繫繩大大增加了其比特幣儲量，在Q1 2025中獲取了8888 BTC

這次購買價值約為7.35億美元，將公司的總比特幣持有量增加到約92646 BTC，價值約78億美元。

Tether, the world’s largest stablecoin issuer, has significantly increased its Bitcoin reserves, purchasing 8,888 BTC in the first quarter of 2025.

Tether是世界上最大的Stablecoin發行人，大大增加了其比特幣儲備，在2025年第一季度購買了8,888 BTC。

This purchase, valued at about $735 million at the time, brings the company’s total Bitcoin holdings to approximately 92,646 BTC, now worth around $7.8 billion. The latest addition, recorded on April 1, highlights Tether’s ongoing strategy of gradually building up its Bitcoin stash and transferring it to its reserve wallet at the end of each quarter.

當時的這次購買價值約為7.35億美元，將公司的總比特幣持有量增加到約92,646 BTC，現在價值約78億美元。最新的增加於4月1日錄製，重點介紹了Tether的持續策略，即逐漸建立其比特幣藏匿處並在每個季度末將其轉移到其儲備錢包中。

Since beginning its Bitcoin acquisitions in 2022, Tether has steadily grown its reserves, particularly after announcing last year that it would allocate 15% of quarterly net income to buying BTC.

自2022年開始其比特幣收購以來，Tether穩步增長了儲備，尤其是在去年宣布將分配季度淨收入的15％之後，以購買BTC。

This approach is part of Tether’s broader effort to diversify its assets. Despite Bitcoin’s nearly 12% price decline in Q1 2025—its worst first-quarter performance since 2018—Tether’s Bitcoin holdings now reflect unrealized gains of about $3.86 billion.

這種方法是繫帶來使資產多樣化的更廣泛努力的一部分。儘管比特幣在2025年第1季度的價格下降了近12％（自2018年以來最糟糕的第一季度表現），但現在的比特幣持有量現在反映了未實現的收益約為38.6億美元。

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Bitcoin vs. the Dollar: BlackRock CEO Warns Policymakers

比特幣與美元：貝萊克首席執行官警告決策者

This follows closely a statement by BlackRock CEO Frank De Socio in April, advising policymakers to consider the implications of U.S. macroeconomic performance in 2023 for Bitcoin’s price movements.

這是BlackRock首席執行官Frank de Socio在4月的一份聲明，建議決策者考慮2023年美國宏觀經濟表現對比特幣價格變動的影響。

During an interview at the Milken Institute’s Global Conference, De Socio noted that macroeconomic trends can have a significant impact on Bitcoin’s price performance.

De Socio在米爾肯研究所的全球會議上的一次採訪中指出，宏觀經濟趨勢可能會對比特幣的價格績效產生重大影響。

In 2023, the U.S. dollar experienced a devaluation of about 15%, while Bitcoin experienced an appreciation of over 100% from its November 2022 lows.

2023年，美元貶值約為15％，而比特幣從2022年11月的低谷中獲得了超過100％的欣賞。

This divergence in asset performance could be attributed to macroeconomic trends, such as the U.S. administration’s efforts to devalue the dollar through increased spending and rising inflation, which reached a 40-year high in 2023.

資產績效的這種差異可以歸因於宏觀經濟趨勢，例如美國政府通過增加支出和通貨膨脹率上升來貶值美元的努力，該趨勢在2023年達到40年高。

However, despite these efforts, the dollar remained relatively stable throughout the year.

但是，儘管做出了這些努力，但全年的美元仍然相對穩定。

Moreover, the U.S. administration’s strategy of devaluing the dollar to spur economic growth appears to be working, as evidenced by the U.S. economy narrowly escaping a technical recession in the first quarter of 2024.

此外，美國政府將美元貶值損失刺激經濟增長的戰略似乎在起作用，這證明了美國經濟在2024年第一季度險些逃脫了技術衰退。

Despite the small decline in GDP, the U.S. labor market continues to perform well, with unemployment remaining low and wages rising.

儘管國內生產總值下降了很小的下降，但美國勞動力市場的表現持續不錯，失業率仍然很低，工資上升。

In contrast, at the beginning of 2024, economists had largely anticipated a U.S. recession, but it never materialized. Instead, the world’s largest economy narrowly avoided a technical recession, which would have occurred if GDP had fallen for a second consecutive quarter.

相反，在2024年初，經濟學家在很大程度上預見了美國的衰退，但從未實現。取而代之的是，世界上最大的經濟體狹義地避免了技術衰退，如果GDP連續第二季度倒下，那將發生。

After a 0.9% contraction in the first quarter, the U.S. economy grew at a rate of 2.4% in the second quarter, according to the Bureau of Economic Analysis.

根據經濟分析局的數據，在第一季度收縮0.9％之後，美國經濟在第二季度增長了2.4％。

Although economists had predicted a smaller growth rate of 1.8%, the BEA revision indicates that private consumption, which accounts for about two-thirds of U.S. economic activity, increased at a rate of 1.3%, up from the 0.1% decline in the first quarter.

儘管經濟學家預測增長率較小1.8％，但BEA修訂表明，私人消費約占美國經濟活動的三分之二，其增長率為1.3％，高於第一季度下降0.1％。

Despite this growth, consumer spending slowed in the second quarter, rising at an annualized rate of 1.3%, compared to the 2.3% growth reported in the first quarter.

儘管增長了這種增長，但第二季度消費者的支出卻放緩，每年增長率為1.3％，而第一季度報告的增長率為2.3％。

Furthermore, government spending also decreased in the second quarter, following a surge in the first quarter due to increased social benefits payments.

此外，由於社會福利的增加，第一季度激增後，第二季度的政府支出也下降了。

In the second quarter, the U.S. economy grew at an annualized rate of 2.4%, narrowly escaping a technical recession.

在第二季度，美國經濟的年增長率為2.4％，險些逃脫了技術衰退。

However, economists had anticipated a smaller growth rate of 1.8%, and the BEA revision indicates that private consumption, which comprises two-thirds of U.S. economic activity, increased at a rate of 1.3%, following a 0.1% decline in the first quarter.

但是，經濟學家預計增長率較小1.8％，BEA修訂表明，在第一季度下降0.1％之後，私人消費占美國經濟活動的三分之二，以1.3％的速度增加。

Although consumer spending grew slowly in the second quarter, rising at an annualized rate of 1.3% from the 2.3% growth reported in the first quarter, consumer spending is still a key driver of the U.S. economy.

儘管第二季度消費者的支出增長緩慢，但第一季度報告的2.3％增長率為1.3％，但消費者支出仍然是美國經濟的主要推動力。

After the U.S. economy contracted at an annualized rate of 0.9% in the first quarter, economists had largely predicted a U.S. recession in 2024.

在美國經濟在第一季度以0.9％的年化稅率簽約後，經濟學家在很大程度上預測了2024年的美國衰退。

However, the world’s largest economy narrowly avoided a technical recession, which would have occurred if GDP had fallen for a second consecutive quarter.

但是，世界上最大的經濟體狹義地避免了技術衰退，如果GDP連續第二季度跌倒，那將會發生這種衰退。

After a 0.9% contraction in the first quarter, the U.S. economy grew at a rate of 2.4% in the second quarter, according to the Bureau of Economic Analysis.

根據經濟分析局的數據，在第一季度收縮0.9％之後，美國經濟在第二季度增長了2.4％。

This growth rate is in line with economists’ predictions.

這種增長率符合經濟學家的預測。

However, the BEA revision indicates

但是，BEA修訂指示