比特币（BTC）的价格在2025年初飙升，这是由机构采用和市场乐观的推动

比特币（BTC）在2025年初出现了强劲的价格兴起，这是由于机构采用，市场乐观和2024年减半事件的长期以来的效果的结合。

Bitcoin (BTC) has seen a strong price resurgence in early 2025, fuelled by a combination of institutional adoption, market optimism, and the long-anticipated effects of the 2024 halving event.

比特币（BTC）在2025年初出现了强劲的价格兴起，这是由于机构采用，市场乐观和2024年减半事件的长期以来的效果的结合。

As confidence returns to the broader cryptocurrency market, Bitcoin continues to reassert its dominance as the leading digital asset.

随着信心返回更广泛的加密货币市场，比特币继续重新确立其作为领先的数字资产的主导地位。

Halving Impact Starts to Unfold

减半的影响开始展开

Bitcoin’s most recent halving took place in April 2024, reducing miner rewards from 6.25 BTC to 3.125 BTC. Historically, halving events have led to reduced supply pressure on the market, often followed by price appreciation as demand holds or increases. In 2025, analysts and on-chain data suggest this trend is playing out again.

比特币的最新减半发生在2024年4月，将矿工的奖励从6.25 BTC降低到3.125 BTC。从历史上看，将事件减半导致市场上的供应压力减轻，随着需求的持续或增加，价格升值。在2025年，分析师和链上数据表明，这种趋势再次发挥了作用。

The supply shock, coupled with rising long-term holding behaviour, has driven increased scarcity, contributing to upward price pressure.

供应冲击，加上长期持有行为的上升，导致稀缺性增加，导致价格压力。

This analysis compares Bitcoin's price action (in blue) with changes in the total realised cap (in orange). The realised cap measures the last time coins were moved on-chain, providing insights into long-term holding behaviour. As shown above, periods of sustained price rallies coincide with a decrease in the realised price, indicating that coins are being held for longer periods. This aligns with the narrative of increasing scarcity impacting price trends.

该分析将比特币的价格动作（以蓝色为单位）与已实现的帽子（橙色）的变化进行了比较。已实现的上限衡量了最后一次硬币在链上移动，从而提供了对长期保持行为的见解。如上所示，持续价格集会的时期与已实现价格的下降相吻合，表明硬币被持有更长的时间。这符合增加稀缺性影响价格趋势的叙述。

This observation is further supported by the analysis of coins last touched on-chain, showcasing a decreasing velocity of coins in recent times.

对硬币上次接触链的分析，进一步支持了这一观察结果，最近显示了硬币速度的降低。

Chart: Glassnode

图表：玻璃节

Institutional Interest and Spot ETFs

机构兴趣和现货ETF

Another major factor behind the price surge is the growth in institutional investment, particularly following the approval of Bitcoin spot exchange-traded funds (ETFs) in key global markets.

价格上涨的另一个主要因素是机构投资的增长，尤其是在全球主要市场中比特币现货交易所交易基金（ETF）批准之后。

These regulated investment products have opened access to a broader pool of capital, especially from pension funds, asset managers, and traditional investors who previously avoided direct crypto exposure.

这些受监管的投资产品已经开放了更广泛的资本库，尤其是从养老基金，资产经理和传统投资者那里，这些投资者以前避免了直接加密货币。

Major financial institutions have continued accumulating Bitcoin, and the visibility of these holdings has further validated BTC’s role as a mainstream financial asset.

主要的金融机构继续积累比特币，这些持股的可见性进一步验证了BTC作为主流金融资产的作用。

Macroeconomic Factors and Market Sentiment

宏观经济因素和市场情绪

The broader economic environment has also played a role in Bitcoin’s renewed momentum.

更广泛的经济环境也在比特币的新势头中发挥了作用。

Amid ongoing concerns about currency debasement, inflation, and central bank policy, investors are turning to Bitcoin as a store of value and a hedge against traditional market volatility.

由于对货币贬值，通货膨胀和中央银行政策的持续担忧，投资者将比特币作为价值存储和对冲传统市场波动的库存。

Additionally, positive sentiment across the digital asset space, driven by innovation in Layer 2 technologies, token standards like Bitcoin Runes, and improved regulatory clarity in some jurisdictions, is bolstering confidence.

此外，在第2层技术的创新，像比特币符文（Bitcoin Runes）等代币标准的驱动下，整个数字资产空间的积极情绪以及在某些司法管辖区的改善的监管清晰度都在增强信心。

Looking Ahead

展望未来

While the crypto market remains inherently volatile, Bitcoin’s price performance in 2025 reflects growing maturity, increased utility, and expanding integration into global financial systems.

虽然加密市场固有地易变，但比特币在2025年的价格绩效反映了成熟度的越来越大，实用程序增加并扩大了整合到全球金融系统中。

The recent surge underlines Bitcoin’s unique position as a decentralised, scarce, and globally recognised digital asset—one that continues to play a central role in the evolving future of finance.

最近的激增强调了比特币作为分散，稀缺和全球认可的数字资产的独特地位，该资产在不断发展的金融未来中继续发挥着核心作用。