在穩健的基本面和前所未有的勢頭的支持下，比特幣以強勁的勢頭開啟了 2025 年

該網路的哈希率已達到歷史最高水平，其運算能力水平使亞馬遜AWS、谷歌雲和微軟Azure的資源總和相形見絀幾個數量級。

Bitcoin is continuing its strong start to 2025, with several new developments emerging in the past week. Here's a roundup of the latest news and institutional updates.

到 2025 年，比特幣將繼續保持強勁的開局，過去一周出現了一些新的發展。以下是最新新聞和機構更新的摘要。

Institutions Double Down on Bitcoin

機構加倍押注比特幣

Institutions are showing no signs of slowing down their bitcoin accumulation strategies. In a massive move, U.S.-traded bitcoin exchange-traded fund (ETFs) have more than doubled their combined holdings over the past year. This incredible growth spans across ETFs, with holdings increasing from 650,000 BTC to an astounding 1,250,000 BTC.

機構沒有表現出放慢比特幣累積策略的跡象。在過去一年中，美國交易的比特幣交易所交易基金（ETF）的總持有量增加了一倍多，這是一個巨大的舉措。這種令人難以置信的成長涵蓋了所有 ETF，持有量從 650,000 BTC 增加到驚人的 1,250,000 BTC。

Among these ETFs, the BlackRock IBIT Fund has taken center stage with a remarkable achievement. In just 11 months, the fund has managed to amass over $50 billion in assets, earning it the title of the “greatest ETF launch in history.” This development serves as a testament to the growing demand for bitcoin-focused financial products.

在這些ETF中，貝萊德IBIT基金以令人矚目的成績佔據了中心舞台。在短短 11 個月內，該基金已成功累積了超過 500 億美元的資產，使其贏得了「歷史上最偉大的 ETF 發行」的稱號。這一發展證明了對以比特幣為中心的金融產品的需求不斷增長。

Highlighting the institutional surge, a new bitcoin ETF from Strive is set to launch, focusing on MicroStrategy's convertible bitcoin-backed bonds. This move aims to attract investors seeking both yield and exposure to bitcoin's potential upside.

Strive 即將推出新的比特幣 ETF，重點是 MicroStrategy 的可轉換比特幣支援債券，凸顯了機構的激增。此舉旨在吸引既尋求收益又尋求比特幣潛在上漲空間的投資者。

Meanwhile, Bitwise is launching an ETF that will track shares of public companies that hold at least 1,000 BTC in their treasuries. This includes bitcoin-heavyweights like Micro. This approach aligns with a broader trend of companies adding bitcoin to their balance sheets.

同時，Bitwise 正在推出一款 ETF，該 ETF 將追蹤在其庫存中至少持有 1,000 BTC 的上市公司的股票。這包括像 Micro 這樣的比特幣重量級公司。這種方法符合公司將比特幣添加到資產負債表中的更廣泛趨勢。

On the heels of El Salvador's bitcoin adoption, lawmakers in Hong Kong are considering adding bitcoin to the city's official reserves. This move would further integrate digital assets into mainstream finance and bolster Hong Kong's status as a financial hub.

在薩爾瓦多採用比特幣之後，香港立法者正在考慮將比特幣添加到該市的官方儲備中。此舉將進一步將數位資產融入主流金融，並鞏固香港作為金融中心的地位。

Institutions are also joining forces to create a strategic bitcoin reserve in the United States, with a new bill gaining traction in the early days of the incoming administration. This effort aims to establish a national bitcoin stockpile and ease regulations on digital assets.

各機構也在聯手在美國建立比特幣戰略儲備，一項新法案在即將上任的政府初期獲得了關注。這項工作旨在建立國家比特幣庫存並放鬆對數位資產的監管。

NYDIG Plans to Use Insurance Float for Bitcoin Lending

NYDIG 計劃使用保險浮存金進行比特幣借貸

In a bid to expand bitcoin's role in mainstream finance, NYDIG, a subsidiary of asset manager Stone Ridge, is exploring the use of insurance "float" to fuel a new wave of bitcoin-backed lending. This strategy aligns with Berkshire Hathaway's approach to insurance and could unlock vast sums of capital.

為了擴大比特幣在主流金融中的作用，資產管理公司 Stone Ridge 的子公司 NYDIG 正在探索利用保險「浮動」來推動新一波比特幣支持的貸款。這項策略與波克夏海瑟威的保險策略一致，可以釋放大量資本。

The strategy, outlined by Stone Ridge CEO Ross Stevens in his latest annual investor letter, would see NYDIG use funds held in reserve, akin to insurance premiums, to provide loans that are backed by bitcoin. This move, which aims to keep bitcoin off exchanges and reduce borrowing costs, has been hailed as a "big deal" by Sam Callahan, an advisor to Marathon Digital.

