動的庫存。

Additionally, positive sentiment across the digital asset space, driven by innovation in Layer 2 technologies, token standards like Bitcoin Runes, and improved regulatory clarity in some jurisdictions, is bolstering confidence.

此外，在第2層技術的創新，像比特幣符文（Bitcoin Runes）等代幣標準的驅動下，整個數字資產空間的積極情緒以及在某些司法管轄區的改善的監管清晰度都在增強信心。

Looking Ahead

展望未來

While the crypto market remains inherently volatile, Bitcoin’s price performance in 2025 reflects growing maturity, increased utility, and expanding integration into global financial systems.

雖然加密市場固有地易變，但比特幣在2025年的價格績效反映了成熟度的越來越大，實用程序增加並擴大了整合到全球金融系統中。

The recent surge underlines Bitcoin’s unique position as a decentralised, scarce, and globally recognised digital asset—one that continues to play a central role in the evolving future of finance.

最近的激增強調了比特幣作為分散，稀缺和全球認可的數字資產的獨特地位，該資產在不斷發展的金融未來中繼續發揮著核心作用。