令人震驚的趨勢顯示：上市公司在Q1 2025購買了91,781 BTC

領先的鏈上數據提供商CryptoQuant揭示了一種令人震驚的趨勢，即上市公司在2025年第1季度購買了91781 BTC。

output: Public companies’ buying activity continues to be a hot topic in the crypto sphere. In the first quarter of 2025, several companies collectively purchased a staggering 91,781 BTC. Among the biggest buyers were Tether and MicroStrategy, which purchased 8,888 BTC and 81,785 BTC, respectively.

產出：上市公司的購買活動仍然是加密球體中的熱門話題。在2025年第一季度，幾家公司共同購買了驚人的91,781 BTC。最大的買家包括Tether和MicroStrategy，分別購買了8,888 BTC和81,785 BTC。

However, despite this strong buying activity, Bitcoin’s price dropped by 12% during the quarter, falling from $94,400 to $82,500. This begs the question: If companies are buying, then why is Bitcoin falling?

但是，儘管購買了強勁的購買活動，但比特幣的價格在本季度下跌了12％，從94,400美元下降到82,500美元。這就提出了一個問題：如果公司購買，那麼為什麼比特幣會下降？

In the latest edition of its CryptoQuant newsletter, on-chain data provider CryptoQuant delves into the companies that are buying the most Bitcoin, the factors that may have driven Bitcoin’s price down, and what’s next for the market.

在最新版本的加密新聞通訊中，鏈上數據提供商CryptoQuant鑽探了購買最多比特幣的公司，這些因素可能導致比特幣的價格降低，以及市場的下一步。

Tether and MicroStrategy Lead the Buying Spree

繫繩和微觀策略領導購買狂歡

One of the most surprising names on the list of Bitcoin buyers is Tether, the company behind the world’s largest stablecoin, USDT.

比特幣買家名單上最令人驚訝的名字之一是Tether，這是世界上最大的Stablecoin USDT背後的公司。

According to CryptoQuant, Tether has been steadily increasing its Bitcoin holdings throughout the year. By the first quarter of 2025, Tether’s treasury had a whopping 92,646 BTC, showcasing a significant portion of its assets allocated to Bitcoin.

據CryptoQuant稱，Tether全年一直在穩步增加其比特幣持有量。到2025年第一季度，Tether的財政部的BTC高達92,646 BTC，展示了其分配給比特幣的很大一部分資產。

This is a stark contrast to the beginning of 2024, where Tether had minimal Bitcoin in its treasury. However, from January to March 2025, Tether added 8,888 BTC to its portfolio.

這與2024年初的形成鮮明對比，在該2024年初，林區在國庫中的比特幣最少。但是，從2025年1月到2025年3月，Tether在其投資組合中增加了8,888 BTC。

Meanwhile, MicroStrategy continued its renowned Bitcoin buying spree. The company purchased 81,785 BTC in Q1 alone, spending over $8 billion to increase its already massive Bitcoin holdings.

同時，Microstrategy繼續其著名的比特幣購買狂潮。該公司僅在第一季度就購買了81,785 BTC，花費超過80億美元來增加其本已大量的比特幣持有量。

As of March 2025, MicroStrategy’s treasury held 136,720 BTC, valued at approximately $11.2 billion at current prices.

截至2025年3月，Microstrategy的財政部持有136,720 BTC，價值約112億美元，目前的價格為112億美元。

Other companies that bought significant amounts of Bitcoin in Q1 include:

其他在第一季度購買大量比特幣的公司包括：

• Marathon Digital (NASDAQ:MARA) sold 53,000 shares to fund more BTC purchases.

•Marathon Digital（NASDAQ：MARA）出售了53,000股，以資助更多的BTC購買。

• GameStop (NYSE:GME) proposed a $1.3 billion convertible note offering to allocate more funds for Bitcoin.

•GameStop（NYSE：GME）提出了13億美元的可轉換票據，以分配更多資金為比特幣。

• Riot Platforms (NASDAQ:RIOT) sold 10,000 shares to put toward more BTC.

•Riot Platforms（NASDAQ：RIOT）出售了10,000股，以投入更多BTC。

Who’s Planning to Buy Next?

誰打算下一步購買？

While these companies have already made huge purchases, CryptoQuant says that other companies are planning to buy even more Bitcoin.

儘管這些公司已經進行了大量購買，但CryptoQuant表示，其他公司正計劃購買更多的比特幣。

For instance, Marathon Digital is planning a $2 billion stock sale to fund more BTC purchases. A portion of the proceeds will go toward cryptocurrency investments.

例如，Marathon Digital計劃進行20億美元的股票銷售，以資助更多BTC購買。一部分收益將用於加密貨幣投資。

Similarly, GameStop is planning to sell convertible notes to raise up to $1.3 billion for general corporate purposes, which may include expanding its crypto endeavors.

同樣，GameStop計劃出售可轉換票據，以籌集高達13億美元的企業目的，這可能包括擴大其加密貨幣的努力。

If Companies Are Buying, Then Why Is Bitcoin Falling?

如果公司正在購買，那麼為什麼比特幣會下降？

Despite corporate buying, CryptoQuant says that Bitcoin’s price still fell by 12% in Q1. According to the firm, two key factors may have driven the decline.

儘管公司購買了公司，CryptoQuant表示，比特幣的價格在第一季度仍下降了12％。該公司稱，兩個關鍵因素可能導致了下降。

First, long-term holders sold off a massive 178,000 BTC during the quarter, adding significant sell pressure that outweighed corporate purchases.

首先，在本季度，長期持有人出售了178,000 BTC的大量BTC，增加了超過公司購買的巨大賣出壓力。

After a period of inactivity, these long-term holders, who typically hold onto their coins for at least six months or more, made a substantial exit from the market.

經過一段時間的不活動，這些長期持有人通常將硬幣保留至少六個月或更長時間，從而大量退出了市場。

This selling spree began in December 2024, following a nearly six-month period of inactivity. Prior to December, the last time long-term holders sold en masse was in June 2024, when they sold 100,000 BTC.

在近六個月的無活動期間，這種銷售狂歡始於2024年12月。在12月之前，最後一次出售的長期持有人在2024年6月出售了100,000 btc。

Another major factor was the outflows from Bitcoin ETFs. In Q1, around $4.8 billion flowed out of Bitcoin ETFs, adding even more downward pressure on the market.

另一個主要因素是比特幣ETF的流出。在第一季度，大約48億美元從比特幣ETF中流出，增加了市場上的下降壓力。

CryptoQuant Suggestion

加密建議

CryptoQuant’s analysis suggests that only if this selling slows down could Bitcoin see a strong recovery. With more companies planning big purchases and the potential for reduced selling pressure, the market could soon turn bullish again.

CryptoQuant的分析表明，只有當這種銷售減慢的情況下，比特幣才能看到強大的恢復。隨著越來越多的公司計劃進行大量購買以及銷售壓力減輕的潛力，市場可能很快再次看漲。