Stone Ridge 執行長 Ross Stevens 在最新的年度投資者信中概述了該策略，NYDIG 將使用儲備資金（類似於保險費）來提供由比特幣支持的貸款。此舉旨在讓比特幣遠離交易所並降低借貸成本，被 Marathon Digital 顧問 Sam Callahan 譽為「大事」。

eTrade to Launch Direct Bitcoin Trading

eTrade 將推出直接比特幣交易

In a sign of the times, Morgan Stanley's E-Trade is preparing to roll out direct bitcoin trading on its platform. This marks a major pivot for the traditional brokerage, which will now compete head-on with established cryptocurrency exchanges.

作為時代的標誌，摩根士丹利的 E-Trade 正準備在其平台上推出直接比特幣交易。這標誌著傳統經紀業務的一個重要支點，傳統經紀業務現在將與成熟的加密貨幣交易所正面競爭。

With over 5 million active users, Morgan Stanley is uniquely positioned to bridge the gap between conventional investors and the digital asset world. This move is set to make bitcoin as accessible as stocks and ETFs for millions of retail investors.

摩根士丹利擁有超過 500 萬活躍用戶，在彌合傳統投資者與數位資產世界之間的差距方面具有獨特的優勢。此舉將使數百萬散戶投資者能夠像股票和 ETF 一樣獲得比特幣。

The timing of this launch is particularly significant, as the incoming administration's pro-bitcoin stance is boosting optimism across the financial sector, encouraging more institutions to offer direct bitcoin services.

這次推出的時機尤其重要，因為即將上任的政府支持比特幣的立場正在提振整個金融業的樂觀情緒，鼓勵更多機構提供直接比特幣服務。

If successful, E-Trade's entry into the bitcoin market could further propel the digital asset into mainstream finance. Notably, e-Trade is owned by Morgan Stanley, which has been gradually embracing bitcoin and recently received approval to launch an ETF that tracks the performance of bitcoin futures contracts.

如果成功，E-Trade 進入比特幣市場可能會進一步推動數位資產進入主流金融。值得注意的是，e-Trade 屬於摩根士丹利 (Morgan Stanley)，該公司一直在逐漸擁抱比特幣，並於最近獲得批准推出追蹤比特幣期貨合約表現的 ETF。

Switzerland to Hold Public Vote on Gold, Bitcoin Reserves

瑞士將對黃金和比特幣儲備舉行公開投票

A new initiative in Switzerland aims to require the Swiss National Bank to allocate part of its reserves to gold and bitcoin, setting the stage for a public vote to determine the fate of this proposal.

瑞士的一項新舉措旨在要求瑞士國家銀行將部分儲備分配給黃金和比特幣，為公眾投票決定該提案的命運奠定基礎。

If enough signatures are gathered, the initiative will proceed to a national referendum, where voters will decide on whether to amend the Swiss Federal Constitution to mandate the central bank's holding of gold and bitcoin reserves. This development comes amid broader efforts to integrate digital assets into mainstream finance and bolster economic resilience.

如果收集到足夠的簽名，該倡議將進入全國公投，選民將決定是否修改瑞士聯邦憲法，強制央行持有黃金和比特幣儲備。這一發展是在將數位資產納入主流金融並增強經濟彈性的更廣泛努力的背景下實現的。

Institutions Continue to Drive Bitcoin's Mainstream Adoption

機構繼續推動比特幣的主流採用

As 2025 continues to unfold, a clear narrative is emerging – institutions are doubling down on bitcoin, and the mainstream adoption of digital assets is accelerating at an unprecedented pace.

隨著 2025 年的繼續展開，一個清晰的敘述正在出現——機構正在加倍投資比特幣，數位資產的主流採用正在以前所未有的速度加速。

Galaxy Research projects that bitcoin could reach $185,000 this year, driven by rising adoption among institutions, corporations, and nation-states. Notably, Tether's recent $700 million bitcoin purchase, which brought its total holdings to 82,983 BTC, further highlights the ongoing demand for bitcoin as a reserve asset.

Galaxy Research 預計，在機構、企業和民族國家採用率不斷上升的推動下，比特幣今年可能會達到 185,000 美元。值得注意的是，Tether 最近斥資 7 億美元購買了比特幣，使其總持有量達到 82,983 比特幣，進一步凸顯了對比特幣作為儲備資產的持續需求。

At the same time, economic uncertainty – particularly the potential for renewed quantitative easing by central banks – adds fuel to bitcoin's appeal as a hedge against currency devaluation. History has shown that

同時，經濟的不確定性——尤其是央行重新實施量化寬鬆的可能性——增強了比特幣作為貨幣貶值對沖工具的吸引力。歷史表明