邁克爾·塞勒（Michael Saylor）的策略（以前為Microstrategy）是迄今為止比特幣的最大持有人

本文探討了邁克爾·塞勒（Michael Saylor）積累比特幣的策略如何影響市場。

Publicly traded company Strategy (formerly MicroStrategy) is by far the largest holder of Bitcoin among publicly traded companies globally.

公開交易的公司戰略（以前是MicroStrategy）是迄今為止全球公開交易公司中比特幣的最大持有人。

According to latest reports, Strategy holds 506,137 BTC as of late March. The company accumulated this stash primarily through debt offerings and equity sales starting back in 2020.

根據最新報告，截至3月下旬，戰略持有506,137 BTC。該公司主要是通過債務出售和股票銷售從2020年開始積累的。

This early Bitcoin accumulation by Strategy brought with it an influx of other corporate entities into the crypto ecosystem. Among them are Bitcoin miners, with Marathon Digital Holdings being a key example.

通過戰略積累的這種早期比特幣將其大量的其他公司實體湧入加密生態系統。其中包括比特幣礦工，馬拉松數字持有量是一個關鍵例子。

Marathon’s Bitcoin holdings of approximately 26,842 BTC, accumulated largely through its mining operations, make it the second-largest known public company holder of Bitcoin currently.

Marathon的比特幣持有約26,842 BTC，主要是通過其採礦業務累積的，使其成為當前已知的Bitcoin的第二大上市公司持有人。

Galaxy Digital ranks third among public companies, holding 15,449 BTC as part of its broader, diversified crypto investment strategy. Tesla, Coinbase Global, Hut 8 Mining, Riot Platforms, Block Inc, CleanSpark, and newcomer MetaPlanet comprise most of the other currently identified top 10 public company Bitcoin holders.

Galaxy Digital在上市公司中排名第三，作為其更廣泛，多元化的加密投資策略的一部分，擁有15,449 BTC。 Tesla，Coinbase Global，Hut 8 Mining，Riot Platforms，Block Inc，CleanSpark和Newcomer Metaplanet組成了其他大多數當前確定的前10名上市公司比特幣持有人。

See More: Strategy (Formerly MicroStrategy) Launches $2.1 Billion Share Sale to Fund Further Bitcoin Acquisitions

請參閱更多：策略（以前是MicroStrategy）推出21億美元的股票銷售，以資助更多的比特幣收購

Most of these firms first ventured into Bitcoin investment following the significant 2021 bull run. Their buying activity at the time contributed to the market surge that pushed Bitcoin’s price above $69,000, marking a new all-time high then.

這些公司大多數在2021年公牛運行之後首先冒險進行比特幣投資。當時他們的購買活動促成了市場激增，這將比特幣的價格推高了69,000美元，這標誌著新的歷史最高水平。

How Does History Contextualize Current Holdings?

歷史如何將當前持有量與當前持有量相關？

Bitcoin’s price crashed significantly during the 2022 bear market. This followed the collapse of several major crypto industry firms like Voyager, Celsius, and FTX. BTC tumbled over 77% from its 2021 peak, falling below the $16,000 level during that period.

在2022年的熊市中，比特幣的價格大幅下降。這是在Voyager，Celsius和FTX等幾家主要加密行業公司的崩潰之後。 BTC從2021年的峰值起到了77％以上，在此期間下降到16,000美元以下。

However, a more recent resurgence, triggered partly by growing institutional involvement (such as the US spot Bitcoin ETF launches), saw Bitcoin’s price climb above $109,000 in January 2025. It has since pulled back from that peak to trade near $84,623 at the time of writing.

但是，最近的一次復蘇部分是由於機構的參與度不斷增長（例如美國現貨比特幣ETF推出），它在2025年1月1月在109,000美元以上的價格上漲了109,000美元。此後，它從該峰值撤回到貿易，在寫作時從84,623美元中撤退。

How Has Institutional Interest Changed Bitcoin Analysis?

機構興趣如何改變比特幣分析？

Considering Bitcoin’s price behavior over the last four years, and with a slew of new macroeconomic and socio-political issues impacting the market, the role of institutional involvement now appears to be a key factor in influencing market cycles and price development.

考慮到比特幣在過去四年中的價格行為，並且由於影響市場的一系列新的宏觀經濟和社會政治問題，機構參與的作用現在似乎是影響市場週期和價格發展的關鍵因素。

For instance, notable large purchases by Strategy and other institutional-focused firms helped fuel the 2021 bull run. More recently, the US spot Bitcoin ETF launch in early 2024 and ongoing discussions about a potential US government Bitcoin stockpile formed part of the positive backdrop behind the latest price surge toward new all-time highs.

例如，策略和其他以機構為中心的公司進行了顯著的大量購買，這為2021年的公牛運行提供了推動。最近，美國現貨比特幣ETF於2024年初推出，並且正在進行的關於美國政府比特幣庫存的討論是最新價格上漲的積極背景的一部分。

These institutional and policy-related developments now heavily influence how many analysts approach the Bitcoin market. Despite the continued significance of technical chart analysis, many traders also now focus intensely on macroeconomic events and institutional buying or selling activities when forming market predictions and price forecasts.

這些與製度和政策相關的發展現在嚴重影響了多少分析師接近比特幣市場。儘管技術圖表分析具有持續的重要性，但許多貿易商現在也將重點放在宏觀經濟事件和機構購買或銷售活動時，在形成市場預測和價格預測時。

This emphasis has somewhat redefined common crypto market trading philosophies compared to previous cycles.

與以前的周期相比，這種重點已經重新定義了常見的加密市場交易理念。