繫繩和微觀環境領導比特幣購買了近91781 BTC，Q1 2025

然而，比特幣崩潰了12％！同時，長期持有人傾倒了178000 BTC，將比特幣的價格推向下降。

A new report by on-chain data provider CryptoQuant has highlighted a surprising trend—while public companies, including Tether and MicroStrategy, were busy buying up a massive 91,781 BTC in Q1 2025, Bitcoin's price crashed by 12%.

On-Chain數據提供商CryptoQuant的一份新報告強調了一種令人驚訝的趨勢，包括Tether和MicroStrategy在內的上市公司正忙於在第1季度2025年購買大量91,781 BTC，但比特幣的價格卻跌倒了12％。

Despite this strong buying activity, which saw companies spending billions on Bitcoin, the flagship cryptocurrency saw a setback, sliding from $94,400 to $82,500 during the quarter.

儘管購買了強大的購買活動，該活動使公司在比特幣上花費了數十億美元，但旗艦加密貨幣遇到了挫折，本季度從94,400美元下滑至82,500美元。

So, who’s buying? Why is Bitcoin falling? And what’s next for the market?

那麼，誰在買？為什麼比特幣會下降？市場的下一步是什麼？

Tether and MicroStrategy Led the Bitcoin Accumulation

繫繩和微觀造成比特幣積累

Among the unexpected buyers this quarter was Tether, the company behind the world’s largest stablecoin, USDT.

本季度意外的買家中有Tether是世界上最大的Stablecoin USDT背後的公司。

Tether reportedly added 8,888 BTC in Q1, bringing its total holdings to 92,646 BTC. While Tether’s involvement in Bitcoin is not new, this latest addition has been a subject of discussion in the crypto space.

據報導，繩索在第一季度增加了8888 BTC，其總持有量達到92,646 BTC。雖然Tether參與比特幣並不是什麼新鮮事物，但最新的添加是加密貨幣領域中討論的主題。

Meanwhile, MicroStrategy, already known as the biggest corporate Bitcoin holder, continued its aggressive buying strategy. The company purchased 81,785 BTC in Q1, spending over $8 billion to increase its already massive Bitcoin holdings.

同時，MicroStrategy（已經被稱為最大的公司比特幣持有人）繼續其積極的購買策略。該公司在第1季度購買了81,785 BTC，花費了超過80億美元，以增加其本已大量的比特幣持有量。

Other companies that joined the trend include:

加入趨勢的其他公司包括：

Companies Are Planning More Bitcoin Purchases

公司正在計劃購買更多比特幣

While these companies have already made huge purchases, CryptoQuant notes that others are planning to buy more Bitcoin.

儘管這些公司已經進行了大量購買，但加密量牌指出，其他公司正計劃購買更多比特幣。

Marathon Digital, a well-known Bitcoin mining firm, is planning a $2 billion stock sale to fund more BTC purchases. Similarly, GameStop has proposed a $1.3 billion convertible note offering, signaling its intent to incorporate Bitcoin into its strategy.

著名的比特幣礦業公司Marathon Digital計劃進行20億美元的股票銷售，以資助更多的BTC購買。同樣，GameStop提出了13億美元的可轉換票據產品，表明其目的是將比特幣納入其戰略。

If Companies Are Buying, Why Is Bitcoin Falling?

如果公司購買，為什麼比特幣會下降？

Despite corporate buying, Bitcoin’s price still fell by 12% in Q1. CryptoQuant points to two key factors that may have driven the decline. Firstly, the long-term holders sold off a massive 178,000 BTC during the quarter, adding significant sell pressure that outweighed corporate purchases.

儘管公司購買了公司，但比特幣的價格在第一季度仍下降了12％。加密指出了可能導致下降的兩個關鍵因素。首先，長期持有人在本季度出售了178,000 BTC的大量BTC，增加了超過公司購買的巨大賣出壓力。

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, Bitcoin could see a strong recovery. With more companies planning big purchases and the potential for a shift in macroeconomic trends, the crypto market could soon turn bullish again.

CryptoQuant的分析表明，只有當這種銷售減慢時，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型購買以及宏觀經濟趨勢轉變的潛力，加密貨幣市場可能很快再次變成看漲。

This content is viewed and provided wholly, and is factual, but may be subjective, and is used on the basis of common sense and fair dealing.

該內容被全部查看和提供，是事實，但可能是主觀的，並且是根據常識和公平交易的基礎使用的。