尽管利息和投资提高了领先的公司的兴趣和投资，比特币（BTC）的价格在第一季度下跌了12％

第1季度显示加密货币行业迅速下降，比特币的价格急剧下跌了12％。尽管领先公司的兴趣和投资增加了，但这标志着过去七年中比特币最差的第1季度表现。

The first quarter of 2025 saw a surprising divergence in the crypto sector. While Q1 usually shows positive performance, this time it opened with a 12% price drop for Bitcoin, marking the worst Q1 performance for the flagship cryptocurrency in the last seven years.

2025年第一季度在加密货币领域看到了令人惊讶的分歧。尽管Q1通常表现出积极的表现，但这次是比特币的价格下降了12％，这标志着过去七年来旗舰加密货币最差的Q1性能。

However, despite the Bitcoin price drop, major companies continued to show interest in the crypto market. Between January and March, companies acquired an astounding 91,781 BTC. The largest customer was Strategy, formerly known as MicroStrategy, which added 81,785 BTC to its reserves. Now, Strategy holds 528,185 BTC, worth $45.6 billion. Tether also made a shocking move by acquiring 8,888 BTC, increasing its stash to 92,646 BTC. This is a surprising move for a stablecoin issuer, which is usually more focused on risk minimization as an alternative to direct crypto exposure.

但是，尽管比特币价格下跌，大型公司仍在对加密货币市场表现出兴趣。在一月和三月之间，公司获得了令人震惊的91,781 BTC。最大的客户是战略，以前称为MicroStrategy，其储备金增加了81,785 BTC。现在，战略持有528,185 BTC，价值456亿美元。系特特（Tether）还通过收购8,888 BTC，将其藏匿处提高到92,646 BTC，做出了令人震惊的举动。对于Stablecoin发行人来说，这是一个令人惊讶的举动，通常更专注于风险最小化，作为直接加密暴露的替代方法。

But while institutional activity remained strong, Long Term Holders began selling their BTC holdings at an unexpected rate. CryptoQuant reported this transaction to be approximately 178,000 BTC during Q1. These large-scale sell-offs delivered immense supply to the market, countering the bullish demand from corporations. This dynamic put negative pressure on prices and used to be a major driver of the Bitcoin price drop witnessed throughout the period.

但是，尽管机构活动仍然很强大，但长期持有人开始以意想不到的速度出售其BTC持股。 CryptoQuant报告说，这项交易在第1季度约为178,000 BTC。这些大规模的抛售向市场提供了巨大的供应，反对公司的看涨需求。这种动态造成了负面压力，并曾经是整个期间看到的比特币价格下跌的主要驱动力。

Additionally, the market experienced outflows of approximately $4.8 billion from Bitcoin ETFs in the first quarter. These outflows weakened the momentum and signaled a shift in market confidence. The pullback from ETFs further caused hesitation among retail and institutional investors, regardless of ongoing corporate Bitcoin purchases. The mixed pressure from Long Term Sellers and ETF outflows disrupted Bitcoin’s rally and exposed vulnerabilities in the current market structure, highlighting that company movement alone cannot guarantee sustained price growth.

此外，第一季度的市场经历了大约48亿美元的外流。这些流出削弱了势头，并表明了市场信心的变化。 ETF的回调进一步引起了零售和机构投资者的犹豫，无论持续的公司比特币购买如何。长期卖方和ETF的混合压力流出了破坏比特币的集会和当前市场结构中暴露的漏洞，这强调了仅公司运动就无法保证持续的价格增长。

However, despite the bearish Q1, numerous major companies persevered with their Bitcoin acquisition strategies in Q2. For instance, Marathon Digital, a leading crypto-mining firm, introduced a $2 billion stock sale to buy Bitcoin. Similarly, the electronics retailer GameStop published a $1.5 billion convertible note strategy to invest in BTC. These actions show sustained company interest in crypto assets and trust that the Bitcoin price drop is temporary rather than a sign of a deeper reversal in trend.

然而，尽管看跌了第一季度，但许多大型公司在第二季度坚持其比特币采集策略。例如，领先的加密货币公司Marathon Digital推出了20亿美元的股票销售来购买比特币。同样，电子零售商GameStop发布了15亿美元的可转换票据策略，以投资于BTC。这些行动表明了公司对加密资产的持续兴趣，并相信比特币价格下跌是暂时的，而不是趋势更深逆转的迹象。

These upcoming purchases are significant as they may also rebalance the market in Q2. With new corporate funds flowing in and the manageable stabilization of Long Term Holder activity, prices can recover. These tendencies also reaffirm the institutional belief in Bitcoin’s long-term utility and its integration into normal finance.

这些即将进行的购买非常重要，因为它们也可能在第二季度重新平衡市场。随着新的公司资金流入以及长期持有人活动的可管理稳定，价格可以恢复。这些趋势还重申了对比特币长期效用及其融入正常金融的制度信念。

As companies continue to align their techniques with emerging crypto-market trends, the second quarter may witness a shift in momentum, providing renewed hope to investors and analysts watching closely.

随着公司继续将其技术与新兴的加密市场趋势保持一致，第二季度可能会看到势头的转变，为投资者和分析师密切关注的希望提供了新的希望。

Q1 served as a reminder that the crypto market is driven by more than one factor that can contradict each other. On the one hand, a strong company’s Bitcoin purchases can increase confidence in the market. On the other hand, Long Term Holders exiting their positions and ETF outflows can quickly counterbalance optimism. The coexistence of these developments shows that Bitcoin remains a maturing asset, yet it is nonetheless subject to rapid shifts influenced by both institutional and individual sentiments. As Q2 progresses, buyers must observe how the opposing trends unfold. Will the inflow of new corporate capital outweigh the caution of Long Term Holders?

第1季度提醒人们，加密货币市场是由一个以上可能相互矛盾的因素驱动的。一方面，强大的公司的比特币购买可以增加对市场的信心。另一方面，长期持有人退出其位置和ETF流出可以迅速平衡乐观。这些事态发展的共存表明比特币仍然是一项成熟的资产，但仍会受到制度和个人情绪影响的快速转变。随着第二季度的进展，买家必须观察相对趋势的发展。新公司资本的流入会超过长期持有人的谨慎吗？